Mark Morris: Buying a Home as Investment Can Become a Heavy Burden

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When you hear the name mark morris. I want you to high cashflow. Portfolios mark is an expert at building developer relationships and helping house builders achieve discrete volume sales at speed alongside in. It freelance career. He has been a property investor for the past twenty years building a portfolio of biden alette apartments and houses across greater manchester. He is also built a solid income generating portfolio in the mid west of the us. Including ohio. where. I grew up outside of cleveland. So mark take a minute in philly for tidbits about your life. Sanju sheddings absorption. So yes she switched on. I was was in icu. Freelance i was employed full sudafed mid twenties and then when we came to the what would what you may remember the Units thousand mobile. Everybody believed that when the clocks when the diet changed nine thousand nine hundred ninety two thousand. Who's going to be magadan. None of the computers worse on in those sort of times. You know companies. I work for finance initials. Just paying ridiculous amounts only for contracts is just to get bums on tested and as we all know now it was a complete dump squib in the wall a really lights the freelance world. All the who wants to two thousand dollars over loss of come shots. As if finished the assignments finish they could find new signings and allow people became employed or went back to just the danger. I was really really adamant levels. Gonna do the fumes out an illness you know it. Nearly money was tight. And i was struggling on a realized needed some way of raising faceting to government with these to kuwait for these breaks in between science. And that's really started looking at property. I was really keen on. I started building very small. Folio parents were involved in property. And i really realized that was chain to enable mix to continue a freelance career. And that's really where stars interesting and you said your parents what experience today they were places or yeah they were they were actually renting holiday homes and a cold the lake district which is about an hour an hour and a half wave on. When i was very young i used to go. There needs to clean and they used to take book in. So i could see how the property the property business. Words open cell becoming a freelancer. Never at any sort of money at the anger means so i needed started actually finding the walls. A cash should the under the move on a bit of fox together. That's all yeah let's start invested in bronson. It's an interesting story because sometimes what we learned in our youth comes back later to help us so well. Now it's time share your worst investment ever since no one ever goes into their worst investment thinking we'll be tell us a bit about the circumstance leading up to tell us your story. She'll so probably around the year. Two thousand five prophecy prices about point very boyens. No you went down to the pulp. Everybody was talking about. Everybody was getting surprise. You not taxi. Drivers rids tropic is getting closer with you know with all the height how to threaten to was an estate agent and he said look you know i two or three approaches but i got gotta cashcall together wanted to try and create more cash to give me this sort of space for when i was out the contracts so he suggested. Why don't we go. This loss of new build new built developments in a place called wales. Which is you know in the uk on marinas. And let's go and have a look. And i was quite impressed by him because he owns his own business. Not saying yeah yeah. Let's show enough with when which sold round the few places. In wales armed with came on warm marina development was being sold off clump so all the walls literally we went to the agents. All the world's a big model booth this arena development was going to sell useful the ashtray by the marina. The guy that wo- he was selling like a dream was these properties are selling. Those should off planet two hundred k. You know within his twelve pro build within eighty. They'll give you two fifty six day boy. Was i just call in the height within ten minutes of full a deposit down you know never really saw that was it. You know how solta. I was gonna make quick this quick book. Wow brilliant advocacy was gonna to go so well how was i. Think he's probably hounds with all developments with side gets in delays so twelve months into eighteen months eighteen months tune into years. All this time it was thinking. She's great of a to k reservation. Fee doubt on this property is increasing crease in talk about gray leverage on a suitcase investment and then after about two years start completing development lit chalet within me completing in two thousand seven with about two months. The crash happened know would so can big time. Us england every you know suddenly. Wow a suddenly realize on this fifty sixty k though is gonna make was gonna become essentially a fifty sixty k loss because very quickly. Nobody was buying. These apartments wasn't gonna turn. I wasn't going to turn over the thing. So many i mean it was. It was a castle varis. Now only because i felt was though a wasn't to be keeping old at the time used finance put a small deposit down and offensively but not finished. I couldn't i couldn't remortgage because i was in negative atwood said just couldn't evaluation would have been sixty k. Down i would have thought another eight just to get another

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