Has anyone worked with Maverick Investor group?

26 Replies

Hi All!

I'm planning on investing in my first multi in 2015 and seriously considering using Maverick Investor Group for this purpose. http://www.maverickinvestorgroup.com I live in NY and market I'm looking into is PA, so turn-key properties is what I'm after. 

So I wanted to see if anyone had any experience working with Maverick. Or perhaps you might be able to recommend me some credible turn-key companies in that area?

Appreciate your feedback!

Thank you!

Originally posted by @Doug Johnson :

Don't buy from Maverick in Birmingham.  There are big problems with the PM and Maverick investors are getting hurt substantially.

 For reference, here is the link to that thread. It appears they resolved it satisfactorily for at least 1-2 of their customers. 


@Rene Avalos I just bought my second property through Maverick. They are a good company, however the property I bought in Kansas City was not without its problems that were entirely a Property Management issue. The seller Ben Walls was also the PM and that scenario definitely did not work. He has just recently brought on an actual property management company, that so far, has been great. I would say the most support I got from dealing with all the issues was my contact, Ali Boone, whom is very present on BP and has her own company Hipster Investments. She is AWESOME. She works closely with Maverick and I believe is the better support when buying turnkeys through Maverick. If anyone wants more detail about my experience feel free to PM me. @Ekaterina Stepanova , curious to hear what your experience was and why you chose not to go with Maverick.

Hi Shanon, 

I didn't buy thru Maverick so far simply because i didnt find a provider that was up to my standards either in terms of renovations or Property Management. I did go to PA to meet with TK provider there, was in contact with Birmingham and KC, however neither one seemed to have a really robust system in place at the time, which was about a year ago.  I have to note, that companies can definitely get better with time or worse ... Since then, as i continued my TK research i found a company in Memphis and bough thru them. As I really like Indy market and asked Phil Alexander from Maverick to introduce me to their TK provider there, i am looking at their inventory and will buy should i find a good deal. 

@Shannon Bae So you worked through Ali Boone, who put you in touch with Maverick, who put you in touch with a local TK provider in the city of your choosing, right? So the price you're paying to the TK provider clearly includes overhead/kickbacks to both Ali & Maverick. And you still feel like you got a good deal? I'm not criticizing - I have no way of knowing. Just curious to hear your thoughts with all these added layers of middlemen taking a cut of the action.

@Eric P. Yes, I completely understand I was not getting the deal of a lifetime but to be honest, as a  first time investor, out of state, I opted for more security and peace of mind. I bought sight unseen, which I know is definitely not everyone's cup of tea, but that's why I decided it was worth it to pay a little more for a little extra insurance. I did research and speak to other TK providers on my own, but in the end felt most comfortable moving forward with Ali, whom I really trusted. I wanted to get a few under my belt with a little safety net. Moving forward, I may choose to go a different route. @Ekaterina Stepanova Phil Alexander is awesome and the second property I just bought was in Indy with Dustin, who was great.

@Shannon Bae Hi Shannon:

I am interested in investing in turnkey properties. I came across Maverick investor group and I had a phone conversation with Phil Alexander. Can you tell me about your experience with him? 

In 2017, I found Hipster Investments (Ali Boone) and through Hipster attended a webinar hosted by Maverick Investment Group (Matt Bowles, Phil Alexander). During this webinar, Maverick Investor Group promoted and referred potential investors (like me) to ABC Baltimore (Jay Walsh). In Aug 2017, we (my wife and I) purchased a Baltimore BRRR property with ABC Baltimore. The property was sold to us for $106,000 ($46000 purchase price+ $60,000 for a full rehab to be completed by ABC Baltimore).

After 2 years (as of Aug 2019), I am writing to report that I lost thousands of $$ in this investment (breakdown attached). Sharing my experience, in my opinion, can help educate other new and experienced investors considering similar investments with ABC Baltimore or having investment discussions with Maverick Investor Group and Hipster Investments. Based on my experience and in my opinion, I cannot recommend ABC Baltimore, Maverick Investor Group or Hipster Investments.

The investment was a BRRR purchase in Baltimore where we would pay $106,000; $46,000 for the property + $60000 for a full rehab that was going to be completed in 120 days. Maverick received a referral fees (in excess of $6000) from the transaction between ABC Baltimore and me. In addition to the $106,000, we also paid ~$3500 in closing costs. During the Maverick Investment Group webinar, ABC Baltimore made the following guarantees that were also in our final contract with ABC Baltimore-

1) If the rehab takes longer than 120 days, the seller (ABC Baltimore) will pay us a rental guarantee of $1400 per month.

