Limitless vs Morris invest

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Limitless vs Morris invest

Jamil Rivera
Specialist · Chicago · Member since 2018 · 23 posts · 7 votes

The sales person I have been working with to send me deals recently left the Morris invest company and he has switched over to a company called limitless turnkey. I’ve already heard bad things from Morris reason why I didn’t buy from them. I would like to know what would be the down side or difference between these two companies. Or is it even worth buying turn key?

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Greg Dickerson
Developer · Charlottesville, VA · Member since 2018 · 4k+ posts · 4k+ votes
7y

I would not recommend buying a turnkey single-family residential property. If you are looking for a truly passive investment you should partner with exeperienced operators in your are or invest in a syndicated deal either commercial or multi family.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Magnus Göransson:

    @Jay Hinrichs Yes! But now i said downtown Detroit compared to Downtown Gothenburg.

    Detroit Downtown is safer. I walked in both places. I know offcourse what can happened in some Detroit suburb areas. I know you cant invest there. Scandinavia is not what you think anymore.

     PS I know Strategy good people there try very hard.  Mike the owner is intense

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Account Closed:

    @Jamil Rivera I actually had an opportunity to buy a single family house from Morris Inv. The home wasn't that far away from us here in Florida. It had a great ROI, but I wouldn't have felt comfortable in that neighborhood, even if I was wearing a B.P. vest...lol!

    So, I found a different property that we felt much better about.

    At the end of the day, I believe that you should analyze the deal, and do your due diligence to see if it's right or wrong for you.

    The deal that I passed on, might have been someone's cup of tea, but if they are an out of town investor, I hope they have a great property manager that they can trust!

    Toby to make Morris's sales pitch work he had to back into the deals.. he knew he needed to provide a 50 k an under product. it made his math work for the magic 10% return and the BS about how low end rentals are easier to manage than higher end and blah blah blah his whole concept and sales pitch while sounding great is not based in any kind of market reality... so the ONLY way you can have a allegedly rehabbed rental all in for 50k and Morris make his cut the wholesaler make their cut the rehabber makes his cut etc etc.. 

    you have to buy the absolute lowest priced properties in a given MSA  D and F class. thats what i tried to explain on the famous thread that went on for 700 plus posts about Morris.. it simply is not possible to do what he says.. the renter base as he describes it is a fantasy land only he lives in.   So as you learned when you actually go see the stuff its the HOOD.. or dilapidated economically obsolete areas of the metro areas.. in other words Garbage.. his whole program is Garbage..  he present its like little stick men very smooth and easy .. but like I said its also a huge fantasy.

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  • Jamil Rivera
    OP
    Specialist · Chicago · Member since 2018 · 23 posts · 7 votes
    7y

    You guys have all been great in giving me and everyone else in this thread and those who will look on this thread. Thank you all for your advice.

    2Reply
  • Account Closed
    Rental Property Investor · Jacksonville, Florida Area · Member since 2016 · 106 posts · 48 votes
    7y

    @Jay Hinrichs Do you think that these looming issues is why Clayton Morris decided to leave his job at Fox?

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Account Closed:

    @Jay Hinrichs Do you think that these looming issues is why Clayton Morris decided to leave his job at Fox?

     I think he left fox because he realized he could make millions doing this turn key marketing.

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  • David Goddard
    Member since 2019 · 13 posts · 4 votes
    7y
    Originally posted by @Jay Hinrichs:
    Originally posted by @David Goddard:

    Okay, so I have a quick question:

    Many successful real estate investors (not just Morris Invest) advocate for purchasing properties with an LLC for legal protection reasons. With MI though, they specifically state that they limit each of their LLC's to a maximum of $150,000 worth of properties (3 or so rentals if you consider the price points they generally buy at).

    So my question is if they are successfully held financially liable for the lawsuit posted on the first page, can their liability only be for the maximum of one of their LLC's or are those legal asset protections void when it comes to fraud and other allegations posted within the lawsuit?

    Thanks for the responses.

