Oceanpoint Investments LLC

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Oceanpoint Investments LLC

Katie Drab
Owensboro, KY · Member since 2017 · 5 posts · 2 votes

Hi All!

My husband and I just purchased our first out of state rental property from a turnkey co in Indianapolis. The management co they use is Oceanpoint Investments LLC. Has anyone had any experience working with this management co and if so, would you recommend them, or is there a different management co in Indianapolis that you would recommend? Any and all feedback would be greatly appreciated!

Thanks so much!

Katie 

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
9y

a morris invest home ???

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  • John G.
    New to Real Estate · the US of A · Member since 2017 · 107 posts · 14 votes
    9y

    HI @Katie Drab,

    Have you made any moves with Roofstock (or any others?) I only just started looking at them.

    I'm also talking with Larry Blessman at Morris Invest. Finding out that Oceanpointe owns the property and PM is apparently Match Made Realty. I only found that out on Zillow, where I also saw that rent is listed $25 less than Larry's one-sheet. He had no idea who Match Made Realty was. It's all a little disconcerting, to be honest. But getting into a $42k property with super low property taxes and a high ROI just seems so tempting.

    Of course, after reading this thread, it's giving me pause.

    0Reply
  • John G.
    New to Real Estate · the US of A · Member since 2017 · 107 posts · 14 votes
    9y

    HI @Katie Drab,

    Have you made any moves with Roofstock (or any others?) I only just started looking at them.

    I'm also talking with Larry Blessman at Morris Invest. Finding out that Oceanpointe owns the property and PM is apparently Match Made Realty. I only found that out on Zillow, where I also saw that rent is listed $25 less than Larry's one-sheet. He had no idea who Match Made Realty. It's a little disconcerting, to be honest. But getting into a $42k property with super low property taxes and a high ROI just seems so tempting.

    Of course, after reading this thread, it's giving me pause.

    0Reply
  • Katie Drab
    OP
    Owensboro, KY · Member since 2017 · 5 posts · 2 votes
    9y

    Hi John! Thanks for reaching out. We were certainly intrigued with Morris Invest for the same reasons you are - low purchase price, low property taxes, high ROI, etc., but after receiving all the negative feedback here on BP, we pulled out & haven't looked back. We've viewed several properties on Roofstock, but haven't purchased anything to this date as they're still relatively new and there's not a tremendous amount of info on them. We've purchased a couple properties locally, but plan to start researching good turnkey companies for out of state rentals. I'll keep you posted - please do the same. Best of luck!

    0Reply
  • John G.
    New to Real Estate · the US of A · Member since 2017 · 107 posts · 14 votes
    9y

    @Katie Drab, you might want to chek out PARC Property Group in Indy. I'll plan to visit them in August to check out some properties they've rehabbed. I spoke with Brian Campbell a length and got a really good vibe from him and the company.

    0Reply
  • Todd Krzeminski
    Rental Property Investor · Northern Virginia · Member since 2015 · 106 posts · 51 votes
    9y
    Originally posted by @John G.:

    @Katie Drab, you might want to chek out PARC Property Group in Indy. I'll plan to visit them in August to check out some properties they've rehabbed. I spoke with Brian Campbell a length and got a really good vibe from him and the company.

    I have experience using PARC for Property Management. PM me if you want my opinion.

    0Reply
  • Erik Schaumann
    Grapevine, TX · Member since 2017 · 4 posts · 2 votes
    9y

    I purchased two homes from Oceanpoint.  8 months later, I've switched PM companies because of the total lack of communication from them.  The PM agreements were full of mistakes, a renter had to be evicted.  The turnkey houses themselves were full of faults.  Oceanpoint still owes me rent money, and deposit money from the PM switch.  My experience has been horrendous, and I would not recommend them to anyone.

    1Reply
  • Eric Rodriguez
    Investor · Riverside, CA · Member since 2016 · 4 posts · 4 votes
    9y

    Thought I'd share this post from another thread concerning Ocean Point.

    https://www.biggerpockets.com/forums/92/topics/320061-morris-invest---any-insights?page=12

    Hi all!

    My wife and I recently purchased a property from Morris Invest and are having a tough time with their property management company.

    We purchased our home BACK IN MARCH for about $42k and everything seamed to go smoothly at first. We were quoted a 8 - 12 week turn around on the renovations and expected tenant placement.

    As of yesterday, 8/8/2017, there is still no tenant and the property management company they use, Ocean Point Property Management, is extremely hard to deal with. It's now been nearly five months from purchase without any renter. Much, much longer than 8 - 12 weeks.

