Updated: 08/04/2014 10:24 PM |
Created: 08/04/2014 10:00 PM
By: Ryan Luby, KOB Eyewitness News
A Rio Rancho landlord said he not only lost a month's worth of rent when Double R Realty closed its doors on Friday, but also access to his property.
The company is the subject of an embezzlement investigation that may exceed $800,000, according to Rio Rancho Police.
Steve Baillie said he selected Double R Realty roughly a year ago to manage a home he owns near Milky Way Street NW and McMahon Boulevard.
He hired the staff to find a tenant for the home, change the locks and handle the lease payments.
"Double R Realty had a good representative that I felt comfortable with, and so we decided to go with them," Baillie said.
He's had little interaction with the tenant in his home, like many landlords who've hired the company he suspects.
Consequently, he said he doesn't have the woman's phone number nor a copy of the key to the front door.
"All the other people that they're managing money for, or managing property for, it's just going to be destructive for a lot of families," Baillie said.
He said he received an e-mail from Double R Realty last week to inform him of an investigation, but said he hasn't received anything since.
Altogether, the company charged him 10 percent of a month's rent for its services.
"I don't hear anything from them so I can't really tell whether there's any kind of management going on, period," Baillie said. "It almost makes me wonder what is it that I'm paying for."
He said he hopes to make contact with his tenant some time soon.
"I'm leery now of hiring a management company, so I'm going do some research ... or just manage the property totally myself," Baillie said.