A Cautionary Tale of Rent Restricted Multifamily Investments – Steve Morrows

Steve Morrows started off his career as a leasing manager for a multitude of different office buildings in New York City where he was labeled “The Trophy Agent.” On June 21, 2015 Steve was published in the Wall Street Journal for leaving his career spanning nearly a decade with RFR Realty to become an investor and developer in the Atlanta area. Presently, Steve has acquired a total of 7 properties of which he sold 4, between the years of 2016 to 2021 in both Georgia and North Carolina. A total of 368 units of which some were repositioned/value added, flipped, converted textile mill, and one of which he added an additional unit.

In this episode we discuss Steve’s decision to leave his decade long career as a high paid leasing manager in New York City to pursue his desire to be his own boss and explore multifamily investing in Atlanta. Steve shares with us one deal that went wrong where he and his investment partners were able to recuperate their money but didn’t make any money on their initial investment due to red tape with a rent restricted property, disabling them from raising rents past a certain threshold.

Connect with Steve: stevem@dvdcapitalpartners.com

Partner with us: www.pac3capital.com

Follow the show on Instagram: @themultifamilytakeoff