Funding Will Increase the Purchase and Renovation of Single-Family Rental Homes
MEMPHIS, Tenn. — Nov. 10, 2021 — Nation, one of the largest turnkey real estate investment companies in the U.S., today announced it has closed on a $16M funding round and surpassed 7,000 properties under management in 13 markets. The investment round, which closed on October 27, exceeded its initial goal of $15M by more than $1M.The capital will be used to purchase and renovate – or build new – rental homes as part of the company’s complete turnkey services for remote real estate investing. REI Nation connects investors with single-family rental properties, upgrades the homes for maximum rental income, secures the renters, and provides ongoing property management.
As of Q3 2021, REI Nation has more than 7,000 properties under management, a year-over-year increase of 15%. The number of homes REI Nation has contracted to buy as of Q3 of this year totals 1,029, an increase of 84% compared with the same time last year when the company contracted 559 homes as of Q3 2020. This compares to year-over-year growth from Q3 2019 to Q3 2020 of 51%. Also, as of Q3 2021, the number of REI Nation homes currently under renovation totals 242, an increase of 112% compared with the same time last year when 114 homes were under renovation in Q3 2020.
“We’re very happy to have reached this milestone of 7,000 properties under management and to have such a positive response from investors,” said REI Nation Partner Chris Clothier. “Demand for quality single-family rental homes continues to increase – both from people choosing the benefits of a rental lifestyle and from investors looking for turnkey real estate investment opportunities. Our goal is to provide upscale rental homes with world-class property management so that both residents and investors are happy.”
The company has a current average length of stay of almost seven years, an average vacancy rate of less than 2% and a lease renewal rate of 78%.
REI Nation and its property management division, Premier Property Management Group, operate in 13 markets including Memphis, Nashville, Dallas-Fort Worth, Austin, Houston, San Antonio, Huntsville, Birmingham, Tuscaloosa, Oklahoma City, Tulsa, Little Rock and St. Louis.
According to industry data, approximately 35% of rental properties are single-family homes. REI Nation works with property owners from across the globe who invest in single-family rental properties as a passive income stream. The majority of owners invest in remote properties located away from where they live.
“The response from this recent investment raise for our company demonstrates the interest investors have in the single-family rental market, and especially in a single-family rental model that delivers consistent returns for investors over the long-term. This capital infusion will allow us to purchase and upgrade even more homes for more investors going into 2022, which, in turn, will yield an expected incremental growth for our company in the double digits,” said Clothier.
About REI Nation
REI Nation is one of the largest turnkey real estate investment companies in the U.S. with more than 7,000 properties under management, more than 3,000 property owners, and $1.2 billion in residential rental property assets under management. The company provides individual real estate investors with end-to-end, turnkey solutions, including finding potential rental properties, analyzing ROI and revenue potential, managing required renovations, securing and vetting renters, and providing ongoing property management services through its Premier Property Management Group. REI Nation publishes The Grind, a free subscriber-based platform and podcast offering tips and tactics designed for investors and entrepreneurs who want to increase their success in business and real estate. Memphis-based REI Nation, formerly Memphis Invest, was founded in 2003 and is privately held. More information can be found at reination.com.