High risk rental success
Long-time investor Glenn Morris has cornered a niche market not typically attractive to the average landlord - high risk tenants – and he is sharing the key to his success.
Tuesday, October 17th 2017, 8:00AM
by The Landlord
Property investor Glenn Morris
There aren’t many landlords in New Zealand who would describe themselves as “sort of infamous” but Morris isn’t one to sugar-coat the truth.
He’s been investing and managing property in Nelson for over 25 years, taking on the properties and tenants that other investors don’t want to handle.
Retired for two years now, he still owns a “hobby portfolio” of around 20 residential and commercial properties.
Morris began his career of 27 years as a radio technician and engineer for Telecom.
But saving his money and investing in shares led to him making a “small fortune” in the early to mid-1980s – enough for him to take a year off work to travel.
He was in Japan in 1987 when the stock market crashed and, when he arrived back in New Zealand, he realised the economic outlook was grim.
Although he thought he would be made redundant within two years, it wasn’t until 1993 that the axe fell.
However, in the meantime, Morris had been looking for ways to diversify his income: he invested in several small businesses – one of which provided good cash flow for some time.
He had also started to invest in property.
His property journey began with the creation, and then development, of a small infill subdivision at the back of his family home.
The project generated a return on his investment of 14% - which was equal to the interest rate at the time.
For Morris, it was a great feeling and the start of his determination to pursue a strong rate of return as his number one priority.
To that end, he has steadfastly pursued his enthusiasm for property investment, which has included work as a real estate agent and owning a property management company, over the years since.
Along the way, he has helped many people – both tenants and investors – and has become the go-to-guy for the Tenancy Tribunal and difficult tenant questions.
But, despite the complexity of the issues he often deals with, Morris believes that the underlying secret for success in property investing comes down one simple equation.
“Go without and work hard. It’s ‘deferral of self-gratification’. That’s how people not only get into the property market, but stay there.
“You’ve got to go without and pay that mortgage off somehow.”
To read more about Morris and his property journey, click here to get the digital issue of NZ Property Investor magazine.
Subscribe to NZ Property Investor magazine here to get great stories like this delivered to your mailbox every month.
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