Update!!!

November 2 I was told by the PM that the plumbing permit had been pulled, and the rehab is complete. The trash has been taken care of as well as all violations. And that they will be getting pictures for me as well. Some great news along with this is that the property is now rented!

November 3 - I was given an invoice of the deposit amount. (There was an $150 up front advertising fee) I was told that Usually within 3 to 5 business days  I'll received a direct deposit from Oceanpointe.

November 7 - Great news!!! I finally received my first rent check!!

This had been a journey but has paid off at the end. I would say if you do plan on going with MI, expect to wait 4 months after your purchase before you'll receive anything. Good to know. 

Funny because as soon as I received the check, we got a tax bill. Oh well!

It’s threads like these that make me very skiddish about the idea of having a rehab done post close (me buying the property). I would gladly pay more To have the rehab done before closing, assuming I’m out of state.

There’s just so many potential issues that can arise. I’ve bought a property that is described here, but I didn’t do it through a turnkey company and I talked to multiple locals about the area before I bought it.

Long term I think paying more for properties is the way to go, as it leaves you Open to more options.

Finally, I’d say don’t settle for mediocre customer service. Unless they manage 1000s of units, it’s not hard to simply respond to an email, likely when it’s just a one question email. I use two different PMs and they always respond within 24 hours, sometimes within an hour.

One time recently, I emailed/called asking about an area that was I considering buying my next property in and just wanted to get their opinion. I got an initial response an hour later, saying he’d do some basic research and get back to me. I got that answer the following morning (which was a Saturday). That’s the kind of customer service you need and should expect.

@Caleb Heimsoth   well with Oceanpointe getting shut down by the AG its all anyway.

all these folks that bought now have to find a new manager and hopefully they will get their rent checks and such.. but as of Dec 18 oceanpointe was barred from doing any business in IN period.. can't collect rent can't do anything real estate related other than buy and sell for their own account . they cant work for others.. that's what the order called out..

What I’m curious to know is if there are any reputable Turnkey companies that allow you to buy pre-rehab, maybe pay some kind of “wholesale fee” up front, and let you keep most of the equity created through the rehab? Then they get to keep your asset under management. They are rewarded and you get to circumvent one of the huge negatives of traditional Turnkey (no forced appreciation).

Jay Hinrichs I know you are very familiar with many operations out there, have you heard of this model? If I wasn’t so busy with the other things we have going on I’d compile a list or go through Brie’s TurkeyReviews website and start making phone calls. Maybe I’ll get around to that someday!

@Jay Hinrichs please see above post. For some reason the tagging didn't work above. Thanks!

@Ryan E.   there are a few reputable companies that do as you describe... in full disclosure I fund them .. so I am no totally impartial.. but since I put up the money first .. I know they perform other wise I would not be giving them millions of dollars and being involved with something that becomes a train wreck and social media suicide..

Thanks for the reply @Jay Hinrichs !!! 

Thank you for this information. I was seriously considering purchasing property from Morris Invest. After reading all of this, I’m definitely not going there.

Originally posted by @Jay Hinrichs :

@Ryan E.   there are a few reputable companies that do as you describe... in full disclosure I fund them .. so I am no totally impartial.. but since I put up the money first .. I know they perform other wise I would not be giving them millions of dollars and being involved with something that becomes a train wreck and social media suicide..

 Jay, any chance you could PM me some of those companies you mention?

Originally posted by @Tae C. :

Originally posted by @Jay Hinrichs:

@Ryan E.   there are a few reputable companies that do as you describe... in full disclosure I fund them .. so I am no totally impartial.. but since I put up the money first .. I know they perform other wise I would not be giving them millions of dollars and being involved with something that becomes a train wreck and social media suicide..

 Jay, any chance you could PM me some of those companies you mention?

 send me a pm