Turnkey, indianapolis, marion county, Morris Invests

40 Replies

I am looking at a company in Indiana, Marion County to buy investment properties. I am concerned about the property management aspect of my investments. The company is Morris Invests and the property management they use is Oceanpointe. 

If someone who has worked with these companies could comment on them send me a PM.

I am investing out of state and have some concerns.

Thanks,

Brian

My boss when I first got into the mortgage business in1982 and a really good friend ever since then is in Indianapolis.

She has her real estate broker's license, mortgage license (both Indiana and Federal), and is  experienced in rehabs, values, neighborhoods, management, etc. She is 60ish and she knows her stuff.  Lived in Indy area all her life. She will never lie to you (and no, I have never solicited nor received any compensation, monetary or otherwise from her to say this).  I will give you her name and contact info if you would like and she agrees beforehand. I know for a fact that she has worked with out of state investors before. I am sure she knows or can find out with one phone call about the people you are thinking about doing business with. It won't cost much to call her. If I can be of assistance, please do call. Indy is only a 3 hour drive and it's all interstate, so no fuss. I'll even meet you there if you would like. Surely I could think up some kinda trouble (just kidding). I'm pretty straight-laced (anymore). 

Mark Bauer

We've been working with Oceanpoint (not Clayton) for a while now, and the results have been fantastic.  I know Bert well, and know him to be very straightforward and honest.   PM me for more info.

Updated over 1 year ago

We have not had anything to do with OP for over a year. Clearly, it was not in our best interests to continue to do business with them. We fixed any issues that were related to them (very costly for us), and moved on.

Bert Whalen (Oceanpointe) by default is not honest if he is managing properties in the state of Indiana without a real estate license...it is illegal

Pictures of the Oceanpointe managed "Rent Ready" property we just took over management on.

My experience with Morris Invest so far was that they didn't own the property.  Oceanpointe bought the property from what I assume is a wholesaler and resold it to me(double closing - took about a week to complete sale). 

I stand corrected.  Clayton reached out to me to check in on how things was going.  Also told me that they own the properties they sell and oceanpoint is one of their llcs.  the property purchase did not involve a double closing.

We do not do turn-keys, but we have clients purchase turn-key units and bring them to our management. I have worked with @Todd Burton 's properties. and the properties are decent and the tenant placement is pretty good as well. The property management (IPM) has been easy to work with and very organized on my end as well. What I have heard about Oceanpointe is not the best. I am not familiar with Morris Invest as of yet, but I have been closely following the threads regarding the business models. There are a couple of other turn-key players in town that you may want to check in to as well. I like the group that is backed by @Jay Hinrichs ... I believe that everything is going through Mainstay Property Group with @Evan Manship . They are pretty new, but I have a client who is working with them right now and I like what I'm seeing. @Mike D'Arrigo with Pinnacle seems to have a good business model. I haven't had any of my clients purchase from them yet, but I do know a little about their PM (PARC) and they are solid as well.

The biggest thing is... build a good network and double-check everything. There are some unscrupulous players in Indianapolis. I am not one to throw anyone under the bus, but I am constantly cleaning up messes after a unexpecting investor gets screwed by an over-priced, under-rehabbed, badly tenanted, and poorly managed investment property.

Buyer beware. Have someone outside the group that you are buying from do some due diligence and verify everything. Get some referrals and ask the community here. Most of the badly run companies get ousted eventually here and many of us frequently seen members are established and reputable. Being respected by companies who offer competing services is one of the most highly regarded positions you can be in. 

@Todd Burton On the professional search page, I did see a Oceanpointe and a Steven Rosenbaum.

https://mylicense.in.gov/everification/Details.asp...

I'm not familiar with Indiana RE law, does this mitigate your concern on the licensing front? (I am not trying to be snarky, that's a legit question. I could have messed something up on the search and/or misinterpreted the results).

Thanks,

Doug

Hello Doug-

It appears they have hired a Broker because their license did not previously come up when searching on the Professional Licensing site.  If this is correct then they are operating legally.

License address for Oceanpointe Investments  is 11715 Fox Rd. Ste. 400, Indianapolis, Indiana 46236

Google it, it's a Pak Mail Packing and Shipping Store. Not sure how comfortable people should be with the Brokerage being a mailbox. Guess everyone can make their own decision on that.

Hi Brian and Others,

My wife and I love the Morris Invest podcasts so figured their companies should have integrity but this was unfortunately not the case here.

