Old dog, new tricks?

Question

Been out of the game since 2008. Previously was a Realtor in Mississippi, dealing mainly with REO properties. Did a few flips, etc. 2008 hit, got laid off, sold our rentals, etc. Now we're back. Let my real estate license expire, but have gotten contractor license, plumbing license, and hvac license. Now gunning for electrical license. Been looking at getting back into the real estate game now that we're recent 'empty nester's'. Long range goal is to have rental units/apartments for retirement income. Mid-range is develop some actual affordable housing. Short term is fix and flip with building a few small spec houses to sell. How's the HELOC market been lately. Sitting on one house that's paid off, worth about $80k, and another one that is worth about $210k, with only $46k owed. Looking to a HELOC on that one to start flipping. Any suggestions? Thanks.

Terrance Hill · Answer

Hi Barry, great to see you back in the game! Your contractor and trade licenses are a huge advantage for flips and spec builds — you’ll save a ton on rehab costs. For a HELOC, definitely shop around for rates and flexible draw terms. Starting with a few flips to roll profits into rentals sounds smart. If you ever want to swap contractor tips, lender contacts, or talk deal strategy, I’d be happy to connect!

Susan Maneck · Answer

Hi Barry,

Where are you located currently? It looks like you got out of the game in Mississippi just around the time I was getting into it. I bought my house from HUD a couple of years after I moved to Mississippi. Five years later the recession comes along and I find it is underwater. I figured I could either cry about that or buy up the neighborhood. I ended up with six houses on my street. During the pandemic I moved back to California to take care of my mother who is now 93. I've been selling off my portfolio at the rate of a house a year.

Susan Maneck · Answer

I think Hattiesburg is a good area to invest. I'm in Grass Valley, California right now but all my properties are in Jackson. If I sold them all I couldn't buy anything here.

Barry Pittman · Answer

Hey Ms. Susan, I'm down in Hattiesburg area. Not too far from the coast, and about 1.5 hours south of Jackson. It's kinda funny, folks just don't know how cheap some of the real estate is here!

Old dog, new tricks?

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