IT"S OK TO BE AN IDIOT: NEXT TIME DO IT FASTER
I now have this sign on my wall at home. It reminds me that all the indications of a disaster were there with ADP but I took far to long to move on. I am an optimist and I find Dan one of the most like-able guys you could ever meet. Because of this I waited far too long and almost gave up on ever using Property Management. I ignored many of my business skills and let a bad situation go on for too long !
My Lessons and OPINIONS !
REIN Learning: I should have paid more attention to the topics about Property Management.
Did REIN endorse ADP? : When I was new at REIN Dan was at the back of the room for every REIN meeting and Donna was always handing out info for REIN. I took this as an implied endorsement by REIN. Donna was even on stage at one of the meetings. Notice, they are no longer in the room. I did write REIN a letter about my concerns for new members that would get caught like me. They didn't respond to me but I have faith they took action. ADP was the only company I have ever worked with that I met at a REIN meeting that didn't deliver. All the others, Mark RE agent, Josh Wendeler, HUB, etc have been awesome and made me money.
My Real estate agent recommended ADP and because of this I did not do my diligence. Stupid on my part. Lesson Learned. ADP cost him money too! Several other respected REIN members endorsed Dan and Donna because of their interactions at REIN meetings. They are bright, personable, and knowledgeable. But , I didn't check to see if they had actually worked with ADP and I think we were all surprised.
From Bad to Worse: When Donna joined Dan I thought this would be great. In fact when I met her that was what sealed the deal on going with ADP. When I told her they owed me money she said "I don't get involved with money." That should have been a clue. It got worse when she joined. Two people didn't return calls instead of one.
A REIN Member warned me about ADP early on: I wish I had listened to her more carefully. To her credit she posted the issue right away on the forum. She was one of the first and I think it was gutsy. I have now met many people who said they lived through a disaster. It's surprising how few of us posted our challenge with ADP on the forum. Maybe we all would have been better off much sooner.
Money was Always Late and Reports Had to be begged for: What was I thinking holding on. My corporate taxes are an unbelievable challenge and cost extra to prepare because of the crappy info.
Cash: ADP starting showing up to my meetings with cash. Tenants talked of paying rent by cash...the laundry machines started to declare less income....and yet I still held on.
I started to get involved in a Joint Venture with Dan,. wow, that's another story. Lucky to be out!
Did REIN Members always treat ADP fairly? There were several times were it was obvious that REIN members owed Dan money for renovations. In addition when he did property management for townhouses the rent went directly to the owner via Tenant Pay and then the owner would pay Dan for PM afterword. I was shocked when a few people including a friend told me they would make Dan wait for the PM fees. It seemed unfair and ADP should have walked away from managing these properties. It think this killed his cash flow and was the beginning of the end.
My Kids: My kids asked me several times why I was sticking it out in Hamilton. My 16 yr old said, hey Dad, if you like Dan go for a beer with him but stop trying to work with him cause it will never work ! My 25 year old was more pragmatic. Dad, if you ever get hit by a bus the first think I will do is fire ADP.
Dan was very critical of REIN and REIN members in my last couple of months with him. He was also very critical of my RE agent who had sent him a lot of business. That's when I realized, ok, it's over.
PLEASE FOLKS: If you are working with this group be careful. It was actually much worse than I described ! But that is only my opinion! And, I took far too long to reach it.
LAST BUT NOT LEAST: A few times I have asked Thomas Beyer for input, or made a post knowing he would comment. I almost asked him about what I should do about my Property Management situation, then before I wrote the post I could hear his voice: it said....get a new Property Manager. and I did.