Posted by Tennesee Bob on August 18, 2003 at 15:23:44:
Dorothy,
I don?t know of any investment clubs in Jackson. However, since the tornado, homes in south Jackson seem to be going at very low prices. It seems that people who had damage are collecting insurance checks and then selling the homes “as is”. If you are interested, I have a home in East Jackson that I am currently trying to sell. It survived the tornado minus a few shingles. The house behind it is gone. I will sell it at 90% of the tax-appraised value (under 20k). Current lease ends in November. It cash flows very well. There are several M/H investors in your area, most are buying and renting them out. If you would like to talk shop, contact me direct.
Posted by dorothy (tn) on August 18, 2003 at 13:31:12:
I noticed that you are in West TN. My husband and I are in Jackson, and have been educating ourselves (loads of books and tapes, hanging out at creonline) since Christmas about SFH repos to buy, repair, and hold as rentals. So far, on the HUD, VA, and bank repos we have seen, the numbers seem to work out to a not great (1.7% annual) ROI if we offer 75% of asking price. So my question to you is, do you know of any RE investment club here in West Tennessee where I might find someone who will look at my figures and see whether I’m doing the numbers right? Or perhaps I’m not missing anything–from what I’ve been reading on the message board, we might want to change directions and pursue MH’s instead! Which means more reading–dang–I teach school and start back to work next week and wanted to have my first deal started before then. Which to start with-- DOW, MMWMH, or both, or something else?
Also, does anyone in this group do their deals inside of a Roth IRA? Is it worth the paperwork?