Story with Morris Invest
We were attracted by the theory of Clayton Morris like so many people did and took action in March this year to buy two houses. It is hard to say anything wrong with the theory or say this is a scam but this investment turned out being nightmare to us.
The first house was called “Rent Ready” in the communication emails. We thought “Rent Ready” should be almost ready and no rehab is needed so we can find the tenants to collect rents right away.
The second house was purchased at the price including the rehab costs $9,000. It was promised to take 3 months to rehab, longer than Podcasting, but anyway.
We were introduced to a property management company named Blue Sky opened by Clayton Morris and they took more than two months to send us the management agreement by the excuse of system issue, which delay us from realizing the problem. Long story short, after three months, we realized we can't collect a penny from both two houses so communicated Morris Invest. James Federico we spoke to told us Indy Jax/Ocean Pointe is the one who didn't describe our House 1 ("rent-ready") right and didn't do the rehab job for our House 2. He suggested us to hire another property management company. This suggestion sounds reasonable for us to at least find out the situation of our houses so we did hire a new property manage company to inspect our houses.
The inspection reports sacred us: House 1 ("rent-ready") need a $14,000 to get it ready to rent; House 2 required rehab has nothing done.
We communicated with Morris Invest about the inspection results. They asked us to contact Indy Jax/Ocean Pointe because they collected our payments and should be responsible for our houses. We tried hard to contact Indy Jax/Ocean Pointe but nobody responded. Then we have to go back to Morris Invest, their suggestion was that we can sell the houses or took the loss to rehab by ourselves to start gaining the cash flow.
What the hell! We did nothing wrong, why we need to take the loss?
The above is the story we worked with Morris Invest, all facts. So guys, be careful. These people looked very nice when you will buy properties from them but they had a face turn when we went after them for solution.