All Forum Posts by: Ian E.

Looks like BlueSky is no longer able to take incoming clients.

Update:

I received an email from OP stating that they were trying to fix things with their owners and that they would schedule a conference call a few days later. I replied, to give them the proper phone number and they still called the wrong number, 90 min late, and left a message. The message stated to call them back but their inbox is full and they have not replied to emails.

I received a new automatic invoice stating that both sides of the duplex are in "collections" status but can't get any more information. OP should still have the tenants deposits but I can't even get anyone to fill me in on what is actually happening.

Just heard that OceanPointe has stopped doing any business and all properties are being handed over to a company called AHI. I didn't receive a notice or anything from OceanPointe was given the information by a Morris Invest liaison.

Completely agree @Tyler Jahnke. This was my first house and since then I have used my lessons learned to buy two more duplexes and I closed on a 4-plex in Dec. All of the properties are in the same area, with the same PM, and I have flown out to get eyes on before the purchase and continue building my team. The MI house got me excited about real estate but it has also helped me learn what not to do.

Sorry I have been MIA but I now have an interesting/disappointing development.  I have had my duplex for over a year and everything has been going well. Communication has been horrible but the rent checks were coming in. I felt like I had to be more understanding because I needed the PM more than they needed me and I have been out of the country for a while.

Last week I got my normal invoice but it was only for $650 instead of the $1,300 I was used to. I looked at the details and one of the units was "in collections". I was never contacted by Oceanpointe to notify me of the issue. I sent them an email but haven't been able to get anyone. I received a separate email today with an invoice for necessary repairs to make the unit rent ready.  There were some normal things like blinds and yard work but there was over $4k for carpet, vinyl, drywall and paint. There were no pictures or even an explanation as to what was happening and instead was just a button to accept of deny the suggested repairs. All of this work was originally completed when I purchased the house.

I have sent a few more emails to try and get current pics and more details on the unit but I am not hopeful. This situation caused me to jump back in the forums (I had been focusing on the blog and podcasts lately) and I saw all the discussion regarding @Tyler Jahnke's current situation and the possibility that some of the Morris Invest houses never had tenants.

I will let you know as soon as I hear more.

@Steve K. 

@Denny McKown

@Ryan Stucki

So far so good. I have had tenants in both side since the beginning of the year and received all payments with no issues. I am comping up to the 10 month point with both sides so I am curious to see if they will be resigning and get a feel for the condition of the property.

@Kin Lay The duplex was $30k needed $30k for rehab and rents for $650 per side.

Just wanted to give an update on my original "Morris Invest Case Study". I have had both sides of the duplex rented for the past 5 months and so far, everything has been good. Best of luck to all of you!

@Roselyn Richards I just arrived to the area a few weeks ago as well. I should be at the Roseville meeting on 7 Feb so hopefully I will see you there.

Right now I am just crossing my fingers and hoping things go well. Luckily, the cash flow will allow me to prep for some maintenance once I have new tenants moving in.