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All Forum Posts by: Sivakumar Ganapathy

Sivakumar Ganapathy has started 3 posts and replied 13 times.

I'm looking to do this in Texas. Is there some place where I can see how profit sharing and partnerships are done in general for these types of contracts?

I'm trying to be an investor in flips and trying to form a team of agent, designer, contractor etc. Is there a place to look for establishing a legal contract, getting advice on a good profit-sharing model etc? Appreciate your help!

Post: Looking for a mentor or an agent

Sivakumar GanapathyPosted
  • Fremont, CA
  • Posts 13
  • Votes 20

Thanks folks for taking time to answer my questions. I really like the idea of joining REI groups. I'm going to scout for one and join. Appreciate your time here.

Post: Looking for a mentor or an agent

Sivakumar GanapathyPosted
  • Fremont, CA
  • Posts 13
  • Votes 20

I'm looking to get into multi-family properties in 2023 and am looking for an experienced mentor who can guide me in the right direction. More specifically, I'm looking for help:

1) to narrow down the areas to invest in

2) to do financial calculations for feasibility analysis

3) to help form a team a team of (a) real estate agent (b) funder(s) (c) property manager

I realize that multi-family investment is an art that can only be passed on through virtue :) So, I appreciate your help in advance.

Cheers,

Shiv.

Post: Opinions on Holton-Wise Property Group

Sivakumar GanapathyPosted
  • Fremont, CA
  • Posts 13
  • Votes 20

@Sunny D.: Let's take it up offline. I don't want to dilute the good discussions in this thread.

@Jay Hinrichs: Unfortunately, what might seem humorous for you was far from that for me. In any case, I only wanted to state the facts. I rest my case.

Post: Opinions on Holton-Wise Property Group

Sivakumar GanapathyPosted
  • Fremont, CA
  • Posts 13
  • Votes 20

I'm an investor from California and used Holton Wise's services while helping me serve a tenant in the Cleveland Heights area. I'm going to try to have a level-head while writing this review since the treatment meted out to me was pathetic, to say the least. Here are the facts and I'll advice you all to decide for yourself.

Problem #1: Lack of communication: For close to 2 months from the time I signed a contract with HWPM, I was able to reach a human behind a phone for a sum total of TWO times. The rest of the time was spent talking to voice mail boxes with a 100% guarantee from them that no one would call back.

Problem #2: My emails were far more lucky than my phone calls. They indeed got a response-rate of close to 50%. Although, I had to copy 2 or 3 different people before I got a response, I, at least, didn't have to pay google for those extra CCs.

Problem #3: Miscommunication: Obviously, when they don't have time to talk to the owners, there is only so much we can "communicate" with them. Some of the basic instructions I gave them were either not acknowledged or got lost in translation (Please see below).

Problem #4: Incorrect lease: One of my several emails had clear instructions on what kind of lease I wanted with the tenant, specifying clearly the rent amount, the lease duration and the terms on paying utilities. Of course, these instructions only matter when there is someone reading your email.

The lease that was signed and sent to me had an incorrect rent amount with an additional clause making me pay for utilities!! HWPM's response was simple: Sorry, but we cannot fix the error.

Reason: They pointed to a clause in their terms that says HWPM has every right to "negotiate" the lease terms with the tenants. Oh, thank my heavens for their power to negotiate a deal $125 less than what I had asked for and for making me pay my tenant's utilities! They also had one more interesting thing to say: That the lease is a binding agreement and that it cannot be changed. Well, blame me for not realizing that.

The only solace was that property manager called and accepted the error at their end. However, being the lucky owner that I am, I was given the absolute honor of footing the bill/loss.

Problem #5: Attitude: Several people I spoke to mentioned that such errors are common in management companies and that a good company would try to fix their mistake and keep you with them. But HWPM made no such attempt, even in the wildest of imaginations. In fact, an email I received from the owner made it clear to me to find some other management company. And I'm extremely glad that he said that - I'll be grateful to him for giving me such wonderful advice!

Problem #6: Fees: This one is for the math buffs. I was with HWPM under a contract for not more than 2 months. But man, they do make a good business out of you. For the under-prepared, here's a split-up of all the fees that I had to pay:

a) Account Setup Fee: $95

b) Bill Pay Fee: $15 (A bill paid to the city of cleveland for some permit)

c) Lease renewal fee: $195 (That is right! For getting me a lease whose terms I did not authorize)

d) Management Fee: 10%

e) Contract early termination Fee: $195 (Yes, I deserved this for going with them in the first place :) )

Bottom-Line: Not a single attempt from them to set things right. I have now moved to a different company in the same area and am loving it so far. They have taken ZERO fees from me so far and have been providing an amazing service . A world of difference and most importantly, the new company does indeed have humans who talk to you over phone and respond to your emails!

