All Forum Posts by: Susan Maneck

Buy, rehab, rent, refinance, repeat. 

I've not really investigated the advantages and disadvantages of having an LLC. I know they are required if you use a self-directed IRA to buy properties, and no you don't need a broker or a license to do this. I sort of 'fell into' real estate investing myself, taking advantage of the housing crash. At first I was just trying to find a house for my ex-husband who had become disabled. When I found him a 3 bdrm 2ba house for only 28K I realized there was an opportunity to be had. So then my mother and I bought a house together. The next year I bought another house. By then I was hooked, so I established a solo401K and bought three more houses. Now I'm using HELOCs on my first two houses to buy another one. Can't help it, I'm addicted. But unlike other addictions this one is making retirement look rosier and rosier.

Hi Christian, 

By corporation do you mean an LLC? I wonder how much an advantage that would be for just a couple of properties? Maybe others can comment on that. I have five rental properties in Jackson right now, two of which are owned within my solo401K and three others I own directly. My mother has one property within an LLC but that is because it is part of her self-directed IRA which requires this.

Hi Dwayne, 

I'm a JSU professor. Been buying up a few properties in South Jackson. Where are going to grad school. 

Hi Angela, 

I am a professor at Jackson State University and I have been buying up a few properties in preparation for my retirement. (I turn 60 in a few days.) Coming from California, the rent relative to the cost of buying was astounding to me, but during the Recession it really got ridiculous and still remains that way. I now own five, besides the one i live in and i manage another for my mother. My son who turned 28 today owns his own home plus a rental property. IMO if you live in Mississippi, know the area well and can manage your own properties it doesn't make sense not to invest, whatever your career goals. 

That I can't help you with. This is the South. They don't do anything quickly!

Here is the website to check that landroll. It also contains the addresses of court houses where I presume such matters are handled. 

http://co.harrison.ms.us/elected/taxassessor/landroll/taxrolls/address.asp?year=2015&status=Official

In terms of property taxes, it is pretty straight forward in Mississippi. Go to your county website and check the land-roll on your property and see how much they appraised your property for. If the VA appraisal is less, take that appraisal down to the Chancery Court ASAP and they should make an adjustment but it won't go into effect this coming year. You need to apply for you home-owners exemption between Jan. and April. If you miss the deadline you will be out of luck. You can't do it earlier and you can't do it later. I believe your home owners exemption only applies to the first 25K however.

 If I were you I would take the appraisal down to the chancery court as soon as you close. It may not go into effect right away, but at least you will know. They will base your taxes on the appraisal not your purchase price, so be aware of that. 

South Jackson was indeed badly damaged by Katrina. My own street was made impassible by all the downed trees which ruined several houses and destroyed many cars. It took us nine days to get our electricity back. However, the property values went up from about 80K to as high as 130K because of the housing shortage due to all the refugees. When I started buying houses I was getting them at 30-35K.