All Forum Posts by: Heston Vaughan

I am currently looking at homes in low-end areas of town. I currently don't have enough money to get started in higher-income areas, and I don't have enough cash to pay upfront and renovate them. So what I would love an answer to is whether or not it's possible to get a mortgage for only 30k, how much down would be required, interest rates etc. I am excited to get started and figured this would be a good place to start considering the ROI. Thanks for any help at all!

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Originally posted by @Susan Maneck:

I'm not sure if this is the sort of house you want to start with although it would certainly be a learning experience. If I were your age what I would do is buy a house you *would* live in. Think about getting a larger house closer to the nearby colleges and do what is called house-hack. That is where you buy a house, live in one room and rent out the others. If your parents are willing to help you can get what's called a kiddie-condo loan from FHA. You don't have to use it on a condo. You can buy anything from a house to a four-plex. With that kind of a loan you only need 3 1/2% down but your parents will need to cosign. Cosigning is usually a bad idea, but the risk is much less when you are buying real estate rather than a car, because the former, unlike the latter appreciates.

Thank you for the replies. I'll try to look for something a little bigger. I went and looked at it in person and it has even more work than the photos needed. Im sure there are plenty of cheap buildings that arent quite as distressed

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Originally posted by @Doug Spence:

Heston, I recommend reaching out to a local agent as well as a property manager to give you more info about the area. There may be a very good reason its priced so low! If there is a liquor store across the street that gets robbed every month, you probably don't want to buy the house across the street. Best of luck!

Thanks for the reply! Really appreciate the help yall are giving.

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Originally posted by @Susan Maneck:

Hi Heston,

Where in Mississippi is this property located? How old is it? Does it even have the ductwork for central heat and air? My 2/1 didn't. in my experience such houses will bring in good rental income but you can't count on any appreciation.

Thanks for the reply Susan!

This property is located in North-East Mississippi. It may very well not have the ductwork, like I said I'm totally new and figured a project of this size would fit my experience and income. As for the surrounding neighborhood, it seems decent, as far as low end goes. Not sure that I would live there personally, but someone would. I would only be buying this to hold for the rent, but I would like to be able to get out of it what I put in it in terms of value. Any other concerns? Thanks again for the help.

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Hello! My name is Heston and I am brand new to the community. I am 20 years old and super excited to get started. I live in Mississippi and was looking on zillow at potential buys and I came across this 2 bedroom 1 bath house that needs some work. It is currently at 18k and has been on the market for 5 months or so. I am thinking if I saved for a few months and bought in cash that I could get it for even lower. It isn't on the best side of town and it appears to need updated air conditioning, repainting, and probably new appliances. I'm thinking fixing the errors would instantly raise the appraisal, while also raising my equity. Let me know what yall think, please! https://www.zillow.com/homedet...

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All Forum Posts by: Heston Vaughan

Heston Vaughan has started 5 posts and replied 15 times.

Post: Small mortgages information

Post: Total noob asking for help! thanks.

Post: Total noob asking for help! thanks.

Post: Total noob asking for help! thanks.

Post: Total noob asking for help! thanks.