Is Biloxi a good place to invest in?

General Real Estate Investing
1

I recently heard about some big things in Biloxi, MS. Is Biloxi a good place to invest in?

2

What’s wrong with your area?

3

Nothing wrong w/my area. I would like to find more info about pre-construction investments and I think that the Biloxi, MS is one of them today? Do you think I am wrong?

4

I think investing outside of your own area is never a good idea, too hard to control what’s going on and hard to gauge the value of an investment if you aren’t local. Out of state investors tend to overpay more often than not and often loose their shirt. I am also definitely not a big fan of preconstruction, too much like gambling for me.

5

Thanks Rich for your advise.

6

You might just as well invest in New Orleans…same problems…and, you can’t even afford the insurance!

Keith

7

I have two New Orleans SFH’s so far, insurance is running about $2500/year with flood, liabilty ($500K), and tenant/dwelling policy. Only about $1000 more than my rental that’s not in New Orleans.

Biloxi was virtually wiped out by Katrina, but mark my word, it WILL be back. Beautiful area, most of it waterfront, very costly to live there once. Will be again I think.

8

Actually very good area to invest. About 1 yr ago, they approved plans for 23 new casinos to be built in the area which will increase job growth tremendously. I would still concentrate on more lower end to mid class homes oppose to high end condo’s,

Possibility of another hurricane is something you can not predict but you know it will happen. Good thing is, when they rebuild, they build it stronger with better codes to withstand the winds. Now typically homes build in hurricane zones hit hard, need to be able to withstand winds of 155mph or more.

Rich-- investing out of area is not always bad, Many people live in overpriced markets and rentals are all negative cashflow even if its a total rehab usually. In my area, aside from the cost of the mortgage, buying a duplex in the ghetto will carry an insurance bill of $8000-12000 a yr plus taxes will run 2% of the sale price. So lets say you find a duplex that needs total rehab for about $200K (impossible here) and you put in about $80K in rehab, you will still have a $4K tax bill with ins your already looking at $12K a month min. for taxes and ins on a 2/1 unit that will rent for no more than $600 a month.

9

Any area is good to invest in.

As long as you get a good deal on a property, and have someone lined up to buy
it…You’ll make money hand over fist.

Bump on what “RichCT” said asd well…

Unless your an exp. investor I highly recommend doing deal in your local area to get the
hang of it first.

Good Luck!!
Jeremy Blunt

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10

Hello,
You should read some info on this new tax depreciation regulation that applies to Biloxi:
www.gozoneonline.com
It may or may not apply to your situation.
See you,