All Forum Posts by: Stacy Weng

@Jay Walsh I'm well aware of the texts you exchanged with my husband. You told him a tenant will be moving in in two weeks without any additional details. What about all the stuff that still needs to happen prior:

1. Getting all the mechanicals installed
2. Getting inspections for the permits
3. Scheduling our home inspection
4. There isn't even a PM agreement in place yet!

I would think those are all important details to iron out first, and it's not unreasonable for us to ask to be kept in the loop of the process. And if a tenant really is that close to moving in, then we need to be speaking directly to the PM company, which we haven't heard from. I think those are all valid concerns. 

@Patrick Shawn Faherty Do you have the contact of someone from Anchor Property Mgmt that's responsible for the ABC properties that you can share? Of course we were never notified of any PM changes and Jay hasn't responded to any of my emails... surprise surprise... 

@Sarah Lam So sorry you had to go through that entire nightmarish ordeal! Considering the nightmare I've been through with ABC so far and my property isn't even done yet, I'm just bracing myself for what's to come with their tenant placement and PM. 

I'm actually surprised at how many people who don't know the full story were so quick to jump to Jay's defense. ABC's lack of any sort of operational efficiency and failure to keep their customers informed by providing conflicting information is not by any means acceptable by any standards, especially when it's happened over and over again.

I get frequent messages from BP users also, and it really is a shame that not more unhappy investors are speaking up.

@Sarah Lam just curious, when did you purchase your property and how far along is your rehab? Is it anywhere near being finished?

Sadly, it no longer comes as a surprise to hear about all the horrible experiences people are having with ABC.

So it’s now been another three months since my property was “ready for inspection”, and it’s still not done, which officially brings it past the one year mark since I originally purchased the property. My property also had a permit violation, which apparently is resolved now, but I have yet to get an update from Jay as to what the next steps are.

I actually missed Jay’s response to my last post, so let me address his responses….

1. Jay himself said multiple times the property would be done in two months. B/c the project had already suffered delays from the squatter, he said he would personally make sure the rehab took priority and would be expedited. I have the emails to prove it.
2. Yes, we're all aware construction projects come with a certain set of uncertainties that could possibly result in delays. But you factor that into the planning. If large, multi-million dollar housing development projects can finish on time, what's the excuse for a SFR rehab??
3. The last time we went to see the property, it was nowhere near inspection ready, with poor craftsmanship, so ABC’s standards must be non-existent if they consider what we saw “beautiful”.
4. Yes, I've been getting rent from the rent guarantee, but like I've already told Jay, the lost opportunity cost from my capital being tied up for this long far outweighs the rent being collected (which by the way, is always late and needs to be hunt down every time).

I couldn’t get a response from Jay when I had initially reached out to with my concerns, so I had no choice but to reach out to Maverick in hopes of getting the issues resolved. Instead of addressing the issues (as any customer service oriented organization would do), Jay’s immediate reaction was to get super defensive, which seems to be common for him.

Even his comment about me wanting to make this public makes it seem like I’m purposely out to get him, when in reality, I’m just sharing my experience with other BP members, which is what BP is here for! 

@Matt Bowles Appreciate you addressing this matter. However, it's been two months since the last incident and my property still isn't complete. Whatever “clear path forward” we had discussed with the seller fell short, yet again. Am I surprised? No. Disappointed? Extremely. When we went to do an inspection to generate a punch out list, the property was nowhere near ready as the seller had described. There was even a permit violation notice on the door. This was two months ago, and there have been no changes since then. Every time we’ve reached out to the seller, he’s told us he’s meeting with the city to get the permit issue resolved, week after week.

Yes, he’s paying us rent during the delay, but at this point, the lost opportunity cost from our capital being tied up for so long far outweighs any rent that we’ve received. It’s been a year since we purchased the property and it’s still not done!! How is that acceptable under any circumstances?

On top of that, I heard from other customers of the seller that they changed PM companies, which I was never even notified of.

Unfortunately, this really makes me question how your regularly scheduled meetings and check-ins with the seller are handled if these issues are constantly not being resolved in a proper manner. And from speaking with other customers who have purchased from the seller, they have all experienced the same frustrations and unprofessionalism. 

Agree with @Patrick Shawn Faherty ! I purchased a property through one of Maverick's TK providers in Baltimore and it's been a nightmare experience. This speaks to Maverick's "vetting" process or lack thereof.

When I reached out to Phil from Maverick to express my latest concerns, instead of addressing it with myself or with the TK provider, he simply forwarded my email to the TK provider, which then led the TK provider to send me an extremely unprofessional and nasty email. 

I would definitely think twice before doing any business with them.

I wanted to provide an update on my property. It's now been almost 10 months since I purchased my property with ABC, and the rehab still isn’t complete!! I started out optimistic, even when the rehab suffered a three month delay from the squatter issue. That optimism has turned into pure frustration.

ABC is beyond slow, even with the squatter delay, they've still had 7 months to complete a project that Jay initially said would only take 2 months. Now I know delays happen in construction, but >3x the initial estimated timeline is just ridiculous! Jay’s been saying they’re “close” for the past 3 months.

The first time we went to see the property, they had just finished the rough ins. They told us it would go quick after that, and each time we asked for an update they said it was coming along really well. But from each of the picture and video updates, and from when we went to see it again, the progress had been minimal, especially given the amount of time in between each status update.

Their construction manager at that time (who later on got fired) gave some BS reason that he didn’t like to give timeline estimates b/c it’s hard to find reliable contractors and sometimes they just don’t show up. Seriously??

The fact that they have zero ability to maintain any sort of project schedule is beyond my comprehension. It seems like they’re focusing all their efforts on trying to scale their business without taking the time to implement the proper systems and processes, which is just a recipe for disaster.

Last week, Jay told me our property was finally done, minus the punchout items, and was inspection ready. I scheduled my inspection just for my inspector to get there and find out the utilities weren't even hooked up, and it turns out the furnace and water heater weren't even installed! How the hell is that considered inspection ready??

I've been collecting rent from their rent guarantee, although that gets delayed every month as well. I have to follow up on it every time and each time I’ve gotten a different answer on when they pay rent or why it’s delayed.

This entire process has been extremely frustrating. I was initially intrigued by their BRRR turnkey model, but the way things are turning out, I definitely won't be purchasing anymore properties through them. I won't even get into the quality of work, or lack thereof.

@Maria Ho thanks, we finally got the licenses from the PM firm, but there's still a long way to go before we resolve the rest of the issues! 

@Thanh Nguyen I just closed on my property last week so I can't really speak to USREEB's PM services yet. I guess we'll see in a few months! 

@Luke Terry Let me know how it goes with them, I'm also interested in Cleveland as a market and looking for a reputable company to work with.