Morris Invest Oceanpointe Investments Promised 12% return on Investment in Turnkey single family rentals. For a fixed sale price Morris Invest and Oceanpointe Investments were to completely renovate houses, obtain qualified tenants and manage the properties. After purchasing 3 properties I was to discover that almost none of the pre-paid renovations were completed. Phony leases were presented to me with names different from the persons inhabiting the houses. Madison New Jersey
The Moriis Invest website is full of video examples of the representitive quality that investors could expect from the company with their turnkey investment. They promise new roofs, heating and hot water systems, fresh paint and floor finishes and anything necessary to make the house rent-ready, servisable and free from major repairs needs for the next several years. Instead, Morris along with their partner, Oceanpointe Investments, failed to renovate the houses and in 3 of the four units that I purchased, moved individuals into the houses without valid leases. In the one case that I did receive a lease, it was later discoved that a different person was living in the house than the person named on the lease.
A few months after my initial purchase I received violations notices from the city regarding health and safety violations to 3 of the 4 units. Within six months of the initial purchase all rent payments ceased although "tenants" were still living in the units. After numerous unsucessful attempts in contacting Morris and Oceanpointe about removing the non-paying tenants and completing the renovations to the units I was forced to termanate the management agreement and change property managers. In order to bring the units up to rent-ready and decent, safe and sanitary conditions and to evict the non-paying tenants I ended up spending close to $50,000 out of pocket for work that was supposed to have been completed by Morris. Both Morris and Oceanpointe have basically pointed the finger at each other for their failures and criminal activities.