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re: anybody here has section 8 rental properties?
Posted on 10/27/15 at 11:23 am to 420centraltime
Posted on 10/27/15 at 11:23 am to 420centraltime
quote:
Back before the budget cuts you could get 600-700 for a three bedroom voucher. No trying to flame, but I find it hard to believe he is getting section 8 tenants with 1k vouchers.
Amount of voucher varies from market to market & is in part dependent on prevailing market rental rates in an area. It can be ridiculously low in rural areas & scales up to decent/affordable in major metro areas.
0
Posted on 10/27/15 at 12:39 pm to LSUFanHouston
I get over 25% on rentals WITHOUT section 8. The section 8 guys I know buy a house in the ghetto for 10k, put 5k in repairs and then rent that bitch out for $750 a month with the government paying almost all the rent.
Lot of money to be made in the section 8 world.
Lot of money to be made in the section 8 world.
Posted on 10/27/15 at 1:18 pm to I Love Bama
quote:
The section 8 guys I know buy a house in the ghetto for 10k, put 5k in repairs and then rent that bitch out for $750 a month with the government paying almost all the rent.
Slumlord millions!
Maybe I'm looking in the wrong place/city but I've never seen a house that could be bought for 10K and only put in 5K of repairs to make it liveable. Ghetto or not.
It does make you wonder about the whole program. If the government is paying 9K per year in rent subsidies for a house that's worth 15K, it seems like a smart government would just buy the houses and provide the housing themselves.
Posted on 10/27/15 at 1:25 pm to LSUFanHouston
All markets are different. I haven't purchased anything below 62k and these are NOT in the hood and are nice/decent houses in decent neighborhoods. Killer cashflow. However, where I do some of my investing I would never buy anything under 50k. If you do it could be a huge mistake and just not worth the risk for what you are getting.
Posted on 10/27/15 at 1:27 pm to I Love Bama
quote:
I get over 25% on rentals WITHOUT section 8.
quote:
Lot of money to be made in the section 8 world.
true dat, just have to know what you are dealing with and what to expect. It's not for everybody.
Posted on 10/27/15 at 1:28 pm to LSUFanHouston
quote:
Slumlord millions!
or penthouse millions? Still millions either way!
Posted on 10/27/15 at 1:30 pm to I Love Bama
quote:
Just tell the kiddos to play in index funds while we get those 25% returns.
Posted on 10/27/15 at 1:51 pm to LSUFanHouston
quote:
I'm suspicious of a 25 percent return.
I'm not. I get between 20 and 30 on all my RE endeavors at this moment. That is precisely why the vast majority of my money goes into RE. not the stock market.
Posted on 10/27/15 at 5:02 pm to PeteRose
section 8 properties get inspected often it's not as bad as many say.
Posted on 10/27/15 at 5:06 pm to stevengtiger
quote:
Having to re-carpet,
Having carpet in section 8 is your first mistake. Peel and sticks, vinyl, tile or hardwood only.
Then paint the hardwood, don't finish it. You have to cut some corners. Make it nice but not too nice.
What's under your carpet? go get some $.39 a square foot peel and stick tile and use that.
If they ruin 20 tiles you are only out $8.
Posted on 10/27/15 at 5:08 pm to LSUFanHouston
quote:
Maybe I'm looking in the wrong place/city but I've never seen a house that could be bought for 10K and only put in 5K of repairs to make it liveable. Ghetto or not.
In the seventh ward of NOLA and some other bad areas you can get Katrina homes for that amount, if you do all the work, you can get them livable for maybe $20k.
Posted on 10/27/15 at 6:16 pm to PeteRose
I have a friend that has a few. The properties are pretty much full of garbage when the "renters" leave. What he sometimes will do is let the crack heads in the neighborhood pick through the stuff as long as they bag help it. Numerous stories of dealing with that kind of stuff.
Posted on 10/28/15 at 1:32 pm to CajunTiger92
How does a home get qualified to receive Section 8 and how do you find Section 8 tenants? TIA
Posted on 10/28/15 at 1:51 pm to Costanza
To become a section 8 landlord, contact your local parish/county housing authority. It can provide the paperwork you need to complete & advise you about program participation. Some housing authorities maintain lists of participating landlords & vacancies as well.
Do know that your property will be inspected before you can participate in the program, and it will be reinspected annually. Health & safety requirements are fairly strict and can seem nitpicky, but aren't unreasonable. Stuff like interior handles on closet doors, windows that remain up on their own (for emergency egress), working smoke detectors, broken outlet & switchplate covers, etc. can cause a property to fail inspection...you get an abatement period to fix stuff, though.
Do know that your property will be inspected before you can participate in the program, and it will be reinspected annually. Health & safety requirements are fairly strict and can seem nitpicky, but aren't unreasonable. Stuff like interior handles on closet doors, windows that remain up on their own (for emergency egress), working smoke detectors, broken outlet & switchplate covers, etc. can cause a property to fail inspection...you get an abatement period to fix stuff, though.
Posted on 10/28/15 at 8:52 pm to hungryone
I've had some rentals where I did section 8. There are some good and bad. The positive is you don't have to chase the tenant for the rent. They pay a percentage based on their income but the rest comes from the housing authority so you are never left without anything. The negative is that some of the tenants can be terrible. Check the laws in your state and interview your potential tenants. Get references and check them thoroughly. If they don't provide them then don't rent to them. I had some great tenant that was section 8. She treated the house like it was hers and she was a joy to work with for about 3 years. Another big key is to pick houses in quality neighborhoods. The neighborhood attracts the tenant. My rent wasn't 1k either. More like 650-800. The housing authority will come in and tell you what they will pay and you can take it or leave it.
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