Akron Property review and advice needed

[Vivan Bhalla]

Hi everyone,

I wanted to share my experience with Rent to Retirement (RTR) and ask for advice on what I should do next. I hope my story helps others avoid the headaches I've encountered.

I was referred to RTR back in 2022 and decided to use them for my first real estate investment, a turnkey property in Akron, OH. In April 2024, I finally saved enough money and pulled the trigger. RTR identified a property in Kenmore, an area they said would soon be transformed by the city. My point of contact, Adam, gave me lots of assurances about how this investment would be a great opportunity. The house was sold by Steve Yoak from Yoak Enterprises, and RTR recommended his uncle’s company, KS Yoak Enterprises, for property management. I went through the process, and everything seemed to be in good shape: the inspection came back clear, the appraisal was spot-on, and I was excited to get my first tenant in May.

That’s when the problems started. The property manager, KS Yoak, found a tenant without my approval or background check, but at first, everything seemed fine. I received my first rent check in June, but then things went downhill. By mid-July, I wasn’t getting rent payments, and KS Yoak was completely disorganized. They couldn’t handle the situation, and after months of frustration, I ended up dealing with the tenant directly to collect rent myself.

RTR knew they’d messed up and even paid me some money as compensation, asking me not to post anything negative (which I’m clearly not doing). Fast forward to April 2024: I canceled the contract with KS Yoak and tried to get the security deposit, but they sent it to the wrong address. In the end, I was left dealing with the mess they made.

Now, I’ve decided to sell the property, but it's been a nightmare. I bought it for $135k, and now the realtor is saying I might only get $125k. The basement, which Steve Yoak supposedly renovated, has openings, and there are rodent issues. The air conditioning doesn’t work, the fridge is broken, and the property is far from "turnkey."

I realize I should have done more due diligence, but I trusted RTR, and now I’m in a difficult situation. Does anyone have advice on what I should do with this property? Should I sell it as-is and take the loss, or are there other options I should explore? Any insights would be greatly appreciated!

Thanks in advance!