Did you ever hear of this turn key group?

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Did you ever hear of this turn key group?

Mark Resnick
Renter · Brooklyn, NY · Member since 2014 · 33 posts · 5 votes

Hi,

Has anyone heard and/or dealt with the Maverick Investor Group? I would like to get more feedback about them. Thanks

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Alex SImon
Investor · Howey In The Hills, FL · Member since 2015 · 95 posts · 37 votes
11y

@Amy Wunderlich

I just closed two days ago on my first duplex through Maverick's partner in Philadelphia.  I would say that what you need to be looking at more than Maverick itself is their individual partner companies.  Once you get past the initial getting to know everyone phase, Maverick for the most part hands you off to the partner companies for that deal.  Your point of contact for Maverick will still be there throughout the deal, though, which affords you an experienced person to fall back to if you get lost or if mistakes get made.  Everyone so far has been very accommodating of my newness and inexperience, and although I'm sure I've caused a few headaches and muttered curses, they've worked with me without much friction.

The big thing:  Check out the partner companies and evaluate them thoroughly to make sure they're exactly the guys you want to work with.

For example, Maverick's preferred lender is Bighaus-Chapman, which in turn passes off your loan to SNMC.  This is not the cheapest lender by far, I will say that.  But on the flip side, they are very willing to work with you on everything *except* the fees (i.e., out of country assets, which saved my butt because I'm forced to deposit my W2 wages into a Saudi account).  At the very last minute, some seemingly insurmountable paperwork nonsense came up (some post-9/11 homeland security crap because I work in an Arab country) and Krista with SNMC managed to find us a workaround.  And again, a problem came up with my power of attorney, and a workaround was found.  So, expensive but they get the job done for people in complicated situations, like me.  If you're in a more normal life, I might suggest finding your own preferred lender.

Second example, ABC Capital Investments, Maverick's partners in Philly.  There have been some ball-drops in the communications department, but it's been a solid working relationship so far, and up to this point I have been working solely with the owner and his assistant.  Upon closing, I was introduced to their management side, and I'm still getting to know those folks (great so far).  Everything I've read about the company and all the people I've talked to who have had any experience with them seems to indicate that this is a team that really knows Philly.  @Allison Karrels I can wholeheartedly understand if your husband wasn't sold on Philadelphia.  As a city, it's a mess.  There's gentrification going on in a patchwork fashion, and there's no good, safe district to buy in because one or two streets in any direction will take you from affluent to ghetto.  ABC's people seem quite skilled at picking the better areas for investment.  You might call the areas C neighborhoods, but from what I can tell from my friend who lives there, these are the B neighborhoods of Philly (either now or in a couple of years as the gentrification catches up).  

I could ramble for days, honestly.  This was my first deal, and I learned so much.  No agent, very little interaction with my mentor, and I kinda learned a lot the hard way but it's still an ongoing process.  I should be cashing my first rent check in September, and that's what counts.

Speaking of rent checks.  As we calculate investments for cash flow, it behooves us to take into account vacancy, maintenance, and property management to get a sense of the monthly cash flow.  ABC in particular, through Maverick at least, offers a lot of promotions on these factors, so you're getting a lot of extra cash flow that first year that you can set aside and use as a cushion later.

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  • Gautam Venkatesan
    Investor · Dallas, TX · Member since 2013 · 619 posts · 128 votes
    12y

    I have not heard of them. Is there a URL for their website you can share?

    0Reply
  • Mark Resnick
    OP
    Renter · Brooklyn, NY · Member since 2014 · 33 posts · 5 votes
    12y

    Sure it's http://www.maverickinvestorgroup.com/

    0Reply
  • Shawn McenteerBusiness Member
    Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    I spoke with a member from the Maverick team once.  I said I was interested and left the conversation implying I would like to move forward and continue the process.  I never heard from them again...

    973-975-3895
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    WebsiteView Page
    0Reply
  • Mark Resnick
    OP
    Renter · Brooklyn, NY · Member since 2014 · 33 posts · 5 votes
    12y

    Shawn M,
    Wow! thats strange. Thanks for the post.

    0Reply
  • Matt Bowles
    Residential Real Estate Agent · Los Angeles, CA · Member since 2012 · 7 posts · 1 vote
    12y

    Shawn, 

    Matt Bowles here, one of the founders and partners at Maverick Investor Group.  I am really sorry for the experience you had.  That is certainly not typical, but I take full responsibility for it and I apologize.    -Matt

    0Reply
  • Shawn McenteerBusiness Member
    Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    @Matt Bowles not a problem. Thank you for reaching out.  