My wife and I have had a very poor experience with Morris Invest and Oceanpointe and were even defrauded of what was happening with our property.  Purchased in Oct 2017 in Indianapolis.  Work was said to complete in Dec 2017 and they sent pictures that angled out things that were not done. In the end about 15% of the work was actually done and poor quality work where 4 months later the paint is already peeling on the outside of the house and roof supports are sagging.  Jan - Mar 2018 I struggled to get any communication from OceanPoint who were the assigned property managers from Morris Invest.  Finally got in touch and they had no knowledge of leasing efforts since nothing was done, so I got the lockbox codes and hired a new property manager.  April 1, 2018 I get pictures from our new property manger to see the house was never completed and just sitting there vacant.  Now we have this headache on our hands (passive investment) and reached out to Morris Invest.

The Morris Invest employees keep passing the buck and not looking to take responsibility and telling us to follow-up with the construction company THEY hired.  The construction company who they are asking ME to now sort out details with is Bert Whalen, Oceanpoint Investments, Oceanpointe Investments and Property Management.  If you google him you'll see all of the Fraud Cases out there on him and their poor quality work on rehabs.  I'm not sure if he's even licensed at this point or the people they hire to do the work.

When a company does not provide a phone number be very wary of working with them.  Morris Invest and Ocean Point were email only or had some answering service to take messages which was useless if you are not able to speak with the people you are directly working with your property.

In the end I'm going to stay away from the TurnKey companies since this seems to be similar trends with that type of business.

Good luck investors I hope this helps!

I've seen many BP recommend High Return Real Estate (HRRE) in Indianapolis, it could be worth looking into more.  There are "Good" true turn key providers that do the whole mix.  MI uses his position to get new investors to buy a 3rd party wholesaled house at premium prices with little work done to them.

Not only are the houses marked up 5-10k above market value, but the rehab costs associated with the fixes are done 2/10 of what they say are going to be done.

Originally posted by @Anthony Khan :

Hi Brian and Others,

My wife and I love the Morris Invest podcasts so figured their companies should have integrity but this was unfortunately not the case here.

My wife and I have had a very poor experience with Morris Invest and Oceanpointe and were even defrauded of what was happening with our property.  Purchased in Oct 2017 in Indianapolis.  Work was said to complete in Dec 2017 and they sent pictures that angled out things that were not done. In the end about 15% of the work was actually done and poor quality work where 4 months later the paint is already peeling on the outside of the house and roof supports are sagging.  Jan - Mar 2018 I struggled to get any communication from OceanPoint who were the assigned property managers from Morris Invest.  Finally got in touch and they had no knowledge of leasing efforts since nothing was done, so I got the lockbox codes and hired a new property manager.  April 1, 2018 I get pictures from our new property manger to see the house was never completed and just sitting there vacant.  Now we have this headache on our hands (passive investment) and reached out to Morris Invest.

The Morris Invest employees keep passing the buck and not looking to take responsibility and telling us to follow-up with the construction company THEY hired.  The construction company who they are asking ME to now sort out details with is Bert Whalen, Oceanpoint Investments, Oceanpointe Investments and Property Management.  If you google him you'll see all of the Fraud Cases out there on him and their poor quality work on rehabs.  I'm not sure if he's even licensed at this point or the people they hire to do the work.

When a company does not provide a phone number be very wary of working with them.  Morris Invest and Ocean Point were email only or had some answering service to take messages which was useless if you are not able to speak with the people you are directly working with your property.

In the end I'm going to stay away from the TurnKey companies since this seems to be similar trends with that type of business.

Good luck investors I hope this helps!

all of you folks that got burned like this should start your own thread IE have you been burned by Morris..

this is just so sad and unwarranted yet you still have folks pop on here and ask if they should buy from Morris.. I mean seriously.. and some still defend him  crazy..

there are state regulators who control these folks its free and on line I would start there.. just grinning and taking it is not fair to others.. these folks need to be forced to make right by their clients who bought in good faith..

this is some of the most aggregious behavior I have seen since I started funding Turn key in 2001..  

Man, every time I read one of these posts, I have to thank the people on BiggerPockets!

In December, I had a call with James from MI. Sent me a few deals, but luckily I'm a researcher & quickly found the truth on MI. Cancelled all communication with them & never looked back.

Really hope the people involved with MI can get out of these terrible deals.

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