Oceanpoint Investments LLC

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

a morris invest home ???

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Matthew Jonovich
Real Estate Investor · Phoenix, AZ · Member since 2016 · 12 posts · 3 votes
8y
All in price of just over 69k for everything. It is in zip code 46218 in Indianapolis. Bought it cash but plan to cash out refi in a few months after seasoning is established (could be 4 to 6 months depending on which bank you are going to use). Rent should be a minimum of $900. Its still in the permitting phase but after that is completed it should be done in a couple of months and rented out asap. I'm using a property management company since i'm out of state but it is one that is set up through Morris Invest.
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Matt K.
Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
8y
Originally posted by @Matthew Jonovich:

All in price of just over 69k for everything. It is in zip code 46218 in Indianapolis. Bought it cash but plan to cash out refi in a few months after seasoning is established (could be 4 to 6 months depending on which bank you are going to use). Rent should be a minimum of $900. Its still in the permitting phase but after that is completed it should be done in a couple of months and rented out asap. I'm using a property management company since i'm out of state but it is one that is set up through Morris Invest.
You don't need seasoning if you bought it cash, do delayed financing.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y
@Matthew Jonovich have you cared to look at the threads on this company.
and how do you think you can have a new construction all in for 70k...
how big is it.. ?? bd bath..
before you become completely committed you may want to do a little more research on what your doing.
I am a NEW home builder.. I have new builds in that area.. you cant build for under 100 a foot and a small new build is more than that..
can you give some details to go along with price... as well as unless they are hauling in and your new build is really like a single wide trailer.. there is no way to build from ground up in 2 months not sure who told you that.. Or if its some sort of kit house..
this is not adding up.. be careful.
@Ritch Bonisa Rich your in the trades what kind of home can you build ground up for 69k in your market ? if any.. this is really weird.
Matthew I would reach out to Ritch before commit funds.. just be cautious.
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Matthew Jonovich
Real Estate Investor · Phoenix, AZ · Member since 2016 · 12 posts · 3 votes
8y
@Matt K. I did consider delayed financing but I didn't want to start making payments before I had a tenant in place. Also you can't have your new loan amount be higher than what you bought the property for and in the case of the new build that could happen at an 80% loan to value. On the rehabbed house I assumed it would take 4 months from closing to getting my first rent check and that is what it turned out to be. I appreciate you giving advice on delayed financing and it is something I might do in the future when my cash flow is higher to cover any prolonged vacancies.
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Matt K.
Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
8y
Originally posted by @Matthew Jonovich:

