I have been following the Holton Wise properties for awhile and finally saw one that interested me a few days ago. I am very concerned this might be a scam after @James Wise refused to provide what I believe is basic information that should be given as part of a real estate transaction, and wanted to ask what you guys think.
The property in question is a Quadruplex in Cleveland located at 7809 Franklin Blvd and featured here: https://www.youtube.com/watch?v=TkFnuAaENwY
After watching the video, I wrote to James to inquire about the cash flow of the place and he replied only: "All info on the building is in the video." After watching the video a second time and not finding any mention of expenses I again emailed specifically requesting information on costs of operating the building. He pointed me to episodes of his Real Estate and Analysis show for other properties here: https://www.youtube.com/playlist?list=PLWaflf0vPbEnQ4v3Eyvw9HlbY8T7ZNLQE
In all of these videos James has a breakdown of operating costs for the building so he clearly recognizes that this is important information. For example here:
After watching the video for 7809 Franklin a 3rd time, I pointed out that I could not find any of this expense information and requested that he point me to the timestamp of the information in the video in case I was missing it. No reply.
Days later I sent a follow up email asking if the vacant unit mentioned in the video had been filled and if he had 2019 or YTD income information for the property. I was told "Again. All information that is available has been put in the video." Apparently information on how often tenants are paying rent is unavailable?
So, while I usually like to be very sure of an offer before submitting it, I sent James a full price offer assuming that I would be able to get documentation during a contingency period. My offer was rejected in 10 minutes and I was told that no document contingency would be acceptable.
So, I am left a bit bewildered -- what I am missing here? It seems like if you are trying to sell an income generating property but refuse to disclose any information about how much income the property in generating, you are probably running a scam of some kind? I thought James was a respectable no-nonsense person? What do you guys think, is this normal?
