All Forum Posts by: Chris LumLee

I have one in Wayne County (Detroit). So far so good =)

Hi,

I'm looking at properties in zip code 38111 in Memphis and am looking for opinions from people here. I've reviewed data from some sites including City-Data and am pretty comfortable with what the data presents to me. I'm looking for buy-and-hold properties to rent and found some interesting listings on Zillow.

My question to people either living in or investing in is this: "what do you think of 38111?"

Thank you!

What locale are you buying in that you can get a loan for $50K?

I'm not successful but I had a job in college. Actually, I had a lot of stuff going on in college. I was working 32 hours per week, tutoring I think 4 or 6 hours a week, and doing sporadic volunteer work. That was undergrad. And then I went to grad school while I was working a few years later. I echo the distinction that @Anthony Gayden pointed out in his comment. 

Hi,

When I was checking out mortgage loans at my credit union they required 2 years of work in the same field, not necessarily the same employer. I would say if you're running into problems about them wanting 2 years in the same organization, then the best bet would be to just shop around. Hope this helps!

@David Mirza that's something that caught my attention, too. When it comes to investing- not necessarily real estate- I've heard of instances in other socialist (for a lack of a better term) governments where the governments will try to impress upon potential investors that there's serious money to be made and that the government will let the business operators take their principal and then some out once the money is made only for that government to pull the ol' switcheroo on them.

It's certainly an exotic venture, that's for sure...so don't let me try to dissuade you...it's just something I've noticed.

Holy smokes! Hats off to you on a job well done, sir!

I think the problem is that you're afraid of something. My guess? Failure. I'm kind of the same way. I have adequate cash and credit and I can buy another rental if need be but I don't think I'll ever feel like I'm ready to. I'm one to talk *rolls eyes* but you just gotta jump in. Do some searching, talk to some people, run your numbers, and giddy up.

Don't mean to invade this forum but I've been looking for recommendations also so thank you for your recommendations!

Let's connect also.