@Matt K. I did consider delayed financing but I didn't want to start making payments before I had a tenant in place. Also you can't have your new loan amount be higher than what you bought the property for and in the case of the new build that could happen at an 80% loan to value. On the rehabbed house I assumed it would take 4 months from closing to getting my first rent check and that is what it turned out to be. I appreciate you giving advice on delayed financing and it is something I might do in the future when my cash flow is higher to cover any prolonged vacancies.
That's not how delayed works it bypasses seasoning as long as it's within 6 mo (I think ) of purchase date. But not many do it here because of the cash requirement.
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Matthew Jonovich
Real Estate Investor · Phoenix, AZ · Member since 2016 · 12 posts · 3 votes
8y
@Jay Hinrichs I have looked into this company and did my best due diligence as possible. I was very very skeptical too which lead to many hours and countless phone calls with people I trust. The new build is 3 bedroom 2 bath and 900 sqft. This is not a double or single wide. Here is a video walk through of the new builds that are in different phases of being completed https://youtu.be/p1nLCeWmVnc
@Matt K. I looked into delayed financing and it was not something I wanted to do with these particular properties at this time.
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Matt K.
Walnut Creek, CA · Member since 2015 · 3k+ posts · 2k+ votes
8y
sweet garges lol
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Ritch Bonisa
Specialist · Indianapolis, IN · Member since 2016 · 841 posts · 480 votes
8y
Might try to finish out a pole barn for 69k. LOL Whatever you do for 69k is going to be very small.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y
@Ritch Bonisa I looked at the Video @Matthew Jonovich all in 69k.. they are little box's so
I guess if that is what it turns out to be
my guess is
land was less than 1k morris making his 5k or so per deal builder making 10k per houses leaves
about 50k to build 900 sq ft with no garage and no landscaping other than the city will probably make them throw grass seed.. rent probably wont make 900 in that area .. just because that's 200 over any thing else. @Joel Wilmoth maybe the local PM will know.
If I was you Matthew since you are already in and if you get this done and signed off all for 69k at least give it to a reputable PM to manage it for you.
this would have to be built to absolute minimum UBC code.. to do it for that price.. we just dont' build that cheap of product since it wont stand up to teannts for long
good luck with it.. Better than buying the old rehabs that never got finished LOL..
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Matthew Jonovich
Real Estate Investor · Phoenix, AZ · Member since 2016 · 12 posts · 3 votes
8y
@Jay Hinrichs I knew it wasn't going to be a HGTV home but I do expect it to be a solid house. I'm an investor out here in phx AZ and i'm not getting the returns I want here so I went looking elsewhere. The returns I should be getting with these properties through Morris Invest is something i'm happy with (cap rate of 11% on the rehab and 10% on the new build). Yes i'm taking a calculated risk by depending on a company to come through with what they said they provide. I'm not all in (financially) and will hold judgement throughout the year and see what happens. Will update from time to time.
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Matthew Jonovich
Real Estate Investor · Phoenix, AZ · Member since 2016 · 12 posts · 3 votes
8y
@Jay Hinrichs reached out to @Joel Wilmoth so hopefully hear back from him soon. Thank you for all the information and things to think about.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y
@Matthew Jonovich please do maybe this is where Morris saves his reputation.. because up to now he has been fronting for some pretty dysfunctional ground partners.. based on evidence posted on BP..
Do keep us posted... and if you feel inclined to share the actual address I will be in Indy shortly I would love to do a drive by myself and check It out..
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Matthew Jonovich
Real Estate Investor · Phoenix, AZ · Member since 2016 · 12 posts · 3 votes
8y
@Jay Hinrichs It does seem there is some dysfunction. Not sure if that is due to growing faster than as expected or something more fundamental. I spoke personally with @Joel Wilmoth to speak about some of these concerns as regards to property management which I will keep confidential at this time. That would be great if you were able to do a drive by because my trip out there is not scheduled until April as wanting to see the new build completed. I will PM you the address. I appreciate all feedback and is why I tell everyone about bigger pockets because of the vast resources that are available.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y
@Matthew Jonovich you got it.. glad you are getting second opinion on rent rates as well.
from what I have seen posted on BP and from first hand from my vendors in INdy I fund.
I can tell you its more than dysfunction.. its people buying homes paying for rehab and the house were never touched.. I think this is going to be far more serious than a little bit of BP beotching.. I think some of these folks are going to get very upset and file complaints.. at the end of the day its like getting caught shop lifting then saying oh shoot let me just put it back.. that's what we see happening.
so really depends on how much MOrris worries about his credibility and his exposure to those that got taken advantage of or who paid for rehabs that never happened.. I know in my experience in other markets these folks got more than a slap on the hand.. but its not my money if they investors are just going to move on.. well then I guess these guys got away with it..
But the new construction as long as you don't give them money until the house is DONE and you have a CO ( certificate of Occupancy) done a home inspection to make sure the work was done correctly .. and you have met and talked with other PM's to verify rent rates.. then you have done what you can do and if those are the assets you want and your willing to take the risk in those neighborhoods then that's what America is all about.. freedom of choice. !!!
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Ray Sizzum
Indianapolis, IN · Member since 2018 · 14 posts · 14 votes
8y
Originally posted by @Matthew Jonovich:

