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Mev D.
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First investment property with Rent to Retirement

Posted Sep 11 2021, 07:42

Hi BP community,

I just wanted to share that I recently closed on my first turnkey deal with Rent to Retirement in Illinois. I am busy in a full-time job in Boston and wanted to work with someone trustworthy to get started quickly rather than get stuck in analysis paralysis or be discouraged by Boston prices. I came across Rent to Retirement through the BiggerPockets forum and podcasts and was encouraged by numerous positive reviews.

I bought a single-family home with a tenant in place, generating cash flow. The whole process was pretty straightforward and smooth. We worked with @Eric Winkler at R2R. He is very knowledgeable, provides excellent service, and was always a quick call or email away. We received recommendations for the lender, insurance, and property management, and the team worked efficiently to close the deal on time. I found independent inspectors. While they were a few minor incidents, like the tenant refusing entry to the appraiser due to COVID concerns or issues with fixing things that showed up in the inspection, Eric helped sort it all out in the end, and we got them resolved.

We look forward to working more with their team in the future. We are also in the process of going through a new construction property in Cape Coral with them.

If you are on the fence and thinking about getting started, I'd recommend a quick discussion with them.

Thanks to @Eric Winkler and @Zach Lemaster!

Rough Numbers

  • Purchase price: $200,000
  • Cash invested: $52,0000 (25% down conventional financing)
  • Rent: $1,750
  • Property Mgmt.: $125 per month, but I assumed 10%
  • Capex+Maintenance: 5% (Assumed this since the home was recently rehabbed and all major items have 7+ years)
  • Property tax: ~$5,000 (Could increase in the future; not sure)
  • Insurance: ~$600
  • Cash flow: ~$250 per month (while not huge, I expect some appreciation)

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Zach Lemaster
  • Rental Property Investor
  • Denver, CO
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Zach Lemaster
  • Rental Property Investor
  • Denver, CO
Replied Sep 11 2021, 07:51

@Mev D.

Outstanding!  Thank you very much for sharing your positive experience!

We look forward to working with you on the new construction, and many more properties as you scale your portfolio!  No doubt the FL new builds are an excellent opportunity that will help you expedite your investing as this market has very strong appreciation in addition to immediate equity!  Of course we will be available throughout the entire process to help you strategically plan for the future, and answer any questions along the way.

To your success!

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Account Closed
  • Specialist
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Account Closed
  • Specialist
Replied Sep 11 2021, 08:32

@Mev D. - thanks so much for sharing your experience with everyone!  I look forward to continuing working with you on helping you achieve your passive income goals (and hopefully surpassing them!).  If there is anything I can help with along the way feel free to reach out to me!  I'm excited about the new build in Cape Coral as well - I know you will be extremely pleased with the results and jumpstarting your portfolio growth!

Eric

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Lien Vuong
  • Real Estate Agent
  • Boston, MA
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Lien Vuong
  • Real Estate Agent
  • Boston, MA
Replied Sep 12 2021, 06:48

Great thoughtful feedback! Thank you for sharing your experienc