All Forum Posts by: Susan Maneck

I invest in Mississippi properties as well I can attest that these figures are about right. However, I have never paid as much as 37K for a 3 bdrm 1 ba house. The houses I pick up for 30-35K are 3 bdrm, 2 ba. I rent them for 800-850 a month. Generally I expect to put in about 5K into the houses I buy because I buy them vacant and I'm picky about how I want a house to look before I rent it. I figure if I rent a nice house to my tenants they are more likely to keep it nice. I might add I live in the same neighborhood as where I rent my property. I bought my own house for 30K. 

If you want to buy a 30K pig, Mississippi is the place to do it! 

I read the links which Matt put up and noticed that he had posted something about their crazy contracts making people pull out. Can you tell me about that? 

I would like to co-sign for a for a FHA Kiddie Condo loan for my son. He has a good credit rating but was denied credit on the grounds of having started one of his two jobs only three months ago. There is one catch, he already owns a house which he paid for with cash (23K). Are KIddie Condo loan only available for first-time home buyers as my son believes?

No, no. I placed it under my own name. However I had put in a bid for an investment property with Fannie Mae in the same neighborhood only a couple of weeks earlier. At that time I clearly identified myself as an investor. That was not a house I intended to live in. Obviously I do buy investment properties or I wouldn't be posting here. 

I was looking for investment property when I found this house, but really do want to live in it.  

I don't think she is the most experienced realtor but she is willing to deal with houses that cost less than 30K which most don't want to be bothered with. (The asking price on the one I'm wanting to buy is 29K and I offered them nearly 32K.) What I decided to do was ask for a reconsideration based on the fact that my current house has stairs that are difficult for me to climb and impossible for my mother. I implied that they were not adhering to the American Disabilities Act in saying I could not purchase another house because my current house is worth more than the one I am buying even though my current house is not handicap accessible. I'm hoping that will get their attention. I'm signing a notarized statement affirming my intention to occupy the house and the reason I need. We will see if that works. 

Both the buying and selling Realtors insist they've never seen this happen before. 

And yeah, houses are that cheap in Mississippi right now. 

I am a relative newbie at buying real estate, having only two current properties but I set up a Solo401K so I could buy some more. As I was looking for investment property  I found a house I wanted to buy for myself. It is over 1700 square feet and it looked like some flipper might have lost it during the recession because it was already updated very nicely. It was only 29K and about three blocks from where I currently live. The house I live in is two-story and at my age I'm finding stairs increasingly difficult so this house was perfect for ME. I made a good bid as owner/occupier but my bid was rejected, not in favor of a better bid but because they considered me an investor despite my signing a document saying I intended to live there. They invited me to rebid in two weeks after the end of First Look. Can they do this? Do I have any legal recourse? Has this ever happened to anyone else. Are investors not allowed to buy owner/occupied houses if they truly intend to live in them? Incidentally, I expected to live in this house not one or two years, but 3-5 years until I retire. 

Fuming. 

 Do they have a year lease or is it month to month? 

Congratulations Dmitriy, on SenseFinancial's recent acceptance into the Better Business Bureau. I looked for information on Black Belt Investors on the BBB website but I couldn't find anything. Does it go by a different name

 Even worse, is a leaky roof might cause mold, something very difficult to get rid of and it can be dangerous to the health of those living there.