All Forum Posts by: Pete Barrow

@Pete Barrow

{{PD-US-expired}}

Francisco de Goya, Saturno devorando a su hijo (1819-1823)

I have seen this show before..   syndication company I worked for in the 80s that went under in 92.. the owner owned a premier apartment complex in Millbrae CA  ( just south of SF.. Not sure how many units it was but it took up an entire city block it was called Town Center I still remember the name.. it was worth 10 million in those days. and He made a few hundred grand a year on it net.. So when the stuff hit the fan he deeded it to his wife who then promptly divorced him and turned on him.. of course does not help to marry a 32 YO when your 57  LOL not a lot of loyalty there.  

no way wife gets a pass. this is why she is terrified or she says she is terrified she is front and center on this deal  she is not a home maker who is never on camera etc.  they may use her to testify against the main target.

This is shameful!! I came across the Morris Invest Youtube and podcast in January.  The guy sounds so sincere and convincing that I wanted to get a closer look.  I even scheduled a consultation which I ended up canceling after doing a little digging around the Better Business site.  Based on the scale of this, there is no way that they were not aware of what was going on here.  My prayers and best wishes for all those impacted by this scam.

On another funny note, they keep telling stories of all the problems their own family members are having with these investments. That ought to be a big clue to the MI fans about the success rate of the product they are being pitched. Do the math people!

 Pete, no need to feel bad. You're not being mean after what these guys did. I know several of the MI victims. Many have come to me after getting taken by Morris and I've heard their stories first hand. It's just sad for them.

Maybe the best thing to do is keep it. First fire the PM, and get another one. Hopefully this will get it to cash flow even after the increase in interest rate. Maybe in a few years you won't be upside-down and can get out from under it without much loss, or possibly re-finance it, and keep it for the long term and when you're ready to retire it will be worth more, and cash-flowing. 

Real Estate is a long term investment. 

@Michael B. this kind of quote "

A mortgage on one of my leveraged properties is about $250 Dollars. The collected rent is about $1200 - see the difference? 3 of my properties beat your CA gross rent! Yet if I have one vacancy the other two still cash flow and cover the mortgage payment on the 3rd. "  

Is how people get sucked in.  The reality is you CANNOT deliver those kind of deals.  If you could on a highly leveraged property everyone you touched would be rich.  It is not real.  There can be dream deals, there can be good deals, but you cannot consistently deliver those kind of deals.  However that is how you lure money from folks who so desperately want to get out of the rat race.  You talk about reality if you are honest.  There are some dam fine turnkey operators on this site, but they don't use the snake oil pitch, they are honest and deliver exactly what they promise.  However it is not as glamorous.   You just pitch the massive amount of income that you have and how they can have it too if they listen to you.  These things have been around since before the snake oil peddlers traveled around in horse drawn wagons.  They do it because it works.  When you are legitimate you explain in detail and you show your happy 500 previous customers.  Pie in the sky look at this fabulous thing will make you to be unable to deliver.

I have put a few of these folks in jail.  You would be surprised how hard it is to prove real fraud, you would also be surprised at how few cases prosecutors lose like this.  Eventually the scam becomes so plain you can't miss it.  They seem to get bolder every time it works, but it often catches up with them.