    973-975-3895
    House Hacking New Jersey563 Reviews
    WebsiteView Page
    0Reply
  • Emily Powell
    Investor · Houston, TX · Member since 2014 · 208 posts · 135 votes
    11y

    I had a lovely conversation with @Matt Bowles several months back.  He put me in touch with his local market specialist and I went to view properties in the market.  I haven't followed up or made a purchase, but that's on me.  I am also curious about anyone who has actually purchased properties through them and what their experience has been.  Thus far, my experience has been positive but I have not yet made a purchase.  

    0Reply
  • Mark Resnick
    OP
    Renter · Brooklyn, NY · Member since 2014 · 33 posts · 5 votes
    11y

    @Emily Powell

    Which location did you see the properties in?

    0Reply
  • Emily Powell
    Investor · Houston, TX · Member since 2014 · 208 posts · 135 votes
    11y

    I saw properties in Philly.  

    0Reply
  • John Padeken
    Real Estate Broker · Kailua, HI · Member since 2014 · 11 posts · 3 votes
    11y

    @Emily Powell 

    Hi Emily,

    I've been in discussions with these guys for properties in Philly.  What were your thoughts about the condition of the rehabs they're handling there?  Any feedback on the neighborhoods?  Was their description of the properties on par with what you saw in person?  Thanks in advance for your response!

    0Reply
  • Emily Powell
    Investor · Houston, TX · Member since 2014 · 208 posts · 135 votes
    11y

    The rehabs looked good.  They were all identical, from the paint color to the flooring to the same 5" kitchen, regardless of how large or small the kitchen space actually was...all of which I believe is normal for these types of companies who are turning over as many properties as these guys are (I believe they were turning over 40-50 when I visited).  The neighborhoods were definitely B, maybe even B-.  Not neighborhoods I'd want to live in, but that's why the prices are what they are.  I still haven't made a purchase, debating whether it's the right market for me. Do let me know if you move forward with a purchase, I'd love to hear how your experience is.  

    0Reply
  • Allison Karrels
    Investor · Gainesville, VA · Member since 2014 · 118 posts · 76 votes
    11y

    @John Padeken

    @Emily Powell

    I have just started talking with Maverick as well.  I really want to add some duplex or triplex to my portfolio and they were the first company I found that had several multi-family properties for sale.  I don't mind B neighborhoods if the location is good.

    0Reply
  • Alex SImon
    Investor · Howey In The Hills, FL · Member since 2015 · 95 posts · 37 votes
    11y

    I reserved a property from their latest webinar in Philly, actually the largest of their SFH offerings. Kind of wishing I'd picked up a second one, because the whole process has gone incredibly smooth and this is still only my first deal. So far from what I've seen, both the Maverick crew and the local turnkey providers they work with are very helpful and responsive. From all my phone calls, it also seems like they have a lot of experience dealing with newbies and enough patience to help walk them through the steps. So right now I guess I'm sitting and waiting for the rehab to get done and then some more fun will begin. I'll try to remember to post more about the deal's progress as we go on. If everything goes smoothly with this property, I'll definitely be picking up two or three more from their next webinar promotion.

    0Reply
  • Allison Karrels
    Investor · Gainesville, VA · Member since 2014 · 118 posts · 76 votes
    11y

    @Alex SImon

    I started the process today to get pre-approved to purchase a duplex in Phily through Maverick.  

    Things still going well with your process?  What time frame are you looking at from reserving to closing? 3 months?

    Thanks,

    Allison

    0Reply
  • Marco Santarelli
    Specialist · Orange County, CA · Member since 2008 · 2k+ posts · 623 votes
    11y

    Hi @Allison Karrels -- Glad to see you're taking action to invest in real estate.  I'm curious to know why there is a 3 month timeline?  That seems unusually long.  Isn't the property renovated and ready for sale?

    Continued success!

    1Reply
  • Allison Karrels
    Investor · Gainesville, VA · Member since 2014 · 118 posts · 76 votes
    11y

    @Marco Santarelli - I am still early on talking with them. As far as I can tell so far the company purchases the home and renovates and secures a tenant and then you close on the property.  So I don't know for sure it takes 3 months.    I just recently bought a house from Memphis Invest and that process from start to finish took 2 months. Both places you reserve the house and wait while it get rehabbed before you close.

