Connect to the REI Nation team & resources:
Join Our Facebook Group

Turnkey Real Estate Investing

2 min read

REI Nation Spent $3.1 Million In Redevelopment

Wed, Oct 31, 2012

REI Nation, a single-family rental real estate investment services firm, sold 164 homes during the third quarter and spent $3.1 million with 58 local small businesses completing redevelopment of those properties. Those companies collectively employ approximately 250 workers.

The 164 homes represent a 166 percent increase from the third quarter of 2011 for the company, which was recently recognized on the Inc. 500/5000 list of Fastest Growing Companies in the U.S. Of the 164 properties sold in Q3, 127 had fully complete renovations by the end of the period.

High cost items contributed heavily to the $3.1 million spent redeveloping properties, with 42 percent of the properties receiving new roofs, 54 percent receiving new water heaters, 57 percent receiving new air conditioning units, and 47 percent receiving new furnaces. In addition, smaller cost items such as replacing flooring, interior and exterior repair and painting, and lawn beautification were also factors in Q3’s redevelopment costs.

REI Nation reported working with 527 individual real estate investors from 41 states and six countries as of the end of September. The company is managing 1,476 single-family homes in Memphis and Dallas with a market value of approximately $134 million. Dallas is the company’s newest market, having been opened under the brand Dallas Invest this past spring.

The company expects fourth quarter results to show more than $13 million in private redevelopment funds spent in Memphis, and an additional $1.2 million spent in redevelopment in the Dallas/Fort Worth Metroplex in 2012. 

daily-news

This article was originally posted by Sarah Baker at Daily News Digest on October 31, 2012.

Chris Clothier
Written by Chris Clothier

Entrepreneur, writer, speaker, ultra-endurance athlete, husband & father of five beautiful children. Chris puts these natural talents on display every day. As a partner at Memphis Invest, Chris addresses small and large audiences of real estate investors and business professionals nationwide several times each year. Chris is also an active writer, weekly publishing real estate, leadership, and endurance training articles.

Featured