Situation
Among our most prized partners, Nikki and Clyde have been with us since 2018 and we have helped them grow their investment portfolio to 6 highly lucrative properties.
Before they partnered with RMA, Clyde was already a seasoned investor but primarily in the stock market. They did have some experience in real estate but when Clyde realized how lucrative Boise real estate can be, they decided to get involved and contacted RMA.
Clyde began their investment journey like many landlords by managing their properties themselves. So, when we paired Clyde with one of our most trusted realtors who completed a seamless transaction for their first Boise investment property.
But eventually, they found themselves struggling to keep up with the maintenance requests and other demands of the rental property.
They tried to use ‘home warranty companies to help remove some of this pressure but found it to be just as time-consuming. So, Clyde decided to look into fully partnering with a property management company.
Solution
At first, Clyde was concerned with our ‘First Come First’ policy when it comes to selecting qualified tenants. Mainly because, being used to selecting tenants themselves, they were reluctant to give up that kind of control and were concerned that the first tenant that was qualified may not be the best.
But at RMA, we readily accept this challenge of proving that our systems and expertise rank among the best there is. So, we were eager to show Clyde that the tenants we could find for them were perfect.
Result
Happily, the tenant we placed in the property is still there 4 years later down to the success of both Clyde’s business acumen and our property management services. At RMA we are proud of the success of our partners.
So, knowing that we were able to alleviate Clyde’s main concern and prove ourselves once again was a great success and enabled us to grow our business relationship with Clyde.
Clyde, like most property investors, was also looking to expand their portfolio. So, by providing them with expert rental analysis on top of the other services, we were able to determine the best types of properties for them to expand into, along with their budget, and we were even able to give them an idea of their returns.
With this knowledge, we were able to work with Clyde as they purchased additional properties:
- The first came with an inherited tenant and many required repairs. All of which were handled easily by RMA.
- After this, Clyde purchased a property with a history of vacancies between leases. But RMA was able to get them rented each time quickly, minimizing the vacancy and turnover costs.
- On the following purchase, the property sadly needed serious renovations. RMA was able to handle and supervise the work to ensure it was done properly and in a timely manner.
- Clyde’s most recent purchase was bought sight unseen because of COVID regulations and so they relied on RMA to help determine if the home was a good fit for their portfolio, in good condition, and could produce a good return on investment.
Even though buying a property without first viewing it was a calculated risk, our partnership with Clyde is so strong that we all agreed this was a good move for them because of the property’s price and our ability to keep the property filled with quality tenants.
Happily, at RMA, we were able to rent the property out quickly, with the property being in great condition.
Client Testimonial
“After having success owning and self-managing rental homes locally, we felt there was a lot of upsides in the Boise area. However, we needed to find a reliable property manager manage the properties. We chose RMA based on their reputation. They have made all aspects of rental home ownership stress free. We look forward to a very long-term relationship with them.”
Clyde F. Owns
1st purchase- Meridian- Current Estimated Value: $445,00; Purchase Price: $247,000
Current Rent: $ 1,550 (will be increasing rent)
Total cost for repairs: 0
Meridian- Current Estimated Value: $429,500; Purchase Price: $230,000
Current Rent: $1,575
Total cost for repairs: 0
Eagle- Current Estimated Value $494,400; Purchase Price: $265,000
Current Rent: $1,675
Total cost for repairs: $7,500
Meridian- Current Estimated Value: $440,100; Purchase Price: $268,000
Current Rent: $1,570
Total cost for repairs: $1,500
Boise- Current Estimated Value: $485,800; Purchase Price: $305,000
Current Rent: $2,195
Total cost for repairs: $10,000
Meridian-Current Estimated Value: $529,000; Purchase Price: $455,000
Current Rent: $2,495
Total cost for repairs: $4,500
Total Rent for all properties= $11,060
Total Portfolio Amount: $2,823,800