All Forum Posts by: Susan Maneck
Susan Maneck has started 8 posts and replied 1105 times.
Post: What's your average net income per rental property?
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
Ah, okay. I missed the part about loans.
Post: What's your average net income per rental property?
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
Quote from @Tim Bee:
Quote from @Susan Maneck:
Quote from @Tim Bee:
Quote from @Susan Maneck:
Mississippi investor here. It is rather difficult to answer this question because I paid cash for most of my properties, but I house I bought for about 30K now rents for $900, your not likely to find those deals right now.
How do you calculate gross profit for a property I paid cash for? Probably after insurance, taxes, property management and repairs $500 a month or more.
Yea calculating net profit is really easy. You just take your gross monthly rent. Subtract average damages, prop taxes, insurance, probable vacancy, income taxes, HOA if any. The money left over is called net income. What you paid to purchase this property would not be part of the equation for this particular question.
Post: What's your average net income per rental property?
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
Quote from @Tim Bee:
Quote from @Susan Maneck:
Mississippi investor here. It is rather difficult to answer this question because I paid cash for most of my properties, but I house I bought for about 30K now rents for $900, your not likely to find those deals right now.
How do you calculate gross profit for a property I paid cash for? Probably after insurance, taxes, property management and repairs $500 a month or more.
Post: Looking to Connect in Jackson Mississippi
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
I have to agree with @Jay Hinrichs. Be very careful with wholesalers. I've always been able to find better deals on my own anyhow. You can do well in Jackson but you need to know what you are doing. If you have some specific questions, feel free to contact me privately.
Post: What's your average net income per rental property?
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
Mississippi investor here. It is rather difficult to answer this question because I paid cash for most of my properties, but I house I bought for about 30K now rents for $900, your not likely to find those deals right now.
Post: Is it possible to start out in Southern California with $35k?
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
Maybe Kern County. Can't think of anyplace else in Southern California.
Post: I'm a rookie who found a property & overwhelmed by next steps
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
Quote from @Pepper Bradford:
Quote from @Charles Seaman:
@Pepper Bradford Thanks for this...I admit I was stuck in "chicken and egg" land: can't look at a deal without money, can't get money without a deal. At the risk of showing the depths of my inexperience, may I ask for what "JV" stands?
You may not have the money for a deal but you should be able to determine ahead of time how much of a loan you can qualify for.
Post: Landlord Friendly States vs Property Taxes
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
Quote from @Abdul Jabar:
@Susan Maneck . True about CA as most counties prop Tax is around 1% of value- however most desirable cities introduced Mello Roos or Community Development Fund tax which makes CA prop Tax around 1.9% to 2% in most desireable cities.
Yes, but property values can only rise so fast because of Prop 13 until a property changes hands. In any case property taxes in Mississippi are more like 3-4% if not owner-occupied, and that's based on what they think the property is worth. During the Recession their appraisals were higher about 25% higher than I was paying for the properties!
Post: Landlord Friendly States vs Property Taxes
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
Quote from @Jewel B.:
Quote from @Susan Maneck:
I would not list Mississippi as a low property tax state. Relative to property values it is anything but. I typically pay $1000-$1500 a year on a house I paid 30K for. That's about the same as my condo in California. Relative to property values, California is much, much less.
That's interesting! What is your home's value currently assessed at? What city?
Post: Landlord Friendly States vs Property Taxes
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
I would not list Mississippi as a low property tax state. Relative to property values it is anything but. I typically pay $1000-$1500 a year on a house I paid 30K for. That's about the same as my condo in California. Relative to property values, California is much, much less.