    LLC is no protection to being sued for the claims that are mentioned in that lawsuit.. they are being sued personally. LLC is not asset protection if your a bad actor and not asset protection at all really.

    Yeah, that's what I figured. It will be interesting to see what happens when the dust settles. 

    0Reply
  • Todd Burton
    Managing Broker / Investor · Indianapolis, IN · Member since 2015 · 350 posts · 362 votes
    7y

    @David Goddard

    Area "Classes" are subjective but in my 2 decades of experience in this market, no, the property in the photos is, at best, a "D" class" area. 

    0Reply
  • David Goddard
    Member since 2019 · 13 posts · 4 votes
    7y
    Originally posted by @Todd Burton:

    @David Goddard

    Area "Classes" are subjective but in my 2 decades of experience in this market, no, the property in the photos is, at best, a "D" class" area. 

    Okay Todd, thanks for the information.

    0Reply
  • John FortesPro Member
    Multi-Family Syndicator · Abington, MA · Member since 2017 · 603 posts · 347 votes
    7y

    I understand your going down this road and to be honest, I haven't heard great things from Morris Invest. I would shy away from turnkey companies such as these. I know a number of investors who explored these options and decided against it. Just do your homework and find someone or a property you can trust. 

    If you are trying to avoid the headaches but create passive income there are plenty of ways to do so. You can invest in a syndicators deal and they manage the asset while you collect safe, consistent returns monthly or quarterly and great tax breaks while avoiding tenants, toilets, and termites. 

    1Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    7y
    Originally posted by @John Fortes:

    I understand your going down this road and to be honest, I haven't heard great things from Morris Invest. I would shy away from turnkey companies such as these. I know a number of investors who explored these options and decided against it. Just do your homework and find someone or a property you can trust. 

    If you are trying to avoid the headaches but create passive income there are plenty of ways to do so. You can invest in a syndicators deal and they manage the asset while you collect safe, consistent returns monthly or quarterly and great tax breaks while avoiding tenants, toilets, and termites. 

     "I haven't heard great things from Morris Invest."...Understatement of the year lol.

    2Reply
  • Magnus Göransson
    Specialist · Gothenburg, Västra Götalands län · Member since 2016 · 26 posts · 33 votes
    7y

    @Jay Hinrichs I Agree with that, they had a really ruff time 2017. I was in the middle of it. But now they been really good. But i think i rather be in company that had ruff times and worked it out. And hopefully learned something. Then a company that has not.

    But i always try to have a plan B. If the PM suddenly run in to some problems, then your in real trouble to.

    0Reply
  • Mohammed Elzagha
    Rental Property Investor · Madison, AL · Member since 2018 · 19 posts · 18 votes
    7y

    My opinion is if a property is truly turnkey, why are they only being sold to investors? A seller wouldn’t want to limit their buying pool unless they had something to hide. They want fast cash closes to avoid honest appraisals and inspections. You would be better off finding homes on the mls and hiring property managers to run them.

    1Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    7y
    Originally posted by @Mohammed Elzagha:

    My opinion is if a property is truly turnkey, why are they only being sold to investors? A seller wouldn’t want to limit their buying pool unless they had something to hide. They want fast cash closes to avoid honest appraisals and inspections. You would be better off finding homes on the mls and hiring property managers to run them.

     To that point though there are many areas in the USA where the only people buying the properties are investors. The people who live in these neighborhoods do not typically have the means or desire to obtain mortgages & prefer or have to rent.

    0Reply
  • Mike D'ArrigoPro Member
    Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
    7y
    Originally posted by @Account Closed:

    @Jamil Rivera I actually had an opportunity to buy a single family house from Morris Inv. The home wasn't that far away from us here in Florida. It had a great ROI, but I wouldn't have felt comfortable in that neighborhood, even if I was wearing a B.P. vest...lol!

    So, I found a different property that we felt much better about.

    At the end of the day, I believe that you should analyze the deal, and do your due diligence to see if it's right or wrong for you.

    The deal that I passed on, might have been someone's cup of tea, but if they are an out of town investor, I hope they have a great property manager that they can trust!

