New real estate investors

[Velasquez Lopez Juan Horacio]

Hi!

My wife and I will soon be moving from California to Mississippi, we have been educating ourselves and reading as much as possible to start our real estate investing careers, we are debt free and have saved about $60,000.00 and will start earning $460,000/year ; We are looking to purchase our first rental property and are wondering what advice you have for us in terms of how to get started and where to focus our attention.

Thank you very much for taking your time and for your responses.

[Susan Maneck]

I'm a native Californian who lived in Mississippi for 20 years and moved back here during the pandemic to care for my 90 year old mother.  Did you own your home in California? I own seven houses in Jackson, Mississippi and if I sold them all I couldn't buy anything here. That means if you sold your California house you can likely buy your new home plus several rental properties. 

The first thing to check on when you are looking for houses in Mississippi is the foundation. Because, for some odd reason, people prefer slab foundations even though everything is built on yazoo clay, foundation problems are endemic here.