How are you doing I put in complaints against my property management I got a broken jammed door with dry dokie spot and wet paint and scratch up she said I have to settle for what they got i said no , she said we don't have money for brand new doors , I don't know when we will get money, I said I want a brand new day she said I'll.put in a request for it , she always has had 8 past violation and my house got flooded during my house discrimination complaints, isn't a broken jammed door a violation the manager gave me to have her maintenance guy fixed it ,
The facility don't Care about me or my repairs she is in violation I'm trying to put my rent in escrow account til my floor tile is complete and a brand new door I told inspection she said nothing about the my house being flooded.
The delayed reporting of tenant move in is a MAJOR issue for anyone who rarely visits the property...best to ask the tenant to confirm their date of move in once it shows them in the system
Hi Peter! So glad I found your channel. I added you on LinkedIn as well. I know you had a lot to cover in this video but I think you missed a very common property management scam. Double dealing with maintenance staff. When a unit gets turned the company doing the work will overcharge the owner and the split it with the property manager. They will also over purchase materials and keep the extra paint, doorknobs, etc to use in their own properties (management company owners sometimes have their own personal rentals). Also, if they are responsible for collecting the coins from laundry/vending machines they can skim without you knowing. There are many more ways so be extra vigilant and "pop in" to see them unannounced from time to time.
I had the same problem. Property manager was stealing by charging bills two times. If this happens then mostly the PM is stealing. The owners were no different since they loved to overcharge for out of state investors. beware when you invest out of state.
Thank you for these warnings and suggestions Peter. Another sign of an impending problem - especially if its an out-of-town property - is decreased or poor communication from the PM.
I got a PM that got half of my sales commissions nn Boca Raton plus she was getting an envelope from vendors, while creditors like First Bank called the office nonstop while paying rent for her son and daughter-in-law. The owner of the management company denied any wrongdoing!! I am suiting them
Bad Debbie! Good sir thank you for your videos! I am in the process of watching the Master Lease Agreement video. I am young, crazy and “alone” but about to start poking at properties that are 1 million pus. I always knew it was possible but never at my young age :/. Still much to learn, but I really thank God for you and appreciate your generosity in the knowledge sharing! I wish you and all of you who read this continued success!
Thanks for the information Peter! I have been their, in several businesses I owned in the past, mostly cash!!! So Iam much more vigilant now! You do great work Peter, helping others!!!
Excellent video great advise same thing Oprah told the music recording artist Toni Braxton...you don't allow anyone to watch your money or it likely will leave with the person doing the watching...you must dollar check your cash flow
I learned alot from your vids Mr. Harris. Will definitely be working with you in the near future. Very knowledgeable and I learned stuff from you I never would've even imagined!!! 👍🏾👍🏾
thanks for your example of Debbie… I know of several other ways bad management people get in trouble… thanks again for your example… barrowing from Peter to pay Paul expenses and renting units but shown as vacant
A condo manager allowed washers and dryers to detiorate so revenue was minimal, then pushed to sell rights to a company who specializes in these facilities, which was actually their shell company, once this was identified the revenue was estimated to be $50,000 per year! And it went on for 8 years before questions about the deal brought the fraud to light
Narcissism, Machiavellianism and Psychopathy: These are the three "dark triad" traits that criminal minds frequently exhibit. Sometimes, you can pick them off through background checks, observation and conversation, previous history, or perhaps through personality testing. Learn these personality traits, and how to identify them. You won't find every potential criminal, but you can materially improve your contractor and employee team by winnowing out these kinds of people.
When you have a property manager and the property maintenance person is the same person and/or have familiarity with each other. I can keep going because I’m going through a AAA Debbie that turned into the nightmare Debbie. Checks are not credited to the account properly. Or are deposited into different accounts (multiple LLCs).
Property managers, especially those with a maintenance crew, can invent phony maintenance for which you will be billed as a way to steal your rent income. Real estate doesn't need as much maintenance as PMs would like you to believe they need. Some of what they bill you for is valid and the rest is fabricated. This occurs most frequently when a unit goes vacant, and you're hit with a raft of expenses to rehab or "make ready" and half of it never happens but you still lose the associated rent income from your account. This can also happen while tenants are living there.
In a condo board an audacious and clever thief will identify revenue that they can manipulate to set expectations and then capture revenue stream, before maximizing it. To reap large profits that won’t be missed. So watch for any manipulation of revenue or asset value. A condo manager could neglect facilities and increase monthly fees by having expensive work done, this will drive value of all units down which increases the foreclosures etc which they can then purchase below actual market value, then rent them while continuing to amass more units. Before bringing improving facilities and pushing the value up sharply.
Property managers may commit time fraud and put in that they were on the property more hours. In fact, I took a new hire position as a resident apartment manager and the previous manager was creating upwards 20 hours a month of additional work hours during after office hours. I was actually let go and told that I just wasn’t dedicated enough to the job as it seemed like I was working less hours than the previous manager but the truth was that I was simply being honest and not creating additional bogus hours.
