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Anyone a landlord with a property manager???

Anonymous
Posted by Anonymous
  • 9 Replies
We moved out of state and rented out our house there.
Everything was going smooth until yesterday when I got my owner statement. Our tenants prepaid a year of rent. Our property manager took out all of his fees already from it- so he got paid.
But- he only deposited one months rent to me and now I have a 11 month credit in my account with him. I emailed the company to ask about it and was told they would deposit me monthly.

But I'm annoyed and here's why; he's making money off my money by keeping it and collecting interest!

There's nothing in our agreement about prepayment of rent and I think if he takes all his fees out at once then why can't I get all the money at once too? You know so I can collect interest off MY OWN money?

Anyone know anything about this? Like I said I read over our owner/manager agreement and nothing is in there about prepayments.
Posted by Anonymous on Mar. 12, 2014 at 7:56 AM
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Replies (1-9):
Corkie-
by Gold Member on Mar. 12, 2014 at 7:59 AM
Bump
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Anonymous
by Anonymous 1 - Original Poster on Mar. 12, 2014 at 7:59 AM
Bump
Anonymous
by Anonymous 2 on Mar. 12, 2014 at 7:59 AM

The ones I have talked to get the rent check sent to them then subtract 10A% commission each month but I am in Texas.

The interest wouldn't probally be a hundred dollars. As someone who is renting out a house in our home town, I would GLADLY let him have that to not deal with my renters.  SOME renters are AWFUL despite a stellar background check and such.

Amy_M
by Gold Member on Mar. 12, 2014 at 8:00 AM

I don't have first hand knowledge of this, but I am pretty sure you can't hold that money in an interest baring account.  Just like the deposit has to be put in an account that does not accrue interest.  Check with your state laws 

Anonymous
by Anonymous 1 - Original Poster on Mar. 12, 2014 at 8:01 AM
Yes- that's how he does it . He gets 10% each month. However when he got the lump sum he took the entire 10% for every month.so he lumped sum his payments.

I never even thought about prepayment of rents or I would have asked about it before we signed with him.

Quoting Anonymous:

The ones I have talked to get the rent check sent to them then subtract 10A% commission each month but I am in Texas.

The interest wouldn't probally be a hundred dollars. As someone who is renting out a house in our home town, I would GLADLY let him have that to not deal with my renters.  SOME renters are AWFUL despite a stellar background check and such.

thefiregoddess
by MotherDucker on Mar. 12, 2014 at 8:02 AM
I'd call an attorney. That just sounds strange.
Anonymous
by Anonymous 1 - Original Poster on Mar. 12, 2014 at 8:03 AM
I can't hold my rents in a interest accruing account?

I get the deposit, but my rents?



Quoting Amy_M:

I don't have first hand knowledge of this, but I am pretty sure you can't hold that money in an interest baring account.  Just like the deposit has to be put in an account that does not accrue interest.  Check with your state laws 

cueballsmom
by Platinum Member on Mar. 12, 2014 at 8:13 AM
I would think youd be happy to be guaranteed rent for the year. I see what your saying, but since you didnt provision for it when you made the contract, they really only have to stick to the terms.

These a re the risks of having a middle man in any business.
Roxygurl
by Sapphire Member on Mar. 12, 2014 at 8:15 AM
This

Quoting thefiregoddess: I'd call an attorney. That just sounds strange.
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