Oceanpointe (and Morris Invest) Property Management Problems
Hi everyone,
As mentioned before on another post, my husband and I bought a property through Morris Invest back in August 2016. Everything went smoothly, and there were no issues. The only problem that we had was a lack of communication on the part of the Property Management company (Oceanpointe) that we were using based on Clayton's recommendation. The whole thing was set up sort of like a one-stop shop ... Call Clayton, he tells you about a great, completely rehabbed house that he has that he will sell to you for $40k but that he says will appraise for $60k and is renting for $700, and he has his assistant set you up with his network of people (property management and insurance). A few weeks ago, we switched management companies due to the lack of communication from Oceanpointe, and posts on Biggerpockets from other dissatisfied Oceanpointe clients. The new property management company that we went with discovered that the lease agreement provided to us by Oceanpointe might be a complete fraud. The new property management company was provided with a completely different lease agreement by the tenant than what we had been given by Oceanpointe. The "tenant's" hand writing is different, the signatures are completely different (Oceanpointe's lease agreement isn't really even signed by the tenant ... his name is just written), and the rent on the tenant's lease agreement is $350/month, instead of $700. I tried reaching out to Oceanpointe again hoping they would provide proof of payment (copy of checks, or a ledger, etc), but as usual, they have not replied to that request.
In hopes of getting this sorted out, I tried reaching out to Clayton on Jan 30th via email. Below is the email I sent. He usually replies within a day, but so far, no response. I was truly hoping I would get a response, because I don't think Clayton is a bad person, and don't think he purposely sends people toward harm, but I do think he is, perhaps, trying to move too quickly, grow too fast, and, in the process, is guiding, even encouraging his buyers to make bad decisions. For example, he implies that buyers of his houses do not need to worry about performing due diligence. We are learning as we go, and I guess we were susceptible to all of the rah rah and excitement of such exceptional investment opportunities.
At this point, we are waiting to be able to have the new management company do an inspection of the house and an appraisal to possibly off-load it. Fingers crossed that there will not be any additional bad news. I'll add updates here as our ordeal unfolds.
Anyone have similar experience with Oceanpointe's lease agreements ?
Thanks,
~Liliana