Home Buying in 95125>Question Details

Tom Cullen, Other/Just Looking in Honolulu County, HI

How do you report a bad property manager in Memphis? Turns out there were leaks in the roof he didn't tell me about. Rented to bad

Asked by Tom Cullen, Honolulu County, HI Tue Aug 2, 2011

tenants...etc.

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From your post I'm guessing: 1) You have thought about buying a home in Willow Glen (95125) 2) You live in Hawaii 3) You bought a 'turnkey' home in Memphis to be rented by a property manager and 4) The property manager didn't get the roof fixed when it leaked and rented it to bad tenants.

Find a sharp real estate attorney in Tennessee and see if they can help you.

This is part of the risk of running from one part of the country to another (San Diego, Las Vegas, Memphis) looking for that perfect, high cash flow, rental property. Instead of following that path, why not consider something in your own backyard that will have better longterm appreciation as the market recovers? If you could break even on something in Honolulu in a down market you'd accomplish two things: 1) You wouldn't be paying taxes on monthly cash flow (think about depreciation) and 2) You would be able to defer taxes on capital gains by doing an exchange when you sell and buy something else. Several Years from now.

Properties that cash flow well (at least in and around Silicon Valley where I am) are usually the last places to appreciate because they are in weak locations. When the market goes up (which has been happening in some parts of the Valley since the end of 2009) these 'good cash flow' properties will still be in weak neighborhoods and be unlikely to go up at all.

Mark Burns, Realtor
Coldwell Banker Elite - Top 2% Worldwide
DRE #00896552 Licensed since 1985
Over 600 Homes Sold in Silicon Valley
Web Reference: http://www.markburns.com
0 votes Thank Flag Link Sat Aug 20, 2011
Hello Tom, you've posted this question in San Jose, California. You may want to repost in your area. The MLS for Tennessee is at this link: http://www.realtracs.com/OfficeSearch.aspx ..... You might try looking up the name of the office of the property manager, maybe they are also licensed Realtors. All Realtor Associations have a consumer section where you can file a complaint.
0 votes Thank Flag Link Tue Aug 2, 2011
Hi Tom,

You might want to repost this question in the proper state and zip code. You've, unfortunately, posted it here in California where I'm afraid our information and help is very limited.

My first suggestion for your situation is that you contact the property manager's boss, the broker of the management company to voice your concerns. Before you begin, however, check your management contract so that you are clear on the job duties expected and contractually bound of the manager. Most of the time, its to the broker's advantage that they work out disagreements with clients, so be logical and concise, and you should be able to come to a good resolution of this matter.

If the manager is the owner or the management company or is owner of the firm is unwilling to assist you, you can report the problems to that State's Department or Real Estate or, in the case of Tennesseee, I believe it's their department of Commerce and Insurance that oversees the activities of real estate licensees. You can reach the Tennessee government at http://www.tn.gov/commerce.

Good luck!!

Sincerely,
Grace Morioka
Area Pro Realty-PC
0 votes Thank Flag Link Tue Aug 2, 2011
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