Rent to Retirement-- Florida New Builds

[Don Tarinelli]

I have seen several great reviews on BP of Rent to Retirement.  I am looking to see if anyone could give me a review on their Build to Rent program in Florida.  I am a busy professional looking to build my rental portfolio, so this option is very appealing.

TIA for sharing you experience.  

[Patrick Bavaro]

@Don Tarinelli I’m actually using rent to retirement right now for a new build in Cape Coral and about 6 months in. I’m also someone with a high deman W2 and R2R in Cape Coral was my first true investment purchase a few months back for the same reasons you’re looking at… more of a hands off approach. Total all in cost was around $265k and I only had to come out of pocket 10%. Prices have increased slightly from what I have heard, but post construction appraisals are around $340k-$410k depending on lot location. I’d be happy to connect. Going to send you a DM if you’d like to hear about my experience

[Zach Lemaster]

@Don Tarinelli

Thanks for the interest!  We have many investors working with us on new construction in SWFL.  I've posted some links to threads below where investors are sharing their experience about new builds & TK in general working with RTR just as Patrick shared.  Feel free to reach out with any questions.  New construction in SWFL is an exceptional opportunity to come into immediate equity & cash flow investing in an excellent market that is quickly appreciating!

https://www.biggerpockets.com/users/ZacharyCole/references

https://www.biggerpockets.com/forums/92/topics/518583-feedback-on-renttoretirement-and-zach-lemaster

https://www.biggerpockets.com/forums/92/topics/765347-rent-to-retirement-review

https://www.biggerpockets.com/forums/850/topics/895660-my-first-investment-property-an-out-of-state-deal

https://www.biggerpockets.com/forums/92/topics/983659-first-investment-property-with-rent-to-retirement?highlight_post=5677176&page=1#p5677176

https://www.biggerpockets.com/co/RentToRetirement

https://www.biggerpockets.com/forums/92/topics/929410-rent-to-retirement-updates?highlight_post=5508807&page=1#p5508807

https://www.biggerpockets.com/forums/92/topics/893621-rent-to-retirement-review?highlight_post=5222888&page=1#p5222888

https://www.biggerpockets.com/forums/311/topics/915728-experience-with-rent-to-retirement-turnkey?page=1#p5345200

https://www.biggerpockets.com/forums/92/topics/808479-rent-to-retirement-experiences

https://www.biggerpockets.com/forums/67/topics/952977-turnkey-in-indianapolis-through-rtr-case-study

https://www.biggerpockets.com/forums/12/topics/997350-lessons-learned-from-buying-my-first-rental-property?highlight_post=5748036&page=1#p5748036

https://www.biggerpockets.com/forums/12/topics/533693-anyone-worked-with-renttoretirement-turnkey

https://www.biggerpockets.com/forums/92/topics/581730-rent-to-retirement-zach

https://www.biggerpockets.com/forums/48/topics/874096-reviews-on-r2r-and-nch?page=1&utm_source=Iterable&utm_medium=email&utm_campaign=Transactional:%20topic_notification&utm_content=Transactional#p5123754

https://www.biggerpockets.com/forums/311/topics/883772-turnkey-investing-renttoretirement-feedback-reviews?highlight_post=5171720&page=1#p5171720

https://www.biggerpockets.com/forums/92/topics/950188-rent-to-retirement?page=1&utm_source=Iterable&utm_medium=email&utm_campaign=Transactional:%20topic_notification&utm_content=Transactional#p5535505

https://www.biggerpockets.com/users/ZacharyCole/references

[Prasad Ma]

I am in a similar boat with RTR , but I was told to get a construction loan from private lender , will there be any issue with this because the construction timelines are 12 to 14 months. Any hidden fees that I need to worry

[Patrick Bavaro]

@Prasad Ma i don’t think so. Fees should be somewhat similar. I’ll send you a DM

[Patrick Foley]

@Patrick Bavaro

I am also looking into Cape coral through RTR. I just got preapproved but with around 74k out of pocket. Just curious how you were able to do for 10% out of pocket. TIA

[Don Tarinelli]

I would be curious to know the same thing.  The construction lender they referred me to is going to cost $74K our of pocket as well.  