Thanks for your reply. We did request the breakdowns but they said it was done by their maintenance people and they cannot break it down since all jobs were done at the same time. Obviously they don’t want to give details for an obvious reason: they cannot back up the costs and don’t want to have to explain. We called and asked the tenants and they said the repair guy stayed at the rental house for the whole day to fix a small thing. How would you handle such situation?
@@michelerasa9149 this is how you handle this situation. If you got bad taste about the way they handle your business just fire them not worth the aggravation and the headache
I can see given a tenant 30% break on a rent and keep them without a contract with month to month rent for 3 months and then after that rent it for full price with the written lease, for landlord that not attending and checking the property even if you ask the tenant they will cooperate with a dirty property manager. At least the type of crooked tenant that the property manager carefully approved.
Shouldn't the property owner do their own property management? Why are there checks and balances for property managers? In most companies there are quality control checkers. Why none in property management?
No to the first question because when you are an investor you really just want the cash-flow and plus not everyone knows how to manage an apartment complex. So in order to get the money but not deal with anything with the property, you hire a property manager to deal with the hassles that come with the property. There are checks and balances in property management so you don't have people who are stealing your money and such. Also, as you saw in the video debbie did her job very well. So even with the quality control checkers she would've passed anyway since she can do her job very well. The issue was ultimately debbies mindset that led her to do the fraud in the first place. YOU are ultimately responsible for your property manager therefore you must keep him/her in check to insure a stable cashflow, stable property and a stable economic tenancy. Hopefully this helped your understanding a little bit
Hello Mr. Peter thank you for your video great knowledge I would love to get hold with you for A very bad experience that I'm going through it until of today at least one year so far How can I contact you
Prevent property management fraud with my help by applying to our Protege Program: www.commercialpropertyadvisors.com/protege-program
How are you doing I put in complaints against my property management I got a broken jammed door with dry dokie spot and wet paint and scratch up she said I have to settle for what they got i said no , she said we don't have money for brand new doors , I don't know when we will get money, I said I want a brand new day she said I'll.put in a request for it , she always has had 8 past violation and my house got flooded during my house discrimination complaints, isn't a broken jammed door a violation the manager gave me to have her maintenance guy fixed it ,
The facility don't Care about me or my repairs she is in violation I'm trying to put my rent in escrow account til my floor tile is complete and a brand new door I told inspection she said nothing about the my house being flooded.
The delayed reporting of tenant move in is a MAJOR issue for anyone who rarely visits the property...best to ask the tenant to confirm their date of move in once it shows them in the system
Hi Peter! So glad I found your channel. I added you on LinkedIn as well. I know you had a lot to cover in this video but I think you missed a very common property management scam. Double dealing with maintenance staff. When a unit gets turned the company doing the work will overcharge the owner and the split it with the property manager. They will also over purchase materials and keep the extra paint, doorknobs, etc to use in their own properties (management company owners sometimes have their own personal rentals). Also, if they are responsible for collecting the coins from laundry/vending machines they can skim without you knowing. There are many more ways so be extra vigilant and "pop in" to see them unannounced from time to time.
I had the same problem. Property manager was stealing by charging bills two times. If this happens then mostly the PM is stealing.
The owners were no different since they loved to overcharge for out of state investors. beware when you invest out of state.
I made the horrific mistake of befriending my property manager. I don't even want to know who much that p.o.s. stole from me over the years.
Look out for move-in and move out fees for cleaning expenses that never get done like repainting shampooing and things of that
Thank you for these warnings and suggestions Peter. Another sign of an impending problem - especially if its an out-of-town property - is decreased or poor communication from the PM.
Also, renting a unit for 1.2x when it’s on the books as 1x… cash or money orders…skimming
I got a PM that got half of my sales commissions nn Boca Raton plus she was getting an envelope from vendors, while creditors like First Bank called the office nonstop while paying rent for her son and daughter-in-law. The owner of the management company denied any wrongdoing!! I am suiting them
Bad Debbie!
Good sir thank you for your videos! I am in the process of watching the Master Lease Agreement video. I am young, crazy and “alone” but about to start poking at properties that are 1 million pus. I always knew it was possible but never at my young age :/.
Still much to learn, but I really thank God for you and appreciate your generosity in the knowledge sharing!
I wish you and all of you who read this continued success!
You go Julian! You'll go further than you believe possible if you're consistent and persistent in your growth.
Thanks for the information Peter! I have been their, in several businesses I owned in the past, mostly cash!!! So Iam much more vigilant now! You do great work Peter, helping others!!!
Suddenly brain explodes!!! Fantastic information!!!
Excellent video great advise same thing Oprah told the music recording artist Toni Braxton...you don't allow anyone to watch your money or it likely will leave with the person doing the watching...you must dollar check your cash flow
I learned alot from your vids Mr. Harris. Will definitely be working with you in the near future. Very knowledgeable and I learned stuff from you I never would've even imagined!!! 👍🏾👍🏾
Me too
Peter the introduction , brutal honesty
thanks for your example of Debbie… I know of several other ways bad management people get in trouble… thanks again for your example… barrowing from Peter to pay Paul expenses and renting units but shown as vacant
A condo manager allowed washers and dryers to detiorate so revenue was minimal, then pushed to sell rights to a company who specializes in these facilities, which was actually their shell company, once this was identified the revenue was estimated to be $50,000 per year! And it went on for 8 years before questions about the deal brought the fraud to light
Thanks for your videos, Peter. I appreciate the work you put into making them clear and informative!
