I just wanted to keep everyone updated with my Realty Doctors turnkey purchase. I closed on 3/31/21 and they have placed a tenant who moved in on 4/29/21. The building inspection went well and there were only minor cosmetic issues that needed to be addressed. I did a 30 yr mortgage and my monthly payment is about 850 and rent is 1450, so $600 gross/month. Prop management fee of 10% means im around $450 gross/month. Overall I'm satisfied with the experience so far. I'll update as we move forward.
I am also interested in this vehicle of investing with realty doctors and would appreciate any review of them. Rick, did you like the properties? What part of Florida are you looking at?
We are on the list for Palm Bay Area. We liked the area and decided to start there.
We looked at Poinciana and Kissimmee areas
They were nice areas developing and have a lot of potential?
We are just partial to Palm Bay Area.
It’s been about 4 weeks and waiting to receive addresses to choose from.
The homes in Poinciana seemed to have more eye candy ,recessed lighted ceilings in the master and fixtures were of fancier style than Palm Bay Area homes
2 different builders of course but Palm Bay is close to beaches the other cities are 45 minute to an hour drive.
I have purchased multiple properties from them over the years and it's a mixed bag. Some properties have done well and others not so well mostly due to vacancies, optimistic appreciation estimates, and tenants destroying my properties. Their recommended property manager is good but not great at tenant placement. The PM staff is very pleasant and the owners are passively involved.
The group's rental estimates, markets' appraisals and appreciation data are questionable and I have found them to be optimistic numbers even in the best of times. FL is a cyclical market and the tenants can be unreasonable.
Feel free to do business with them but do not be disappointed if the rent estimates and other projections are completely off the marks.
Jean can be very rude and dismissive especially if you disagree or question her data in any ways. I found to her to have been helpful only when I had purchased new homes from her group, when I considered selling my homes or 1031 exchanges. The new co owner is mostly cheery and you can make your own judgement there.
There is no accountability with them and i would not expect any assistance from this group if things go south after closing. The only leverage investors have is that they want the commission from selling your homes later.
@Mark L. - What markets did you invest in with Realty Doctors? I drove by several of their houses last week in different cities and I am considering investing. Just curious which of their markets you have invested and which ones are performing the best. Thanks.
Thank you for the information about Realty Doctors.
I had reached out and was connected to their office manager Matt Ferreira. During our talk, I got the impression the owners were passive and passed on the responsibility to their team. In speaking with Matt, he had answers to some common questions and was helpful in that sense but hesitated to offer valuable insight to increase my comfort level. He needed to get back to me regarding more challenging questions and some requests on property numbers, contract examples, etc. Too many questions unanswered regarding future property management. Still waiting 3 weeks later for the f/u email. During our scheduled conversation, it was unprofessional hearing all sorts of background noise while he was walking the streets outside. I felt he didn't take my time seriously...that tells me all I need.
All in all, I was not impressed and I will NOT move forward with them. The impression I got from Jean watching some prerecorded videos seemed to me as disingenuous and overly optimistic. Buying a house from them is not easier than "purchasing something on Amazon," to give one example. Their passive involvement is also concerning. If she was rude or dismissive when questioning their numbers (as previously reported by Mark L. above), that is a red flag as well.
Trust is the number one thing I am looking for to invest in out of state. I tried to give them a chance for my business, but the first phone call broke the trust I needed as an outside investor. My instincts had told me to stay away from the very beginning. I will be looking elsewhere for Florida build to rent homes.
Any recommendations for investing in new construction in Florida would be appreciated? Particularly southwest Florida? So far, I am impressed with Norado and their network they are setting up in Florida.
I had similar results as Chris above. I had a pleasant conversation with Jean and wanted to move forward but everything went silent. Eventually reached out to Wagner and he put me in touch with Matt, but even then I could never get addresses of actual properties they have available. I've heard them multiple times on the GRE podcast and it seems like they have a decent product, but the customer service is seriously lacking.
I ended up buying a duplex in Palm Bay through a local realtor.
Who did you do through for the duplex? Would be interested in exploring other avenues.I understand The Realty Doctors are have ing troubles with getting builders and properties at the moment? I seen Wagner on linkden looking for builders? And the last correspondence I had was 2 weeks ago stating they would be sending addresses in Palm Bay soon.So again be interested in dealing with others if you are willing to share that information? Thank you in advance
I am in the process of having a single family constructed by Realty Doctors in Ocala. I feel like they have fallen behind the original time line, probably because of COVID. But the foundation is in now. I’ll keep you posted as we move forward and get tenants in place.
Glad I came here! Was seriously looking at them. Is there another new build outfit out there anyone has had luck with. What about just going to the builders themselves and see if they are open to selling to investors? Also, may look at Norada. Thanks!
Hello everyone. I have info to share on this topic. Property management company Realty Medics is the Property Management arm of Realty Doctors. I spoke to a representative at Realty Medics who confirmed. Realty Doctors primarily handle the sales piece of the puzzle.