    Toby, I hear people say this all the time about having great property managers for their rentals in the hood and can't help but shake my head. No matter how great a property manager is, they can get good tenants to want to live in the hood where as you say, you have to wear a bullet proof vest. These D and F class assets just don't work no matter what anyone tells you. 

    0Reply
  • Will Zena
    Rental Property Investor · Estero, FL · Member since 2016 · 195 posts · 105 votes
    7y

    I certainly am aware of the disaster that Morris Invest has been. I was almost taken in. Even wanted a new construction property. Thankfully I didn't take the plunge. 

    As far as Limitless Turnkey is concerned.  I had a phone call yesterday. They cover Akron, Cleveland, Dayton, Detroit and Kansas City.  C+ to B properties. They do not PM these properties.  Also the owner of Prosper Cleveland is part owner of Limitless. I know Prosper Cleveland does great rehabs so I was curious but still doing my research.  I am always wary when the PM is passed to another company. 

    I work with Strategy Properties in Detroit as well and Al Bazzy is very easy to work with. My first property was purchased about 4 or 5 months ago. A great rehab and very good return.  Will be buying another in the immediate future.

    Bigger Pockets was worth it's weight in gold just for saving me from Morris Invest. Thank my lucky stars

    2Reply
  • Rijm D.
    Las Vegas, NV · Member since 2017 · 54 posts · 9 votes
    7y

    I am one that got saved as well by being warned and look Into them, when I was blinded by the MLight, when I was just about to set up my phone call with them. That all delayed me from having started, but I'm sure the opportunity cost loss vs real money loss if I would have moved forward with them, I am better off this way.

    So I still listen to his podcasts as he does a good job with them. He now pitches 50 to 70k properties when it used to be 30 to 50. Maybe just a higher margin on crap or he moved into making it work legit while pulling the same profits. There was a podcast where he for the first time admitted about what happened. He said his family and sister got burned too, that the PM Oceanpointe was at fault. Well, I dont see why he had to stick so long with them and let people get burned. Dont think it can be excused for that reason, turned a blind eye on the issue for too long.

    Also he recently mentioned that he now makes 23000 a month in income from his rentals, but loses 10k a month as he did not nurture his portfolio, so he should make 33k a month from his now 68 properties he acquired in just 5 years all cash I think he said he has. The new construction I dont hear much of anymore, think that failed or halted or otherwise is not mentioned anytime recently.

    0Reply
  • Dardine Eduardo Soto
    Salinas, CA · Member since 2018 · 21 posts · 25 votes
    7y

    This thread alone, .... was worth the $43 I just plunked down for the Pro membership here. Can I say "thank you" enough times? .... limitless times? 

    Sorry, I had to take that pun but this is gold. Tremendous feedback, informative and even when negative, never vindictive or unprofessional. Kudos to all. 

    0Reply
  • Garrett Sage
    Rental Property Investor · San Antonio, TX · Member since 2015 · 1 post · 1 vote
    7y

    About a month ago I started receiving emails with property listings from Limitless Turnkey. I've never heard of the company and know I have not visited their website.  I've received 3 emails from them in the last month.  The only connection I can tell is that Morris invest probably had my email because I did one of their initial "consultation" calls.  I'm guessing Limitless stole Morris' customer database.  There isn't even an email sign-up on Limitless' website.  Another reason to stay away.

    Anyone else receiving these?

    1Reply
  • Anthony Khan
    Philadelphia, PA · Member since 2016 · 16 posts · 12 votes
    7y

    @

    Jamil Rivera there's too many turnkey scams out there like Morris Invest without ethics, contact numbers, or faces. Notice how you can't reach anyone at that Limitless company and it might be Clayton and Natalie Morris for all you know running another scam company as they spun up a few more since Morris Invest doing the same thing!

    I would echo what Greg Dickerson commented to work with experienced people in your area and vet the people and deals yourself without blind faith. Partnering with people you can meet and develop trust with is really important for me.

    1Reply
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