When I decided to get into real estate in 2018, I was not expecting to be a Section 8 Landlord. However, the day I met with my now Property Manager, she already had a tenant lined up.
After viewing the house that was still in renovation mode at the time the tenant liked it and we started signing the papers right away.
Today, I’m happy that I am a section 8 Landlord. I have not been affected by the pandemic. I don’t have a mortgage on the property and I’ve been able to pay insurance, property taxes, and repairs with no issues since I’ve been receiving rent once a month.
A couple of months ago, I asked for an increase for the first time. It was approved and I’m so glad. Now, I’m going to be faced with a new challenge. With this increase, the tenant will have to pay me a portion of the rent. It’s not much, but it’s still something that I have yet to experience.
One of the things, that I found to be tough as I began my real estate investment journey was building my team. It’s something that I still struggle with today and it’s partly because I don’t live in the areas I invest in.
As a newbie real estate investor, you hear people say, you have to build a team and you’re like okay. That involves a variety of people with different skill sets. Since I invest in Mississippi and I don’t currently live there, I had to network via Facebook. I was fortunate to reach out to a couple of people who came across my Facebook newsfeed from the area I am investing in who were also investors in the city and had connections and contacts and didn’t mind sharing. Of course there are other ways to connect with people via the internet and other social media platforms. On my first property, I knew I was going to need a Contractor, an Insurance Agent and a Property Manager. I thought that would be my team and I was good.
But later I found out that, building a team involves a lot more people. In order to grow the business, I’m going to need several Contractors, not just one, a Property Manager, a Realtor, an Insurance Agent, and a Lender, and a few people in my life to talk to when I need to vent or bounce ideas off of. It’s a whole system of people who I can rely on to get the things I need that will help me reach my goals. Of course I read a couple of books about it and one of the best ones, I read that helped me is Long Distance Real Estate Investing by David Greene.
It’s not an easy thing to do and it will take some trial and error, but I know once I’ve gotten my team down solid, the sky is the limit and at that point.
It’s the Fall Annual Tax Lien Sale in Mississippi. I’m going to list the basic steps I went through to bid in the August 2020 Mississippi Tax Lien Auction. I’ve already discussed why I participate in tax lien auctions in a previous blog post. This year, I’m excited to be bidding in the state that I invest in.
NO, I’M NOT LEAVING THE COMFORT OF MY OWN HOME TO BID IN MISSISSIPPI!
It took me a while to find the website that is used by the state of Mississippi and sure enough, I soon realized the process of bidding was not going to the be same as it is in Florida or Arizona.
I’ve broken down the main steps below:
Step 1. Register with the tax auction website
Step 2. Complete the W-9 Form
Step 3. Contact the specific county I registered for to find out additional requirements of bidding.
*I recommend sending any information they require in step 3 with a signature required.*
Step 4. I checked the website every few days to see if the properties were loaded.
Step 5. I imported the entire list of properties into Excel and begin to weed out the ones that I didn’t meet my criteria.
Step 6. Once pre-bidding begin, I entered the max bid amount for the properties I was interested in.
Step 7. I chose to watch the live bid since this was my first time bidding in this state, but you certainly don’t have to.
Overall, it was a good experience, I won on a few of the properties, I was interested in.
More details will be presented in the Tax Lien Buying Course!
Have you every thought to yourself that some people just seem to have it all figured out and they have got it together. As I grow my business in Real Estate, I’m reminded that behind every successful business, there is a story filled with a lot of hard work, long hours, sacrifices and dedication.
Back in March, I attend a virtual conference to get more continuing education credits for my Professional Project Management (PMP) certification. This was my first time attending this event so I wasn’t sure what to expect. To be honest, I thought it was going to be boring. Little did I know the keynote speaker would be someone who would inspire me to keep pushing towards my goals. Her name is Cara Brookins, author of a book titled “How a House Built a Family”. As the author begin talking, I was immediately glued to my computer monitor. I couldn’t believe what I was hearing and most impressively, I couldn’t believe how she achieved it.
This brave woman not only had the courage to leave a bad marriage with her kids, but they managed to build a home for themselves by themselves without knowing a thing about construction. They drew the floor plans and after she purchased some land and got the bank to give her loan; they spent every day working on building their home. As I watched her talk, I asked myself, how did she know how to lay the blocks and cut the wood and when she said, she learned this all from watching youtube videos; I thought I might fall out of my chair.
I wasn’t surprised that she found this information on youtube, because I understand that there is a lot of information on youtube and it’s FREE, but to take all that information and build a house was simply amazing to me. As she wrapped up her speech, I wrote down the name her name so that I could read her book later on when I had some free time.
Well the time came just as things were coming to a close for my rental. I downloaded the book and I listened to it. I was still amazed how she did it. I now have a different view of people’s success even though I’m blogging about my experience so others will see it’s not all glitter and gold in business. I have more confirmation than ever that success doesn’t happen over night. It takes time to build a business and see profit, but the key is to not give up when things get hard because they will and their will always be something or someone negative to make you think twice, but if you want it, you have to push the negativity aside and keep moving forward.