I have commented on others posts regarding MI and Oceanpointe, etc. And now, let me share my fun experience.
My husband and I refinanced our home to purchase a single family in December in Indianapolis. The seller was Oceanpointe although Clayton is the spokesperson and all discussions and contracts were through Morris Invest. Purchased site unseen although there was a video of the property that showed the home in detail.
Fastforward, the renovation process was quiet and I didn't ask for updates, rather I waited until it should have been close to completion to reach out (purchased Dec 18th or so) and then heard no response. I knew, deep down, that we were being screwed. NO one returned calls, emails and then I received city violations notice in the beginning of March for 5K for the exteriors condition, emergency boarding of the property (multiple times) and a variety of other issues.
At that point, I spoke with Clayton who assured me that Oceanpointe would complete all work as promised and deal with city violations. Fast forward to the following month... I reached out to Clayton again and was told that Oceanpointe was basically not following through with any renovations and that HE was going through with developing a property management company (Blue Sky) to transfer the property and complete the renovations that weren't done by Oceanpointe. I did the paperwork for transfer to Claytons property management team and thought that Clayton would stand by his word to do everything originally promised to us.
The city violations dept (Daniel Smith) is a hero because he went to the home April 24th or so and took tons of photos to detail the condition of the home.. he has been the most helpful person to date and I am super thankful for him. I then sent the photos to Clayton to give him a heads-up about the extensive work still needed to be done and he again assured that the work could get underway once his crew "have legal ability to get into he house, we'll address the remaining items that need fixing and get it done."
Fast forward to today... I spoke with PAM from Blue Sky and she acted like everything was on hold since Oceanpointe had been paid for the renovations and that no further work could be done. I reminded her that Clayton said he would eat the costs and complete the renovations as promised. She then informed me that Clayton withdrew that ability and promise (stating that a finders fee was paid to MI only and that Clayton did not have the money to renovate) since Oceanpointe received all the money for the renovation.
She then told me that Clayton filed a complaint with the attorney general against Oceanpointe and that he is suggesting that everyone else do the same. I received the forwarded email. (attached)
NOW, here I am left with a house in disrepair, continuing to accumulate city violations (next inspection is due May 31st), renovation insurance, nuance fees for emergent boarding up the home and garage due to squatters. Not to mention (and YES< I'm pulling this card), that I have a very limited budget, have 2 young kids, and am 7 months pregnant dealing with this issue from the east coast while my husband works full time, me part time, while taking care of our children on a tight budget. I just got the documents from the attorney general and reached out to the city to let them know what is happening.
In the mean time, I don't know what my next move should be in this limited capacity that we have been placed in.
Oh, this financial freedom feels SO GOOD.
With a limited budget....Id suggest cutting your losses and selling for what you can. Only a matter of time til these guys have an episode of American Greed on cnbc.