All Forum Posts by: Scott H.

Does anyone have any experience with Limitless Turnkey, specifically in their Kansas City Market?  I've learned my lesson.  All turnkey operators get vetted.  Thanks!

Does anyone have any experience with purchasing rentals from CAPS? Thanks in advance.

I bought in on 8-22-17 with $20,000.  I have been paid $1,216.28.  So I have made 6.08% in 18 months, so right at 4% annually.  If you give them a little credit for the slow startup and rehab time, it is maybe a little better than that.  To be specific to your question, Luke, I asked to sell out and I was denied.

Thanks for the update. Much more clear. 

Below is a cut and paste from the 4Q update.  So it would appear that Holdfolio intends to not pay out unless all properties are rented simultaneously, which will probably never happen.

12/31/2018. We had 2 move outs during Q4, which brings the total vacant properties to 3. One is being marketed for rent, and the other two are in the process of being turned. We are looking forward to this portfolio becoming fully occupied in order to maximize cash flow and overall earnings. Holdfolio is allocating all earnings on this portfolio until it is performing at 100% occupancy.

Jacob

All 10 HAVE been rented; one of them just happens to be turning over right now.  As a result, you are holding dividends.  You can withhold dividends forever if it requires 100% occupancy.  Additionally, there were written materials stating that in investor could sell his shares either back to holdfolio or another investor, yet I was denied.  In fact, I have received several emails from holdfolio asking if I want to buy someone shares, yet I can’t sell my own.  

 I have an investment with Holdfolio.  Overall, it has been very disappointing.  Right now, they are not paying investors because they claim the portfolio hasn’t reached 100% occupancy.  All houses have been occupied, but one is being turned between tenants so this is how they say they haven’t reached 100%.  Given usual turnover rates, they will never reach 100%.  When I got into this investment, it was very clearly written that one could get out by selling their shares back to holdfolio or to another investor.  I tried to get out and was denied.

So, at this point, holdfolio is behaving like several other fraudulent investments that I’ve had the misfortune to be part of.

I feel like I should open this like an AA meeting.

Hi my name is Scott and I'm a Morris Invest buyer.

"Hi Scott"

I've been a real estate investor for a number of years with good results. However, last summer, I let my guard down and did all the wrong things...buying a single home (Indy) in my IRA with Morris Invest. Honestly, right now, I'd give the thing away just to get out of it and move on with the things I have done in the past. I've had all the same experiences as others on here with Clayton and Oceanpointe. I spoke with Clayton a few weeks ago and I guess I was still hopeful this could work and I turned my property over to his "new from the ground up" PM team, Blue Sky PM. At first, I was impressed because they actually answered emails. However, I began to notice that none of them were getting me anywhere.

So, I began Googling OP and MorrisInvest combined with the term "fraud".  Many of my hits brought me here, so here I am.  I've read through this and other threads.  I have some questions...

1.  Is there any formal group legal action going out there?

2.  I noticed some of you were PMs offering to help.  Could you please reach out to me?  I think I would be best served here by NOT being involved with anyone associated with Clayton.

3.  Does anyone have any suggestions on how I could ditch this property quickly and just move on with life?  Fortunately, I only bought one and this is not a life saving kind of deal.  But....I'm not interested in sitting around accepting the risk of city fines and tenant issues.

Thanks