As a landlord for a Housing Choice Voucher Program (formally called Section 8) tenant, I never expected to hear what I heard today.
Yes, I know that we are living in days of uncertainty and overwhelming madness, but everyone knows the government pays their bills and usually on time.
So what happened…
COVID 19 happened! That’s what happened. The regional office is closed due to an outbreak and since it’s unknown how many people the person with COVID 19 came into contact with, everyone was sent home and will be returning on Monday.
I’m in shock! Not because I don’t understand the severity of COVID 19, but because I didn’t know these payments were not automated. Someone has to manually enter this information. I totally thought they had a software system to manage this. Yep, I still have some learning to do.
If this is not a wake up to people. I don’t know what it will take. Not only should we all be investing or providing services and goods to each other, but we can’t have only one thing. There needs to be multiple baskets, even if those baskets only have one egg in each of them.
As I write this post, it’s a reminder for me stay focused on my goals and to keep moving forward and I want others to do the same.
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!