Post: Holton-Wise Group Reviews?

Sivakumar GanapathyPosted
  • Fremont, CA
  • Posts 13
  • Votes 20

I'm an investor from California and used Holton Wise's services while helping me serve a tenant in the Cleveland Heights area. I'm going to try to have a level-head while writing this review since the treatment meted out to me was pathetic, to say the least. Here are the facts and I'll advice you all to decide for yourself.

Problem #1: Lack of communication: For close to 2 months from the time I signed a contract with HWPM, I was able to reach a human behind a phone for a sum total of TWO times. The rest of the time was spent talking to voice mail boxes with a 100% guarantee from them that no one would call back. 

Problem #2: My emails were far more lucky than my phone calls. They indeed got a response-rate of close to 50%. Although, I had to copy 2 or 3 different people before I got a response, I, at least, didn't have to pay google for those extra CCs.

Problem #3: Miscommunication: Obviously, when they don't have time to talk to the owners, there is only so much we can "communicate" with them. Some of the basic instructions I gave them were either not acknowledged or got lost in translation (Please see below). 

Problem #4: Incorrect lease: One of my several emails had clear instructions on what kind of lease I wanted with the tenant, specifying clearly the rent amount, the lease duration and the terms on paying utilities. Of course, these instructions only matter when there is someone reading your email. 

The lease that was signed and sent to me had an incorrect rent amount with an additional clause making me pay for utilities!! HWPM's response was simple: Sorry, but we cannot fix the error. 

Reason: They pointed to a clause in their terms that says HWPM has every right to "negotiate" the lease terms with the tenants. Oh, thank my heavens for their power to negotiate a deal $125 less than what I had asked for and for making me pay my tenant's utilities! They also had one more interesting thing to say: That the lease is a binding agreement and that it cannot be changed. Well, blame me for not realizing that. 

The only solace was that property manager called and accepted the error at their end. However, being the lucky owner that I am, I was given the absolute honor of footing the bill/loss. 

Problem #5: Attitude: Several people I spoke to mentioned that such errors are common in management companies and that a good company would try to fix their mistake and keep you with them. But HWPM made no such attempt, even in the wildest of imaginations. In fact, an email I received from the owner made it clear to me to find some other management company. And I'm extremely glad that he said that - I'll be grateful to him for giving me such wonderful advice!

Problem #6: Fees: This one is for the math buffs. I was with HWPM under a contract for not more than 2 months. But man, they do make a good business out of you. For the under-prepared, here's a split-up of all the fees that I had to pay:

a) Account Setup Fee: $95

b) Bill Pay Fee: $15 (A bill paid to the city of cleveland for some permit)

c) Lease renewal fee: $195 (That is right! For getting me a lease whose terms I did not authorize)

d) Management Fee: 10%

e) Contract early termination Fee: $195 (Yes, I deserved this for going with them in the first place :) )

Bottom-Line: Not a single attempt from them to set things right. I have now moved to a different company in the same area and am loving it so far. They have taken ZERO fees from me so far and have been providing an amazing service . A world of difference and most importantly, the new company does indeed have humans who talk to you over phone and respond to your emails!

@Robert Gilstrap Thanks for your tip. I was literally asked to leave by the PM company's head when I asked them to correct their error. As you said, I believe it will be a waste of my time to take them to court, although I do wish to teach them a lesson and not to mess with other clients. I will see if I can talk to the E&O Insurance, but I doubt if they will give me that information. They don't seem to want to talk to me (out of guilt, I believe).

In any case, my combined water + sewer bill was around $165 for the last month. Are you saying that it is very expensive? Or are you saying that something could be wrong with the metering?

@Adam Ramsey

One more question: Do you know if reaching out to the tenant directly will create any other issues? I do notice that the previous lease that they had makes them pay for water and sewer. 

@Adam Ramsey

My troubles started when I purchased the home in November last year and signed an agreement with them. Only after I signed the agreement did I realize their callous attitude and their sheer lack of responses to my  emails or phone calls. In fact, their attitude is probably what led to them to completely ignore my emails regarding my lease requirements.

And yes, I expect the water and sewer to cost about $160 per month. That's the bill I got during the last month at least. so, I just extrapolated that. This is my first home in this area and hence I'm surprised too.