Anyone heard of realpro?

Anyone heard of realpro?

Sarasota, FL · Member since 2014 · 9 posts · 2 votes

Has anyone done business with "realpro"? I'm interested in a property they have, but not sure if they're on the up and up. I receive daily emails from them. It seems like they're wholesalers on some deals and others seem to be listed. You can never be too sure these days, so I thought I would put it out to all of you. I appreciate any response if you have any experience and/or knowledge of this company.

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Rental Property Investor · Irvine, CA · Member since 2018 · 35 posts · 19 votes
6y

@Diane Calderaro I did not complete any transaction with them before but I did reach out to one of their agents to inquire several properties that they listed.  The agent did not seem pushy at all, just answered my questions directly, and never tried to contact me non-solicited.  If you found any interesting listing on their website, you just need to register for a free account and ask your questions away.

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  • Member since 2020 · 10 posts · 1 vote
    5y
    Originally posted by @Erroll McDaniel:

    The fact that real pro has to right a page trying to explain should tell you something. They tried to sale me a property they did not own or control. Read one of their contracts. You will see how gangster they are. 

    This statement is inaccurate. Please look up Wayne County register of deeds:

    • Liber/Page (2)
    • L: 56114 P: 424 and 425

    We were the owners of the property during the period that you had the property under contract. As stated earlier, property was purchased to accommodate your extension request. 

  • Rental Property Investor · Baltimore, MD · Member since 2014 · 408 posts · 209 votes
    5y

    Only since I posted above, I'll add my brief experience with Real Pro and Baily (Storer) Depping.

    I was looking at 2 separate deals of theirs, had a long phone call with Bailey and exchanged several emails about them. I don't remember offhand if these were wholesale deals, but she made it crystal clear to me that a lot of what they "sell" is just wholesaling. They don't own most of their "inventory" - and she was straightforward about that. But this is why they don't wait for/allow bank financing - and I've never bought a property through a wholesaler, but I think that's standard.

    The thing that rubbed me the wrong way was that the company has a policy of not negotiating until after the buyer wires the deposit to the escrow agent/attorney. But she was upfront about this too, and the law firm they use for title and closing seems legit. Personally, I did not feel comfortable sending my money BEFORE negotiating - because I was not going to pay the full list price for these, and I did not want to just send a lower amount and have them just send it right back. But that's their policy and she clearly explained that in the beginning.

    If I came across a Real Pro listing that better fit my criteria, I would consider doing business with them.

    This is not an endorsement for Real Pro. I have no relationship with them and I've never done a deal with them. But I think this thread's gotten out of hand and very far from objectivity.

  • Member since 2021 · 1 post · 0 votes
    4y

    I keep trying but its a bit scammy.  They show income that is not real.  It is only their projection.  They advertise properties they do not own.   Be careful.

  • Member since 2022 · 1 post · 0 votes
    3y
    Quote from @Diane Calderaro:

    Has anyone done business with "realpro"? I'm interested in a property they have, but not sure if they're on the up and up. I receive daily emails from them. It seems like they're wholesalers on some deals and others seem to be listed. You can never be too sure these days, so I thought I would put it out to all of you. I appreciate any response if you have any experience and/or knowledge of this company.

    So I bought 9 units in Mansfield, Ohio from RealPro back in August of 2022 - A quadplex, triplex and duplex, all within the same transaction. I found the entry price attractive. I only had to put down $10k and they approved financing in-house (IROCK LOANS), this was a very straight-forward process. I gave my credit history and experience profile, we used their escrow agent and world class title. I sent the funds to the escrow agent and the property was under contract within that week. 

    The loan was interest-only and was a 1 year term. I just recently wasn't able to find financing because it was a portfolio loan and the properties were not in the best shape to refi. I thought I was going to be able to turn the properties around enough for a bank to approve another loan however with todays lending environment that was not the case. 

    This was NOT RealPro's fault.

    This was my mistake
    ,  I just didn't have enough funds to complete the rehab process, and was not hands on enough to turn the properties around. 

    I was however fortunate to do deed in lieu of foreclosure. They accepted the properties back, despite me not being able to pay off the mortgage in time we were able to work out a win-win. 

    I specifically liked working with Carl, I had some problems with the property being an out-of-state investor I had to deal with tenant turnovers. RealPro understood and tried at best to help get the properties tenants. From a property management perspective they were on top of it once I gave them the go ahead and permission to assist they were able to replace several tenants, and even assist with repairs and clean-up. 

    Rock It Properties, LLC
    RealPro Rentals, LLC 
    IROCK LOANS, LLC  

    These all the same company/organization, just different divisions. They are legit, just make sure you are ready to rehab and go through the value-add process. Be experienced or partner with an experienced investor before going into the deal. 

    Overall my experience dealing with them was great. I would buy again from them. 



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