All Forum Posts by: JJ Harris

If you're looking for a property management, I would love to connect.  We are a full service RE brokerage, but all we do is manage.  We are local, full time investors and believe that proper management is often the difference between profit and loss.  It certainly was for us.  I learned the hard way that much if the heavy lifting is done after the purchase.  

 Amen to that quote.  If you have 200k in cash to purchase with, you might even consider building. Leveraging 200k gets you about 450 in interest only construction financing.  Build to rent is an attractive strategy in south MS.  I've done this a few times and would be happy to share my insights.

May I ask if it's an HOA or condo board requirement? I own several STR properties here on the gulf coast and I'm not familiar with any PM requirements. Which town are you operating in?

 This is a great list.  You can always ask for referrals as well.  IF they have a portfolio of any size at all, you should also ask about the vacancy rate of their managed properties.  We (a full service property management company on the gulf coast) require all of our lease signers to carry $100,000 worth of tenant liability that covers the investors home in case of damage not considered normal wear and tear.  We also send all of our residents AC filters for the home and provide credit reporting for those looking to purchase a home of their own one day.  Our objective is to find GREAT tenants and then treat them in a way that encourages them to stay.  Best of luck with your investment.  If you ever purchase down south, we would love to talk with you.

Are you considering any alternative financing for the cash only property?

Great job adding the personal touch.  Hope it works out for you.  I think the MS Gulf Coast is a very lucrative investor market.  Lots of opportunities.  

Best of luck on your investment here in Gulfport.  There are some really positive things in the pipeline here for population and job growth on the coast.  Tenant screening and lease management will be key.  If you decide to sell, let me know.

First of all, congratulations for getting off the sidelines and making your move.  I’m sure that was an experience in itself, and while it surely won’t make up for the sting of $ flowing the wrong way, I’m sure there will be lessons learned here that can’t be learned without doing.

A couple observations: $100 in pro forma cash flow is more than adequate  on a 70k house.  BP hasn’t been told what your investment is worth so I’m not sure how someone might say it’s not adequate.  Also, one(or three) months isn’t a reasonable look back history to evaluate the performance of your real estate  investment.  It’s very possible that your investment is solid from the proper perspective.  The monthly variation in ACTUAL cash flow is part of the risk that allows us to demand a proportionally higher return from our investment than say a physical bond with a defined coupon rate.  

Mississippi is a great place to invest in SFR homes. Our landlord-tenant laws favor landlords very strongly. Cost of labor (repairs) is reasonable. Demand is extraordinarily high, and finally the relatively inexpensive homes here allow an investor to scale and smooth the monthly cash flow line by doing so.

In summary, make a plan, stick to that plan, evaluate the results of your plan on a periodic basis (3yrs., 5yrs?) and then allow your plan to evolve as your knowledge and insight grows.  Stay the course and work the plan..

I’m a full time investor and professional property manager in Mississippi.  I would be happy to talk specifics of your particular investment if that suits.

I wish you much success 

Cody, what sort of guidance are you looking for from a mentor?  I completely understand looking for one, but some people have specific questions that might want to be answered.  I didn't have an advertising mentor perse,  but I generally followed the same path towards my first deal as you.  I would be happy to talk through some specifics about any potential deals you have working up there near Jackson.  I am a full-time investor here in southern MS, we have been investing for 20 years and started with a deal I wouldn't even touch today.  We have learned a few tricks over the years and would be happy to help out.  We started in single-family investing and thought multi-family was obviously a no brainer.  Why wouldn't more doors, one roof, and all my tenants in one place be more profitable?!  Hilarious to think of now really.  We started investing primarily in commercial properties and specifically self-storage ultimately.  We still have a small portfolio of SFRs, and we recently started a property management company to help investors manage the actual day-to-day.  We believe in Mississippi and are putting our money where our mouth is.  

We here at PMI Biloxi would love to discuss Mississippi Property Management. PMI is a global leader in property management of SFR, multi-family, commercial and vacation properties. We don't currently have an office in Jackson metro, but our office in Biloxi covers the southern six MS counties and we can source investments that meet your profile. Give us a call or Google our PMI Biloxi website for more information.