All Forum Posts by: Sterling Fields

@Jay Hinrichs & @Susan Maneck There are two different groups now. The original RIG still exists and still meets during lunch on Thursdays at Scrooges. A couple of guys from RIG started the MARI group maybe a year and a half ago. They do night meetings once a month and weekly Wednesday morning (marketing) meetings.

@David Olson This may be a stupid question, but why are you not considering the Katy, TX area?

@Charlie Moore All of the rentals I own have yards, some of them are pretty decent sized too. And in Mississippi your yard will look like a jungle if you don't cut it every two weeks. Seriously. 

We make all of our tenants cut their yards. It's in our lease. If they don't cut it the first time we ask them, we will shortly after send the 30 day notice to vacate or cure the non-compliance with their lease. Our state is 30 days for the first notice, and 14 days if it happens again within 6 months. 

People will figure out a way to cut their yard pretty quick when eviction is on the table. 

@Jared Garza being a non-disclosure state only has to do with disclosing the sale price to the public. Probate, tax delinquent, etc. are all public data. Probate and foreclosure documents have to be recorded with the county clerk. Every county is different. Some of them offer this information through an online portal (Madison & Rankin), others make you physically go to the courthouse to get it. And like @Marc Winter said, it is all required to be published in the local newspaper.

Tax delinquent lists are usually published a few weeks before that county's annual tax sale(generally last Monday of August each year). Also public data.

The best thing you can do to keep it all 100% legal and profitable is to "wholetail" the property. Close on it, actually buy the property and hold title, then sell it however you want (REIA, MLS, etc.).

But more importantly to @Jay Hinrichs point, marketing a property that you don't own without a license is illegal in MS. 

Question to you Jay, if you do have a license is there a way around this? Like @Jerry Puckett stated, there is a need for this type of market. It seems that a Net Listing would be the answer, but I think the MLS prohibits them in MS

@Jared Garza are you looking to turn this into a rental? If so, what rent could you get? Or are you trying to flip it?

@Yolanda Brown How experienced are you with construction? If you have some experience i would say interview a few different GCs, and go that route. You can tell them exactly what you want and monitor them through daily pictures, videos, etc., as well as paying them in draws as the work gets completed. This route will more than likely get you the best deal. 

On the other hand, if you do not feel comfortable with that definitely let an experienced PM handle the job. Just know they are going to put a % markup on the whole job for overseeing the project.

@jonathan shumaker I agree with @Dustin Lauer Use the money to buy a fixer upper multi-unit property and house-hack. This will let you live for free, or pretty close to it. 

If you cannot do this, look for local banks that do in-house loans. They will be more willing to work with you when it comes time to purchase your own home (as long as your properties are making money). 

@Ryan Dossey First i have to say, great podcast. What you are doing is awesome! Second, I'm glad you wrote this article. My wife and have talked at length about this very topic recently, and there is a tremendous amount of grey area.

I agree completely with double closing. If you actually have an equitable interest in the property, you have the right to sell it. That's pretty straight forward.

I also agree with you regarding the contract as equitable interest aspect. People will always argue that a signed P&A is considered equitable interest, which may be true to an extent. However, the very moment that you advertise a single thing about that property this isn't already on the contract (pictures, etc.), you are then marketing the house itself to potential buyers. Clear violation of agency law. So i'm not sure how "marketing the contract" will get you a buyer without advertising the property itself. 

I don't necessarily agree with the second option though. How is that any different? Whether you are acting in the interest of the seller or not, it seems to me that you are marketing a property to potential buyers. Bringing buyers and sellers together. To me that is acting as an agent. 

@Susan Maneck I would agree completely with you on the West Jackson. It is a war-zone. Although I would have to slightly disagree on the Fondren analysis. The neighborhoods to the north between Old Canton and State Street are exactly as you describe (prestigious and pricey), but the actual central area of Fondren is seeing a decent amount of money flowing into it (The new 125 room Homewood Suites hotel ($15M) being one example). 

Although (slightly conflicting what i said above) @Avery Carl, I personally would not pursue this area too heavily right now because there are a ton of rentals in the area. One look at Zillow and you will see what i mean. I own a 4-plex in Fondren and it took a bit of work to get it fully leased(charging the same rents as everyone else in the area), and it is much nicer than most of the product around there. BTW Go Dawgs!

@Ben Day I have used the same community bank for all of my purchases. My main strategy is using BRRRR. He says there is not limit on the number of loans(but i know that is just not true!). That is a very good point about private money lenders wanting good reports; i assume i will be working with one at some point or another anyways.

Thanks for the advice on what to look for! All great insights into bookkeepers/CPAs

Lol definitely no hodgepodging here!

Thanks again