2) If the house after rehab is completed appraises for less than our total purchase price of $106,000 then the seller will buy the house back.

Assured by these guarantees in the contract, we signed the contract for $106,000. We had wonderful guarantees and a signed contract. Surely, nothing can go wrong, right?

Dead Wrong. Our 120-day rehab period ended in Dec 2017 and ABC Baltimore told us that the house was “very close” to being done. Even though we were disappointed that the rehab was not complete, we thought, the rental guarantee will offset the construction delay. ABC kept the first two and half months of rent from the rental guarantee for tenant placement fees and utilities (water, electric). Based on our records, ABC did not pay water, electric or any other utilities but charges us for them anyway. We had to pay the utilities directly to Baltimore City to stop the late fees from piling and have our credit affected.

Maverick, on the other hand, continued to advise us to be patient. Months passed and ABC kept saying that house was “very close”. After several reminders, ABC Baltimore started paying rental guarantees in March 2018 ($1260/month) and they were almost always late. In my opinion, it almost felt like we had to chase and coax ABC Baltimore to get the money owed to us from the rental guarantee. The rent guarantee was never deposited without several reminders that it was past due.

In May 2018, ABC told us that the house was almost done, and we could hire a licensed Home Inspector to inspect the home. The Home Inspector report revealed major deficiencies in the rehab and the Home Inspector told me that the rehab was like “putting lipstick on a pig”. We also learned that the house had failed or not received many of Baltimore city’s permits and inspections. When I sent the Home Inspection report to ABC Baltimore, it was the usual, “We will work on the items, we are very close, etc.”. Things continued at a snail pace with the rehab and I continued to remind and plead ABC to pay us the rent guarantees.

ABC Baltimore promised to continue paying us rent even after the Rent Guarantee expired on Dec 17 2018 because the house was not ready after more than 16 months. However, starting from Dec 2018, ABC Baltimore stopped paying us rental guarantees and the house remained unfinished without required city permits to rent the house. ABC Baltimore continued to say that “house was close” and Maverick continued to ask us to be patient. We thought about hiring a lawyer but the legal fees were expected to be in the range of $10k to $15k and would have taken months (if not years). We decided against taking the legal route and continued to plead ABC Baltimore to finish the rehab and pay us the monthly rent without success.

Of course, during this entire ordeal, Baltimore City issued several citations and fines to our property because ABC Baltimore was often working without required city permits and leaving construction trash outside. Because these were liens against our property, we paid over $1200 in Baltimore city citations from our own pockets. ABC Baltimore said they would pay us back these citations but of course they did not.

In May 2019, ABC Baltimore finally told us that the house was “ready”, and we could get it appraised. We thought- “Thank you, God! The wait will be worth it!”. The appraisal of our house from our refinance company came at $60,000. The house was expected to appraise at least $106,000 per contract! We immediately sent the appraisal report to ABC Baltimore and asked them to buy the house back per contract. ABC Baltimore said they would conduct their own second appraisal (per contract ABC Baltimore had the right to conduct second appraisal).

ABC Baltimore appraisal came at $102,000 (contingent on the basement flooring being fixed). Note that the house still did NOT have the required City Permits to rent the house to a tenant. It was very surprising how ABC’s appraisal ($102,000) was so much higher than our bank’s independent appraisal ($60,000). ABC Baltimore’s appraisal was still lower than $106,000 expected per contract. We again asked ABC Baltimore to buy the house back. At this point, we were literally scared and feared that if ABC Baltimore refused to buy back the house and then we would have to go through a long and expensive legal process. Feeling helpless and powerless, we offered to give up our unpaid rents and Baltimore City Citations of over $10,000 so that we can complete the buy back without having to go through a legal process.

In July 2019, ABC Baltimore agreed to buy the house back at $95,000. Burdened with a vulnerable and helpless feeling, I agreed to accept ABC Baltimore’s reduced offer of $95k and closed the buy—back with ABC (we still had to pay closing costs). During the days leading up to the closing of the buy-back, we sent Thank-you emails to ABC Baltimore and Maverick to butter them up. This is how vulnerable I felt.

All said and done, we lost thousands of $$. See the attached breakdown of losses for more details. We not only lost our hard-earned money but on top of everything, our health suffered, I had several sleepless nights due to the stress and anxiety that this horrible experience created for my wife and me.

