New to Real Estate · Glendora, CA · Member since 2016 · 1 post · 2 votes
Had my first property purchase with RTR and I can't say enough about how smooth the process went from beginning to end. Big shout out to Melissa Justice from our first initial call and for your guidance every step of the way. She got me connected with a great referral lending partner as well and we just closed this past week. With that said the property manager has already alerted me that they have signed a new tenant already, so super excited about that. Shout out to @Zach Lemaster and the entire RTR team. Thank you for helping me get my first property and to the BP team for referring me to them.
Had my first property purchase with RTR and I can't say enough about how smooth the process went from beginning to end. Big shout out to Melissa Justice from our first initial call and for your guidance every step of the way. She got me connected with a great referral lending partner as well and we just closed this past week. With that said the property manager has already alerted me that they have signed a new tenant already, so super excited about that. Shout out to @Zach Lemaster and the entire RTR team. Thank you for helping me get my first property and to the BP team for referring me to them.
Had my first property purchase with RTR and I can't say enough about how smooth the process went from beginning to end. Big shout out to Melissa Justice from our first initial call and for your guidance every step of the way. She got me connected with a great referral lending partner as well and we just closed this past week. With that said the property manager has already alerted me that they have signed a new tenant already, so super excited about that. Shout out to @Zach Lemaster and the entire RTR team. Thank you for helping me get my first property and to the BP team for referring me to them.
Congrats on closing, first one's a real milestone.
One friendly word of caution since you're new. Turnkey outfits like RTR make the buying part smooth on purpose, that's the product. The part that tells you whether it was a good deal doesn't show up for a year or two. Tenant in fast is great, but the real test is what the numbers look like after the first turnover, the first big repair, and a couple months of vacancy you didn't plan for.
Couple things worth doing now while it's fresh:
Know your actual all-in return, not the pro forma they showed you. Real vacancy, real capex set-aside, real management fees. The performance in the marketing is always the good version.
Understand what you actually bought and where. A lot of turnkey inventory is in cheaper Midwest and Southeast markets that cash flow on paper but can be rough on the ground, older housing, softer tenant pool, thin appreciation. Not saying that's yours, just know which bet you made, cash flow or appreciation, because they behave very differently.
And keep your own eyes on that property manager. They're the whole deal on a remote turnkey. Reconcile the statements yourself every month, especially the first year. The vast majority of turnkey stories that go sideways aren't the purchase, they're the management after.
None of this to rain on it. Just, the buy was the easy part and it went well, which is exactly what it's supposed to do. Judge the deal by year two, not closing week. Pull the real numbers off this one and it'll make your second purchase a lot sharper.