All Forum Posts by: Susan Maneck

My understanding is that in Mississippi a property manager must have a real estate broker's license. I don't think there is a separate property management license.

I use Katrina Hawkins who owns Dove Realty. 

 I think Luckett himself is a lawyer but I've never met him. They handle all the legal stuff. I've used them several times, in fact I have a property about to close with them right now. I've also used them when I bought property from a friend and  when I was the mortgage holder for a house I bought for my son. They handled all the paperwork for that. 

I've been happiest with Luckett Land and Title in Jackson. 

I own seven investment properties (soon to be six) in the Jackson area. Since I now live in California, I've been selling a property a year but that doesn't mean I won't pick up another property if I find a good deal. I'm still very much in touch with the real estate market there. 

 True, my understanding is that you have to pay earned income even if you are buying and selling your own property if you are a real estate professional. At least that seems to be what my turbo-tax program is telling hem. 

If your licensed as a realor doesn't all the income you make have to be reported as earned income rather than passive? 

Hi Claratisha, 

As a native Californian who invests in Mississippi, after having taught at Jackson State University for twenty years, I'd be happy to help you when you are ready to spread your wings. You can buy a house for cash there that wouldn't even be a good down payment in Oakland. 

Welcome, Stephanie. I'm in California right now but I taught at JSU for 20 years and own seven properties in Jackson. 

PIGs stands for Passively Income Generators meaning they make money from day one, usually via rental income. PALs stands for Passively Activity Losses. On paper at least, your investments may be losing money in the latter case, but they may provide tax write-offs. Normally these properties do appreciate at least whereas PIGs may not. Most of us likely have a combination of PIGs and PALs. I don't deliberately buy PALs but some properties turn out that way, anyhow.