Coastal Mississippi Confusion And Those That Make Mistakes
By Scott Allan
There s a lot of real estate agents out there who like to make a sale to make a buck, right? Well a lot of those agents find good areas, don t get me wrong, but lets talk about Mississippi Gulf Coast. Sure, it s a great place for an investment property. Yes its got the Go-Zone Act and newly approved HUD Small Rental Program and YES they may understand the definition of it, but can they really give good advice on what and how to build?
First things first. I just got off the phone with someone who was one of the people to sign off on this after they pretty much single handedly created this program. He said the biggest mistake one will make in this is that HUD is federal. The grant from the state you are getting is going to be federal funds, right? Guess what? You have to build in compliance with federal “suggested” elevations. This has not been adopted by the local building depts. yet. But when these newbie investors see that they cannot get approved for this program, the main reason is because they didn t comply with federal suggested code which was developed by FEMA. FEMA is federal….HUD is federal…the money comes from federal funds. If you don t comply with what they want, you will be denied immediately for this program despite the promises that your agent may have told you about. I ve got a very good product out there for opportunity so I don t want to give all my secrets away on compliance just yet. I am going to keep it tight amongst my group, get them in compliance and we ll see where it goes.
But for those being promised this and promised that…..BEWARE and consider the source. I can assure you as I get calls from agents, brokers and builders to access my financing from my parent company lender, 95% of the calls I get have no idea that you need this type of compliance. I received a call a week ago from a MAJOR broker who is reknown and you would know his name if I said it…Yes, he can bring a TON of buyers, but he had no clue about this program. He failed to tell his group that this program you must apply for. What s that mean? If you applied, means you are not guaranteed in. So…Beware. If you are in compliance, this is one of the best investor incentives I ve ever seen.
Scott Allan is the National Sales Director of NHBA (National Home Builder Advisors) a licensed brokerage.
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