I wanted to take time to introduce myself to the BP community. My name is Chad, and I have been a member of BP for over 3 years now. I have recently become more active in real estate investing and would like to get more involved in the site and expand my knowledge and network as well as help anyone if I can. I currently work a very full time "corporate" job of more than 60-70 hours per week, but have still managed to find time to work on my second flip property.
I got my start in real estate when I purchased my (personal) home several years ago. I lived in the home for nearly five years and later sold it for a small profit. I did not purchase the home as an investment property, but found joy in renovating and turning the property around. A few years ago a partner and I purchased 3 very run down commercial buildings in the heart of a small town. Everyone suggested we bulldoze the buildings and start over, but we completely renovated them and turned them into some of the nicest buildings in town. Again, these building were not purchased as an investment property, but instead for an automotive business. We later closed the business and have a 3 year lease on all three buildings, with an option to purchase at the end of the lease. During this time I partnered with a real estate broker on my first house flip. He purchased the home, and I funded the renovations through personal finances and commercial loans with my banks. I gained a lot of experience during this project, and we sold the house within 30 days of listing it for a nice profit. I recently purchased my first flip property on my own, and I am currently renovating the house with hopes to put it on the market in the next 30 days.
I am working to transition into full time Real-Estate investing over the next few years. My current strategy is to continue investing in flip properties, increase capital, build a strong network, slowly begin diversifying investment strategies, and learn everything I can while doing so. This site and the information provided by its members has proved invaluable in working toward this goal.
Thank you in advance for any advice or recommendations.
Here are some before and after pictures of the projects discussed.
@Chad McKenney , Greetings and welcome to the Forums.
Congratulations on your success thus far. Keep taking action and your success is guaranteed to continue.
I wish you the best! Peace!
Hey @Chad McKenney ,
Great to see another investor in Mississippi. I'm currently on the Gulf Coast of Mississippi, but I work and travel across the entire state. I'm currently working in Real Estate full time as a digital marketing specialist, agent, and investor. There are definitely some opportunities The pictures that you posted look AMAZING! I think that Mississippi (and the investors) could greatly benefit from a few more rehab projects.
As you know, BP is a great way to build your network online - but have you attended any local REIA events? I'm not sure what the landscape in Carthage is like for this, but connecting with local investors could yield just as much (if not more) value than online conversations. I know that the Gulf Coast REIA has definitely helped me out. Learned a lot about the nuances of Mississippi RE investing versus other parts of the country where I first got hip to everything.
All in all, congratulations on getting your feet wet and I wish you much more continued success!
@Eric H. , Thank you for the welcome and encouragement!
@Christian Brown , Thank you for the welcome and compliments. Also, congratulation on pursuing your real estate goals and interest.
I have been researching some REIA events in the Jackson/Pearl/Brandon area, but I have not attended any yet. I hope to find and attend some soon.
The Carthage/Philadelphia/Kosciusko area is a very small market and sometimes limited on deals. I work in the Jackson/Pearl/Brandon area everyday, and I plan to focus on this market while continuing to search for deals in the Carthage/Philadelphia/Kosciusko area as well.
Thanks again for the response! If I can ever help you with anything in this area just let me know!
@Chad McKenney I am from Madison Mississippi myself. I work in Vicksburg so I’m constantly looking for deals in Ridgeland, Brandon, Clinton and Vicksburg. With that said I am currently trying to rent a house I got in Hattiesburg. Got it a couple of months ago. Did some light rehab and now working with PM to get it rented. I ended up in Hattiesburg because I thought college kids means lots of renters. We will see if that pans out.
I’m like you. I read the forums but don’t post very often. Good to see others in this area.
@Colin Leach Congrats on your first investment property! I lived in Hattiesburg for several years while attending school at USM. It is a great place to live, and I believe you have the right idea about renting in the area. I remember having a hard time finding a house to rent while living there because the demand was so high.
I will eventually shift my strategy to include more rental investments, but plan to get a few more flips under my belt before doing so. It is a great way to build capital, and I truly enjoy turning a property around.
Again congrats on taking the first step! If I can ever do anything to help you just let me know!
I'm interested to see how the rental in Hattiesburg works out. We've kicked the idea around as well!
Glad to see some activity from Mississippi members. I am in Hattiesburg and rehab and lease houses and apartments here. I am not full time but close to half time now. Hattiesburg market is good. Our rentals are split between students, millennials, and Section 8. Let me know if you need any referrals here or if I can be of any assistance. Glad to give you my thoughts on any Hattiesburg related questions.
On another note, I am looking for any investor in the Meridian market to sell a house to. I have had one SFR there for about 6 years and my property manager recently passed away. I do not know the market at all and I would like to sell the house to someone who is more local that it is a better fit for. It is leased for $675/month. Appraised about 4 years ago for $65,000. I would be willing to let it go for 45k. Let me know if any of you know anyone who could be interested.
@Ward Conville I’m trying to find a renter right now. Where are your properties down there? I’m less than a mile from campus on 21st Ave so I was thinking students but a small family would be great too. The Oak Grove area seems like a good area. I just don’t know that area... yet.
@Ward Conville I am curious at how you are finding your flip properties?
