PEOPLE. VENDORS, COMAPANIES to avoid in Jackson, MS!

After working in Jackson, MS for over 5 years as an out of state investor, you can only imagine how I've ran across every slick back southerner in the state. This list has been complied and will be regularly updated for the best interest of all bona fide real estate investors. The individuals listed have not performed the duties outlined in their service contract, took the rehab money and disappeared, or sold us money pits and are no where to be found. Don't get burned by these guys, we already did so hopefully the next guy doesn't have to loose their shirt. Do not trust these companies or men as far as you can throw them. I hope this list helps you avoid the bad seeds of the area. There are great opportunities, but you must be taken care of, because the wrong neighborhood, in Jackson, well let's just say it gets very "hood". Please revisit frequently to check for updates, PEOPLE TO AVOID IN JACKSON, MS!





1. Brad Miller, owner of Home Solutions of Jackson, Inc,
aka Miller Development LLC

665 S. Pear Orchard
Ridgeland, MS 39157

***comes off very clean cut and nice and honest. Rushes you through deals, tries to sell you bulk more than one at once. Claims he has a great rehab team that can do the work for you if you want. This is how he gets money on the sale and then get's paid on the rehab. Only to find out that he cut major rehab corners, and will not stand by his work. We were fined by the electric company because he had the utilities on illegally at the home. Don't get burned, by this one.

2. Demetrius Mathis, Owner, Cashflow Investment Services,LLC
aka Bargain Properties, LLC

***wholesaler who sells you properties that are in horrible condition. He will estimate 5-8k in repairs, only for the home to need 20K+ because of issues he should have disclosed. Then will not answer your calls, to discuss. He will say the home is in a decent area, only to find out that you are in the "hood".


3. Tommy Smith , owner TNT Investments,
1009 Dorgan Street,

**sent rehab photos of another property. didn't do any of the work on the investment home they claimed to have done. we had to hire another team to redo the entire home. Spent twice as much on that project.


4. Tarrish Rivers, owner Rivers Pest Control, 7675 Clinton-Tinnin Road, Clinton, MS 39056

**never actually exterminated or treated the property. Took cash and ran.

5. Charles Denson, owner
** gives out home inspections that lie. We rec'd a clean report, 2 mths after purchase, roof, chiminey, etc fell apart!!



Most of these guys change the names of their companies every few years, to keep the law suits away. I will keep you posted on their ever changing mask.

Investors BEWARE: Recent changes in Investor Loan Requirements

Fellow Investors, BEWARE!

Okay guys, I had to start it out this way, because in 2009 we all have been watching the lending industry tighten, and expected to feel it more as purchasers of 2nd homes and investment properties. This piece will outline the recent changes in the RESERVE REQUIREMENTS, DOWN PAYMENTS, RULES for MULTIPLE MORTGAGES and FORMS needed to successfully get a loan to purchase investment property.

Now, the way this works is, Fannie Mae will guarantee, or purchase loans created by banks, if they meet these criteria. Banks prefer to write loans that meet Fannie Maes criteria, because they can then sell them and become liquid again for more lending opportunities. I bring this up, because private lenders will follow suit closely, but will tend to be looser.

WHAT TO EXPECT : THE BREAK DOWN

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1. MULTIPLE MORTGAGES : Total Number of 1-4 unit properties a single investor is allowed to have financed at the same time. ( 5 - 10 ) Criteria to follow

2. RESERVES : Reserve requirements will now be calculated (PITIA)

Principle;Interest;Taxes;Insurance, Association Dues/Assessments

`

REQUIREMENTS : WHAT YOU WILL NEED TO QUALIFY

effective June 2009

1. DOWN PAYMENTS : 25% down for purchase, 30% equity for Limited Cash Out Refinance.

2. No history of BK or foreclosure within the past 7 years

3. No delinquencies within the past 12 mths on any mortgage loans

4. Rental Income must be fully documented on subject property

5. Rental Income from already owned properties must be fully documented by Tax Returns

6. 4506 T form will be requested

(this form will allow them to request verification of income from the IRS)

7. Form 3170 will be requested

(This is a rider that I will explain in great detail in a later blog. Basically, assigns the rents and leases should you default on the loan)

8. Reserves :

If this is your first investment property, 6mths reserves will be required from now on.

If you own 1-4 financed investment homes already

• (2) months reserves if loan is for a second home


• (6) months reserves if loan is for an investment property


• (2) months reserves on each other financed home shown on credit report

If you own 5-10 financed investment homes

• (2) months reserves if the loan is for second home


• (6) months reserves if loan is for an investment property


• (6) months reserves on each other financed home shown on credit report

* requirements apply to both manually underwritten and DU underwritten files

** Rent Loss insurance may be required by the lender, it is not required by Fannie Mae. ( I would get it anyway. It doesn't jack up your premium that much.

So that is that. I hope this is plain english and the beginner investor can read through and know what to expect when going through the loan process. For great positive rental cash flow opportunties check out http://www.reishoppe.com/ . Find it, Fix it, Tenant it, Manage it! True Turn Key Real Estate Investment Opportunites. 866 927 6417

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Ask about their Rehab Gurantees best in the industry, hands down!

Ask about their Asset Protection Program!

The good news is, Fannie Mae has recognized our role in housing recovery. So for high - credit quality bona fide investors, the door just flew open. Bon appetit!

Grand Opening REI Shoppe

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If you are someone who can benefit from substantial tax deductions, cash flow and security, they have the assets for you! REI Shoppe provides city inspected, recently rehabbed, fully tenanted and managed rental property. Each home comes with between 15% - 20% equity, are cash flow positive, and come with a local property manager. Full time real estate investors get additional tax deductions that make your investment twice as amazing. Rental property the gift that keeps on giving! Investment property worth holding on too.

If you are concerned about your asset allocation, and exposure to equities, there is no better time to think rental property. Diversification is paramount to any successful financial portfolio. As a financial advisor for over 15 years, I have never seen a sound financial plan without a solid foothold in real estate. Diversify, with rental properties, stay educated and reduce your risk with REI Shoppe. As the demand for affordable housing continues to hit new highs, and rental property prices hit all time lows, secure your future with monthly income. The investment property of choice, in Jackson, MS.

Live the real life “CASH FLOW GAME”. REI Shoppe is perfect for first time investors and retirees. There is no other way to get involved with out-of-state rentals. Build or increase your wealth with the most reliable asset around, Real Estate. Grab a partner to help with your investment property search. If you are ready to TAKE ACTION, and begin qualifying for the rental income tax call us NOW! 1-866-927-6714

Search this blog to find videos, testimonials and information on the Best wholesale investment property in Jackson MS! If you have not worked with REI Shoppe, who has a solid reputation and strong presence in Jackson MS then go to http://www.reishoppe.com or join our Facebook group and sign up on his list to be notified of all the great wholesale deals In Jackson MS and surrounding areas. Accept The Challenge And Will Prove To You That I Will Provide You The Best Wholesale Properties In Jackson!