Investment property through Realwealth

[Elton Costa]

Has anyone purchased a investment property in Baltimore through Realwealth and their partner in Baltimore? How is it cashflowing? Is it what it was promised/expected? Thinking of acquiring a $200k property close to JOhn Hopkins Hospital with $1700 rent. Thank you very much for any insights. 

[Ozzy Sirimsi]

I dont know them but I suggest connecting with Investor/Agents in this forum. Most of these turnkey rental companies up charge people on these houses.

Be very careful around hospital, it is very tricky area.

[Abbie McBride]

Curious what makes it tricky?

[Ozzy Sirimsi]

It used to be a very bad area, not getting better but further north from the hospital it gets back in to bad neighborhoods.

If you dont know, you can buy something thinking it is good, turns out completely opposite.

[Corina Wagner]

I did not buy a property through them in Baltimore, but I did work with them and their property team in Detroit. I had a very bad experience and I wasn't the only one. Realwealth has since cut ties with their team in Detroit, but the damage has been done and I don't do business in other markets with them because of their lack of thoroughly vetting this team in Detroit. Baltimore is a new market for them so I would be very careful. Realwealth is an educational company and they have some good seminars, but they make their money on referral fees from the property teams. They have some markets where they have a long established relationship with a property team, like Birmingham, so if anything I would look at those markets if you used them. Do your due diligence, talk to their clients (both RealWealth's and the property teams). 

[Travis Biziorek]

Quote from @Corina Wagner:

I did not buy a property through them in Baltimore, but I did work with them and their property team in Detroit. I had a very bad experience and I wasn't the only one. Realwealth has since cut ties with their team in Detroit, but the damage has been done and I don't do business in other markets with them because of their lack of thoroughly vetting this team in Detroit. Baltimore is a new market for them so I would be very careful. Realwealth is an educational company and they have some good seminars, but they make their money on referral fees from the property teams. They have some markets where they have a long established relationship with a property team, like Birmingham, so if anything I would look at those markets if you used them. Do your due diligence, talk to their clients (both RealWealth's and the property teams). 

 Hey Corina, sorry to hear you had a poor experience with them in Detroit. I have 12-doors there but have my own team... no ties to the Real Wealth folks at all.

If you're still interested in the Detroit market I'd love to chat.

[Corina Wagner]

Travis, the numbers looked good in terms of potential cash flow so if I can get tenants that actually pay, that would be great. I am now on my second eviction in less than a year on one of my Detroit  properties

[Travis Biziorek]

Quote from @Corina Wagner:

Travis, the numbers looked good in terms of potential cash flow so if I can get tenants that actually pay, that would be great. I am now on my second eviction in less than a year on one of my Detroit  properties

Sorry to hear that. Sounds like either the property is in a D Class area where it's hard to attract good tenants or they did an extremely poor job of screening (or both). 

Let me know if I can be helpful.

[Corina Wagner]

Quote from @Travis Biziorek:

Quote from @Corina Wagner:

Travis, the numbers looked good in terms of potential cash flow so if I can get tenants that actually pay, that would be great. I am now on my second eviction in less than a year on one of my Detroit  properties

Sorry to hear that. Sounds like either the property is in a D Class area where it's hard to attract good tenants or they did an extremely poor job of screening (or both). 

Let me know if I can be helpful.

 Are your properties in the suburbs around Detroit or Detroit proper? 

[Travis Biziorek]

Quote from @Corina Wagner:

Quote from @Travis Biziorek:

Quote from @Corina Wagner:

Travis, the numbers looked good in terms of potential cash flow so if I can get tenants that actually pay, that would be great. I am now on my second eviction in less than a year on one of my Detroit  properties

Sorry to hear that. Sounds like either the property is in a D Class area where it's hard to attract good tenants or they did an extremely poor job of screening (or both). 

Let me know if I can be helpful.

 Are your properties in the suburbs around Detroit or Detroit proper? 

 All 12-doors are in Detroit proper. I don't invest in the suburbs and I've never had to do an eviction.

[Michael Smythe]

@Corina Wagner see our response to your other post regarding this topic:)

[Arif Sheikh]

Quote from @Elton Costa:

Has anyone purchased a investment property in Baltimore through Realwealth and their partner in Baltimore? How is it cashflowing? Is it what it was promised/expected? Thinking of acquiring a $200k property close to JOhn Hopkins Hospital with $1700 rent. Thank you very much for any insights. 

Did you ended up using Realwealth?

I haven't personally invested through Realwealth and their Baltimore partner, but I can offer some general advice for evaluating this potential investment opportunity.

I would Research the Market because Baltimore's real estate market can be diverse, so it's crucial to research the specific neighborhood near Johns Hopkins Hospital thoroughly. Look into local property values, rental demand, and any ongoing developments or revitalization efforts in the area.

Perform your own Property Inspection whether you invest through Realwealth or independently, always conduct a thorough property inspection. Ensure that the property is in good condition and won't require extensive repairs or renovations that could eat into your profits.

In terms of Cash Flow Analysis $200k property with $1700 rent sounds promising, even though it does not follow classical 1% rule, but you should conduct a detailed cash flow analysis. Consider all expenses, including property taxes, insurance, maintenance, and property management fees. Calculate your potential net cash flow to determine if it meets your financial goals.

Another major item to consider is Property Management and If you're not planning to manage the property yourself, research property management options in Baltimore. The right property manager can greatly impact your investment's success.

Keep an eye on market trends and economic factors in Baltimore. Understanding the local economy and job market can give you insights into the potential for stable rental income which considers keeping up with Market Trends.

If you proceed, make sure you have a reliable Tenant Screening process in place to find quality renters. This can help minimize potential issues with rent collection and property upkeep.

Always Network and Get References and reach out to other investors in Baltimore, especially those who have worked with Realwealth and their partner. Ask for their experiences and insights. References and word-of-mouth recommendations can be valuable.

Finally make sure to have an Exit Strategy considering your long-term goals for the property. Are you planning to hold it for the long term, or do you have an exit strategy in mind, such as selling it for a profit after a few years?

Remember that every real estate investment carries some level of risk, and due diligence is essential. Don't hesitate to ask for more information from Realwealth and their partner, including details about the property's history and expected returns. Additionally, consulting with a local real estate attorney or advisor can provide further insights and help you make an informed decision. Good luck with your potential investment in Baltimore! 🏡💼 #RealEstateInvesting #BaltimoreRealEstate

[Sara Frank]

Quote from @Elton Costa:

Has anyone purchased a investment property in Baltimore through Realwealth and their partner in Baltimore? How is it cashflowing? Is it what it was promised/expected? Thinking of acquiring a $200k property close to JOhn Hopkins Hospital with $1700 rent. Thank you very much for any insights. 

 Be very careful with turnkey providers.