After the buy-back was completed, I approached Maverick to at least help us with our losses by requesting us to give back ~$6000. Maverick said no and said I was acting unprofessional. Maverick pointed to the agreement we signed that essentially relieved Maverick from any financial losses suffered by us. In my opinion, Maverick and Hipster in good faith could have done more because Maverick had referred us to ABC Baltimore (and Hipster had connected us to Maverick). ABC Baltimore was a horrible referral, in my opinion. To me, it felt very unfair that we lost thousands of $$ in our transaction with ABC Baltimore and yet Maverick Investor Group made a commission in excess of $6k from our transaction with ABC Baltimore. After Maverick said no to our request to help us with ~$6k, I also approached Jay Walsh after the buy-back to help us by returning portion of the money that was owed to us. Jay Walsh told me that I had agreed to the buy-back terms and asked me to “Be a Man”.

In summary, thanks to everyone for reading the long post. I have attached documents that provide additional details to my post. I cannot recommend the three companies that I worked with (ABC Baltimore - Jay Walsh, Maverick Investor Group- Matt Bowles and Phil Alexander, and Hipster Investments- Ali Boone). I will end the post with a phrase that, in my opinion, is apt for my experience- “Fool me once, shame on you. Fool me twice, shame on me”. There will never be a second time.

@Raj G. I'm really sorry that you had that experience. Ultimately, I decided against maverick and invested with another turnkey company in in Memphis--Memphis Investment properties. I just closed on the property.

I have not worked with Maverick.  However, I just spoke with Phil from Maverick last week.  @Raj G. is correct.  Phil told me they terminated work with ABC.  They are now working with a different company, Strategy Properties.  I spoke with the owner of that company, Oliver.  He is very knowledgeable and seems genuinely concerned about delivering a quality product. Just wanted to shed light on what I understand from conversations with both of them. 

@Raj G. In sorry this happened. I would suggest posting this story on its own thread in one of the main groups so more people see it. I have been thinking of doing my own post on these turnkey providers and marketers and how it all works.

It’s just a giant referral machine to get people to buy this stuff. Maverick, hipster and so on all make money on these fees when you buy through one of those providers.

@Raj G.

Sorry to hear about your ordeal. Both Maverick and Hipster are marketeers who will align you with rental house provider in the city of your choice. You are out of money but you are also out of a permanent headache. 

I would recommend you to continue your real estate journey even thought you lost money on this one. Most of us investors have lost money in the learning curve. 

Get a local realtor and a property mgt company in Baltimore and i am sure you can start your passive journey again

@Raj G. I am sorry for your bad experience with Maverick and Hipster. I had a similar experience with Mainstay Property Group in Indianapolis, IN. Not doing business with them again for sure. 

I am sorry to hear about your experience. A similar experience happened to us while working with Mainstay Property Group in Indiana (just like Sachin Bhat posted above).  It was the worst experience ever and we will never work with them again.

@Raj G. I’m so sorry to hear about your experience..I replied to this thread about three years ago and was pretty favorable to Maverick, Hipster, etc..However, I feel like at this point I have to update my comment and agree that I would definitely not recommend Maverick and while I still have gratitude for Ali’s support during a nightmare scenario, because her company works so closely with Maverick I’m not able to recommend Hipster either. Like you, I found Maverick to be pretty complicit when stuff started to go south as a direct result of the actions of the seller they chose to work with and vouch for. If their seller acts shady and they choose to continue working with that seller then that shadiness should and does absolutely reflect on to them as well, IMO..thankfully, I’ve been able to turn that property around but it cost me a lot of money and a lot of sleepless nights as well..all the best to you and your wife!!

Originally posted by @Jeff P. :

I have not worked with Maverick.  However, I just spoke with Phil from Maverick last week.  @Raj G. is correct.  Phil told me they terminated work with ABC.  They are now working with a different company, Strategy Properties.  I spoke with the owner of that company, Oliver.  He is very knowledgeable and seems genuinely concerned about delivering a quality product. Just wanted to shed light on what I understand from conversations with both of them. 

@Jeff P. Did you end up moving forward with the property from Phil? I spoke with him yesterday and had a good conversation. Oliver is also the head of Turnkey Properties Pro (not sure who Strategy Properties is) and I like that I heard so far, but there seems to be a lot of scary stuff wrapped up with all of them as well..