All Forum Posts by: Derrick Craig

PM fees?

@Johnny Powers 

Welcome to BP!!

@Ericka Mizuta 

I have several I can refer....... But @Curt Davis is right Memphis Invest is the best place to start since you purchased from them in 2011.

Welcome to BP @Joe Kim 

@Brock Y. Conventional you are correct... BUT........

FHA Loans YOU may qualify

With FHA loans, you can get financing all the way down to 580 credit, as long as certain criteria are met. Here's a quote I found from another mortgage broker, "I am a mortgage broker, you can absolutely get a mortgage with a 650 mid score. As a mater of fact you can go as low as 581 for an FHA mortgage."

In order to get this type of mortgage, you will have to meet some requirements:

• The purchase price needs to be under the limit set for your city and state. You can find your limit amount here.
• You also need to have a debt-to-income ratio that meets the requirements

If I am not mistaken you can get up to 3-4 of these types of loans before they tell you no if everything else checks out. Different lenders have their own layered requirements as well on top of the FHA requirements. I hope this helps.

@Todd Norris 

Welcome to BP!! You are going to love this site.. I really enjoy the Podcasts!!

Happy Investing!!

@Brock Y. 

Get as many conventional loans as you can qualify for, then start looking toward your local banks and credit unions for portfolio loans/stacked collateral loans. This will allow you more leverage to continue buying more properties since you will be cashflowing more money this will take you at least 2-3 years to achieve it's not going to happen over night so be patience invest wisely and make sure you continue to put the money you pull out of your properties when you refinance them back into your business. It can happen trust me!! I started with a $10k CC and a $10k loan from my 401k Plan. Then refinanced, bought 3 more properties and refinanced all of them and the snow ball effect started for me consistently investing every penny back into the business buying more and more properties. I hope this helps sorry for the run on sentences!! LOL!

Happy Investing!!

Challenge yourself with something you know you could never do, and what you'll find is that you can overcome anything.

GREAT POST @J Benoit 

If I decide to buy in Birmingham in the future I will surely touch base with you!!

@Ro'Maine Pryor

You are very close to Memphis so it will not be hard for you to do your investigation/due diligence of each turnkey company before you decide to do any business with them. Start out by searching here on BP for Turnkey providers in the Memphis area then I would suggest a Google search ask a lot of questions and if you think you are asking to many questions ask more. If they are unable or unwilling to answers the questions then that's a red flag.... Immediately RUN!!! LOL.... Or if they get frustrated with all the questions you may ask then RUN faster!! Turnkey providers should have great customer service skills or people that work for their company that posses those skills...

Congrats on taking the next steps to Real Estate Investing you are going to do GREAT!!

Happy Investing!!

Perfection is not attainable, but if we chase perfection we can catch excellence.

-Vince Lombardi

Welcome to Memphis and Welcome to BP!! @Ro'Maine Pryor