All Forum Posts by: Peter Vance

@Lennon Lee thanks for the great advice!

@Nathan Patterson I am hoping to get in on the SFR either in Tupelo or the surrounding areas either Baldwyn, Guntown, Saltillo, or Pontotoc. You from Tupelo as well?

Thank you all for the welcome! Can't wait to learn from all the wealth of knowledge!

@Jay Helms, I don't really get it too much thankfully.

My name is Peter Vance and I am a newbie to REI. I am from Northeast Mississippi and hope to find some deals in this area. I currently work full time as Research Analyst for an Investment company, but would love to be able to leave and concentrate on RE and my other side gig. I am hoping to get into SFR to start out and possibly find some multi family units. Right now I don't think I have the knowledge or experience to wholesale, and I am really interested in the rental aspect and constant cash flow. I hope to get a couple of properties by the end of this year.

Thanks for the response! Yeah the towns are only a few minutes away(Baldwyn, Guntown, Pontotoc) so getting to them would not be a problem. Right now, I don't have the cash available to pay for the house, which is why I was looking at a small loan from the community bank. I don't know exactly how the HELOC works, so I will research that for sure. Thank you for the information!

I am a young professional looking to get started in REI. I just recently built a new house and we had our first child. I have a solid full-time job, with a fairly decent amount of investments. I would like to get into single family rentals to start out as I am currently tight on cash. I have been working with local community bank lender on some options for a loan to get started, but I know I know it will be small. I've thought about looking into some foreclosures or other houses around $30k-$50k with a little bit of work. I live in a smaller city in Mississippi with some of the smaller towns having the better deals, but less people.

My question is should I look for houses in a better town, but are of less value, or in a smaller town, better location, but less people and therefore a possible harder time to find renters?

Also, if you are strapped for cash, what is most important? I feel that if you can get the loan and set the rent to provide at least $200 in cash flow a month after all expenses, it is most important. Am I wrong?

Thanks and I love the site and the community.