Situation
Valerie and Chris are out-of-state investors who purchased their first investment property in 2018. Their goal was that of a lot of real estate investors – to gain long-term, passive, income.
This duplex was their first purchase and the owners found it very daunting to get into the real estate business, as they did not know the details of running and investing property. But the issue the couple found when purchasing the duplex was that it came with inherited tenants who were destructive and difficult.
Consequently, they reached out to RMA, and immediately we made it our goal to make them much more comfortable by using our experience to make their property management process seamless.
Solution
It gave Valerie and Christopher relief to have RMA take over and get these problematic tenants removed. We also rehabilitated the unit, on behalf of the couple to make sure that the next set of tenants has a great experience.
Sadly, the next set of tenants that were placed into the property also turned out to be problematic. But as RMA does annual inspections of the properties before any lease is renewed, we were able to identify that the tenants placed were not a good fit and were able to move on before any further damage could be caused.
Result
The success of finding quality tenants to keep in their rental property enabled Valerie and Chris to add a single-family home to their portfolio. With RMA as their partner and their newfound experience, we were able to have a tenant placed immediately and easily, with the current market rent.
Client Testamonial
“Working with Realty Management & Associates has truly been one of the best decisions my husband and I made when getting into the real estate investment business. We were first-time buyers as well as first-time landlords and knew we needed a company we could trust to manage our out-of-state investments. They were referred to us by trusted colleagues and did not disappoint. They have been very good at keeping excellent communication and have always been easy to work with. It feels as though they know us well and recognizes our standard of good business practice.
They go over and beyond making sure our properties are looked after and do regular check-ins to make sure our properties are being taken care of appropriately. Because of their thorough walk-throughs, they have helped us to weed out some problem tenants and promptly put in more respectful ones to avoid damages done.
I would highly recommend RMA to friends and colleagues. They have a great family feel but maintain the utmost professionalism that it takes to manage properties.”
The Couple Owns:
Boise Duplex- Current Estimated Value: $481,300; Purchase Price: $260,000
Side A Current Rent: $ 1,295
Side B Current Rent: $1,395
Total Amount for Duplex $2,690
Total Cost for Repairs: $25,000
Middleton- Current Estimated Value $396,600; Purchase Price: $340,000
Current Rent: $1,795
Total Cost for Repairs: $8,000
Total Rent for all properties= $4,485
Total Portfolio Amount: $877,900