RentalVest: Anyone worked with them?
Has anyone worked with RentalVest in Milwaukee, WI area? Any experiences to share?
- Investor and Real Estate Agent
- Milwaukee - Mequon, WI
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I have not, so I can't tell you one way or another. On their website they advertise homes that cost $200 ish a month and are rented out for $1200. What do they say? If it sounds too good to be true,...
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Real Estate Agent Wisconsin (#82198-94)
- 262 671 6868
- http://www.OnPointRG.com
- [email protected]
- Investor and Real Estate Agent
- Milwaukee - Mequon, WI
- 5,437
- Votes |
- 3,891
- Posts
Sometimes you hear some nonsense in this industry, but this website is just too much!
Here is a blog post from their site:
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Is it possible to build a $10,000 month income stream in1 year or less?November 16, 2015
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Is it really possible to create a $10,000 month income stream in 1 year or less? The answer is YES, and we will break it down step by step below. First let us start by saying even know is it possible it will take careful planning ,education and execution.
For the sake of simplicity we will assume you have $50,000 liquid cash to invest. If you do not have $50,000 liquid cash to invest, we do have ways to secure start up funding that can be discussed at a later time.
You will first start by purchasing your first turn-key rental property from us for $50,000 cash. The property is rented and produces a $1,125 per month rental income. You will then refinance the property with one of our third party lenders.
The lender will allow you a 75% loan to value cash out refinance. The property will most likely appraise for more then you purchased it for, which will allow you to get your $50,000 initial cash investment back.
You will then repeat the process 9 more times, and in the end you will have over a $10,000 gross monthly income. We make this process simple by provding the inventory, education and financing so you can easily acheive these results.
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Here are a few things to think about:
- The headline is speaking about income, sounds like profit, but is actually revenue. Later also called "gross income".
- The property will most likely appraise for more than you bought it for? So, they sold it for less than it's worth? That's very kind.
- Okay, let's assume they do that, not sure why, but let's prentend they do that and gift $17,000 in equity to the buyer, so he can come back and buy more.
- The lender is wanting to see either a list of improvements including receipts and lien waivers for the new appraisal of $67,000 to justify the higher price and/or they will require 6 month of seasoning.
- If someone knows how to buy, appraise and refi in 30 days, please let me know how. It seems to take me much longer.
- They offer $1,500 to any investor or client who refers a client that buys from them. Last time I checked that is not legal in Wisconsin unless both parties are licensed.
I am shocked to see this was posted in 2015, I would have guessed 2005. This are the types of articles that give parts of our comunity a shady name. Anyone can make good money in real estate, but it takes time, a lot of hard work, the right attitude, some skill and persistence. It's certainly not quick and easy.
What is everyone else thinking about promoting "opportunities" like this?
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Real Estate Agent Wisconsin (#82198-94)
- 262 671 6868
- http://www.OnPointRG.com
- [email protected]