All Forum Posts by: Susan Maneck
Susan Maneck has started 8 posts and replied 1105 times.
Post: Relators in Mississippi
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
I work with Katrina Hawkins who owns Dove Realty. I started with her during the Recession because she was the only one willing to deal with cheap foreclosure properties. She lives in SoJo and knows the area well. Her number is 601-238-3287. Also, her husband can do a lot of the repairs and rehab work.
Post: I’ve got the land, but can it produce a cash crop?
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
Quote from @Bryan Wallace:
South Mississippi - I purchased a tract of land as an investment (51 acres), the land is flat and has over 2,500’ of road frontage on one side and around 100’ of frontage on another side. I think this property would be a prime location for a Mobile Home Park, no issues with the city/county, no covenants…. There is definitely a housing need in this area, but can a new Mobile Home Park cash flow? Or will this be a hard row to hoe?
Post: Will an inground pool cause a property to appraise for more?
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
Quote from @Jay Hinrichs:
my experience with with pools is:
if this basically lower end properties were their are few pools B/C the cost to build one today would be half the price of the home it almost had negative value Not sure what an appraiser would do in those instances since it would be an anomaly basically.. I remember one particular one on a property i funded in Vickburg MS and the pool was huge but the value of the home was still under 100k so the pool added no value and it was a tough house to sell no one wanted to maintain it. and it was too hard to fill.
Correct. I would not buy a rental property with a pool. Too many things to go wrong. And yes, there are are houses in Mississippi with pools that you couldn't get 50K for. Can't attest to the condition of that pool, but it presence just made it harder to sell.
Post: Reputable Lenders in MS
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
You only need one pre-approval but that doesn't mean you have to go with them. If you don't like their terms or closing costs feel free to job around. but do it after your offer has been accepted.
Post: Reputable Lenders in MS
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
Quote from @Susan Maneck:
Quote from @Ye'Chiya Harper:
Quote from @Susan Maneck:
If you have a Costco membership check with their mortgage lenders. It can really cut down on your closing costs. I've used Mutual of Omaha and most was online but I don't know about giving 203K loans.
Yes, their rates are definitely worth the cost of the Costco membership.
Sad to report but Costco just got rid of their mortgage program.
Post: Reputable Lenders in MS
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
Quote from @Ye'Chiya Harper:
Quote from @Susan Maneck:
If you have a Costco membership check with their mortgage lenders. It can really cut down on your closing costs. I've used Mutual of Omaha and most was online but I don't know about giving 203K loans.
Yes, their rates are definitely worth the cost of the Costco membership.
Post: The Next Hottest Market — RE Resources
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
Quote from @Andy Sabisch:
Quote from @Susan Maneck:
You prefer investing in Pittsburg to Mississippi?
No in Pittsburgh but Pennsylvania. We are in Mississippi for work but this will not be our final destination. We are involved in the market here and just finished a flip that closes in a few weeks. The Jackson area is a strange market . . . a few blocks and you go from 200K to 20K and take your life in your hands. There are plenty of properties to buy & hold if you want to deal with a market that is predominantly Section 8. Good cash flow but we have stayed away from being landlord in these areas. There are deals to flip but the margins are razor thin and making a mistake in the purchase will kill you. As they say, you make your money when you buy not when you sell and Jackson is that model to a T.
I agree that flipping would not be a good idea in Jackson. I've always done buy and hold, but until this year when property values rose I did not have an exit strategy. Still, the return on the investment can't be beat. I don't really recommend it all that much to out-of-state people who don't know the different neighborhoods I was just surprised that someone who lives here would invest elsewhere. There aren't that many Section 8 vouchers out there. At most I have one or two tenants that have them out of my nine properties.
Post: The Next Hottest Market — RE Resources
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
You prefer investing in Pittsburg to Mississippi?
Post: Reputable Lenders in MS
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
If you have a Costco membership check with their mortgage lenders. It can really cut down on your closing costs. I've used Mutual of Omaha and most was online but I don't know about giving 203K loans.
Post: Arizona Has Run Out of Water - Divert Columbia River to AZ
- Investor
- Jackson, MS
- Posts 1,148
- Votes 764
Another possible solution would be a tertiary treatment of sewage which makes it completely recyclable.