Our client came to us looking for a property manager for their duplex. When we signed the agreement, for property management, the property came with all challenges that some would call “nightmares” and would stay away from taking it on. However, we took on the project. The challenges included – one unit looked like it was straight out of an episode of “hoarders,” and it seemed like a day care was running simultaneously. The tenant had so many children. In addition, there were issues with rodent infestation, the property was in such a bad condition that the city posted a “do not enter” notice. It was inhabitable!
With our services, in less than 3 months, our client has been able to rehabilitate both units at a reasonable cost and both units generating a positive cash flow. By using our vendors, both units were renovated without breaking the bank. We placed credit-worthy tenants who pay on time. We were able to get 20% more on the rent. Client had to pay for the repairs, but otherwise able to continue their life while we handled all the work.
A twenty percent increase in rent, paying tenants, re-habitated property at reasonable cost, and positive cash flow in 3 months, we would consider this a WIN for everyone!