Feedback on Holton-Wise Real Estate of Cleveland Ohio

32 Replies

Good afternoon BP Family.  

I am turning to all of you for some honest, unbiased feedback on Holton-Wise Real Estate in Cleveland Ohio.  I am hoping that anyone that may have dealings with them, now or in the past, can give me some fair feedback on your experience with them.  

I am looking to invest out of my own state of Rhode Island and am doing a lot of research on Turnkey property management companies that deal in the Cleveland area. I am looking to buy property and have them manage it for me. I am also looking to possibly do some BRRRR deals with them and then have them manage those as well.

Holton-Wise is one of the companies I have spent a lot of time looking into.  I am now at the point where I need to tap into my BP family's knowledge as a resource, and what I consider to be the best resource for feedback. 

I want to know the good, the bad, the ugly and everything in between on Holton-Wise.  Based on all of the information on their website and the endless videos James Wise has done, I like what I see, but I am not sure how true it all is.  I like what seems to be the transparent attitude, but is it all smoke and mirrors.

I  look forward to hearing from everyone, and thank you all for your time.


Regards,

Rob Wodogaza

Originally posted by @Robert Wodogaza :

Good afternoon BP Family.  

I am turning to all of you for some honest, unbiased feedback on Holton-Wise Real Estate in Cleveland Ohio.  I am hoping that anyone that may have dealings with them, now or in the past, can give me some fair feedback on your experience with them.  

I am looking to invest out of my own state of Rhode Island and am doing a lot of research on Turnkey property management companies that deal in the Cleveland area. I am looking to buy property and have them manage it for me. I am also looking to possibly do some BRRRR deals with them and then have them manage those as well.

Holton-Wise is one of the companies I have spent a lot of time looking into.  I am now at the point where I need to tap into my BP family's knowledge as a resource, and what I consider to be the best resource for feedback. 

I want to know the good, the bad, the ugly and everything in between on Holton-Wise.  Based on all of the information on their website and the endless videos James Wise has done, I like what I see, but I am not sure how true it all is.  I like what seems to be the transparent attitude, but is it all smoke and mirrors.

I  look forward to hearing from everyone, and thank you all for your time.


Regards,

Rob Wodogaza

Why not find a good PM, find a knowledgeable buying agent in the Cleveland area. Start buying properties and handing them to your PM, you'll probably earn a higher COC return.

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Hi Robert,

Maybe drive over to Ohio (Covid no fly) and talk to James in person.

That would probably give you an idea of he's your kind of guy or not.

Maybe bring a couple of Starbucks.

That way you have your car and can drive the areas that interest you and see if they are for you or not.

You can also get a feel for the "Demographic" of renters in the different neighborhoods.

Just my 2 cents.

@Scott Mac , thanks for the feedback.  I actually plan on calling him and having a conversation with him, but wanted an unbiased prospective first before him and I speak.  I am originally from a small town outside the Metro Cleveland area and I have lots of family in the area, so I am comfortable with the area.  For me it's being able to trust the company and know that they are my partners and looking out for me, not just their bottom line.  This is part of my retirement strategy, so I need to be absolutely sure this is the right move. 

@Steven Wilson , thanks for the feedback.  What you say is true and makes sense.  I have actually thought about doing that, but I am limited on time with a full time job and managing my own rentals here in RI.  SO at this point if I can wrap everything into a 100% turnkey transaction, I would prefer that.  But only if the numbers and the PM make sense.

Originally posted by @Robert Wodogaza :

@Steven Wilson, thanks for the feedback.  What you say is true and makes sense.  I have actually thought about doing that, but I am limited on time with a full time job and managing my own rentals here in RI.  SO at this point if I can wrap everything into a 100% turnkey transaction, I would prefer that.  But only if the numbers and the PM make sense.

Finding and building a good team can also be helpful. Thats what I have done and now I don't worry about managing my properties. 

Consider talking to a few different people in the market and then make your decision.  Always better to be able to compare and contrast folks and their styles.  Consider speaking with Andrew Weiner at Realty Now Property Management to see if you like what he offers.  

One thing you can say about @James Wise is that he is brutally honest.  He isnt going to sell you a Clayton Morris pile of **** and claim it smells like flowers. If he is selling you a total crap hole, he is 100% honest and will tell you it's a crap hole.

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There's a recent Holton Wise 'review' thread here where you can get the bad/ugly from one person's perspective. I couldn't find the thread just now in a quick search, but James Wise chimed in there and not only explained his process but answered the reviewer. I'm sure there were many opposing takeaway's by all who read that thread, but James didn't apologize for his methods or process, and acknowledged they're not for everyone. So maybe see if you can find that thread and give that a read.

@James Wise has been around here for a very long time. If you do a couple of searches for Holston-Wise you'll find some pretty involved/intense threads on James. As @Russell Brazil said, he's a straight shooter who's not going to pull any punches. He's also not going to be handing out freebies, either - he has a process and he expects payment for it, pretty much cut and dry. I've never worked a real estate deal with him so I cannot speak to that end of it but as far as a person I like him - I find the no BS, no soft-pedalling refreshing in these days of euphemism. I don't know how long you've been in RI but I think most people in the NE should get along just fine with him as the no BS model is how we grew up, whereas I think people from "nicer" parts of the country sometimes have trouble with that approach. 

@Robert Wodogaza I haven't worked with Holton Wise, but I can tell you that I invested in NE Ohio for about 3 years. I think long-term you're better off buying in a good area where the assets are likely to appreciate more over time. Ohio has a declining population, and the tenant class there is very different from what you might be used to in New England. Lot's of drugs, crime, and poverty. It lead me to more sleepless nights than I would have liked, but in the end I became a better REI because of it. However, I will never invest there again...

Lot's of horror stories of cats pissing on the ceiling, dogs crapping on the walls, tenants being arrested for sex trafficking...the list goes on. Even a good PM won't be able to shield you from the clownshow that some of NE Ohio brings.

There's a reason why the asset to rent ratio is relatively good in Ohio. I bought a "2%" rule property, that was more of a nightmare than a blessing. I cashed out on it and made out okay but I was likely the exception and not the rule. I'd imagine there's a lot of folks who will be left holding the bag out there. I work in software, and we often say when there's a gold rush, sell shovels. I've seen a lot of these midwestern shovel sellers for Cleveland, Indianapolis, Toledo, etc. My guess is they'll be making the profits, and you'll be left holding the bag. Just a word of caution, and maybe you won't have to go through the same stress I did.

@JD Martin , I totally agree.  I actually discovered Holton-Wise from a thread on here about a year ago.  I don't want a PM company blowing smoke, I want the plain hard facts so I can make the best decision I can based on real info, weather I like it or not.  Thanks for your feedback.

Originally posted by @JD Martin :
Originally posted by @Russell Brazil:

@JD Martin Where are you originally from?

 Orange, NJ - next city over from Newark. About 10 miles from Manhattan.

Ah, Im from Boston. @Darren Sager is a NJ guy.

Originally posted by @Russell Brazil :
Originally posted by @JD Martin:
Originally posted by @Russell Brazil:

@JD Martin Where are you originally from?

 Orange, NJ - next city over from Newark. About 10 miles from Manhattan.

Ah, Im from Boston. @Darren Sager is a NJ guy.

 Yeah I think he's from Summit or somewhere around there. That's a little further west from where I grew up but not terribly far.