I am researching Holistic REI, a Jacksonville, FL, turnkey company for single family rental investment properties. Does anyone have experience with Holistic REI that they can share?
Steve, my wife and I are currently about 30 days out from closing on a new construction triplex in Ocala built by Holistic REI (formerly Jax Investments). As background, I consider us novice investors having only invested in several new construction homes in the Orlando area over the last 15 years. This next purchase is our effort to break out of that practice and get into small MFHs while still enjoying the safety of new construction with an improved ROI. The numbers seemed to work (meets the 1% rule which seems to be unusual for new construction) and we visited Ocala several times to do on the ground due diligence. As a result of our research, we proceeded and placed the property under contract. Everyone we have have dealt with from Holistic REI has been professional, transparent, and responsive. We also visited their office in Jacksonville, inspected completed SFHs in Ocala, and visited future sites and homes under construction in Jacksonville and SW Florida. We are tracking other offerings from Holistic and if this triplex works out, we will look to invest again with them. The only word of caution I could offer is to visit the area before going under contract (or have someone else do it for you). I did visit one lot (construction not yet started) in SW Florida for which I found no deragotary information during my Internet research, but when I drove through the neighborhood, it looked problematic. I then visited the local police substation and fire department. They confirmed that the majority of their calls to this area were for drug overdoses. I personally would not invest in that neighborhood, but this was the only offering I can say that for. All other sites/homes I viewed were in strong neighborhoods. If you have any more and/or specific questions, IM me.
@Steve Kriz Where are you currently located? I live in Brooklyn, NY and invest in Jacksonville and have not used a turnkey company. I have found the properties myself, done any rehab necessary managing the contractor I found on BP, and self manage from here. I just became licensed (sales associate) in the state of Florida as well. What I can say before using a turnkey property is to make sure you do your own analysis and do this for the long term. You can't trust the numbers that any wholesaler or turnkey company gives you because they are just trying to sell you a property and get it off their books. So run your own analysis before trusting theirs!
@Matthew Shedd I'm looking at Holistic REI's properties in Jacksonville Fl and looking at the new property under construction in Holiday Hill, zip code is 32216. Is that one of the sites you've visited in Jacksonville? If yes, I just want to know if it's a good area to invest. Thanks and good luck to your Ocala investment.
I don't know Holistic REI but I can personally tell you horror stories about many people that Jax Investments has scammed/screwed over. If Holistic REI is a break-off of that or the same owners are affiliated (which may be a reason for the name change) I would be very cautious. They had some severely flawed business practices years ago, looks like they are re-investing their previous heist into the turnkey venture. I'd love to hear from people that have worked with them and their affiliates for the previous 5-10 year.
@Irene Marie , what do the numbers in Holiday Hill look like? I know there has been some recent lower end apartment complexes in the area that have been bought and refaced which has helped change the look of the area but there is many duplex style homes scattered on Century 21st Dr along with Ivey Rd that increase foot traffic in the area. Decent C class area to invest at the RIGHT price. The duplex style (individually deeded) and older SF homes through there are selling anywhere from $100-170k anything over that price has been a new build.
@ Irene Marie - I am not familiar with that area of Jacksonville. I only looked at two projects in Jacksonville, the Western Way quads and the Jammes Road quads. When I did my on the ground due diligence, nothing was built or even started at either one. The former had infrastructure (roadway) in place because something had been there years ago. The latter is merely an undeveloped piece of land in a residential neighborhood. I would've invested in the Western Way quads as it is a great location and everything I saw and heard about the area was positive. I would not invest in the Jammes Road area based on what we saw and heard there. I'm sorry I can't be of more assistance.
@ Ryan - I do believe Holistic REI is the successor of Jax Investments as I started working with Jax Investments and it merely transitioned to Holistic REI. Their new build construction company is called Southern Impression Homes and their property management company is called Suncoast Property Management LLC. I can not give you a lot of background or history on the company. I can only relate my own experience. As background, my wife and I are novice investors, but very conservative and cautious. At the onset of the process, I did Internet research on the area and company. I visited their office in Jacksonville, various property locations in Jacksonville, Ocala, Palm Coast, and Port Charlotte. After visiting Ocala twice, familiarizing ourselves with the neighborhood, seeing their homes under construction, going to the Chamber of Commerce, County offices, and speaking with police and EMS personnel covering the neighborhood, we decided to proceed. We placed a contract on a new construction (2/2) triplex, very basic with no garages (only parking pad), but with nice interior finishes. The independent home inspector we used from Orlando (we've used before and trust) said the home is well-built. We paid $265K and the monthly combined rent is $2775. Suncoast rented all three units within 3 weeks of closing, but as a matter of transparency, we offered a 25% off first month's rent incentive. The pro-forma (then) Jax Investments provided was conservative in that the taxes were overestimated and the rents ended up being more than projected. Throughout the process, Holistic employees were responsive, communicative, and transparent. We are are currently looking towards purchasing another property from Holistic REI.
@Matthew Shedd -glad to know that you have so far a great experience with Holistic REI and the property you've purchased through them. I've met and seen the founder of Holistic REI speak in a local real estate workshop here in Los Angeles twice and somehow have a positive feeling about his company. Just like you, I'm a conservative and a cautious investor. I'm still doing my due diligence about the properties I'm looking in their list. So good to hear about your experience with your Ocala property. I wonder if your triplex is located in Silver Springs Shores as the Multi Fam I'm looking at is in that area. Thanks for the post.
@Irene Marie - Yes, it is in The Silver Spring Shores area. Please PM me if you are considering the quad they are offering.
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