    We then contacted another local property management company to drive by and check up on the property. They sent back pictures of furniture, a car parked in the backyard, dog chains, and UNFINISHED renovations. We then contacted Ocean Point again with this info and they finally responded but did not address the pictures with their response. They only reassured us the house was on the market. That was not true.We did a check, the house is NOT listed as available on their website or any other rental listing. Ocean Point Rental Listings (as of 11:20am PDT, 20170809) Nor had they listed it before then as we've kept our eye on the website for a while now.

    Good news is, we are now in contact with a great new Property Management CO and learned a valuable lesson for our next deal.

    Please be careful when dealing with Morris Invest and their team.

    0Reply
  • Eric Rodriguez
    Investor · Riverside, CA · Member since 2016 · 4 posts · 4 votes
    9y

    UPDATE:

    My wife was recently contacted by Clayton and two Ocean Pointe PM reps. They've updated us on the situation and explained the occupied residence was indeed rented but some paperwork fell through the cracks.

    Clayton and Ocean Pointe are currently making good on the situation.

    CORRECTION: I previously linked to Ocean Point Property Management. This was the wrong PM. It should be referenced as Ocean Pointe (with an e). My apologies to Ocean Point.

    0Reply
  • Vera Herlihy
    Investor · Redondo Beach, CA · Member since 2017 · 134 posts · 46 votes
    9y

    @Ronn Johnstone Hi are you a realtor there? I'm flying out on Monday to meet their team and do a tour. 

    0Reply
  • Ronn Johnstone
    Indianapolis, IN · Member since 2017 · 30 posts · 5 votes
    9y

    Vera-- No, I'm a retired college professor. Honestly, I haven't invested anything yet in Indy.  However, I had a good experience with Steve out of FS Houses here in Indy.

    Hope that helps,

    Ronn

    0Reply
  • Stan Kaneshige
    Rental Property Investor · Pasadena, CA · Member since 2016 · 9 posts · 6 votes
    9y

    @Vera Herlihy How did your visit to Indy go? Did you meet Morris Invest team? Others? Anything you can share would be great!

    1Reply
  • Ritch Bonisa
    Specialist · Indianapolis, IN · Member since 2016 · 841 posts · 480 votes
    9y

    I'm in Indy and work with great PMs.  If anyone needs a recommendation - I'd be happy to provide more info.

    0Reply
  • Vera Herlihy
    Investor · Redondo Beach, CA · Member since 2017 · 134 posts · 46 votes
    9y

    @Ronn Johnstonevery good, glad to hear you had a great experience. 

    0Reply
  • Vera Herlihy
    Investor · Redondo Beach, CA · Member since 2017 · 134 posts · 46 votes
    9y

    Hi @Stan Kaneshige It was very interesting. I met with the Morris Team, but not with Clayton. We decided not to invest with them, it just wasn't the right fit for us. We also met with a different team there as well, and for different reasons we passed on them too. 

    They both had their pro and cons, but both left a strange feeling in our gut. We decided to skip both of them and try a different market.

    We just got back from Pitts, PA and met with a different there. We really liked them and decided to try them. We are submitting an offer tomorrow. 

    If you're planning to invest out of state, I strongly suggest going to the market. My experience with Morris was that there is a disconnect between what you see on line, and what is actually going on. The main reason is because I think they're growing faster than they can handle. They were not dishonest, in fact one of the things I really appreciated about them in how candid they were. 

    They just don't seem to be staffed adequately to handle all the work they have, that's all.  Maybe when they have more bodies to do the work right, I'll invest with them. They're returns are great, but I'm not sure overall. I'd rather have a smaller return, than have headaches later. 

    But I wouldn't do it without going first. 

    If you can, I would suggest reading this article about turnkey providers:

    https://www.fool.com/investing/general/2014/12/20/turnkey-investing-101-what-to-avoid-and-how-to-kno.aspx

    Hope that helps. Please feel free to contact me if I can be of any help. 

    vera

    1Reply
  • Vera Herlihy
    Investor · Redondo Beach, CA · Member since 2017 · 134 posts · 46 votes
    9y

    thanks @Ritch Bonisa.

