Morris Invest - Update and/or Alternatives?
I'm new to the real estate game and spoke with a Morris Invest representative yesterday. While performing my due diligence, I found in-depth negative reviews of the company on here. Between YouTube and stealth reading articles and forum posts, I've been lurking around the BiggerPockets 'verse for a while; the situation is prompting me to actually enter the chat.
The discussions I found were all dated, and the company seems to be doing things differently, so I'm reaching out in the hopes of getting an update. I don't want to be a patsy in a Ponzi scheme, but I also don't want to hold an old mistake against someone. I'm a skittish newbie who really wants to get invested in real estate, and the kind of products Morris Invest purports to offer (full service, a mentorship-style walkthrough of the whole experience, and a tailored approach to use the resources the investor has available) is a really tempting way to get started.
Here are some things that have been different about my experience thus far (compared to the posts I found from pre-2020):
- Previous offerings: rehab units; current offerings: new builds
- Previous market: Indianapolis; current markets: Joplin, MO, Lubbock, TX and Odessa, TX
- Previous financing affiliate: Ocean Point; current financing affiliate: SDIRA Wealth
- Previous communication: bad (delayed, uninformative, and the like); my experience this week: ~10 minute delay in the scheduled phone call; very responsive via email (I received the follow-up mentioned on the call within twenty minutes of hanging up; I sent a reply with many detailed questions at lunchtime today [12:43 PM ET] and received a thorough response same day [8:05 PM], including a simplified pro forma example.)
- During our phone call yesterday, I was strongly encouraged to visit the development prior to purchase; none of the previous reviews mentioned this even as an option
Has anyone worked with the company recently, or has anyone heard of any recent engagement with Morris Invest? Are there competitors (as in, other full service real estate investment companies) that you might recommend checking out instead?