All Forum Posts by: Will Zena

@Chris Carson in my recent phone call I was told Jacksonville, Indianapolis, and Detroit currently. I have seen 2 properties in Jacksonville so far. One was single family for $39k 2bd 1bth  and $650 mthly rent. 

Thanks @Chuck Kramer.  Your answers were very helpful. I know you wouldn't have all those answers. I was just typing what runs through my mind. I appreciate you taking the time to reply

@Chuck Kramer how long have you been investing with Morris? After reading these posts my only concern is long term. I ask myself will Ocean Pointe be there is 5 years to manage my properties? Will it be in such a bad area that no other property mgmt company will accept my property? After the rehab will my property appreciate so I can reinvest? Will I need to buy a new roof or change all the plumbing for these properties in 2-3 years because they didn't do it initially? (These are just questions I am asking myself)

 As you and other professionals here I mentioned it is hard to believe you get a fully rehabbed C level property for $40k. I am concerned about cash flow long term. Yeah a tenant is placed but what if their operation folds? It seems PMs in the area won't handle those neighborhoods. Also it seems after a rehab the property still doesn't appreciate. 

I definitely need to shop around more. I'm not saying No to any turnkey including Morris just yet but I need to contact some other Turn Key providers. Thanks for your valuable insight

@Tyler Jahnke i was curious how things are going 7 months later. any updates?

Simple interest in a HELOC versus Amortized interest in a mortgage is different. That being said it doesn't mean if you have a 2.5% mortgage and a 6% HELOC its not as attractive but it can still work if paid down weekly.

If you have PMI on your property the HELOC method is especially useful. If you don't want to be as aggressive you can pay just want your PMI payment was towards your HELOC and still save quite a bit on what many feel is wasted money for the mortgage payer. I had a property with a PMI over $215 monthly. Used this method to pay the principal down. Knocked my PMI out completely and just paid the $215 monthly towards my HELOC and then rinsed and repeated to keep paying down principal.

Amoritized interest is much more costly than just the little 3-4% interest rate you see. MUCH MORE

I certainly hope in Jacksonville they are not as overwhelmed. I will look into it a bit further. Ocean Pointe just opened their office in that area so there must be some growing pains

I had my phone call today with Morris Invest representative Larry.  He was very pleasant and answered all of my questions.

He explained the entire process from beginning to end.  We discussed the areas they are acquiring properties in (Jacksonville FL, Indianapolis IN, and Detroit MI).  We discussed the closing process, the rehab process and how the property mgmt team vets potential tenants.

I already am receiving emails of homes for sale and will continue to update this thread once I purchase my first investment property from Morris Invest.

I have a call scheduled for tomorrow and will post my feedback afterwards on this thread.  I have emailed with Clayton in the past about other issues and he seems to be an honest individual.  I do hear his podcasts and particularly like his new one with Robert Kiyosaki. It was informative and entertaining. Kiyosaki has a sense of humor lol.  

If anyone has new experiences to share I am sure we would all love to read them