Experience with JWB

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Experience with JWB

Lexie Wang
Investor · NYC · Member since 2021 · 6 posts · 4 votes

I’m a new investor in Jacksonville and trying to manage out of state in NYC. I start my journey with JWB because I saw all good reviews and feedback of them in this group. The agent I contacted was professional and knowledgeable. He sent me a few listing at first. There was one or two I’m interested in and wanted to seek for more information.

One of the property was remodeled and in the renovation report there was no record of changing HVAC and roof. So I just asked him if he could find me the year of them. As they are expensive to change and I want to give myself an expectation. But he was just always saying “JWB would make sure everything last for 10 yrs”. And he stops sending me new properties now because he thinks I’m not ready and wasting his time.

It makes me feel it was my fault to ask for extra information and being hesitate. I just wanted to hear everyone’s opinion. Isn’t that fair to ask for details about major appliance etc? Or I’m too micromanagement? Should I just trust whatever they say because they have good reputation? Thank you in advance.

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Gregg CohenBusiness Member
Rental Property Investor · Jacksonville, FL · Member since 2011 · 143 posts · 136 votes
5y

@Nate R. - Thanks for sharing your real-life experience in investing in rental properties.  Sometimes things don't go according to plan but it is critical to work with a team that has your back during the good times and the not-so-good times of investing.  

Even though we prepare all clients for the risks associated with investing, our client service team felt that we really wanted to go above and beyond to make sure your first experience as a client was positive.  So we decided to cover your mortgage payments for the roughly 8 months where you didn't receive rental income.  We have also covered any expense associated with the costs of turning the rental property (above the security deposit that we recovered for you.)  We have also agreed to waive your next tenant placement fee.

I hope this shows you how much we care about your experience and how much we value your relationship.  The eviction moratorium was a real challenge for investors and property managers but we're thankful the worst is behind us.  You have an incredible asset in a growing real estate market and I expect it to perform very well over the next full market cycle. 

Thanks for being a client!

904-677-6777
Gregg Cohen, Not Your Avg Investor Show4.6237 Reviews
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  • Allen Williams
    Realtor · Jacksonville, FL · Member since 2019 · 95 posts · 87 votes
    5y

    @Lexie Wang Hi Lexie, I am a Realtor and Investor here in Jacksonville and support a lot of investors such as yourself. You as the buyer have ever right to ask questions and make sure to do your proper due dilligence. I actually encourage that among investors I work with. That is why I have a process with checking permits/spreadsheet where I ask all these questions for you, such as the 4 points, age of windows/water heater/all the other things that go into a property. If you need any help with someone who is patient just let me know! I am also an investor myself liked I mentioned above, closed on a duplex yesterday actually and starting to rehab. So I can see it from both sides of the fence. I hope this helps!

    0Reply
  • Gregg CohenBusiness Member
    Rental Property Investor · Jacksonville, FL · Member since 2011 · 143 posts · 136 votes
    5y

    Hi @Lexie Wang - Thanks for bringing this up. I'm one of the owners of JWB and I'd be happy to help.

    It looks like there was a miscommunication on our part here. We always encourage our clients to do their due diligence prior to buying investment properties with us or in any other fashion. We believe it is better to move slow when it comes to on-boarding a new client and property selection because it gives everyone the opportunity to make sure the goals and the working relationship are in complete alignment and that everyone is comfortable.

    I'm not sure how we misspoke on this but I can tell it landed on you the wrong way and I apologize for that.

    It is fair to ask the details on major mechanical systems / appliances in the property. It isn't micro-managing and you shouldn't just trust what JWB or anyone else says because they have a good reputation.

    As far as sending properties are concerned, we do not send out lists of properties from which to choose. We spend more time up front on a few phone calls to make sure there is an alignment of goals and then provide a curated collection of properties that meet the criteria for you to choose from. We've been investing in the same 4 neighborhoods in Jacksonville for the last 15 years and all of our properties produce roughly the same est. return on investment within a small range of price points and rent amounts so there's no incentive to "wait for a good deal" or go through dozens of potential offerings. If you love the team, the market and the investing model, the properties are all widgets at that point.

    Thanks again for bringing up your concerns and I hope we have the opportunity to serve you in the future.

    904-677-6777
    Gregg Cohen, Not Your Avg Investor Show4.6237 Reviews
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    0Reply
  • Lexie Wang
    OP
    Investor · NYC · Member since 2021 · 6 posts · 4 votes
    5y

    @Gregg Cohen Hi Gregg, thank you so much for your response and addressing my concerns. I had very productive conversation with the agent from JWB. He showed his experience and knowledge about Jax investment which I really appreciate and makes me want to build relationship with him.

