If you are considering renting from or placing your rental property in the hands of ECDI, be very careful! They claim to own many local rentals, but, none could be found by internet search of property tax roles nor contacting the city's rental registration desk. They claim to be a full service property management firm; but, the accounting, property managers, and in-house maintanence shop appear to be independents.
I placed several rental properties in their hands with an average rent collection of 5-7,000/month. Right off, the accounting reports were filled with errors and shell games. They became extremely hard to reach by phone and forget about them returning message left no matter how courteous they were. I did not see my first dollar until six months later. Even though they had thousands, they would not pay their inhouse maintenance for six months while charging me late fees.
I replaced them at the end of the year and eight months later still have not received all the moneys due. They admitted to owing it; but, continue to withhold thousands. I learned they were incorporated in Nevada and are listed as a foreign corporation in Minnesota. Wondering why utilities were paid a month behind, I later saw that they would write a check for a bill and then hold it for at least 30 days.
The insurance policies lapsed and the property taxes were days away from being delinquent when I jumped back in using my own money to cover these heavy bills. Fortunately, the water and electricity were not turned off on any of the rentals. I get the impression they use the rents to cover their own investments and then use all kinds of shell games and chicanery to withhold net-rents from owners for many many months.
I found out the vacancies were being filled by convicted felons and deadbeat renters. It is taking thousands of dollars to clean up the mess and evict the deadbeats which I have not demanded from them; only, the monies their reports list as being owed. Don't place your tenants in harm's way using ECDI and don't be a victim tenant under them either.
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