I'm interested in hearing from any investors who have purchased new construction rental homes from Oceanpointe Invesments/Burt Whalen. In 2018 they pulled around 100 new construction permits with The Waire Group as the builder for very simple 3/2 slab on grade homes built on lots they purchased through tax auction. It appears they have only completed a handful of these homes, which are notable for their amazing low cost ($54k~ show in the permits, they appear to sell for them for $68k). They have sold a number of the parcels after pulling the permits but prior to starting construction. I'd love to hear from any investors who are involved in this facet of Oceanpointe's opperations.
I think you will find that very few actually got built and the investors put up 100% of the construction cost and did not get what they paid for
Oceanpointe has re-invented themselves as Freeportinvest.com. Operating out of the same two markets: Jacksonville and Indianapolis. Their website uses an Illinois phone number. Go figure.
Originally posted by @Matthew Jonovich :
@Chris Hartley @Jay Hinrichs I can answer most of the questions you might have when it comes to the "new construction" homes. I'm also in contact with the builder.
I looked at this new construction of which they are small box's built as cheap as humanly possible on lots that are basically given away.
5 years from now when they are used and abused rentals they will revert to the mean price point.. be worth 35 to 50k.. so who ever is buying these will lose 50% or so of the value.. no way they will maintain those values in those neighborhoods.
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