So far so well. They are good people. I have had good responses. If you give them notice, they will usually set aside time to talk to you within a few days. They respond to e-mails usually same day. They have taken time to review statements with me when I have questions. They are open with information.
The property you are referring to is fine. I got in with a tenant who only had a 1-year lease, which most people would advise against, as do I. R2R does not do 1-year leases anymore. However, recognizing my tenant may not renew after her year was up, they got a double security deposit up front to mitigate turnover costs. The rehabs on the homes are really well done. Also, they tend to have better pricing and still be fairly negotiable.
If you want hard numbers, my returns are probably not normal as it is first year. For the first 6 months, since I have those numbers handy, the COC return is 8.2%. Extrapolated out, one could assume 16% COC for the year. That is the part I do not believe to be real. I expect it to be more around ~12% COC. These numbers include all inspection fees, closing costs and my travel. This accounts for debt service and PM costs. I have not had repairs yet, but I saw the house after the tenant left. Only cosmetic maintenance was needed.
