All Forum Posts by: Account Closed

Rich are you advising to stay away from the area because of the Jimmy Buffet deal going south or because of your personal experience.

Like I said in my post earlier there was a bunch of scams going on in the area. Desperate people = easy pickings for scammers. However I don't know that that is the reason I would stay away from the area.

That casino was also being built by Harrah's not Sheraton. They also own the Grand Casinos in Biloxi and Gulfport.

In my opinion Mississippi especially the Gulfcoast has come back from the Hurricane better than ever, yeah there are bumps and it is taking time but the people from Mississippi have worked hard and are doing well I feel. Of course this could just be home state pride speaking.

Well I know that from my college days the dealers at the casinos make pretty good. But I also think that you have to look at the fact that MS Gulfcoast in an area of not only tourists but like Florida a bunch of retirees and it is a functioning city (so to speak) it isn't simply a seasonal tourists area.

Like you I also wonder how it worked out for the OP.

wow just noticed to OP was back in 2006 sorry didn't pay attention to that.

I grew up on an hour north of the Gulf Coast and can tell you a good deal about that area. Your right since the hurricane Katrina there are now laws in place that allow the casinos to build on land however I'm not sure about how far from the water they are allowed so far I haven't seen anything more than across the street from the water.

Many of the residential homes that were found on the beach line however are not being rebuilt. Areas that have stood for a hundred years or more are now being zoned for commercial use.

With the building of the new commercial properties especially new casino and resorts there is a greater need for new housing and I believe even more multifamily units. I think that the need not only for affordable housing will rise but hopefully the need for luxury housing. Places like Pass Christian and Waveland still seem to be keeping the small town mentality and are nice for families. At least the last time I talked to friends from that area that's how it was.

If your looking to buy and hold you should be able to find plenty of properties in Biloxi as well as Gulfport. Just make sure that if you look at anything built before the Hurricane that you do your due diligence well, like any other place in need some contractors came in a did piss poor jobs on the homes an ran.

I have a cop buddy down there too that bought a new home after the Hurricane I want to say he payed in the 120's range or so, nice little place i believe it was a 2/2 I would have to ask, it was in Gulfport.

I did see a few weeks ago an REO property just north of the coast line in Gulfport that was a new subdivision development for sale, it has something like 70 plots laid out if I can remember correctly, the website pictures showed minimal readiness and I don't think utilities had been run yet, but I remember seeing the letters from utility companies and the State Dept of Agriculture about the land. Found it once but can't remember where I found it. I've looked a couple of times but with no luck.

Sorry the post was so long. Hope that answered some of your questions. If you want to know more feel free to ask, or colleague request and you can pm me.

Thanks for the answer John that is kind of how I figured it worked. Was just wanting to make sure. And I will surely contact the lender to follow up.

I have spent some time researching the types of deals I would like to to on BP. As all newbies go I guess our initial post goes something like this.

"Hi I'm new to investing really want to get started" we then receive responses that ask what we're interested in dealing in and what our long term goals are in which us newbies respond we want to wholesale and do some flips and move on to bigger and better.

Well during my initial posts I stated pretty much the same as mentioned above but after much research and deliberation I have decided that I would like to focus my market on MF and Apartments. With that being said I have started researching Commercial Hard Money Loans and Private lending sources.

I have a question regarding what many of the websites say; the statement "all commitment fees are paid at closing from the loan proceeds. " My question does this mean that the points being charged for the loan will be used from LTV loan at close?

I currently don't have any rentals but I do rent. My landlord has me do bill pay through my bank, its free for me and free for him.

In Central Texas I can get a decent 2 bed 2 bath apartment or in my case a little bit older 2 bed 1 bath duplex (I gave up the newer place and extra bathroom for a huge backyard.)

I want to do some flipping have my eye on a few REO properties. I also want to buy and hold but what I really want to do is MF and development.

Like I stated in my PM i don't know how that will work of even if it is ok to do such a thing. You might want to wait and see if anyone from this site gives there opinion before doing such a thing.