All Forum Posts by: Susan Maneck

When Katrina hit it didn't matter whether your property was in a flood zone, but it i the most affordable area on the Gulf, no doubt because it is Mississippi. 

I can tell you a bit about Jackson, MS. Rents relative to investment can't be beat, however don't expect much appreciation. This last jump in prices is the first I've seen since the Great Recession. Prices have now stablized but rents continue to go up, proably because most people can't afford to buy right now. Getting Section 8 tenants is not difficult,  but make sure they have a voucher in their hand or you will be waiting a long time. They can be pretty slow with the inspections some times. You can get decent houses in the 60-80K range. Keep in mind that most of the state is in a flood zone, and watch out for foundation problems. 

I'm in the Mississippi Market. Mostly just in the Jackson area. How can I help you? 

Quote from @Beth Crosby:

Oh thats awesome advice Susan.. Can I DM you ?

Sure. 

Interest will always be lowest on your principle residence. If you tell the lender the payout will go to pay your other debts you can more easily qualify, then use DSCR lenders to cash out money from your rental properties.

Quote from @Lacey Swarek:

Quote from @Susan Maneck:

Be very careful. Much of what goes on in the name of wholesaling in Mississippi is illegal. 

Hi Susan,

  I appreciate your reply, I have read a lot about the red flags on it, and I am aware of what they say about wholesaling period. I however think there are ways, if someone has the funds...to go about it in a cautious way, while following the rules. I see many avenues to take on it.

I did buy one property from a wholesaler but it would have been difficult to sell via MLS because there was an unpermitted house in the back yard. It is Mississippi and one rarely gets in trouble for that sort of thing, but it does make a property impossible to finance. When I go to sell I'll either have to find a buyer here or work with a wholesaler myself. 

Be very careful. Much of what goes on in the name of wholesaling in Mississippi is illegal. 

Quote from @Greg C.:

As someone from out of state, Jackson scares me as an investor. It has the outward appearance of a blighted market, on par with places like Gary, IN or Detroit, MI. The shear volume of tax liens that I saw on auction there a month or so back was stunning. Visually, it looked as though 50-60% of some neighborhoods were up for tax auction. Even now there are SFH available as tax forfeited properties for a couple thousand dollars. To me, this speaks volumes about the local market. I am sure locals would be able to sift through the area to find the gems in the rough, but I can see why out of staters need to yield caution.

They do need to be cautious and I certainly wouldn't buy any property at auction.com or buy tax liens. You absolutely have to check out properties for things like foundation problems and mold. Buying sight unseen is out of the question no matter how cheap the property. However, whether vacancies are going to be a problem depends on the property manager. My properties have never sat for more than a couple of weeks. Jackson does have a declining population, however, which is likely why you won't see much appreciation. 

You have to have air conditioning to go section 8, but it doesn't have to be central air. I had a 2/1 that passed inspection that just had window units. There was one in every room, though. That was the one house I bought in the 39204 zip code. Oftentimes the 2/1 and 3/1 houses don't even have the ductwork for central heat and air. I put in ductwork for central heat in that house but since the window units all worked I didn't put in central air. They have some very weird heating units in those houses and I don't trust them. I also rewired the house because these older homes have nickel wiring which isn't safe. I did not realize about the wiring until I had already moved a family in with three small children. I put them up for a couple of days in a Hilton Garden's hotel suite while we put in new copper wiring. I don't think they ever enjoyed such luxury! 

Huh? Byram is south of Jackson, it is not even in the city limits. It's a nice area, though.