All Forum Posts by: Ian E.

Update:

19 Oct - Finally fed up and sent Dave and Nicole an email explaining my concerns.  I was contacted 12 hours later by Clayton Morris explaining the situation.  He told me that the property rehab was complete, pics would come shortly, and that tenants were lined up for 1 Nov.

20 Oct - Received emails from Nicole and my new property manager with ACH forms and a property management agreement.

I only saw a few photos pre-rehab, and my research included Google Streetview.

3 Oct- Finally was able to get ahold of Dave.  He sent my deed request to Nicole and she was able to contact the county and have them scan and email all of the completed Deed.  The Morris team did a good job on this part...once I was finally able to reach them.

As far as the rehab goes...In my last post I explained how I started asking for a rehab update on 24 Sep.  I asked again on 30 Sep, 3 Oct, and now today, 6 Oct.  The pics on 24 Sep were looking good and I was told we were almost complete.  I am hoping that the last two weeks has been enough time to finished up the house and prepare it for a Zillow/Craigslist.  

I will let you know once I hear something new.

Steve L. thanks for the info. i do have the scanned copies of the HUD-1 and Warranty Deed but I was expecting hard copies or something more official to come in the mail. The County Assessors site you sent was extremely helpful and showed that I am registered as the owner. I agree with your DD comment. It is hard to ride the fence between the proper amount research and wanting to jump in and learn from experience.

Ned Carey and Matthew Schroeder I did sign the HUD-1 during closing and have all of my closing documents but the closing was done virtually so I am still waiting for the copies showing everything was filed with the county. Right now I am giving everyone the benefit of the doubt but will let everyone know as things move one way or the other.

I want to apologize ahead of time for the long post but there are a lot of members asking questions about @Clayton Morris , with Morris Invest ( morrisinvest.com ) and not much information out there. I wanted to provide a case study on my time with the company and hopefully provide an unbiased “face based” documentation of my dealings with the organization.

In early July 2016 I heard about Clayton Morris, through his BiggerPockets Interview, which led me to the Morris Invest Podcast. I had bought a duplex a few months before and while it was a positive experience, traditional bank financing took forever so I decided to use cash for my next purchase. I spent a few weeks on vacation, listening to every Morris Invest podcast and over 30 of the BiggerPockets podcasts and decided I was going to buy another rental house.

When I got home from my vacation I looked on the Morris Invest website and couldn't find an available phone interview with Clayton for almost 3 months. I looked again a few days later and low and behold, a spot had opened up the next day. I immediately schedule the phone consult and impatiently waited.

I didn't end up talking to Clayton but I did get to talk to Dave (Client Specialist). He was courteous and intelligent and walked me through the process. I didn't get pressured to do anything and after our conversation I felt comfortable moving forward. Dave explained that he would send me details on a property and the first to claim the property would have the right to purchase.

The next day,I received a picture of a house in Indianapolis, with a sale price of $20k, projected renovations of $20k and projected rental price of $700 per month. I spent 24 hours trying to conduct my due diligence but by the time I was done, the property had already been sold to someone else. Two days later I received an email for a a $30k duplex with $30k projected rehab cost and projected rents of $1,300. I jumped on this deal and immediately go the house under contract.

The purchase only took a few days and by July 17, the house was mine. I was immediately handed over to Nicole, the Operations Manager, to start the rehab. She explained that 50% of the rehab was due up front, 25% after the crew was complete with half of the rehab, and the final 25% once it was complete. At first, email contact with Nicole happened very quickly, but as the renovations started it took longer and longer to receive a reply. I was able to get a scope of work (after a few requests), paid 50% of the rehab cost and everything seems to be going smoothly.

Aug 19 - I received my first set of pictures of the rehab and things look good. They crew built new kitchens, bathrooms, electrical, and replaced the flooring and new interior paint. I still haven't receive my deed or any official documentation that shows that I own the house other than a contract and purchase agreement. I also payed another 25% to continue the rehab.

Sep 24 - Received my second set of pictures showing the new plumbing and more of the interior. Everything looks good so I ask for some exterior photos and more information on the status of my deed and paperwork and am told the house should be ready in the next few days.

Sep 30 - have still not heard back from Nicole with the final pics of the rehab, status of the paperwork, and if we are ready for tenants.

So far, we have had a few hiccups and communication is getting slower and slower. We are over two months in and I do not know if the house is ready for tenants and I only have email contact information so I am in “wait mode”.

I will keep this forum up to date as I continue through the process so people can use it as a case study for Morris Invest. Please let me know if you have any questions.

I have also had good luck with the county reports however, some counties are still living in the dark ages so you will have to hire a company to pull it for you.

So the seller was able to quickly provide the loan modification document and everything looks good.  Pay history has been solid for 3 years now so I am going to take the plunge and see what happens.  Thank for the help.

Should I expect similar paperwork with a forbearance agreement and loan modification agreement?

I am purchasing my first note through FCI. It a low cost performing note that ($11k UPB) and I just received the due diligence documents. I have the original note, deed, and Assignment of Mortgage. However, the original note shows a much higher monthly payment and interest rate than what this note was advertised for. I am assuming the note was restructured at some point by lowering the interest rate and monthly payments. If this is the case, I am also assuming there would be a loan modification paperwork that actually shows the current info. Am I off the mark here or am I missing some documents/data?