Ep. 27 | Training, Tech and Tiny Homes: A Conversation with Louie Morrison
​
Episode Summary:
In this episode, we dive into the world of real estate investment,
affordable housing, and tiny home communities. Louie shares his
inspiring journey from starting with limited resources to owning over
300 units and running a successful real estate company. He opens up
about the challenges of providing affordable housing in Maine, the
growing trend of tiny homes, and how COVID impacted his real estate
and personal training businesses. This episode is packed with insights
on real estate strategies, perseverance, and the importance of diversifying
income streams.
Key Discussion Points:
1. Partnering for Investment Success:
Louie highlights the importance of collaboration in real estate investing. By partnering with three different individuals, he was able to pool resources and invest more strategically. He shares the critical lesson of maintaining other income streams, such as his personal training business, while scaling his real estate portfolio.
"I still keep a hold of that W-2, because you can use the money from these other places to invest in another property, buy another, and buy another."
​
2. Starting with Little to No Money:
Many investors face the challenge of starting with limited funds, but our guest shares his bold and unconventional strategy. Using cash advances on credit cards, he bought his first duplex for $33,000. While not for everyone, his story shows that perseverance and creative financing can lead to success.
"I really didn't have any extra money... I used cash advances on a credit card, the worst possible thing... and it worked out for me."
​
3. Persevering in the Investment World:
Real estate investment isn't an overnight success story. Our guest stresses the long-term commitment required to see the benefits of investing in property. He emphasizes that for those who stick with it, the rewards can be life-changing.
"It takes guts to get into the investment world, and it's not for everyone, but for those willing to stick with it, they'll reap the rewards."*
4. Learning from Mistakes:
Mistakes are part of the learning curve in real estate. Our guest shares how he sometimes rented to the wrong tenants and what he learned from those experiences. Currently, he’s involved in developing a tiny home community and navigating the challenges of aging infrastructure in Maine, showing how each project offers new lessons.
"Sometimes I rented to the wrong people... but it happens. Right now, I'm learning through our tiny home project, but in the end, it will be worth it.
5. The Tiny Home Revolution & Affordable Housing Crisis:
Affordable housing is a pressing issue in Maine, and our guest is part of the solution with his tiny home development project. Building 30 new tiny homes, he sees this initiative as a way to provide more affordable housing options, though he admits it's only a small step toward solving the larger crisis.
"We’re building 30 new tiny homes. Affordable housing is in crisis, and this is just a small step in the right direction."
6. Impact of COVID on Business:
COVID brought unique challenges to both his personal training gym and rental properties. He reflects on the decisions he had to make, including waiving rents for his trainers when the gym closed, while continuing to manage his real estate business. His diversified portfolio helped him navigate these difficult times.
"COVID hit my gym hard. I wasn’t going to charge my trainers rent when they couldn’t work, but that meant months of paying out of pocket."
7. The Future of Affordable Housing in Maine:
As demand for rental properties continues to outpace supply, our guest shares his perspective on the future of affordable housing in Maine. While he believes it will take significant time and effort to meet demand, projects like his tiny home community provide a glimmer of hope for making a difference.
"I don't think we'll ever catch up with the demand for housing here in Maine, but every small step, like tiny homes, can help."
​
Connect with Louie Morrison:
https://www.nexthome.com/agent/Louie-Morrison/19941/
