Has anyone bought a turnkey property from Real Wealth Network?

Construction Project Manager · Sycamore, IL · Member since 2015 · 91 posts · 109 votes

I've been listening to Kathy Fettke's podcast on the Real Wealth Network, and they are lined up with affiliates in different areas that provide turnkey rental properties. Some of the numbers look very good for being passive deals, and I was just wondering if anyone has used this service to purchase?

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Paul Choate

Real Estate Investor · San Jose, CA · Member since 2015 · 2 posts · 5 votes

Kyle

I've been working w/ The Real Wealth Network since 2012 and have purchased 8 homes

in Ohio and recently 2 more in Chicago. I found they are easy to work with and your right

the passive returns are 12- 18 % on B class homes .I run a appliance repair business in the bay area

and this investment takes very little time .The group is truly educational with no high pressure sales tactics, so that allowed me to do additional research and go at my own pace. In 4 years I've able

to replace 3/4 of my current income and on track to totally replace it by May 2018. Also having such

a large group, the affiliates bring their "A " game to the table and makes for a win-win situation

Check-em out All The Best Paul

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Ali Boone
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
8y
@Jay Hinrichs cool, thanks! I'll check them out. Even if we haven't always agreed on things in the past, I do think you know your stuff so if you trust them, I might ought to myself! :)
(are we actually getting along these days? eeeek! Could be dangerous. Lol.)
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y
@Ali Boone its a new year Ali can't much remember last year at my advanced age... !!!
Podcast Guest on Show #222
JLH Capital Partners51 Review
Website View Page
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Ali Boone
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
8y
Originally posted by @Jay Hinrichs:

@Ali Boone its a new year Ali can't much remember last year at my advanced age... !!!
Haha
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Kyle N.
OP
Construction Project Manager · Sycamore, IL · Member since 2015 · 91 posts · 109 votes
8y
I've had a lot of questions about my experience with RWN, so I wrote a lengthy post on the subject. Please see:
https://www.biggerpockets.com/forums/311/topics/543431-my-turnkey-experience-with-real-wealth-network-rwn?page=1#p3309537
If you are interested in some more details of my personal experience.
If you've still got more questions, please feel free to ask!
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Elizabeth Chang
NY · Member since 2018 · 31 posts · 14 votes
7y
@Kyle N.
Sorry, I know this post seems to be a while ago but I am looking into invest my first out of state rental with RWN. I would love to connect with you and learn more about your experience with them! I just sent you a message and hope we can chat more if you don't mind sharing your experience. Thanks!
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Nick Dragovich
Member since 2019 · 6 posts · 2 votes
7y
@Elizabeth Chang
Hi, I am also looking into my first out of state rental with RWN and wanted to see if you actually moved forward with them since your last post? Would love to hear about your experience if you did or why you decided against it if you didn't.
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Nick Dragovich
Member since 2019 · 6 posts · 2 votes
7y
@Kyle N. I read your post about your detailed experience as well and I appreciate you taking the time to put that together. Definitely great info that I am taking heavily into consideration during my decision process.
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Johannes Schunter
Investor · Greenwich, CT · Member since 2016 · 9 posts · 2 votes
7y
I purchased a $85k turnkey in Huntsville, AL, via the RealWealthNetwork in 2017 and it turned out to be an utter disaster. In the first year after purchasing from the provider RWN connected me with, I incurred $15k in repair costs from issues that were not obvious at inspection (mold, plumbing, HVAC replacement, etc.). Among other things, it turned out the fully "re-habed" house had a 17 year old fridge in it, and they claimed in the phone call no capex was necessary for the first 5 years. It was my worst investment ever, and I encourage everyone to stay far away from these scam artists.
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David B.
Investor · Worcester County, MA · Member since 2016 · 122 posts · 72 votes
7y
to be fair, RWN is a referral company, So their role is to introduce buyers to various providers. It sounds like the issue is with that provider in Huntsville.
You should tell your investment counselor at RWN that the provider is terrible, and see if you can use their leverage to make things right.
Who is the provider?
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Kevin Grove
Flipper/Rehabber · Charles Town, WV · Member since 2019 · 42 posts · 43 votes
7y
@Johannes Schunter Which turnkey provider did you buy from in Huntsville?
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Mike D'ArrigoPro Member
Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
7y
Originally posted by @Johannes Schunter:

I purchased a $85k turnkey in Huntsville, AL, via the RealWealthNetwork in 2017 and it turned out to be an utter disaster. In the first year after purchasing from the provider RWN connected me with, I incurred $15k in repair costs from issues that were not obvious at inspection (mold, plumbing, HVAC replacement, etc.). Among other things, it turned out the fully "re-habed" house had a 17 year old fridge in it, and they claimed in the phone call no capex was necessary for the first 5 years. It was my worst investment ever, and I encourage everyone to stay far away from these scam artists.
I'm not clear how issues with mold, plumbing and HVAC "were not obvious at inspection". These are things that would generally be caught in an inspection.
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Johannes Schunter
Investor · Greenwich, CT · Member since 2016 · 9 posts · 2 votes
7y
The provider for this was http://roiturnkeyproperties.com, and there I interacted with Doyle White and Jared Garfield. But I blame the Real Wealth Network as well, as they are the broker who boast that they only work with selected (and thoroughly vetted) turnkey providers whose operations on site they have inspected. Their vetting process can only be called a joke, given the poor nature of this turnkey provider. And RWN's insistance by their advisor Aristotle that no capex reserve is needed for the first 5 years is completely unprofessional.
Unfortunatley, to top it off, the inspector I hired seems to have been a joke as well, as he entirely missed the old fridge and the mold issues under the house. Lessons learned: Don't buy out-of-state without seeing the property yourself (no matter what online due dilligence you think you can do), and don't listen to shiny and supposedly reputable podcast celebrities like Kathy Fettke.
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