All Forum Posts by: Chris Ono

Here's our feedback RE: RLS

Royal Legal Solutions provides an important service that helps you protect your assets. While the protection is valuable the cost is very high.

The initial process is very smooth and thorough. They follow up to ensure you're clear on the next steps.

Post-sign-up (onboarding) is where things start to come undone. You get an initial call with an attorney and you never hear from that individual again. There are a ton of action items requested after the information overload that takes place without much proactive follow-up.

For us, we didn't hear from Royal Legal after the attorney call for several months. When we reached out we were told that the deeds had not been transferred and we owed them some notarized documents. No check-in. No reminder.

Upon completing our task we waited another month. No communication again. It wasn't until we checked in that the deeds happened to be recorded. Then quickly asked to pay more fees. And we're still waiting on the last deed, which we're assuming we'll have to continue to check in on.

We asked for an entity structure diagram to share with our CPA and that also took several reminders.

Trying to set up a bank account with their recommended bank was very confusing. We had to ask many questions just to start the enrollment process.

We also have 2 strategy calls we just discovered we had. Unsure what we're supposed to discuss, but this would've been helpful earlier on.

Overall this has been a poor experience given the cost. There's a severe lack in proactive support and you're left wondering if they value you at all. Royal Legal came to us as highly regarded, but given the after-sales care, we'd give it 2 out of 5.

Here's our feedback:

Royal Legal provides an important service that helps you protect your assets. While the protection is valuable the cost is very high.

The initial process is very smooth and thorough. They follow up to ensure you're clear on the next steps.

Post-sign-up (onboarding) is where things start to come undone. You get an initial call with an attorney and you never hear from that individual again. There are a ton of action items requested after the information overload that takes place without much proactive follow-up.

For us, we didn't hear from Royal Legal after the attorney call for several months. When we reached out we were told that the deeds had not been transferred and we owed them some notarized documents. No check-in. No reminder.

Upon completing our task we waited another month. No communication again. It wasn't until we checked in that the deeds happened to be recorded. Then quickly asked to pay more fees. And we're still waiting on the last deed, which we're assuming we'll have to continue to check in on.

We asked for an entity structure diagram to share with our CPA and that also took several reminders.

Trying to set up a bank account with their recommended bank was very confusing. We had to ask many questions just to start the enrollment process.

We also have 2 strategy calls we just discovered we had. Unsure what we're supposed to discuss, but this would've been helpful earlier on.

Overall this has been a poor experience given the cost. There's a severe lack in proactive support and you're left wondering if they value you at all. Royal Legal came to us as highly regarded, but given the after-sales care, we'd give it 2 out of 5.

Update: Really neat to document how we're progressing! We're now up to 10 doors! 1 SFH in Austin; 4 SFH and 2 Duplexes in Memphis; 1 SFH in Indy!

We'll start renovating the duplex as the tenants turnover and looking to BRRR. Also getting ready to flip some homes in East Austin!

Onward we go!

Update: Since this initial post we have now gotten up to 6 properties. The SFH in 78758 we 1031 exchanged to 2 SFHs in Memphis. Since then we acquired 2 more SFH in the Memphis market and just closed on our Duplex out there. We still have our primary in Austin as well as our SFH in Round Rock. Here's to a great 2018 and onto 2019!

Originally posted by @Robert Fornwalt:

Where do you gets your numbers when it comes to multifamily units? I'm having a tough go when it comes to find information on rents and the other numbers as it apply to multifamily. When I look at the mls most don't give good numbers if any. If you call the agent most just want to get my info or want me to come in and talk before giving them out. Most agents don't even fill out the MLS LISTING completely. Why wouldn't they include the rents, occupancy rate and other important information?

I’m just trying to do what other have suggested and run the numbers on 100 properties. But finding it very difficult to do this.

Thoughts

Sorry, not sure what happened in the first post. As with rents, we use hotpads and/or rentometer to get an idea of market rents. It's been very useful for us to determine if it qualifies our high level analysis. 

You have to understand that agents have a better close rate when they contact with a prospect in person. I'm assuming they're looking to qualify you as a viable prospect. 

Originally posted by @Robert Fornwalt:

Where do you gets your numbers when it comes to multifamily units? I'm having a tough go when it comes to find information on rents and the other numbers as it apply to multifamily. When I look at the mls most don't give good numbers if any. If you call the agent most just want to get my info or want me to come in and talk before giving them out. Most agents don't even fill out the MLS LISTING completely. Why wouldn't they include the rents, occupancy rate and other important information?

I’m just trying to do what other have suggested and run the numbers on 100 properties. But finding it very difficult to do this.

Thoughts

If you haven't already, check out the earlier BP Money podcasts. They talk about budgeting and we were surprised at how much we were able to cut down, even as recently as a couple of months ago. While I'm not familiar with your situation we found it very valuable. Perhaps it might help. Good luck!

I do. Purchased back in 2006, first property ever purchased. It was also OOS. It eventually became our primary residence until last summer and is back to being a solid rental for us.

Hi everyone,

We're also looking for a PM we can use in Huntsville. Do you guys have a particular contact over at Rocket City PM we can reach out to?

Thanks!

@Blake La Grange - Congrats on the deal! Your appraisal value means instant equity! I've also used Aaron Chapman from SNMC and agree, he's a great guy!