Realty Wealth Advisors - Indianapolis

La Palma, CA · Member since 2018 · 7 posts · 43 votes

I'm looking for any information regarding Realty Wealth Advisors in Indianapolis. They are a turn key and management providers.

Initially I like the first contact, but wanted to know from BP members if anyone have done any deals with them before, and how that went.

Thanks in advance!

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Ritch Bonisa

Specialist · Indianapolis, IN · Member since 2016 · 841 posts · 480 votes

@Maria Dantas that was no commentary on your situation. I've just run across some "deals" this morning that really bother me.

I'm totally sickened by the Morris / Oceanpointe situation, as many others are. Anyone looking to find info on that should read some of those threads and key in on posts made by @Jay Hinrichs and @Mike D'Arrigo. These guys are sharp, they saw it coming and have given much insight on the overall situation.

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Ritch Bonisa
Specialist · Indianapolis, IN · Member since 2016 · 841 posts · 480 votes
8y
@Maria Dantas I actually have heard good things about this company. My only reservation is that turn key is tougher to make work in Indianapolis these days. There are just a few good turn keys operating in Indianapolis. Many investors are finding success buying wholesale. Of course, wholesale has its dangers as well. Whatever you are buying, it's good to have a 2nd and 3rd opinion with some local presence.
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Jeff Fox
Investor · Fort Collins, CO · Member since 2016 · 32 posts · 28 votes
8y
Maria,
I purchased a property from RWA about 3 years ago and all has gone pretty well. I would agree with Rich that the turnkeys I have seen listed lately would be a bit hard to make work in Indy but if that is what works for you, I would have no reservations about Realty Wealth Advisors. They have been good to work with and their management has been top notch.
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Maria Dantas
OP
La Palma, CA · Member since 2018 · 7 posts · 43 votes
8y
@Ritch Bonisa @Jeff Fox Thank you for replying!
This is my second day here in Indianapolis and although I'm meeting some very interesting people that I would love to work with, it's been hard to find a deal that I can make it work at this market.
I'll have to put a hold on looking for deal for now, and take care of a property purchased about 6 month ago with Morris Invest, (not sure you are familiar with them) that went terribly wrong. The management company said they couldn't find a tenet to put in place, but doing a drive by today, we found a family living there, and a quick talk with that family led me to believe they are probably squatting on my "supposedly" empty house.
On top of that, we payed for full rehab, but by the looks of it, that house haven't seen a new layer of paint in more than a decade!
A bit of a real estate nightmare ahead, but I'm about to navigate BP for some help from my fellow investors!
Thanks again!
Maria D.
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Ritch Bonisa
Specialist · Indianapolis, IN · Member since 2016 · 841 posts · 480 votes
8y
There are deals that work in Indianapolis. Good deals. I think the issue is in the evaluation. You do have to pick through more weeds to find your flower, but there are some very good deals out there. Personally, I just found a handful of very good deals.
I just looked at a wholesale deal where the property was being listed at 29k, needs 70k (minimum) in rehab, will comp for 60k. Seller purchased it for 10k. Do you really need that much profit? Why would someone buy or get a property like that or try to assign it? I'm just not getting it. The only outcome is that someone gets screwed.
Someone will buy this property and someone will get burned very very badly. My question is - where are the ethics in making the purchase and trying to resale this property? No real estate professional in their right mind would think that someone can make something good happen from this example. Too much predator and prey going on.
The problem is that there are good deals out there, why would "professionals" resort to working a deal like this when there are many deals to be involved in that DO work.
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Ritch Bonisa
Specialist · Indianapolis, IN · Member since 2016 · 841 posts · 480 votes
8y
@Maria Dantas that was no commentary on your situation. I've just run across some "deals" this morning that really bother me.
I'm totally sickened by the Morris / Oceanpointe situation, as many others are. Anyone looking to find info on that should read some of those threads and key in on posts made by @Jay Hinrichs and @Mike D'Arrigo. These guys are sharp, they saw it coming and have given much insight on the overall situation.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y
Originally posted by @Ritch Bonisa:

@Maria Dantas that was no commentary on your situation. I've just run across some "deals" this morning that really bother me.
I'm totally sickened by the Morris / Oceanpointe situation, as many others are. Anyone looking to find info on that should read some of those threads and key in on posts made by @Jay Hinrichs and @Mike D'Arrigo. These guys are sharp, they saw it coming and have given much insight on the overall situation.
posted on her other morris thread.. yes another Morris nightmare and out and out fraud in my mind.. this is really a Rico act event i would be looking that way if I was a lawyer and morris has made millions he is a prime target.. not all people are worth suing but this guy from all appearances would be a good bet.
there are no ethics in wholesaling .. as we know most are not licensed so its just Caveat Emptar to the 3rd power
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Jonathan James Look
Rental Property Investor · Berkeley, CA · Member since 2018 · 59 posts · 36 votes
8y
@Maria Dantas,