    0Reply
  • Vera Herlihy
    Investor · Redondo Beach, CA · Member since 2017 · 134 posts · 46 votes
    9y

    @Eric Rodriguez thanks so much, we skipped on investing with them. We went out to meet them and found a disconnect mostly because they're growing faster than they can handle. This is always a good problem for the business owner (Morris Invest), but not so much for the customer (investor). Having said that, they figure out a way to make you great returns. Check out this article on Turnkey properties:

    https://www.fool.com/investing/general/2014/12/20/turnkey-investing-101-what-to-avoid-and-how-to-kno.aspx

    0Reply
  • Kieran Mazzola
    Investor · San Diego, CA · Member since 2017 · 8 posts · 8 votes
    9y

    Just wanted to add my 2 cents to this conversation on Morris Invest and Ocean Pointe.  I am hoping that @Vera Herlihy is right that they are perhaps growing too fast and can't handle it.  I closed with them in mid-May, and am now at 16 weeks without a tenant... as far as I know. As stated several times earlier they are not terribly at communicating as several posts have already covered.  I want to add my experience to that list.  I am also concerned that my property renovation might be more along the lines of @Eric Rodriguez.  They sent me a series of pictures that honestly looked like nothing had been done. The person that sent me the email added the caveat that, some of the pictures were taken before the rehab was finished, but to be sure that everything would be ready for tenants.  That was about 6 weeks ago.  Still nothing.  We'll see what happens, but if anyone out there is on the fence, I'd recommend holding off on working with these companies.  


    0Reply
  • Hiroki Okamoto
    Mammoth Lakes, CA · Member since 2017 · 3 posts · 4 votes
    8y

    I am a first time investor, picked up my first property from Morris Invest in mid May. The property was occupied in mid August after rehab. I never received any official paperwork of rehab completion or renter placement. As a first timer I am relying on the turnkey aspect of this rental, so I ended up with Oceanpointe PM through Morris Invest.  At the end of August I had not received any prorated rent monies or potential invoicing for rental placement. It's now mid September and I had emailed and called Oceanpoint PM several times and never received a reply. I finally emailed Morris Invest who then emailed Oceanpointe, who then sent a quick reply of rent roll starting this week and any rents owed will be put into my account. The reasoning I got was they are slammed and currently building up their staffing.  I do believe this as Morris Invest has skyrocketed in the last year or so. However as an out of state investor it's a little disconcerting when communication with your PM is an almost impossibility.

    I don't really have a problem with Morris Invest, but you might want to stay away from Oceanpointe until they can catch up with their massive growth.

    0Reply
  • Eddie T.
    Rental Property Investor · NY · Member since 2013 · 844 posts · 350 votes
    8y
    I’m sorry to hear all the disappointing feedback about the pm this turnkey company uses. Them telling their clients that all these mistakes, communication and delays in rehab are due to the company growing to fast is unacceptable that is not a valid excuse. If they cannot handle the increased business then they should not take on more clients.
    3Reply
  • Marty Summers
    Bradenton, FL · Member since 2017 · 168 posts · 39 votes
    8y

    @Katie Drab  Hi Katie, I live near Evansville and just sent you a connection request.  Could I get in touch with you somehow.  

    0Reply
  • Larry Fried
    Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
    8y

    From what I've learned  and understand, Morris Invest is nothing more than a marketing firm.  The assets, rehab and property management are all provided by Oceanpointe and their related companies.  

    0Reply
  • Vivek Khoche
    Investor · San Jose, CA · Member since 2017 · 343 posts · 102 votes
    8y

    @Larry Fried- OOS + Dream Merchants - Investors are not going to win in the end. It's a funny merry go round where new investors get on to ride from top. 

    For most of the cash flow markets I follow PM me to network with brave investors before you.

    Thanks
    Vivek

    0Reply
  • Francky Bastien
    Orlando, FL · Member since 2015 · 1 post · 0 votes
    8y

    I've done business with Morris Invest in Jacksonville, FL...upstanding company. You can rest easy knowing that they're legit.

    0Reply
  • Matthew Jonovich
    Real Estate Investor · Phoenix, AZ · Member since 2016 · 12 posts · 3 votes
    8y

    @Francky Bastien How many properties do you own with Morris Invest? I have a new build with them and a SFR that just finished up the rehab and ready for a tenant in the Indy area. Its definitely been a mixed bag so far of things I like and don't like. Could you tell us about your experience with them?

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y
    Originally posted by @Matthew Jonovich:

    @Francky Bastien How many properties do you own with Morris Invest? I have a new build with them and a SFR that just finished up the rehab and ready for a tenant in the Indy area. Its definitely been a mixed bag so far of things I like and don't like. Could you tell us about your experience with them?

     do you care to elaborate on your new build..  where is it.. same neighborhoods.. how much did you pay for the lot and what is the all in build costs / and rents ... new builds for rentals can do well in some settings .. you see that in Texas a lot..

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