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

<p><strong>BIO:</strong> Mark Morris is an expert at building developer relationships and helping housebuilders achieve discreet volume sales at speed.</p><p><strong>STORY: </strong>Mark bought an off-plan property for $200,000 with the hopes of selling it for a profit. Unfortunately, a project that was supposed to take 12 months took two years to complete. The US financial crisis hit just a few months after completion, and now Mark could not sell the property.</p><p><strong>LEARNING:</strong> Be careful when investing in an off-plan property because you are simply buying a dream. Most homes just take money away from the owner, making them liabilities instead of assets. Take advantage of the cooling-off period in your contract should you think you made a mistake.</p><p>&nbsp;</p><p class="ql-align-center"><strong>“I’m not against off-plan investments, but they are just riskier.”</strong></p><p class="ql-align-center">Roshan Cariappa</p><p>&nbsp;</p><h2><strong>Guest profile</strong></h2><p>When you hear the name<a href="https://www.linkedin.com/in/mark-morris-6978073" rel="noopener noreferrer" target="_blank"> <strong>Mark Morris</strong></a>, I want you to think, “High cash flow portfolios.” He is an expert at building developer relationships and helping housebuilders achieve discreet volume sales at speed. Alongside an IT freelance career, he has been a property investor for the last 20 years, building a portfolio of buy-to-let apartments and houses across Greater Manchester. He has also created a solid income-generating portfolio in the midwest of the US.</p><h2><strong>Worst investment ever</strong></h2><p>Mark saved up quite a chunk of money around 2005, and when his friend, a real estate agent, invited him to see some property, he did not hesitate to go. The property was a development in a marina that was being sold off-plan.</p><h3><strong>The 12-year plan</strong></h3><p>The owner was selling the properties for $200,000, and the plan was to have the apartments ready in 12 months. So the catch was that Mar