Great advise, as I am looking to partner with a PM now.
Good day mr.harris glad to see you're teaching videos always
Narcissism, Machiavellianism and Psychopathy: These are the three "dark triad" traits that criminal minds frequently exhibit.
Sometimes, you can pick them off through background checks, observation and conversation, previous history, or perhaps through personality testing.
Learn these personality traits, and how to identify them. You won't find every potential criminal, but you can materially improve your contractor and employee team by winnowing out these kinds of people.
Thank you Mr. Peter.
This is valuable information.
When you have a property manager and the property maintenance person is the same person and/or have familiarity with each other.
I can keep going because I’m going through a AAA Debbie that turned into the nightmare Debbie.
Checks are not credited to the account properly. Or are deposited into different accounts (multiple LLCs).
Great presentation. Unfortunately this occurs way too often usually the same routes.
Property managers, especially those with a maintenance crew, can invent phony maintenance for which you will be billed as a way to steal your rent income. Real estate doesn't need as much maintenance as PMs would like you to believe they need. Some of what they bill you for is valid and the rest is fabricated. This occurs most frequently when a unit goes vacant, and you're hit with a raft of expenses to rehab or "make ready" and half of it never happens but you still lose the associated rent income from your account. This can also happen while tenants are living there.
Awesome this is great ,would have know of this ray.. Seem it could be a great ideal to have your own property management office.
In a condo board an audacious and clever thief will identify revenue that they can manipulate to set expectations and then capture revenue stream, before maximizing it. To reap large profits that won’t be missed. So watch for any manipulation of revenue or asset value. A condo manager could neglect facilities and increase monthly fees by having expensive work done, this will drive value of all units down which increases the foreclosures etc which they can then purchase below actual market value, then rent them while continuing to amass more units. Before bringing improving facilities and pushing the value up sharply.
Great lessons
Property managers may commit time fraud and put in that they were on the property more hours. In fact, I took a new hire position as a resident apartment manager and the previous manager was creating upwards 20 hours a month of additional work hours during after office hours. I was actually let go and told that I just wasn’t dedicated enough to the job as it seemed like I was working less hours than the previous manager but the truth was that I was simply being honest and not creating additional bogus hours.
Thank you so much for sharing that insight!
I'm on the other end of this, the stuff my management company does. ..might be 'legal"...but certainly not morally right.
any examples... Hints... Smiley Face.
I received several invoices with no breakdown for me to understand the real cost for each repair/maintenance.
You have to request for every invoice breakdowns with receipts and call the vendors and verify the numbers
Thanks for your reply. We did request the breakdowns but they said it was done by their maintenance people and they cannot break it down since all jobs were done at the same time. Obviously they don’t want to give details for an obvious reason: they cannot back up the costs and don’t want to have to explain. We called and asked the tenants and they said the repair guy stayed at the rental house for the whole day to fix a small thing. How would you handle such situation?
@@michelerasa9149 this is how you handle this situation.
If you got bad taste about the way they handle your business just fire them not worth the aggravation and the headache
I owe my property management company a lot of money after two years. Who is that in forensics?
Great video
Thank you
I can see given a tenant 30% break on a rent and keep them without a contract with month to month rent for 3 months and then after that rent it for full price with the written lease, for landlord that not attending and checking the property even if you ask the tenant they will cooperate with a dirty property manager. At least the type of crooked tenant that the property manager carefully approved.
Look at Water Valley Mississippi Property Management Antelope Enterprises Carrie outlaw
Thank u good xplain
Thank you
So helpful
Is there a company that ranks and keeps track of property management co across the u.s.?
Sounds like LIHC developers and inside investors...hmmm
They steal from my sister and us
👍
How does this video have over 3000 views and only 266 likes (at the time of this comment)?
Shouldn't the property owner do their own property management?
Why are there checks and balances for property managers? In most companies there are quality control checkers. Why none in property management?
No to the first question because when you are an investor you really just want the cash-flow and plus not everyone knows how to manage an apartment complex. So in order to get the money but not deal with anything with the property, you hire a property manager to deal with the hassles that come with the property. There are checks and balances in property management so you don't have people who are stealing your money and such. Also, as you saw in the video debbie did her job very well. So even with the quality control checkers she would've passed anyway since she can do her job very well. The issue was ultimately debbies mindset that led her to do the fraud in the first place. YOU are ultimately responsible for your property manager therefore you must keep him/her in check to insure a stable cashflow, stable property and a stable economic tenancy. Hopefully this helped your understanding a little bit
🇺🇸
Not much talk or info about commercial property investing anywhere
*Ddoncarder* if you guys aren't dealing with this guy, y'all are missing alot
Hello Mr. Peter thank you for your video great knowledge I would love to get hold with you for A very bad experience that I'm going through it until of today at least one year so far How can I contact you
You just did