All Forum Posts by: Todd Fry

Quote from @Samuel Coronado:

Quote from @Todd Fry:

Well I know it's been a few months but I did want to give an update finally.  I started working with Sal Auciello (he's in this thread above) and we got to the point of doing an appraisal on the house that's part of the park.  It just so happens that a situation came up with family to do a private loan that will work for me at this time so I've paused working with Sal at the moment.  That said, Sal's been great to work with and I recommend him for anyone that may need a commercial type of loan.  You can contact him here on Bigger Pockets if needs be.

 What was the specific rate he was quoting you? 

 Off the top of my head it was around 8% or so.

Well I know it's been a few months but I did want to give an update finally.  I started working with Sal Auciello (he's in this thread above) and we got to the point of doing an appraisal on the house that's part of the park.  It just so happens that a situation came up with family to do a private loan that will work for me at this time so I've paused working with Sal at the moment.  That said, Sal's been great to work with and I recommend him for anyone that may need a commercial type of loan.  You can contact him here on Bigger Pockets if needs be.

Quote from @Chad Davis:

@Todd Fry What happened on this one?

Still developing.  I'm not in a hurry to get the loan done; end of year is fine.  I'll post back here when there's something to report but it may be a while.

Quote from @Samuel Coronado:

Where are you getting the valuation from? Is it a multiple of the NOI?

Not NOI.  I've never heard of anyone using NOI for valuation because you never know how a property was financed.  I could use gross income or have the property assessed for assets and it would come out to at least $1M.

I own a unique mobile home park in South Carolina that's relatively small (5 acres) comprised of 12 lots (I own 8 of the homes while the other 4 are owner-occupied and charged lot rent) along with a house (3 units).  All units are currently rented.  I have just over $200K left of owner-financing, but I'd like to obtain a cash-out mortgage/loan of $500K (ideally) to be able to pay off the previous owner and make some repairs, etc.  I'd estimate the current value of the property around $1M.  Are there any lenders on this forum that would be willing to loan?

Originally posted by @Blake Hulett:

In my experience, working with Morris as a company can be tricky. There is a lot of nuance and detail around their strengths and weaknesses. I'm more than willing to share a few things I've learned through working with them. Shoot me a DM and we can talk!

Seriously?

Originally posted by @Shiloh Lundahl:

The thing that has me so intrigued about this whole story is whether or not he gets away with it. 

All those who have been following along with these stories about Morris Invest over the past 2 or more years from @Tyler Jahnke, @Son D., @Todd Fry,and many others, know that Clayton promised a certain product that in many cases was never delivered - yet he still got paid for the product/service he provided or promoted himself to provide. Then, when enough people who had bought his product/persona found out that the product was not as advertised, and they started to find each other online, they realized they were part of a large scale scam that was just starting to come to light. 

Then even more details came out to reveal that things are a lot worse than people had suspected and he flees the country but yet he continues to advertise and sell his products while he blames everything that went wrong on his old partner.

This all seems too incredible to be real life yet I’m watching it unfold in front of me. So I stay tuned to see the ending. Does justice get served? If so, what does that look like? Or does he get away with it? And if so, how? 

I’m really hoping the FBI takes up the case and that Morris serves time.  Fraud on a massive scale.

What's really sad about it is that Morris and Whalen didn't NEED to be fraudulent. They could have gone about their business, leveraging Morris's YouTube presence, to build an honest business with a good product. They'd have had to target a more expensive market; homes starting at $80K or more, but it could have worked. Instead he's at minimum ruined his reputation and will not be doing REI anymore. Hopefully much worse.

Yes, miraculously Clayton bought my property back about the same time that all of the scamming came to light and clients of his started looking into legal action. I was lucky and was able to walk away with a small profit and lots of lessons learned. 

Does anyone have any idea if this whole MI debacle can be referred to the FBI since it crosses state lines?  Obviously all those who got screwed financially need to be reimbursed as much as possible by MI via the several civil suits that are taking place, but it seems to me that Clayton Morris, Bert Whalen, and probably their inner circle should be looking at criminal charges as well, no?

Originally posted by @Cintia Rivera:

@Allen Harris hello, I am Cintia. My boyfriend and I want to start investing in properties and rent them. What was the name of the turnkey company you chose in Indiana?. Also, it would be great to know the name of the property management company you work with. Would you mind let me know that information?.

Thank you so much for your attention.

Cintia

Did you read the first post of this thread?  If not, start there.