All Forum Posts by: Brent M.

Their Podcasts are good, they put out useful information (I still listen to them).  They failed because they weren't "Turnkey" themselves, they brushed that off to Ocean Point which we saw/heard from is terrible.

I believe, going forward he no longer uses them/create his on property management team.  Based off his newest video they discuss a pieces here and there.

I still won't use them, there are much better actual turn key companies in those areas.  I'm just going to try and stick closer to home (if I can find them).

@Gerard J. haha damn all 24 pages damn, I have a keyword for "Morris Invest" that procs so I can read all that people say about them, I would skip over them.  There are several BP recommended turn key businesses that are truely turn key and have no problems with any inspections, already have rehab done or even a tenant in place.

@Tyler Jahnke

Well dang, Congrats on 2 purchases all within a few months apart, are you all in cash on both properties or financed on 1.

86k for a 1k rental seems good, after a few rehab would still beat the 1% rule.

I've tried to direct commenters on MI's Youtube channel to check out BP Morris Invest, but I think the comments get removed lol.

Anyways stay vigilant and seems you've got past some of those rough patches.

Hello Jacob, 

Did you research Morris Invest prior to buying a house with them?

I have read through multiple forum posts regarding their "turn key" process and what they sell, you should also do the same before fully committing to it.

Have you sat down with a lender prior to going through this process, you should know depending on the property most banks will not finance a house below 60k and in some areas it needs to be at least 100k to be financed.

I've had MI send me two properties, both were 55-65k range, I looked at the market and did some research on them and their ARV would be 50-56k range. They were trying to sell me something 10k over market value which "might" not even to be refinanced and have my money moved out.

I would suggest to buy homes with an ARV of at least 80k if your looking to refinance out.

LLC = Banks will very rarely finance any investment properties unless your company has good cash flow, good credit or you'll have to personally guarantee the loan, it will have a higher interest rate by 1%, insurance will also be higher and some other lil stuff such as re-occurring yearly fee's and such.

Personnel Loans = 10 Max in your name, are standard interest rates, standard insurance rates, can be held under an umbrella policy that can protect you if you are sued etc.

I choose not to buy a property from MI because I was oversold 2 properties from the gecko and he was selling it saying it can be refinanced later which I knew I couldn't because I talked to a lender prior to getting involved in these deals and also sitting down with a real estate investor to ask.

@Marques J. Nice, I read through some of your past posts and what you've been involved in.  Looks like your on a good path forward and working hard, nice nice!

Looking to get started soon and learn as I go , my plan is to buy and hold and have my start plan drawn out.

I have alerts on Zillow/Trulia/Realtor - I don't have access to the MLS and had talked to a real estate agent, but he does his own investment/business too so hasn't been as responsive so have talked to a few others.

I looked up 128 Chestnut, is that your pictures of the rehab process? (That's awesome)

Do you have a local team that does all your rehabs?

Do you go to the Medford Meet Ups? 

Anyways listening to the BP Podcast, I'll catch ya soon.

@Marques J. I changed my mind :-), Would you consider those properties C Class or D moving on up?

Well that's interesting, I'm reaching out to knab my first dealio here soon.  Is the Owner Carry meaning you just took over the loan for someone else?

Was it occupant owned and they moved away or an investor?

Well sounds like a great deal, looking to learn much here :-)

@Marques J. Thanks for the response.

I've made a few requests on properties on Southern Oregon and asking a few questions to the listing agents.  I'd like to buy a few houses this year, looking at properties below Eugene and have a population of 20k and growing.

I'm looking at one that has been rehabbed, went from a 2/1 to a 3/1 and I can rent it out right away. I want to buy some easy ones I can just get started on the cash flow aspect then dive into using the BRRRR as I find some contractors in those areas.

Yeah Columbus area is rough and wouldn't touch stuff over there myself, but there are some central areas that are decent that fit the 1% rule.

Exactly, I'm looking for growing areas that might offer a good deal and while not appreciation my main focus is cash flow right now as I'm getting started.  Long as I can finance a few properties I think that's the right way to get started.

Do you own yours in an LLC or in your own name? from what I understand I can;t finance a loan in an LLC unless I personally back it.

There will always be "buys" even in rural areas, there may not be much appreciation - but the cash flow is there as long as the house is in a semi-populated area.  12 k Is really pushing it, I usually go 20k or more with a steady increase.  Medford fee's pretty capped right now, I have a bunch of vacant lots next to my house that havn't been built in over a year.

@Tyler Jahnke

Tyler let's hear the GOO-AAD news!

There can't be good without bad, and bad without good :-)

@Jay Hinrichs - Yeah sticking to Oregon for first buy's.

I'm looking Eugene, Roseburg, Medford, Klamath Falls and other places in between - Looking at ARV of 70-120k that can be bought with cash and refinanced after they are rented out. I started my LLC recently, but think I may need to buy some cash flowing properties and hold for 2 years to get business funds in order to be able to refinance the ones purchased with cash.

Do you know if banks/credit unions refinance cash bought properties in LLC's ?

I think it was a good learning experience, I didn't buy from him - but he Morris got me to rethink real estate investing.  My stocks just dived over 3k yesterday and sure I'm still up, but I have no cash flow from those investments all they have is appreciation I can't even use without selling.

So i'm looking to get started and move my funds out of the stock market and into better performing assets and a tax shelter.