Experience buying with Realwealth network?

Question

Good morning BPers,

Does anyone have any experience buying rentals properties with RealWealth?

I found them mentioned on a blog as one of the recommended sites to follow. I have been listening to their podcast for the last week. Their website has a lot of investing resources.

Wondering how buying property with them works? What’s their model? What to know before signing up for them?

Would love to hear from you all!

Thank you!

Michael Smythe · Answer

@Corina Wagner sorry to hear about your bad experience in Detroit:(

Can probably guess who you are referring to!

Contact us if you want a blunt assessment of your situation and actual options to address. It may not be what you want to hear, but it will be the truth.

Corina Wagner · Answer

Realwealth has a lot of helpful resources on their website but they are strictly an educational company. You will not buy property from them. Instead, they help you determine which market(s) are good options for you to invest in based on phone conversations with your investment counselor. If you decide to invest in one of their markets, they refer you to their property team and that's where their job ends. They receive a referral fee from the property team if you buy through them. So they basically generate leads for property teams. My experience with their property team in Detroit was horrible and so was that of many other investors that were referred to this team by Realwealth. Eventually they cut ties with them, but a lot of their clients who bought in Detroit are stuck with properties for which they overpaid, had a subpar rehab, and bad tenants after waiting six months to even get a tenant placed in them. I will unload my two properties later this year or next year, taking a loss, and consider it a learning experience. I am back to investing in Atlanta with my own rehab and property management team.

Desiree L. · Answer

Did you ever go further with Realwealth? I've been following them as well.