Underwriting/Evaluating Single Family Rentals in Jackson, MS

[Michael Elkins]

I read Rich Dad Poor Dad last May and have been watching the Bigger Pockets podcasts on YouTube as well as learning about wholesaling. I began to take action March 1st of this year and have started gathering leads and starting marketing to begin my wholesaling job so that I can leverage that into real estate investing. My question is does anyone have an excel/google docs template they would be willing to share so that I can practice underwriting on Zillow FSBO listings? I keep hearing "you need to make sure the numbers work" which is fine but what numbers? This may be a separate question as well but I would also like to learn what I need to evaluate (at least at a glance) on a wholesaling deal that an investor would want to know. An example may be

roof - 20 years old = recommend replace

HVAC - 10 years old = recommend replace

Interior Walls - good condition poor paint color -  recommend replace

etc. 

Thanks for your help I'm also looking to establish relationships with local investors and agents that as I learn more I can help them out and at least be in the room when I hear people have conversations about investing. 

[Jay Hinrichs]

Quote from @Dan Guenther:

Quick tip on the forums: make sure to tag @Michael Elkins anyone you're replying to so they get a notification. Shoot me a message and ill give you a few pointers on ARV

Jackson market is basically cut into 3 areas.. South Jackson  west Jackson and north..  with west being the roughest and then south the next although there are streets in so jac that are terrible as well. then you have N. and NE jackson were you have nicer homes better neighborhoods. And fondren can be nice as well.  in West and South finding ARV is pretty tough as its ONLY a rental market there are very few actaul retail owner occ sales in those areas so you need to figure out what an investor will pay for a given rent.  NE and N jackson will have retail sales.  Also there is a weekly meeting there in Jackson called the RIG meeting highly recommend you go to that all the local players go to that meeting you will learn more there in a few meetings and anywhere else.

At one time i was the largest HML in Jackson and I owned a few hundred rentals there as well.. Its a market that you really need to know so you dont get your clock cleaned.