    I like your places in Stone Mt. Georgia.  I wanted to try finding a multifamily for my next purchase and that is what brought me to Maverick and their Philly connection.

    0Reply
  • Charles Wu
    Philadelphia, PA · Member since 2015 · 17 posts · 3 votes
    11y

    Just listened to their Philadelphia webinar.  It definitely piqued my interest.

    What specific neighborhoods were these units in?

    0Reply
  • Allison Karrels
    Investor · Gainesville, VA · Member since 2014 · 118 posts · 76 votes
    11y
    Originally posted by @Charles Wu:

    Just listened to their Philadelphia webinar.  It definitely piqued my interest.

    What specific neighborhoods were these units in?

     That is the part I need to research more.  Since your in Philly already driving past the places should be easier.   I don't have a house number so these are general locations.  

    Some example addresses are:

    North 54th Street Philadelphia, PA

    North 59th Street Philadelphia, PA

    Regent Street Philadelphia, PA

    North Yewdall Street Philadelphia, PA

    Wakeling Street Philadelphia, PA

    I like the numbers they show for the properties, but I am worried about being in bad neighborhoods.  

    0Reply
  • Charles Wu
    Philadelphia, PA · Member since 2015 · 17 posts · 3 votes
    11y

    I'm not familiar with all those streets, but I know north 50's is not someplace I personally would live, but it's not the most terrible. I guess that's what they call B neighborhoods. However, they can be good places to invest in terms of cash flow.

    0Reply
  • Marco Santarelli
    Specialist · Orange County, CA · Member since 2008 · 2k+ posts · 623 votes
    11y
    Originally posted by @Allison Karrels:

    Originally posted by @Charles Wu:

    Just listened to their Philadelphia webinar.  It definitely piqued my interest.

    What specific neighborhoods were these units in?

     That is the part I need to research more.  Since your in Philly already driving past the places should be easier.   I don't have a house number so these are general locations.  

    I like the numbers they show for the properties, but I am worried about being in bad neighborhoods.  

    Allison -- You should NOT be investing in a property without doing your due diligence.  Knowing about the local market and the neighborhood is very important.  

    I'm not familiar with those areas but if you have the full street address I'd be happy to generate some Neighborhood Profiles for you. 

    0Reply
  • Allison Karrels
    Investor · Gainesville, VA · Member since 2014 · 118 posts · 76 votes
    11y

    @Marco Santarelli - I like your website because it provides a lot more details about properties compared to other companies I have looked at.

    Your properties look very interesting.  Is Indy your only market with multifamilies?

    1Reply
  • Marco Santarelli
    Specialist · Orange County, CA · Member since 2008 · 2k+ posts · 623 votes
    11y
    Originally posted by @Allison Karrels:
     

    @Marco Santarelli - I like your website because it provides a lot more details about properties compared to other companies I have looked at.

    Your properties look very interesting.  Is Indy your only market with multifamilies?

    Thanks for the compliment Allison.  We could easily put more but we reserve that additional information on the properties and neighborhoods for those who requested it.  Otherwise the website would become  "overwhelming".

    Multifamily properties are less common than single-families but we do come across them in Kansas City, San Antonio, and occasionally in Birmingham and Menphis.

    Continued success!

    0Reply
  • Jin Hwang
    Tacoma, WA · Member since 2015 · 6 posts · 0 votes
    11y

    Matthew, 

    Same issue here with other poster. I left multiple voice messages but no answer. I'm starting to doubt on your service unfortunately. Simple reply back phone call would have been resolved but nothing.

    0Reply
  • James Voak
    Vendor · Saint Clair Shores, MI · Member since 2015 · 2 posts · 2 votes
    11y

    This sounds like a great opportunity for a new investor to jump in to the 4 plex market like myself. How are any of you finding financing?

     I keep finding 30% needs to be put down in order to get a favorable rate and conditions. Does anyone know of a finance firm that specializes in duplexes or 4plexes?

    0Reply
  • Matt Bowles
    Residential Real Estate Agent · Los Angeles, CA · Member since 2012 · 7 posts · 1 vote
    11y

    James, most of our clients are currently getting 75% financing (25% down) on 2-4 unit properties and 80% financing (20% down) on single family rental properties if they are qualified borrowers.  My company is not a lender or a mortgage broker, and I have no idea about your personal qualifications, but I would be happy to introduce you to a lender that specializes in working with investors, so you can see what you qualify for.  Just email me at [email protected].  

    0Reply
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