If I get on a call I definitely will @Glenn Paulson. Another thing I noted - if you listen to his podcasts and video casts, he says they DON'T give definite timelines for rehab. It's very weather dependent for outside work. Plus, if they run into something unexpected (rotting floor boards under the flooring for example) it can take longer to get things done. They aim to get everything finished within 2 months, but they don't guarantee the timeline. That may be a misunderstanding (or overpromising) with some of his staff. Anyone who's done a rehab knows it ALWAYS takes longer than you thing it will. Patience is key. He also sells properties that he has already rehabbed. That may be the way to go if he has any available.
I watched the video on how he makes his money. He marks the property up when he sells it. Similar to wholesaling, but he rehabs them too. He's not associated with the property management. He just makes referrals. You don't have to go with that guy. You can have anyone manage it, or even manage it yourself if you live in the area.
How does he get the houses so cheaply? He buys bulk lots of houses at tax auctions, buys from failed hedge funds, picks up a whole slew of houses for 1 million, and sorts it out afterwards. His price per house is pretty low doing it this way.
As to how he can do refurbs so cheaply, his construction crew is on staff. He buys waterheaters 10 at a time. He uses the same paint, flooring, cabinetry, fixtures etc in all of his rehabs. It's cheaper to buy all this in bulk, so yes, he CAN do a refurb much cheaper than the guy doing one house and going to Home Depot for supplies.
They are a great fit for someone who wants to own rental property, but remain hands off. If you are calling and checking in every few days about the rehab, you aren't helping... you are just making more work for his staff.
This is just what I have gleaned from watching his show and listening to his podcasts.
If anyone out there has actually BOUGHT a house from Morris Invest and had a BAD experience, I would love to hear about it. I haven't come across any in my research so far.
Edie