I closed on my first turnkey property from RWA on 3/30/18. I had great communication with the transaction coordinator there, who sent me inspection reports, photos, and answered some of my questions/concerns.
When I closed on the property, it was not yet rented. I sent one email to the property management RWA uses and I asked about when they expected it to be rented, but that email went unanswered. However, two days later, I was sent a signed lease contract by a tenant, and they would move in on 4/11.
Although an answer to my email would have been nice, I'm not complaining because a signed lease agreement is worth much more than empty words in an email, so I'm happy with that.
I received my first (half) month's rent on 4/16.
Overall, I do look forward to making a couple more purchases from them in the near future.
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Mike Thoeresz
Investor · Fresno, CA · Member since 2017 · 27 posts · 12 votes
8y
@Maria Dantas I’ve purchased two properties from RWA in the last two years. I got independent inspection reports on both properties and RWA fixed any issues. Both properties were rented immediately. The house I purchased in July of 2016 in Lebanon has had a total of $143 of maintenance (winter storm) and the initial renters re-signed their lease. The house I purchased in Muncie in July 2017 has had zero issues.
There was a very minor issue on the property management side last year but it was resolved promptly and without further issues. They do a good job of communicating.
I would buy more from them but they focus on Anderson and Muncie which are not great towns. At least Muncie is a regional medical hub and has ball State university... but I’m still not expecting appreciation. If they had more properties in Indianapolis and/or North West Indiana (suburb of Chicago) I would be buying more from them.
I actually reached out to pinnacle investments on Friday. I know their owner is very active on BP. If anyone has any experience using them—especially their property management; please DM me! It would be greatly appreciated!
Good luck with RWA!
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Justin Stearns
Insurance Agent · Portland, OR · Member since 2017 · 5 posts · 2 votes
5y
@Jonathan James Look
How have they been to work with for 3 years now? Do you have any suggestions of property managers that you suggest or suggest I avoid. I’m looking at Indianapolis to buy my next rental property. Thanks
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Nick GiulioniPro Member
Rental Property Investor · Carmel, IN · Member since 2016 · 1k+ posts · 615 votes
5y
Feel free to reach out. My first unit was with them.
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Jeff Schechter
Developer · Nashville, TN · Member since 2016 · 484 posts · 406 votes
5y
I can tell you as a turnkey operator, it's getting much tougher in Indy. We beat the bushes every day, and are seeing a lot of what was mentioned above....namely that wholesale prices don't leave enough meat on the bone to make it worth it. We have multiple crews, buy in bulk, and have a pretty efficient operation. I have no idea how someone from 6 states away can make it work on a onesy-twosy basis.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
5y
Originally posted by @Jeff Schechter:
I can tell you as a turnkey operator, it's getting much tougher in Indy. We beat the bushes every day, and are seeing a lot of what was mentioned above....namely that wholesale prices don't leave enough meat on the bone to make it worth it. We have multiple crews, buy in bulk, and have a pretty efficient operation. I have no idea how someone from 6 states away can make it work on a onesy-twosy basis.

YUP its tough when you have so many profit centers once you get to the end buyer.. the wholesalers I know spend a lot of money on lead gen.. so i get it but there comes a time when the rents either have to go WAY UP or margins have to be lowered to make it all work for what the out of area investors is willing to pay for a given cash flow
And as hot as the owner occ market is a Pivot could be in order sell to owner occs and let the investor go for now.

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
5y
Originally posted by @Jeff Schechter:
I can tell you as a turnkey operator, it's getting much tougher in Indy. We beat the bushes every day, and are seeing a lot of what was mentioned above....namely that wholesale prices don't leave enough meat on the bone to make it worth it. We have multiple crews, buy in bulk, and have a pretty efficient operation. I have no idea how someone from 6 states away can make it work on a onesy-twosy basis.
We just sold some Indy assets that 2 years ago would have gone to investors we put them on MLS first time home buyers snapped them up for more money than we could ever get from an investor.. I think you will see this trend continue when you have rates where they are at and U have millennials coming into the market by the millions and they are not dumb people they know rent is throwing money down the drain.. I am seeing this in many markets not just the mid west.. Although there are still developers building new construction SFRs to be sold to investors why I dont know but they are .

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