Morris Goldseker

Morris Goldseker (born December 24, 1898) was a real estate business tycoon, broker, and philanthropist. He was President and Founder of M. Goldseker Real Estate Company, which was a Baltimore-based real-estate brokerage and services company. Goldseker is also the founder of the Morris Goldseker Foundation. Goldseker was known to be a very private and hardworking individual. In accomplishing the American dream, Goldseker become the foremost prominent real estate investor and broker and multi-millionaire in Baltimore during his forty-two years in the real estate business.[1]

Early years

Morris was born in Milinov, Poland and was the sixth of twelve children, of which four died in infancy. He was the first son of a successful “fish rancher” whom by Polish-Russian standards a comfortable middle-class family.[1] As a youth, he attended elementary and parochial school. Morris was the “apple of his parents eye’s” and his parents knew that some day would become an important person. Since there was a lack of opportunity for higher education, and even less an opportunity in the family business, Morris would have to leave Milinov to seek his destiny in America. [1] On August 28, 1914 on board the ship Reim, Goldseker arrived in what would be his only home-Baltimore Maryland.

Background

At age sixteen he was driven to be prosperous and successful. His hardworking attitude begun with his first job at Fried Pants Shop, then his uncle’s grocery store. In 1921 at age twenty-three, with most of his money saved, him and a partner acquired a grocery store. Soon after he began purchasing row homes for investment purposes. Morris quickly learned about leverage and equity in the real estate business. With first initial property investments he taught himself the mechanics of a real estate transactions. He self taught himself handyman repairs, collecting rents, marketing, checking credit, and backgrounds of applicants, keeping books, paying bills, and forfeiting properties of tenants who did not pay. During the 1920s he realized that there was a much needed niche to help low-income earners, blacks, and immigrants. This become his sole business philosophy in his real estate practices. [1]

Early Success

In 1931 Goldseker founded M. Goldseker Real Estate Company which was located at 218 West Franklin Street in downtown Baltimore. This remained his office for over forty years. His company managed thousands of real estate properties. During the economic downturn of the depression, Morris knew that foreclosures were eminent. Morris smartly asked lending institutions if he could manage the properties that were in foreclosure. This money allowed him to pay off the properties in which he was the note holder. When he was able he purchased the foreclosed homes he managed. This allowed him to build an excellent reputation with many savings and loans institutions and banks saw him as a good risk. In addition, Morris proposed to Baltimore City that he could manage properties that were in disrepair, or needed management services to increase its value. Baltimore City Government agreed and Morris began to manage 1400 city properties [3]. His services included “efficiently renting, managing, and maintaining real estate. With his great reputation he also managed properties with the Federal Home Owner’s Loan Corporation. [1]

Business Strategy

Morris Goldseker accomplished the American dream. He came to America, could not speak English, and was penniless. He died with assets worth more than $20 million dollars. He quickly defined his business in four areas of real estate. However, he know that the most important rule to follow was, “to give value for value.” [1] Morris developed a plan that included selling homes to people who were discriminated against, and who could not acquire mortgages. His market were people from a certain income brackets, specifically the lower middle class. According to nephew Sheldon Goldseker, “People whose income was steady but not high. They could keep their heads above water, but had little income left over to build a nest egg. They were families who did not have a lump sum savings that could be the down payment necessary to obtain a mortgage loan.” [1] Through this philosophy he was able to buy, sell, and charge interest for his rent-to-own services.

Allegations

By the end of 1969 Morris Goldseker became a common name in local newspapers and newscasts. In December 1969 a law suit was filed in which Goldseker was charged price gauging, and entering into unfair contracts with unsuspecting patrons. [4] The law suit and protests hurt the reputation of Goldseker. Eventually the charges were dropped and found to be unsubstantiated. Morris Goldseker’s family, painstakingly, tried to reverse the harm done to his reputation. His family denounces the accusations of discriminatory practices in his real estate business. [5]

Morris Goldseker Foundation

Before Morris Goldseker died, he devised a plan for his philanthropic pursuits. Morris Goldseker left behind one of the largest philanthropic efforts in Maryland. [1] He stated, “the Foundation will give special consideration to charitable organizations, which, by loans or grants or other steps, give aid and encouragement to worthy individuals to continue there education, establish themselves in business, overcome adversities, or maintain support for themselves and there families.” Created in 1975 through the generosity and foresight of Morris Goldseker (1898–1973), the Goldseker Foundation supports nonprofit organizations helping communities and individuals in the Baltimore metropolitan area. [2]

References

[1] Goldseker, Sheldon. “Morris Goldseker Annual Report”, Baltimore, Morris Goldseker Foundation, 1976, 177-199.

[2]"Goldseker Foundation." Goldseker Foundation. http://www.goldsekerfoundation.org/ (accessed 1 November 2010).

[3] “Pietila, Antero. Not In My Neighborhood: How Bigotry Shaped a Great American City.” Chicago: Ivan R. Dee, 2010.

[4] “The Riddle of Morris Goldseker’s Legacy.” The Sun Magazine, 5 February 1978.

[5] "Goldseker Foundation." The Baltimore Sun, 22 June 1973.

External links

• [1]
• http://www2.citypaper.com/printStory.asp?id=19948
• http://www.sabob.com/products/Morris_Goldseker_1898_1973.html

Persondata
Name	Goldseker, Morris
Alternative names
Short description
Date of birth	December 24, 1898
Place of birth
Date of death	1973
Place of death