All Topics / Overseas Deals / Property Managemet Company will not provide me with a copy of my owner statement. How can I attain it?

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  • Profile photo of labradorinlovelabradorinlove
    Member
    @labradorinlove
    Join Date: 2012
    Post Count: 48

    I started using a tradesman I was introduced to by my property management company in Arizona.When I bought more houses, I employed the same tradesperson to do repair work on them and asked the PM to pay all the rental income from the first house directly to the contractor.Then the tradesman and the PM parted ways on bad terms- both with different stories about the reason why. I asked the PM to continue paying the rent directly to the tradesperson. Then I was informed my tenants were breaking the lease because the PM had not responded to their request to repair the AC unit for over a month. When I spoke to the tenants directly, I was horrified by how poorly the PM had been managing the property and I fired them.I continued to pay the tradesperson directly by check and paypal. Several months later I discovered the tradeperson had not done any of the repair work and had defrauded me of nearly $20,000.I am now taking legal action against the contractor. I have gone back to the PM and asked for my owner statement or something to show the monies that were paid to the contractor. They blatantly refuse to provide me with anything. I would think this is illegal not to provide me with a copy of a statement relating to my property and monies that were received and paid out. Does anyone have any suggestion as to how I can attain this? Would a complaint to the AZ Department of Real Estate get them to hand it over?

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856

    The joys of overseas investment purely based on sales spiel and $ not solid fundamentals and an understanding of the legal and regulatory system – it leaves you open to being ripped off.

    Probably best to speak to an experienced oz/us solicitor versed in property and litigation.

    Profile photo of labradorinlovelabradorinlove
    Member
    @labradorinlove
    Join Date: 2012
    Post Count: 48

    Its still America with legal practices and organizations in place to make sure ethical practices are carried through. I think its when people start letting these thing happen that corruption runs rampart.

    Profile photo of kylermricekylermrice
    Participant
    @kylermrice
    Join Date: 2011
    Post Count: 314

    If an attorney can't help you then your in trouble.

    Profile photo of InvestorMickInvestorMick
    Participant
    @investormick
    Join Date: 2008
    Post Count: 55

    Definitely go legal as this may be your only hope of recouping your lost monies! It’s vital you have good people on the ground when investing abroad.

    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177

    Mick,

    1000 dollars is something no one in the states would go LEGAL on…

    We have small claims court, and that is a great venue but the investor has to be there persoanlly and NO attornies are allowed to be there…

    Profile photo of jayhinrichsjayhinrichs
    Participant
    @jayhinrichs
    Join Date: 2011
    Post Count: 1,177

    Mick

    Scratch that last comment I thought you were commenting on the 1000 dollar HOA issue.

    The tradesmen issue is best handled by making complaints to the contractors board.¬† Department of real estate and the District attorney… Definalty do not hire a lawyer… Can't collect from dead beats your best bet is to get him thrown in Jail or fined or something of that nature..

    An attorney will just take more of this investors money and there will be no way to recover it.

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