Looking for referral to realtor and any advice

8 Replies

Hi Everybody,

Short and to the point - My husband and I purchased a house through Clayton Morris in August 2016.  The experience has been one big long headache.  We are looking to make some major life changes in the near future, and are weight our options with this property.  Do we keep it as a rental?  Do we sell it on the open market?  Do we do we do we???

The property was never rehabbed (at all) as it was supposed to be when we bought it.  We have had to put a significant amount of money into it, and are looking at needing to put even more into it now.  It is currently vacant.

Can somebody please recommend a good realtor to us that might be able to help us explore the selling option?  We don't know if we should just list it as is, fix it up to sell to an owner occupant, or fix it up, get it rented, and then sell it to an investor.

Any and all advice is greatly appreciated.

Liliana

Good morning Liliana,

I am sorry to hear about what happened. Unfortunately you aren’t the first person I’ve heard of in this situation. But I am a realtor in Indianapolis. I would love to talk with you and see if there is a way I could help. I’ll send you a private message with my contact information.

Look forward to talking to you,

Mike

@Liliana Ruano where is your property or at least the nearest cross streets if you don't want to share an address? And how many bedrooms? If you bought from Morris, you'll be lucky if you are in a C class neighborhood but quite possibly in a D or worse. Without knowing your exact situation, I am going to guess that you will take a really big hit selling your investment while you could quite possibly turn it around with a rehab and getting it rented....which is why you likely got into this in the first place. Even though you were dealing with a crook, investing in working class Indianapolis rental homes can actually be done with success so long as you are working with the right people. Depending on where it is, I could recommend a contractor and PM to get you back on course.

By the way, I hope you are part of one of the many law suites I hear are out there against Morris and/or Oceanpointe and I hope you are able to get restitution

@Liliana Ruano Ugh. Unfortunately, you are not the only person who has been impacted by Morris Invest here in Indianapolis. I have worked with some folks who have bought from Morris Invest that were in a similar situation to what you and your husband are facing.

That being said, @Ric Ernst hit the nail on the head mentioning that at best you are in a C class neighborhood. If this is the case there may be an opportunity to get the property rent ready and stabilize it. This will be a long process, but it could be a better option than selling at a loss. Additionally, if you have bought everything cash so far and can stomach more cash for renovations there could be room to refinance and pull your cash out if the numbers make sense. Sorry... there are a lot of ifs here. 

 However, if you are in are in a D class neighborhood it may be a tougher turnaround by dumping more capital into the property only to have the best piece of crap on the block.

I am happy to advise you on how I worked with others in their situation and what vendors here in Indy they utilized. Either way you do have options. I wish you the best and it sucks to see another Morris Invest victim in my backyard market. :,(  

P.S. @Chris Fuhs thanks for the shout out! 

Originally posted by @Liliana Ruano :

Hi Everybody,

Short and to the point - My husband and I purchased a house through Clayton Morris in August 2016.  The experience has been one big long headache.  We are looking to make some major life changes in the near future, and are weight our options with this property.  Do we keep it as a rental?  Do we sell it on the open market?  Do we do we do we???

The property was never rehabbed (at all) as it was supposed to be when we bought it.  We have had to put a significant amount of money into it, and are looking at needing to put even more into it now.  It is currently vacant.

Can somebody please recommend a good realtor to us that might be able to help us explore the selling option?  We don't know if we should just list it as is, fix it up to sell to an owner occupant, or fix it up, get it rented, and then sell it to an investor.

Any and all advice is greatly appreciated.

Liliana

 Hi Liliana, 

It's going to come down to where the house is located. I have an agent that might be able to help you but if you DM me the address I can be more sure.

Hi everyone, thank you for your responses.  My PM has gotten me in touch with a RE Broker, and I have received some comps.  Based on this, I will be listing the property very soon.

~Liliana