lender recommendation in Mississippi for 60 K loan

[Joe S.]

I have an opportunity to buy a package of nine houses from a retiring landlord.

Most of them, he is selling at a substantial equity position to the new buyer.  He is asking for 60 K apiece a couple of them are over 100k value after basic paint job. All but one is already being rented with a tenant in place with a property management company for over $6000 a month gross income.

So what I am looking to accomplish.

1.Find a lender that would lend that low in Mississippi.

2.I might could get the seller to put me on the deed/title long enough to get a rate and term refinance done. If this would work would a contract for deed be acceptable to a lender as a form of ownership?

P.S If somebody can suggest a better way of taking this deal down I am all ears.

[Courtney Fricke]

Joe, I own multiple rentals in Gulfport, MS near these 9 you are considering. My first purchase in MS a few years ago was 31 properties at one time from a retiring landlord. Here is my advice feel free to take it or leave it. Make sure you to do your due diligence. Squatters can be issues, management companies in MS are royally lacking and can hurt deals for out-of-state landlords, and flood zones are an issue so double check that expense. I live an hour away in New Orleans and have had to fight with multiple management companies even to the point of considering litigation on one. My two cents is just to have a plan since you are in TX. The deals can be good on paper but execution can be tough with third parties. We have been spending more and more time over there and had to take management in house because after calling 30+ companies off of Google and from hiring a few, we had a ton of issues with 3rd party managers. Mississippi just operates at a different speed and caliber than most of us are used to. This applies to more than just managers. I'm saying this as someone who has a ton of family there, my parents were born there with one still living there, and as someone who speaks at the local REIA on the Coast from time to time including this coming week. Feel free to reach out if I can help. Best of luck!

As far as your original question, I would get one loan for all of them if possible to limit fees and loan minimums or do bundles. I only have suggestions for referrals as I use true private money lenders that I convert from my network and seller financing but I do run an investor meetup in New Orleans and am involved in the MS Coast meetups. I can send you 2 that do DSCR type loans if you are interested.