    I really like one of the property from the list and want to ask for final question before I make deposit. I asked about age of roof and HAVC as they are not in the renovation record and I want to have an expectation of when would be the next change. Again not saying I expected them to be brand new. Even last change was 15 yrs ago, it’s okay for me. Just to set an expectation. But apparently he doesn’t know it and doesn’t want to find it for me. And he decided not to send new properties because he thinks I’m not ready. That makes me frustrated.

    I still want to work with you guys, no matter it’s buying properties or property management only. But may be as the agent said, not as a new investor who is not able to make decision as fast as an experienced one and who needs more details. Thank you again for your response. Hope we still have opportunities to work together in the future.

    1Reply
  • Gregg CohenBusiness Member
    Rental Property Investor · Jacksonville, FL · Member since 2011 · 143 posts · 136 votes
    5y

    Hi @Lexie Wang, I hope we can work together as well!  We'd be happy to provide the age of the roof, HVAC and all major mechanical items before purchasing a property.  I'm not exactly sure how but it looks like it was just a miscommunication on our part if you felt like we were unwilling to go and find that information for you.  I'm sorry about that. 

    We love working with new and experienced investors.  Of course, properties are selling quicker today due to increased investor demand and extremely low interest rates, but our client on-boarding process is there to prepare you appropriately and give you as much time as possible to make a confident decision.  

    Please let me now if you'd like my team to reach back out and set up another phone call with you.  Have a great day!

    904-677-6777
    Gregg Cohen, Not Your Avg Investor Show4.6237 Reviews
    WebsiteView Page
    0Reply
  • Nate R.
    Real Estate Investor · Austin, TX · Member since 2015 · 214 posts · 234 votes
    5y

    I bought a property from them early this year to try them out, and the tenant stopped paying shortly after being placed. To date, I have not received any income from this property. My original plan was to build out a portfolio of SFH's but things happened and I ended up with this one negative cash-flowing house.

    Many months later, the moratorium on evictions by the CDC has been struck down, as the CDC has no constitutional authority to stop evictions for non-payment. I'm waiting to see how JWB handles the eviction that has been pending with this property. I would have thought they would move swiftly to take possession but my account manager told me that they're waiting for advice from their legal team.

    They offer these great-looking pro-formas based on long leases and 100% collections. Looking back on it, houses in Class C neighborhoods like this were not good risks during this time.

    1Reply
  • Gregg CohenBusiness Member
    Rental Property Investor · Jacksonville, FL · Member since 2011 · 143 posts · 136 votes
    5y

    @Nate R. - Thanks for sharing your real-life experience in investing in rental properties.  Sometimes things don't go according to plan but it is critical to work with a team that has your back during the good times and the not-so-good times of investing.  

    Even though we prepare all clients for the risks associated with investing, our client service team felt that we really wanted to go above and beyond to make sure your first experience as a client was positive.  So we decided to cover your mortgage payments for the roughly 8 months where you didn't receive rental income.  We have also covered any expense associated with the costs of turning the rental property (above the security deposit that we recovered for you.)  We have also agreed to waive your next tenant placement fee.

    I hope this shows you how much we care about your experience and how much we value your relationship.  The eviction moratorium was a real challenge for investors and property managers but we're thankful the worst is behind us.  You have an incredible asset in a growing real estate market and I expect it to perform very well over the next full market cycle. 

    Thanks for being a client!

    904-677-6777
    Gregg Cohen, Not Your Avg Investor Show4.6237 Reviews
    WebsiteView Page
    1Reply
  • Nate R.
    Real Estate Investor · Austin, TX · Member since 2015 · 214 posts · 234 votes
    4y

    I just want to follow up and say that JWB came through on the rent guarantee. When this has been discussed on BP before, I've encountered extreme skepticism by others who say they have never seen such a guarantee honored by any turnkey provider.

    Thank you @Gregg Cohen and team for working through a difficult situation with the eviction moratoriums.

    0Reply
  • Gregg CohenBusiness Member
    Rental Property Investor · Jacksonville, FL · Member since 2011 · 143 posts · 136 votes
    4y

    Our pleasure @Nate R.!

    904-677-6777
    Gregg Cohen, Not Your Avg Investor Show4.6237 Reviews
    WebsiteView Page
    0Reply
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