Welcome to our first Blog Post at RPMMiami.com!
This post is going to be a little different from future posts because we want to introduce ourselves to you. Future posts will cover the gambit of the property management universe from new industry innovations to DIY nightmares, real estate news, financial tips and even updates from the amazing (in more ways than one) city of Miami.
But lets start at the beginning…
We caught the real estate investing bug early on in life. We realized as you have that investing in real estate can provide incredible returns, cash flow and the almighty Passive Residual Income. We picked up all the great books starting with Think and Grow Rich, Rich Dad Poor Dad, The Millionaire Real Estate Investor, The ABC’s of Real Estate Investing and even a lesser known masterpiece called The Richest Man in Babylon which isn’t really about real estate but has principles that are impeccable.
One our heads were filled with such esteemed knowledge we knew we were ready to go and but our first property and let the cash start rolling in while we sat by the pool and sipped Margaritas!
So we bought a condo that he been completely gutted following flooding from one of our mini-hurricanes that just barely missed us. It was a steal! All we had to do was install all of the tile, cabinetry, appliances, bathrooms and paint but since we knew a guy’s cousin who had a friend it was a no-brainer (literally) so we jumped on it!
That’s when reality hit like a 275 lb. linebacker!
The guy’ cousin’s friend had a wife who was pregnant so he needed a “little” extra time to finish the project. The word “little” has many different possible meanings and to this guy it meant to disappear for weeks without pickup up a phone. Ok, first lesson learned now lets go on to the next guy while we simultaneously track the first guy down for our deposit. But the next guy (another friend of a friend) had a problem getting the materials we needed because he didn’t have credit so we would have to pay him extra on top of the labor deposit so he could get all the materials.
At this point we ran into an old family friend who told us “If you don’t treat this like a business and hire professionals you will just be another guy trying to cover your bottom line because you will always be scraping the bottom of the barrel.”
But we knew better we told him that professionals cost too much money up front and that we couldn’t make our insane cash flow profits if we paid the big bucks for a professional. He just laughed and said “OK good luck, call me when you are ready to sell your property.”
We called him a few weeks later but we weren’t ready to sell…we were however ready to get a list of professionals to deal with. He told us we still didn’t get it. He didn’t have a list of professionals, he didn’t deal with the contractors. He said “Do you think that Bill Gates chooses each one of his employees himself?” (This was back when Gates was still head of Microsoft) “Well he doesn’t he lets a team of his managers handle that so he can make the important decisions and think about the future of the company and that is the way you need to run your real estate investment business.”
He then handed us a card of a company called Real Property Management Miami and said it was the best property management company in the city and that we should call them and let them do the rest. So we called and followed his advice and our headache turned into a business. The money that we invested was returned ten-fold in time and progress. We no longer had to deal directly with the tenants and their constant phone calls and whenever something needed to be done on the property they let us know what the best price was and the work was done without us ever lifting a finger (except to answer the phone).
Soon we had made enough money to buy our second property and we continued to use Real Property Management Miami because of their tremendous level of service.
With the money we were making and the time that we were saving by using a truly professional property management company we grew our hobby into a profitable business. As the years went buy we accumulated more and more properties and we soon became friends with the owner of Real Property Management Miami. We would often go to lunch at Hillstone in Coral Gables because the food is delicious (especially the hamburgers) and one day the owner of Real Property Management Miami joined us. He told us that he had a new business that he was building and that it was taking time away from Real Property Management Miami. He said that he was considering selling the business and we jumped at the opportunity.
We had first hand experience of the high level quality of office staff as well as the accounting and maintenance departments so we knew were would getting a top notch team. We soon closed on the deal and we have been committed ever since to growing Real Property Management Miami into an even better business than it already was. We are focused on utilizing technology and social media platforms to communicate with our property owners and tenants better than ever before.
This blog and our new website are major steps that we are taking to make Real Property Management Miami the best property management company in the country and we can’t wait to share the experience with you.
We look forward to working with you to grow your investment real estate business into a money making machine that will give you the income you want without the headaches that you hate!
Check back soon for more articles on how to maximize your investment real estate income!
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