The first one I flipped was brought to me by a friend and broker. Since real estate is his full time profession, he finds deals through his agents and other contacts in the industry, but does not necessarily want to partner on them all. The second and current flip kind of fell in my lap. The house is on my street, and I knew from talking to neighbors that the person who owned it lived in Texas and was letting a family member live in it. When I saw them moving out one day, I went to the court house to find out who the the owners were. It was in a family trust, but after a little investigating we managed to locate and contact the owner. They were completely unaware that the people living in it were moving out. Two weeks later they contacted me and asked if I would like to meet and discuss purchasing the home. I made them an offer that they excepted and my attorney wrapped up the rest.
I have been searching sites such as Zillow looking for homes that seem under priced in comparison to recently sold in the area. I have inquired on a couple, but they are either already sold or have major foundation issues that I do not care to get involved in. I have also been researching houses that are being sold at auction. Several are coming up this month that I plan to watch and just get a feel for the process and what they actually go for in comparison to comps.
I am very serious about investing. I am just having trouble locating properties. Any advice you can give me would be greatly appreciated.
@Colin Leach. My properties are all in the City of Hattiesburg between USM and downtown mostly on the S and N Avenues. I have a mixture of 3/1s, 3/2s and 4/2s. l have a mix of tenants, some students and some families. I self manage and primarily use Craigslist and yard signs to find tenants.
Oak Grove is a good area and a lot of landlords specialize there. I use to own rentals in Oak Grove but I sold them because the area is not convenient of me. I work near downtown and decided for quality of life it made sense for me to focus exclusively on the city closed to my office and home. Also, easier for my maintenance guy as will with them all being very close to each other. For example, we had 2 or 3 broken pipes this morning and maintenance was able to get to them all fairly quickly.
@ Chad McKenney: I have a flip house for sale at 211 Donwood. I bought this one straight off the MLS back in the early summer. I did have knowledge on the front end that it was a going to be listed so I had an offer in very quickly.
Mostly I buy distressed properties, usually bank owned or Fannie Mae owned that are listed on MLS. I keep and rent more often that I flip. What area are you interested in? We have recently done a flip in downtown area, one on fourth street and one listed for sale now on Donwood. Although we stick with Hattiesburg, I have friends who tell me that they do very well flipping in Petal.
I am a relatively new BP member and I love to see all these posts from Mississippi investors. I am just cutting my teeth on real estate investing. We just recently acquired a 4-plex and 8-plex near USM. Very much a learning experience. I love learning from everyone here and sharing what I have learned. I think our investing community is stronger than we give it credit for we just all need to come out of shells a little more. I live in the Oak Grove area and am learning more every day about this market along with the USM/downtown market in H'burg. I am happy to help anyway I can.
Hello everyone! Glad to see some activity in MS and in the Hattiesburg/Petal area. 2017 was my first year investing in Real Estate (part time) and it went pretty well for me. I flipped two properties and bought a third one as a rental. My goal is a minimum of four properties this year. I would also like to get into the apartment side of Real Estate at some point in the near future.
I’m from the Ross Barnett Reservior area, east of Jackson. I am new at this and I am trying to learn as much as I can before I jump. We have a special needs son and I’ve had to have flexible schedule out of necessity. Doing houses has always seemed ideal because I’d be the owner and be my own customer. I’m wanting to initially do flips to build capital and then after building some cushions I’d probably start doing buy and holds.
Would love to meet up sometime with the fellow investors soon.
My first one I feel that I overpaid but I am considering it education costs. I’m hoping to get tenants in there soon. I think because I overpaid I’m also too high on rent for the area. I plan to hold on for a few more months and worse case I put it back on the market. Maybe I break even or lose a little but again that’s part of the education. I just have to make sure I actually learn.
@Joseph Childs That’s great to hear about your two properties. How are they going? Are you rehabbing? Are they all rented out? Love hearing others stories and talking real estate.
@James Head I'm in Madison and I have looked at several properties in the Brandon and Reservoir area. Made an offer on one off Old Fannin. I'm still looking. I want to get my first one rented out before I take the plunge on another one. I can't afford to pay two notes right now. It seems like a good rental area over by Ross Barnett. I have several saved to look at if they last. I want to find some distressed properties too and BRRR them. I don't want to be a mega investor. I just want to get enough passive income to do what I want. Take the kids and wife on trips and just have fun experiences.
So nice to see investors in the area on here!
@Ward Conville . I am really not certain what areas interested in. I have not spent a whole lot of time researching or looking in the Hattiesburg market, but it is something I am very willing to do if I find the right deal. My family lives in Magee, and my brother is in Hattiesburg several times throughout the week. We actually discussed yesterday the possibility of partnering up on a house in that market and letting him help manage and check in on the project if I purchase there.
If there is ever anything I can help you with in this area just let me know!
@Joseph Childs . Welcome to the BP community. I have found more valuable (and trusted) information on this site than any other source I have ever used, or any book I have read! Congrats on your recent investment! If I can ever help you with anything just let know.
@Rafael Feliciano . 3 properties in your first year, great job!!
@James Head . If you have any questions or need any help getting started just let me know. I would love to help in anyway I can.
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