Did anyone buy a property through Ron Philips, RP capital?

Did anyone buy a property through Ron Philips, RP capital?

Member since 2019 · 2 posts · 1 vote

DId anyone buy a property through Ron Philips, RP CApital company? how reliable are they and if you would recommend it?

1Reply
51 views

1 Reply

Jump to latestLatest
  • Member since 2024 · 1 post · 0 votes
    8mo

    I tried to buy two properties from them. Neither closed.

    The first one was new construction in OK and they kept asking me to delay closing. I signed 9 months of extensions to close before I said I wouldn't sign another one. During this process the address for the new property changed several times and they wouldn't provide me any explanation why closing was being delayed.

    They claim that they use vetted builders and told my personally that they have multiple property managers in every market they work in. Neither of those are true. Only later when trying to shift the blame did they tell me that they hadn't worked with that builder before, and during the supposed construction I was talking to their property manager who proved to be unstable. I requested a different property manager and they said they didn't have one.

    The second property was in AL. I really liked the property but when the inspection cam back there where a lot of issues. I expressed doubt that the rehabber was going to fix everything, they assured me it would be fine. I asked for a follow up inspection and they said I would have to pay for it myself, although the rehabber did eventually agree to pay for the second inspection. However, they assured me everything would be fine and it would pass the second inspection, so I paid for an appraisal out of my own pocket. Several months later after it failed the second inspection they admitted this wasn't a vetted rehabber and they recommended that I shouldn't close on the property.

    After all this I asked for a meeting to see if it was worth trying to work with them again. The receptionist was the only one who could be even bothered to apologize. They were hostile and eager to blame anyone who didn't work for their company for the problems. I sent some follow up communication after that and never heard back.

    When I am considering a new market I start by asking each of those turnkey providers to connect me with their teams in that market

    The most important part of any nationwide turnkey provider is to vet the specific ground team that will be doing the work. They have different ones in each market, maybe several in the same market and there will be differences.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.