[Zach Lemaster]

Everyone on this thread please read this.  If you have lending questions, please reach out to your RTR rep to discuss the best options available for you.  Not everyone can qualify for the same financing options.  If you have construction or investing experience you likely will have better options available to you w/ less down than if you have minimal experience.  Also the state you live in has an influence on what financing is available.  For example, CA residents are restricted from joining local credit unions that offer some of these 10%-15% down options.  How you plan to use the home also has an influence on loan terms.  People that would build these for a primary residence or second home would have different options than pure investment property financing.  Your RTR rep will direct you to the best lending options based on your scenario so you are not spinning your wheels going down financing paths you would not qualify for.  That provides the most efficient and effective way to assist everyone that is interested in building with us in this location.  It would be important to know that if you are qualifying for a construction loan in for a property <$300k with ~$70k down (and you are not a builder yourself), that is exceptional construction financing made available to you!  If you don't have experience in the construction field, you would likely not qualify for most construction lenders, or they would want 50%+ down in many cases with unfavorable terms.  Hopefully this adds some clarity to what loan options are available.  Your RTR rep will be able to guide you down the right path based on what they know about your situation & goals for the property.

[Tola Kehinde]

Same here I am also curious to know how you were able to get the lender working with you on the construction loan. The lender I was referred to is looking for around $70K out of pocket.

[Patrick Bavaro]

@Tola Kehinde this was an option back when I moved forward with the deal, but I’m unsure what is still available. Even at 74k out of pocket, the numbers on this deal are still extremely appetizing IMO. Sure, it’s money down now but at the end of the build with the amount of equity you have instantly, I bet you’d be able to cash out refi and get most, if not all of It back out, and still cash flow decently! Hope this helps!

@Don Tarinelli

@Patrick Foley

[Joe Maris]

@Patrick Bavaro thank you for sharing your experience and willingness to connect. Like those above, I'm interested in new build rentals, but also interested in R2R's renovated SFH turnkey business. Please let me know how we can connect off-line. TIA

[Douglas Curtiss]

Quote from @Patrick Bavaro:

@Don Tarinelli I’m actually using rent to retirement right now for a new build in Cape Coral and about 6 months in. 

How long was it from the time you sent funds until the property was rented?  I too am intrigued as a busy professional, with owning a new rental in an appreciating market  it just worries me a bit to come out of pocket 50-75k and then have many months of carrying costs before it is rented  

[Ashraf Eldabh]

Quote from @Zach Lemaster:

@Don Tarinelli

Thanks for the interest!  We have many investors working with us on new construction in SWFL.  I've posted some links to threads below where investors are sharing their experience about new builds & TK in general working with RTR just as Patrick shared.  Feel free to reach out with any questions.  New construction in SWFL is an exceptional opportunity to come into immediate equity & cash flow investing in an excellent market that is quickly appreciating!

https://www.biggerpockets.com/users/ZacharyCole/references

https://www.biggerpockets.com/forums/92/topics/518583-feedback-on-renttoretirement-and-zach-lemaster

https://www.biggerpockets.com/forums/92/topics/765347-rent-to-retirement-review

https://www.biggerpockets.com/forums/850/topics/895660-my-first-investment-property-an-out-of-state-deal

https://www.biggerpockets.com/forums/92/topics/983659-first-investment-property-with-rent-to-retirement?highlight_post=5677176&page=1#p5677176

https://www.biggerpockets.com/co/RentToRetirement

https://www.biggerpockets.com/forums/92/topics/929410-rent-to-retirement-updates?highlight_post=5508807&page=1#p5508807

https://www.biggerpockets.com/forums/92/topics/893621-rent-to-retirement-review?highlight_post=5222888&page=1#p5222888

https://www.biggerpockets.com/forums/311/topics/915728-experience-with-rent-to-retirement-turnkey?page=1#p5345200

https://www.biggerpockets.com/forums/92/topics/808479-rent-to-retirement-experiences

https://www.biggerpockets.com/forums/67/topics/952977-turnkey-in-indianapolis-through-rtr-case-study

https://www.biggerpockets.com/forums/12/topics/997350-lessons-learned-from-buying-my-first-rental-property?highlight_post=5748036&page=1#p5748036

https://www.biggerpockets.com/forums/12/topics/533693-anyone-worked-with-renttoretirement-turnkey

https://www.biggerpockets.com/forums/92/topics/581730-rent-to-retirement-zach

https://www.biggerpockets.com/forums/48/topics/874096-reviews-on-r2r-and-nch?page=1&utm_source=Iterable&utm_medium=email&utm_campaign=Transactional:%20topic_notification&utm_content=Transactional#p5123754

https://www.biggerpockets.com/forums/311/topics/883772-turnkey-investing-renttoretirement-feedback-reviews?highlight_post=5171720&page=1#p5171720

https://www.biggerpockets.com/forums/92/topics/950188-rent-to-retirement?page=1&utm_source=Iterable&utm_medium=email&utm_campaign=Transactional:%20topic_notification&utm_content=Transactional#p5535505

https://www.biggerpockets.com/users/ZacharyCole/references

 Are all the new constructions built by RTR ?