A great story for this week. Our company manages a two family rental property in Revere, Massachusetts. Lucy, the owner, has owned it for around 12 years but moved to Italy two years ago. Real Property Management Boston was hired to place tenants, collect the rent, and pay the bills associated with the property.
We placed nice tenants in both the downstairs and upstairs units. Because I’m the only Spanish speaker in the office, I worked fairly closely with the Panamanian couple that lives downstairs. Diomedes and Amalia are a quiet couple. Diomedes is pastor of a congregation where he has served for 20 years.
Each year we reach out to the property owner when leases are due to be renewed. The conversation is around if the owner wants to continue having a rental property or if they prefer to get it out of their life. This year, Lucy was ready to fully move on to her life in Italy and sell her home here in the Boston area. She was tired of the rental issues and wanted to be free of the house but never thought she could get enough money to cover her debt. I took a look at what price other homes sold in the area; it looked as if she could get more money than she thought. I referred her to a real estate agent to handle the listing.
The agent did a great job; she immediately identified what was a fair price and scheduled the open house. Our office coordinated the time with the tenants. The downstairs couple asked me to be there because they had to be out of the house.
When I arrived on the day of the showing, the pastor told me he hadn’t understood that the house was for sale. He wanted to buy it. We quickly made an offer; the owner thought it was great that someone already living in the house would be able to own it. Even better, the pastor’s son and daughter-in-law and grandchild will be able to move into the second floor unit once that lease is up.
Yesterday was the closing. Lucy is emotionally relieved and financially better off. Diomedes and Amalia are now the new owners of a home with rental income. The income is temporary as his son’s family will be moving in this summer or fall. Their two households will save hundreds of dollars in housing expense.
Just one example of the American dream at work.