All Forum Posts by: Breelon Bryant

@Rod Hanks thank you. I didnt know they were that far off so this helps alot

@Dan LaFontaine yea I knew that I needed to get an ARV but I was just looking at the taxes while analyzing this deal and thought about how off was it compared to a real ARV.

If its that far off from a real appraisal, whats the reason they post it on the tax assessment of a property?

I found a deal for a SFH that is selling for $56,900. 3/2 and about 1400 sqft. On the tax assessor website, it says....

Land value: 20,000

Improvement Value: 72,000

Total: 92,000

Good neighborhood

Rent is about $840

Built in 1995

Owner even willing to do owner financing for 20% DP

(Which I have)

My question is, how accurate are the tax assessor “Appraised Values” on the county Assessor websites?

I found a deal for a SFH that is selling for $56,900. 3/2 and about 1400 sqft. On the tax assessor website, it says....

Land value: 20,000

Improvement Value: 72,000

Total: 92,000

Good neighborhood

Rent is about $840

Built in 1995

Owner even willing to do owner financing for 20% DP

(Which I have)

My question is, how accurate are the tax assessor “Appraised Values” on the county Assessor websites?

@George Lods well yea I am familiar with the area because I went to school there and have to drive through there to get to the coast from Jackson. I love driving for dollars for that reason because you can actually find places and talk to people to find leads. I think hattiesburg is a good place to invest

Goid question. The thing is how I look at it, people are becoming more “home bodies” and are traveling less etc. but no matter what happens people still HAVE to have a place to live. Thats why I love real estate

Ive watched all the podcasts, read all the books, taken all the necessary action (analyzed deals, went and saw houses, marketing, direct mail, spoken with owners, etc) but the truth is......having money sucks when its "not enough." My search continues to find a partner who can "come with the money" or a private lender or hard money lender that will charge less of a DP for a great deal. I know brandon spoke on having 2 of the 3 (hustle, money, knowledge) but passing up deals and making offers but not having the money is frustrating. Ive even changed my entire job life to go from a 1099 to a W2 with a 660 credit score and it is still hard to get funded without $$$$$ (and i know about FHA). I think from my experience it is a little farfetched to get into this game without minimally $30000 of capital in a mildly decent market even with the KNOWLEDGE AND HUSTLE even when my expenses are very low and my income is moderately high. You get to the point where you hate to look at the MLS or do anything real estate because the deals come and go while you cant grab because of the lack of capital. Im just speaking to newbies who struggle with ONLY THE MONEY aspect

I am not able to get a mortgage because my job is not a W2 and I was recently denied because of this. But I saw a 4 plex ($169,000 PP) and want to buy it through hard money and refinance it to FHA in order to "house hack". I have enough for a 3.5% DP

Problem 1: I have a job but no W2 income BUT am currently switching into a W2 at the end of the month

Problem 2: Dont have the 10-20 percent DP for the property for a conventional DP

Problem 3: Holding costs for Hard Money for a few months until Bank accepts my new “W2 Job” for proper mortgage financing

(I am aware there will be some time for proof of consistent funds from new W2 job to getting the FHA mortgage)

*And yes I know about PMI with FHA

Is this a strategy that sounds reasonable or am I making a bad decision?

I am not able to get a mortgage because my job is not a W2 and I was recently denied because of this. But I saw a 4 plex ($169,000 PP) and want to buy it through hard money and refinance it to FHA in order to "house hack". I have enough for a 3.5% DP

Problem 1: I have a job but no W2 income BUT am currently switching into a W2 at the end of the month

Problem 2: Dont have the 10-20 percent DP for the property for a conventional DP

Problem 3: Holding costs for Hard Money for a few months until Bank accepts my new “W2 Job” for proper mortgage financing

(I am aware there will be some time for proof of consistent funds from new W2 job to getting the FHA mortgage)

*And yes I know about PMI with FHA

Is this a strategy that sounds reasonable or am I making a bad decision?

@Susan Maneck yes i think its a good place to invest because of it being a college town and a top retirement town in mississippi. However i want to connect with others who invest there for connects with PMs and contractors