All Forum Posts by: Robert Rayford

@Jeff Hunter, A great way to acquire rental properties is to flip 2-3 homes then part of the return to purchase a rental then repeat. This is usually faster than the traditional save and buy.  I keep on average 8-12 properties in rotation. This can be a bit much for the beginners but I am comfortable with the volume. The returns in Jacksonville are very exciting to us West Coast investors. Here in California, especially here in the Bay, we live by the appreciation market. We are lucky to turn a percentage on our monthly rents. In Jacksonville $45k can get $850mo in rent. The equates to 4.5 years for a property to pay for it's self, maybe a little longer considering holding cost.

I rode the Vegas market since 2012 and moved on once my ROI ratios tightened last year. I started investing Jacksonville, Tallahassee, Jackson Miss, Louisiana and the Bay Area. I am currently running numbers for my next hot market predictions.

@Jeff Hunter, I have both. I buy as many as I can as long as they meet my ROI ratio's, board them up and rehab as the area's appreciate. Many times I have buy and hold investors wanting to purchase prior to rehabs completion. I will put the property under contract with the buyer via " letter of intent to purchase" doc. Almost like a turn key product, but I let them find their own tenant. The other properties I flip or hold as rentals.

@Ron S. and @David Edge, Thanks. I may hire the Attorney on record as Foreclosure Trustee. David I will reach out to you if they will not take it.

Hello all, I recently bought a Jackson, Miss. foreclosure through a online auction. I had my agent drive by with the instructions to " just take pics from your car, don't go on the property". Well she got out of the car to take pics and was confronted by a man who said he was the owner and what was she doing there. She explained to him that the house was bought in a foreclosure and she was there to take pics to send to new owner. That set him off with the why, what for's and there's a mistake speech. She called me while being confronted by the former owner and I told her to immediately tell him she had the wrong address and get out back into her car and leave.  Once she was cleared away from there I explained to her to never put herself in that position again, very dangerous.

Anyways, to those who has knowledge on the removal process of a prior owner law in Mississippi please chime in with any help you can give. I plan on hiring a lawyer but I like to be educated prior before talking to anyone about business. 

Thanks in advance.

@Chris Mason,  would be the one to ask. Chris can you chime in ?

@Jeff Hunter, I have a 5bd and a 4bd in the 32209. Both need rehabbing. I will start the rehabs next month but will look at all offers.

Thank you @Maria McCreless

@Jeff Hunter check this one out.

https://www.biggerpockets.com/forums/517/topics/537516-3-2-hot-market-killearn-lakes-tallahassee. 

This is a great Killearn Lake totally remodeled property, very desirable neighborhood within the top school district in the city. Secluded .36ac flag lot . New 40 yr roof, new bathrooms, kitchen, flooring etc. I am giving the BP community a chance to grab this one before it's listed next week. The rent goes for $1450 but currently vacant. PM for more pics.

Robert Rayford

Rayford Properties, LLC

[email protected]

@Jeff Hunter, I also bought a house in Jax that ended up in probate. I actually bought a property from a wholesaler, after sending in the binder with a contract stating a 3-7 day close I was told by Title that the property needs to be probated. The prior owner had no qualifying relatives and the the expedited probate should take 45 days or so. Well after checking in monthly I finally closed 13 months later. The best part of the deal was that the property's location appreciated substantially during the wait.

I learned that the lawyers ( trustee's) were the hold up on my deal. They missed multiple deadlines and the communication between players was very poor.

I am from California also and our probate process is well laid out, which takes 6-12 months depending on the Court calendar .

Good luck.