Opinions on Holton-Wise Property Group
Investor · Columbus, OH · Member since 2015 · 42 posts · 21 votes
Opinions on Holton-Wise Property Group
Most Popular Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes@Brandon Reinhardt I see this back and forth of a classic OOS investor who buys something wanting the greatest return possible but then expects them to perform like they bought a rental in Cupertino LOL.
get used to it... 550 renters anywhere in any big city are in constant turn over.. you ... but your right no need to reach for higher rent every month you stay vacant you lost ONE YEAR to make it up.. not many realize what you realize
I think Jim is about as honest as anyone in the space describing the challenges in C D class rentals.. I think buyers just choose to ignore the advice and or think for some reason their results will be different.
122 Replies
- Islip, NY · Member since 2013 · 95 posts · 27 votes8y
Brian
Do you invest in Cleveland. If so can you tell me about cap rates, but more importantly cash on cash return. In reading the above thread it’s apparent that vacancies and higher expenses take their toll. Someone mentioned 2500 for a turn that might mean no profit for the following year in some cases
Jj
- Rental Property Investor · Cleveland, OH · Member since 2016 · 227 posts · 287 votes8y
I also would not recommend that anyone judge a PM by online reviews. They are almost always from disgruntled tenants.
Out of state guys, if you're investing in Cleveland, I would recommend visiting the city and coming to some networking groups to hear what's said off the forums.
- Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes8y
Originally posted by @Caleb Heimsoth:
I don’t want to comment on HW really but just wanted to say I agree with Jay Hinrichs and Chris Seveney . The rental I bought in Cleveland rents for 750 (two bed room) and most likely will be closer to 800 or slightly above after this next tenant turnover. And is located in a C area.
My point is (and I’m definitely not an expert) is that a C area where rents are 550-650 as compared to 700-800 or above is going to attract a different type of tenant, probably lower level C class. My experience so far (again admittedly limited) with my tenants is they are just simple people who want a nice simple place to live in. They mail their rent, don’t use email etc but so far no real issues.
So far in my opinion if you’re OOS investor you want to aim for rents of 750 or above and if you’ve got the extra cash, probably 800 or above. At that level (broad generalization) you’re probably going to start attracting professionals and young families more.
OOS or local, I would agree with this strategy. I apply it to my rentals both in Cleveland and Youngstown. I'm constantly told I won't get anyone to rent at that amount, and I've proven them wrong every time.
- Realtor · Oakland, CA and a Real Estate Investor with Multi-Family Units and a Self Storage Facility · Member since 2016 · 2k+ posts · 2k+ votes8y
@JJ GONZALEZ II @Gwen Fyfe @Nicole Heasley Beitenman
Yes I invest in Cleveland.I have 5 units there now and I'm in contract now for another one. All of my current rentals are right around the 3% rule. I definitely agree with the flying out to the location....I happened to fly out to Ohio twice last year to look around and meet with agents and prospective PMs.
First thing I always say to people is to walk before you run. Get preapproved with a lender FIRST, before worrying about what markets, forming LLC's, online reviews, etc.
- Davis, CA · Member since 2016 · 595 posts · 344 votes8y
Repair costs with any PM are or should be this niggling and nickel and dime. If they werent... when the door completely breaks or (insert item here) completely goes causing hundreds in damage, owners say "why didnt you repair that at turnover!"
In the end, HW is a sales company... so they are going to position the properties to their best advantage... and then is a PM company. We have had some tenants WEAR out our PM's and others we never heard from... both can be bad on the wallet... it is a crap shoot. That being said, I would rather have a transparent company that charges me for every little thing, because then at least I know it happened, as much as an OOS investor can...
- 7yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
@Frank Wolter@James Wise interesting back and forth....
I have not done business with either of these companies.. although we might have bought a listing James had but I was not aware of it... However that market is huge.. no one company or investor controls anything.. And I have bought probably double the amount of houses you have bought this year Frank and I live in Nevada.. and I am just one guy I am not a market maker in any way.. just another investor who plays in that sand box. We source inventory a little different so its not always MLS..
