All Forum Posts by: Ted Buffington

Hello @Chip G.  are you still investing in the area?  let me know

done-

its in Petal MS

I have a deal under contract in Mississippi, but I live in Florida. Is it better to JV the deal and split it 50/50, or should I have the owner leave a key on the property and gather info from potential buyers before I tell them where its at (drivers licenses, ss cards, etc)?

Anyone have a As-is contract for the state of MS?  I cant seem to search the file section of BP and get one

u can either get a hard money loan (OPM), or try to qualify for a mortgage yourself. a hard money loan is only a temporary loan, usually used to pay for the house while you fix it up, if it needs repairs.  then u would have to refinance it into your own name/loan.

or you could OPM by getting a loan from a rich person straight up

for an FHA loan- if you have usually above a 620+ credit score, they will calculate your income based on the last 2-3 years of your W2s to see if you make enough to afford it. you also need to have a low debt-to-income ratio, meaning if you make 1000/mo and have a car payment thats 600/mo, they wont approve you (for example).

thats the short answer ^^  

There are pockets in the city where home values are low and rents are high, like the northwest corner for example.  you really have to know the city in and out, i would think, to invest successfully there.  if you grew up in metro detroit, I would invest there first all day long.  Detroit is huge.  roseville, eastpointe, those are small cities where you can learn demographics for the whole place easily if you dont already know them.  Seems like a safer bet to me.