All Forum Posts by: Son D.

I just had an interesting conversation with Clayton Morris this morning. He first apologized for my current experience. He said that he started a PM company and asked me to switch over with them. He promised that after done switching over his team will go in and do everything that should have been done in the first place. Again this is HIS PM company not another partner he had on the ground with a new group of people. I'm curious on BP community's input on this one.

As promised here is the video on the inspection report

As promised here is the video on the inspection report

@JD Martin yes it is rented. There were a few more pictures that I did not put in that video because it showed their faces. It was more of the same. I've also been requesting a copy of the lease since mid February and have yet to receive it.

@Tyler Jahnke I don't know how you were able to turn your property around. Maybe you were smarter than me and came over there during the rehab stage so they actually did it properly whereas I planned to go after.

I have been working with kyle lacy at ISU. They give you 4 levels of coverage and you pick the one you want. Seems like a good deal.

Those numbers are about the same or less than i thought. I've been looking at high 70k to 100k properties turnkey and figured they probably make around 20k. I couldn't imagine scammers could make more than that. That's why I was asking that question. I couldn't understand why scam when you would make the same amount as legit companies. 

After you guys explain about the risk, I still don't think it's worth it. The turnkey will rent it out and keep the rent even if there is no buyer yet without ever dropping their asking price. In Indy, it seems, sooner or later, someone will buy it. So I guess the downside is money being tied up longer than they would like. The upside would be that it allows the management side to catch up to the company's growth. I realize the ins and outs are probably much more complicated and I'm too much of a newbie to understand how complicated. Overall, with my limited understanding, it still seems too foolish to base your business on taking advantage of newbies.

@Todd Fry everyone is ignorant on a given subject when he is new. Most would call him a "novice', some say he's being and "idiot". Don't pay attention to some people. Real estate is completely new to me as well. I feel no shame in slipping on my first step. Just think about what you're an expert in and how quickly you spot a newbie in your field. Certain people will take advantage of that.

@Todd Burton I've noted in my post in the past that someone from Oceanpointe told me they were building a new property management from the ground up. Even the title company changed name months ago so it's not surprising that they would change every other name as well and pretend that they're a whole different company.

@Jay Hinrichs would you happen to be able to estimate, from your experience, how much more these people make per home than the legitimate turnkey companies? I'm just curious to know what it takes for them to risk so much.

@Colin Zhu I have no idea what I want to do with the property eventually. right now I just want to make the companies fix the property.

@David Fernandez these pictures were from my inspector and the actually date is on them. the garage pictures were from a connection I made in Indy who took them after I was informed the property was rented.

@Todd Burton when I purchased all documents were made via DocuSign and no one explained anything. I read the documents that were sent, but to be honest, wouldn't have known whether required documents were missing.

@Jay Hinrichs I think i'm going to have to file complaint to the IN board and start litigations as MI/OP has pretty much ignored me the past week. You have anyone you can recommend?

@Colin Zhu I'm not offended. I'm pretty ticked off at the company. That is why i'm posting it online. I'm hoping this will pressure the company into doing the right thing. I hope people will share the video whenever they see someone considering investing with these companies. I don't know where MI is getting all these people to give them good reviews online. We know it differently on biggerpockets. There need to be more evidence of wrongdoing.

i just got a post rehab inspection on my property last week. Here is the video. https://youtu.be/_jn6G6cZsdE