Also from my knowledge is that Jim is a broker and is simply listing properties.. he works for his sellers.. not for anyone else ONLY his sellers.. his job is to get them the most he can for their properties nothing more nothing less.
Also Frank is quite common to have showing instructions on the listings.. most all top performers I know do this.. so they don't get blasted with phone calls .. especially if they are corporate or banked owned properties.. Most folks I know make an offer get it accepted then do there inspections. For instance in our MLS system you can load up all sorts of PDF docs.. my wife will put the HOA's there.. plat map.. sellers disclsoures and anything else she thinks the other brokers are going to call and ask.. then she puts in private remarks all data is attached to the listing read those it will answer all your questions.. :) other wise top producer would not have the time in the day to constantly field broker calls..
However I am curious on these listings are there no lock box's so your agent can simply let you in.. ??? that's how we see it done in most markets.. then there will be showing instructions in the listing..
Also sellers can do a listing were only the listing agent is to work on the property.. and if your dealing with low value assets like I see there in that market its pretty common for agents to double end them.
We all get the subliminal advertising that goes on on BP Frank I helped you flush out your new model without the Mods taking it down for self promotion.. however I also see Jim posting his listings on the market place just like any broker would do.. So your free to do the same on your new model..
Ethic's complaints have no force of law... its generally done between brokers are in the same MLS system..
But last point is its a big market out there.. plenty for every one that's for sure.. If I can do it you locals certainly can..
- 7yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @James Wise:
Originally posted by @Jay Hinrichs:
@Frank Wolter@James Wise interesting back and forth....
I have not done business with either of these companies.. although we might have bought a listing James had but I was not aware of it... However that market is huge.. no one company or investor controls anything.. And I have bought probably double the amount of houses you have bought this year Frank and I live in Nevada.. and I am just one guy I am not a market maker in any way.. just another investor who plays in that sand box. We source inventory a little different so its not always MLS..
Also from my knowledge is that Jim is a broker and is simply listing properties.. he works for his sellers.. not for anyone else ONLY his sellers.. his job is to get them the most he can for their properties nothing more nothing less.
Also Frank is quite common to have showing instructions on the listings.. most all top performers I know do this.. so they don't get blasted with phone calls .. especially if they are corporate or banked owned properties.. Most folks I know make an offer get it accepted then do there inspections. For instance in our MLS system you can load up all sorts of PDF docs.. my wife will put the HOA's there.. plat map.. sellers disclsoures and anything else she thinks the other brokers are going to call and ask.. then she puts in private remarks all data is attached to the listing read those it will answer all your questions.. :) other wise top producer would not have the time in the day to constantly field broker calls..
However I am curious on these listings are there no lock box's so your agent can simply let you in.. ??? that's how we see it done in most markets.. then there will be showing instructions in the listing..
Also sellers can do a listing were only the listing agent is to work on the property.. and if your dealing with low value assets like I see there in that market its pretty common for agents to double end them.
We all get the subliminal advertising that goes on on BP Frank I helped you flush out your new model without the Mods taking it down for self promotion.. however I also see Jim posting his listings on the market place just like any broker would do.. So your free to do the same on your new model..
Ethic's complaints have no force of law... its generally done between brokers are in the same MLS system..
But last point is its a big market out there.. plenty for every one that's for sure.. If I can do it you locals certainly can..
Unless specifically instructed by a seller my team places a lock box on all vacant properties for easy MLS showings. The only properties that have restricted showings are tenant occupied properties. We do this for a variety of reasons that I'd imagine anyone who has owned, operated or sold rental properties &/or dealt with tenants in anyway would understand. I could write a book on the countless reasons as to why you don't disturb your C-class tenants every time somebody gets the idea that they're going to be a Real Estate Investor today, time to walk through a families living room.......lol no, it doesn't work that way. Thing is the facts as laid out above do not jive with Frank's agenda so he has chosen to manipulate or change them in an effort to obtain exposure and investor clients for his rental property "system" that he has been trying to discretely promote all over this site.