All in price of just over 69k for everything. It is in zip code 46218 in Indianapolis. Bought it cash but plan to cash out refi in a few months after seasoning is established (could be 4 to 6 months depending on which bank you are going to use). Rent should be a minimum of $900. Its still in the permitting phase but after that is completed it should be done in a couple of months and rented out asap. I'm using a property management company since i'm out of state but it is one that is set up through Morris Invest.
95% of the properties in that zip won't appraise for 69k nor rent for 900.
You got ripped off.
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Erik Schaumann
Grapevine, TX · Member since 2017 · 4 posts · 2 votes
8y
An update on my experience with Oceanpointe Realty. Working with them has been simply awful. In my original response, I explained that I bought two houses from them. Due to a severe lack of communication and followup, I changed property mgmt companies. In so doing, I discovered the Oceanpointe rental agreements were full of mistakes, Oceanpointe did zero background check on the tenant (it turns out he had an ankle bracelet and was awaiting trial for drug charges and turned the house into a drug den), and I had to evict him, and he trashed the house (over $10,000 in damage) upon leaving. Oceanpoint has still refused to give me a month of rent which they owe me, and they have never turned over the deposits on either property. I've had to take them to court, which case is still pending. Many claim that they grew too fast. It doesn't really matter, I feel I was misled, taken advantage of, and treated dishonestly. They do NOT treat their owners well. They do not communicate. They do not work professionally. I suggest you stay away from Oceanpointe Property Mgmt.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y
Originally posted by @Erik Schaumann:

An update on my experience with Oceanpointe Realty. Working with them has been simply awful. In my original response, I explained that I bought two houses from them. Due to a severe lack of communication and followup, I changed property mgmt companies. In so doing, I discovered the Oceanpointe rental agreements were full of mistakes, Oceanpointe did zero background check on the tenant (it turns out he had an ankle bracelet and was awaiting trial for drug charges and turned the house into a drug den), and I had to evict him, and he trashed the house (over $10,000 in damage) upon leaving. Oceanpoint has still refused to give me a month of rent which they owe me, and they have never turned over the deposits on either property. I've had to take them to court, which case is still pending. Many claim that they grew too fast. It doesn't really matter, I feel I was misled, taken advantage of, and treated dishonestly. They do NOT treat their owners well. They do not communicate. They do not work professionally. I suggest you stay away from Oceanpointe Property Mgmt.
but who recommended you work with them who got you into this in the first place who made a nice big fat fee putting it together and just rode off into the sunset to let you deal with this.. both these companies are culpable.. there is no way the marketing company did not know what they were selling the videos are of them in the neighborhoods..
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y
Originally posted by @Erik Schaumann:

An update on my experience with Oceanpointe Realty. Working with them has been simply awful. In my original response, I explained that I bought two houses from them. Due to a severe lack of communication and followup, I changed property mgmt companies. In so doing, I discovered the Oceanpointe rental agreements were full of mistakes, Oceanpointe did zero background check on the tenant (it turns out he had an ankle bracelet and was awaiting trial for drug charges and turned the house into a drug den), and I had to evict him, and he trashed the house (over $10,000 in damage) upon leaving. Oceanpoint has still refused to give me a month of rent which they owe me, and they have never turned over the deposits on either property. I've had to take them to court, which case is still pending. Many claim that they grew too fast. It doesn't really matter, I feel I was misled, taken advantage of, and treated dishonestly. They do NOT treat their owners well. They do not communicate. They do not work professionally. I suggest you stay away from Oceanpointe Property Mgmt.
Yes we are all wondering what happened to the claims Mr. Morris made on his pod cast that these homes are rented to Doctors Nurses and these folks are just happy to have a home and are much easier to manage than A class. when I heard that he actually said that.. two things.. ONE I about fell out of my chair and spit out my coffee :) and two I either thought he is brand new and totally naïve but now I personally think after all these post etc.. its just garden variety greed.
you would have thought he learned on this go around that these assets cant be represented this way.. and newer investors just don't understand that inner city low value assets are very very risky... So no what do they do they go start marketing the cheapest props in Jacksonville ( which are even rougher than these and in Detroit) I mean come on man.. give me a break here.. this is un real.. I am sorry for your troubles.. and hopefully you can exit and reposition.
Here is what happened to antoher company that came into my office that was working this neighborhood and inner city KC I told them they were doomed.. this model does not work.. that was 2011.. but the greed just over comes them.
https://www.sec.gov/litigation/litreleases/2016/lr23451.htm

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