Lawrence & Associates, LLC is a property management and investment company located and registered to do business in Boise, Idaho. The LLC has three members: Stacy McBain, Rachel Lawrence, and Randy Woodman. On August 20, we received notification via email that Lawrence & Associates does not have enough money to pay the Property Owners the rents it collected for July and August nor does it have the ability to repay the deposits. For us personally, it is approximately $8,000 - they managed over 600 properties for multiple owners. The damage they have caused to Property Owners must exceed a couple hundred thousand dollars.
They state the reason were unable to pay was due to other vendors not paying them. However, in a Agent relationship - they are the agent to collect deposits/rents, and pass such on to the Property Owners; however, instead, they used the rents and deposits to pay other expenses. Additionally, they wrote checks that bounced, and stopped payment on the final check.
On August 28, the sent a follow up email stating they are going out of business and will no longer be responding. To date, they have failed to or refuse to return our property files and keys.
For your own protection, do not invest with or do business with any of the aforementioned members.
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