Additionally, a lender deposit ranging from $20,000 to $100,000 is necessary, along with a rate lock-in fee that typically amounts to 2% of the loan amountIn the process of raising equity, it's crucial to be diligent while filling out necessary forms and securing required verifications.

The other California investors with more moderate incomes bought years ago and have built wealth from 30+ years of appreciation and small mortgages and their rental income supplements their pension or Social Security and retirement accounts. 

To stay secure, I’d recommend saving 3-6 months of mortgage payments, budgeting for repairs, and possibly investing in a home warranty.

Pros include securing the desired property and strategic planning, while cons involve higher costs, financing challenges, and complexity.

Agree with @Jeff Pollack on having the guts to leave the security of a JOB.

Memphis has a diversified economy, with major players in logistics (FedEx, UPS), healthcare (the Med District), and education (University of Memphis, Rhodes College).

Whether you’re buying or building, focus on doing so below market value to secure immediate equity or strong cash flow potential.It's also important to thoroughly research the local market—pay attention to trends like rent potential, job growth, and population increases.

Depending on the application, first, last, security, and another month or two.

Quote from @Jeff Adolphe: @Kevin Collins How long does it typically take you to secure a house with REI?

An NFL player at 250 lbs is going to be a different fitness level than couch potato that weighs 250 lbs.