For the record I could care less if Frank gets investors to invest with him, makes no difference to me. My model is proven and we are well positioned in the Cleveland market. I just found out who Frank was not to long ago because of his various posts slinging mud & grasping at straws. That's the thing with creating a marketing campaign based solely on clapping at your larger competitors in an attempt to try to take some of their market share, they may clap back and that's never good for business. Myself I push what I do & nothing else. Promoting your own business is a much more sustainable model than trying to attack others. I suspect Frank is going to learn this the hard way.
For sure occupied homes are NEVER shown UNTIL you have an accepted contract.. and the only time you show them is during the home inspection.. that is how my wife does it.. and you get all sorts of newer buyers that want to look before they make offers on occupied properties as they are nervous or must don't know better.. but that is not how occupied properties are bought.. your life blood in this industry is the tenant last thing you want to do is have 5 showings in a week :) Anyway.. carry on.. having been a broker myself since 1975 I fully understand that I am a Independent contractor and I can choose what and who I work with.. We are not employees that are forced to work with those that are hard or unpleasant to work with.. From my vantage point Jims business model is of commercial nature so its not selling home owners their home to live in.. which is quite different. you know with open houses and constant showings..
- Rental Property Investor · Greenville County SC / Atlanta, GA · Member since 2017 · 403 posts · 120 votes6y
@Angela Collins
- New to Real Estate · CA · Member since 2020 · 19 posts · 13 votes6y
Originally posted by @William Carroll:
Originally posted by @Matt K.:
Curious where the value is for you since your local?
Columbus is 2.5-3 hours from Cleveland. Not exactly local. And I don't know the Cleveland market intimately like I do Columbus, so I'd like to find someone I can trust to help.
The value is that I have learned the past few years that I'm better off using professionals to help me find and manage properties, while I focus on my highly time-consuming but well-compensated profession. I want the most 'passive' real estate portfolio possible, even if that comes at a cost of having a couple of others eating off my plate.
At some point several years from now, I may retire from Corporate America and have more time to spend on acquisition and self management to reduce my overall costs. But for now the goal is 'passive as possible'.
Hi William!
I like your game plan! May I PM you?
- Investor · Member since 2020 · 401 posts · 86 votes5y
Originally posted by @Carson Wilcox:
Repair costs with any PM are or should be this niggling and nickel and dime. If they werent... when the door completely breaks or (insert item here) completely goes causing hundreds in damage, owners say "why didnt you repair that at turnover!"
In the end, HW is a sales company... so they are going to position the properties to their best advantage... and then is a PM company. We have had some tenants WEAR out our PM's and others we never heard from... both can be bad on the wallet... it is a crap shoot. That being said, I would rather have a transparent company that charges me for every little thing, because then at least I know it happened, as much as an OOS investor can...
What do you think of HW as an investor agent?
- Investor · Member since 2020 · 401 posts · 86 votes5y
Originally posted by @Brandon Reinhardt:
Hilariously (or not so) I had to ask HW why they were raising the rent on my property in marketing when they were already unable to lease it for several months. After weeks of trying to get a hold of someone, nobody could give me an answer other than "the higher rent is closer to market" to which I responded, if nobody is renting it at the lower price why would you assume a higher price is now market? I asked that they not only revert to the original rental rate but lower it another $50/month. Shocking strategy for someone who "dedicated their life to this business" and who's staff "lives this stuff day in and day out" Again, enjoying a steady 100% occupancy since switching PM companies. With the new PM I also get responses within minutes via text message instead of days or weeks after berating HW with calls and emails.
What do you think of HW as an investor agent?
- Rental Property Investor · Los Angeles, CA · Member since 2016 · 172 posts · 122 votes5y
@ari hadar Please PM directly and I will say my experience.
- Member since 2018 · 15 posts · 3 votes5y
Hi James,
Great job: clean, practical, no non-sense repairs or improvements .
Amalia
Originally posted by @James Wise:Photos of repair/renovation work performed by Holton-Wise continued.
- Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes5y
Originally posted by @Amalia Auge:
Hi James,
Great job: clean, practical, no non-sense repairs or improvements .
Amalia
Originally posted by @James Wise:Photos of repair/renovation work performed by Holton-Wise continued.
Thank you, much appreciated.
Join the conversationCreate a free account to reply, vote on answers and follow this thread.