Rent to Retirement New Build

[Brandon O'Malley]

Has anyone else had a negative experience with a Rent to Retirement new build in Cape Coral? There have been multiple delays and price escalations from the home builder and very poor communication. We are out of country and having a very difficult time knowing what is going on on the ground. The local agent that was present at the beginning of the project had gone completely silent.

[Adam Bartomeo]

I have only heard that there are a lot of problems with them. Let me know if you need me to run by the property and get you a video of the site.

[Jay Hinrichs]

@Zach Lemaster  I think Zach will have one of his team help you I am sure. they are extremely responsive to their clients.

[V.G Jason]

Aren't they just the broker, not the underlying party that's bad?

[Neal Coppola]

Quote from @Brandon O'Malley:

Has anyone else had a negative experience with a Rent to Retirement new build in Cape Coral? There have been multiple delays and price escalations from the home builder and very poor communication. We are out of country and having a very difficult time knowing what is going on on the ground. The local agent that was present at the beginning of the project had gone completely silent.

Brandon - 

Back in 2021 I entered into a new build contract brokered by them and after 14 months into a 18-24 month anticipated timeline I had not yet been issued a building permit.  I chose to forfeit my deposit and walk away from the project.   Best decision I could have made!   Unfortunately I do not have any advise, but to answer your initial question, absolutely YES. 

[Grant McMillan]

Hello,

Please understand that RTR is not a home builder and does not act as a broker representative. We are a nationwide marketplace that provides access to multiple TK investment opportunities, many of which are new construction. There are many builders that provide investment opportunities to our network. Some of which are national builders like DR Horton, Toll Brothers, LGI, etc. Some are more regional or local builders. At this time, we do not allow builders to market any more ground up construction projects (pre-construction) as we have been made aware that there are significant delays in the construction industry. We only allow for completed homes to be marketed, many of which are already rented.

We do understand that it is frustrating to have to deal with the delays of new construction as many homes are taking longer to be completed. We are always here to assist in guidance depending on the situation and what your ultimate goals are. All we ask is that you reach out to communicate this to us. Otherwise we may not be aware of the frustrustations you are dealing with. It would be important to note that while construction in Cape Coral specifically is taking longer than expected, there have many been hundreds of homes completed for many investors. Every single one of those has had a positive equity position once completed and still has positive cash flow if rented instead of sold. It is frustrating for everyone to deal with delays and escalations that accompany ground up construction projects. Unfortunately, that is something most everyone in the construction industry has experienced to some degree over the past few years in this dynamic market. While RTR cannot control any one particular builder, market changes, interest rate changes, etc. we are certainly here to offer guidance and resources however needed. This would include local resources with other builder connections should you want to consider switching builders, local property managers to assist with leasing of the home, local brokers to assist with selling of the home once completed or that can stop by to check on progress of the build, local insurance providers, lenders, CPAs, RE Attorney's, tax advisors, etc. All we ask is that you reach out directly to make us aware of the situation so we can review all available options and to fully understand what your goals are. Every person that has completed ground up construction in Cape Coral has turned out positive, but there have many been many delays and limited communication from specific builders that we are aware of and offering guidance on a case by case basis. 

Please reach out directly with any concerns or situations so we can be made aware and see how we can offer assistance. Thank you.

[Brandon O'Malley]

Quote from @Grant McMillan:

Hello,

Please understand that RTR is not a home builder and does not act as a broker representative. We are a nationwide marketplace that provides access to multiple TK investment opportunities, many of which are new construction. There are many builders that provide investment opportunities to our network. Some of which are national builders like DR Horton, Toll Brothers, LGI, etc. Some are more regional or local builders. At this time, we do not allow builders to market any more ground up construction projects (pre-construction) as we have been made aware that there are significant delays in the construction industry. We only allow for completed homes to be marketed, many of which are already rented.

We do understand that it is frustrating to have to deal with the delays of new construction as many homes are taking longer to be completed. We are always here to assist in guidance depending on the situation and what your ultimate goals are. All we ask is that you reach out to communicate this to us. Otherwise we may not be aware of the frustrustations you are dealing with. It would be important to note that while construction in Cape Coral specifically is taking longer than expected, there have many been hundreds of homes completed for many investors. Every single one of those has had a positive equity position once completed and still has positive cash flow if rented instead of sold. It is frustrating for everyone to deal with delays and escalations that accompany ground up construction projects. Unfortunately, that is something most everyone in the construction industry has experienced to some degree over the past few years in this dynamic market. While RTR cannot control any one particular builder, market changes, interest rate changes, etc. we are certainly here to offer guidance and resources however needed. This would include local resources with other builder connections should you want to consider switching builders, local property managers to assist with leasing of the home, local brokers to assist with selling of the home once completed or that can stop by to check on progress of the build, local insurance providers, lenders, CPAs, RE Attorney's, tax advisors, etc. All we ask is that you reach out directly to make us aware of the situation so we can review all available options and to fully understand what your goals are. Every person that has completed ground up construction in Cape Coral has turned out positive, but there have many been many delays and limited communication from specific builders that we are aware of and offering guidance on a case by case basis. 

Please reach out directly with any concerns or situations so we can be made aware and see how we can offer assistance. Thank you.

Thank you very much for the call and offer to find resources to help with our situation. We look forward to hearing from you soon.