All Forum Posts by: Lonnie Coleman

Thanks @jameswachob will keep that in mind, won't be able to make it this week, but will try to be there next week.

GM @jameswachob I've met you at MIG... I want to be sure I understand the scheduled meetings on broad. When is your next one?

Wow, thanks so much I'll keep this in mind.

I may as well chime in with a similar story. I got started the same way in Memphis TN some years ago. Moved out of an apartment, used my va to purchase a duplex. Lived in one side for a while then bought a home. I have 2 duplex now along with a single family home (4 properties, 3 rentals plus my own). Very glad I got in the business.

@kirkolsen what's a portfolio loan?

Part of my post was cut off, just be careful when venturing into a different state to invest while being new to the game. This is a wonderful business and you certainly don't want to be derailed early on.

By having tenants where you live will allow you to stay close for managing/monitor your property. Screening them and seeing how well they turn out in the early stages will hopefully set the tone for a long term return on your investment. But if this is all new to you, unless you have a management service or someone to manage your property out of state, this could potentially set you up for a disaster early on.

As mentioned, this is an awesome business, I just hate to see anyone develop a bad taste in the early stages.

Good luck!  

Hello Aaron,

It's wonderful to see you're ready to get in the game. It's unfortunate you're in an area where it's so expensive. As I viewed your post, I just wanted to point out a couple of things to hopefully help raise your eye brows.

By venturing into new tenants, you definitely want to make sure the both of you have a meeting of the minds when renting your property. Make sure your numbers are correct in clearing a cash flow which covers the mortgage, taxes, insurance, HOA etc.

It sounds pretty tough venturing out and finding another property for your family to live in

Great responses on this post folks and wonderful success story @Anthony Gayden. Can anyone share more in regards to your successes. 

I have a couple of duplexes (haven't made a purchases in about 7yrs) and have been working diligently on my credit and should be above 700. How challenging has it been acquiring such loans. I definitely like duplexes and have one under contract now and would love to capitalize on a 4 plex in the near future.

Can anyone advise?

Memphis Investors Group is another great resource to use when looking for anyone in this area. If you Google them, you can view their website and find some partners that could really assist in your efforts. Good Luck!!