All Forum Posts by: Susan Maneck
Susan Maneck has started 8 posts and replied 1105 times.
Post: Mississippi Single Family buy & hold
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
Quote from @Jason Quisberth:
Property Management seems low at 23$/mo, consider a rate closer to 10% of rent unless you are always managing it.
My property manager in Mississippi charges 8%.
Post: Mississippi Single Family buy & hold
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
Properties have appreciated all over Mississippi during the pandemic but I only buy properties here when it makes sense in terms of rental income, I don't count of appreciation and I don't think you should either. However, I'm seeing that more and more investors are looking seriously at Mississippi, probably because the numbers don't work out any place else. As for coast, personally I wouldn't buy there after what happened with Katrina. Insurance companies found all kinds of ways not to reimburse people for their losses. One place in Mississippi where appreciation appears to be more the norm is closer to Memphis. Still, I think the house you are looking at is a good deal.
Post: Should I allow buyers to amend name to foreign LLP? WIIFM?!
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
The most they lose is any earnest money they put into the deal. Well, unless your local attorney general is very bored or if they sold it as a property and not a contact they are selling then the local real estate board might be interested.
Post: Should I allow buyers to amend name to foreign LLP? WIIFM?!
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
Did your contract specifically say it was non-assignable?
Post: Should I allow buyers to amend name to foreign LLP? WIIFM?!
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
Quote from @Jason V.:
Not sure how I could lose the sale, tho....
I've already got a contract with the 2 local guys. There's NOTHING that allows them to cancel the contract, short of foundation, roofing or other "system" problems (HVAC, electrical, plumbing, etc.). But the concrete slab is great, there's a new roof, a new HVAC system, new electrical, newish water heater, & there's nothing wrong with the plumbing. Their contract specifically precludes then from cancelling due to cosmetic issues, which there are many.
So the way I see it.... There's ZERO benefit for me to amend the contract to other buyers. If they want to amend, then there should be something in it for me, no? Wholesalers mean they've likely already found another buyer, the LLP, to pay them $10k to $20k on top of what they originally offered me. Accepting their buyer amendment only makes sense to me if I'm getting something extra, because I'm ALREADY getting the original contract price. No way they're getting out of it. So yeah... No benefit for me to accept buyer reassignment.
I would not assume they are getting as much profit as you imagine out of that deal. Wholesalers operate on a pretty low profit margin. In any case, if they walk away I'll you'll get is their earnest money, and usually wholesalers get away with very low ones.
Post: Mississippi Single Family buy & hold
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
Quote from @Nathan Patterson:
Quote from @Susan Maneck:
You can't count on 3% appreciation in Mississippi. The last time there was appreciation in Mississippi before the pandemic was in the wake of Hurricane Katrina. Also, keep in mind that Mississippi still hasn't raised its minimum wage from $7.25 so there are limits as to how much rent can be raised.
That is great information. Do you know what appreciation you typically see?
Post: Mississippi Single Family buy & hold
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
You can't count on 3% appreciation in Mississippi. The last time there was appreciation in Mississippi before the pandemic was in the wake of Hurricane Katrina. Also, keep in mind that Mississippi still hasn't raised its minimum wage from $7.25 so there are limits as to how much rent can be raised.
Post: Mississippi Single Family buy & hold
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
The price looks right to me, but I sure hate that interest rate!
Post: Loan on deed for rehab
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
Quote from @Stacie Wall:
Have a second home looking to rehab to get full rent value. It's free and clear but my problem is my asking amount is either to low or the house only being worth $50k isnt enough. I just want the good ole collateral loan for $35k that doesn't seem to exist anymore. I live in Missouri also which has also been a hender while the property is in rural Illinois along the Mississippi river. Any help would be great.
Post: Long Distance BRRRR Advice
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
Quote from @Delbert Standifer:
@Susan Maneck I’m interested 😊
LOL. You are always interested. The question is when you will finances loosen up again? Next on my list to sale are the properties on 1339 and 1405 Wooddell properties.