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Started By
Message
Looking to get into multi family real estate in Shreveport area
Posted on 3/15/20 at 1:31 pm
Posted on 3/15/20 at 1:31 pm
I’ve been looking to get into this for awhile now and have really bared down on it the past month or two. With everything that’s going on now I’m not having second thoughts but I am open to hear from anyone who could tell me I’m either a complete dumbass or they don’t see anything wrong with this. Thanks in advance. I know most people have a low opinion of Shreveport on this board But I’m more concerned with timing.
2
Posted on 3/15/20 at 4:49 pm to thedogman
Sec 8? Personally I wouldn't put a dime in Shreveport right now. Politically, economically, nothing good is happening in Shreveport right now. Just my .02.
Posted on 3/15/20 at 7:07 pm to Chewbacha
My thought is no matter where you are low income housing is always going to be a need. $500-$700 a month is always going to be a needed price point. I know Shreveport doesn’t have a lot going for it but it’s where I live and for at least my first few I’d like to be close by. I’m not talking about class A properties or probably even B.
Posted on 3/15/20 at 7:23 pm to thedogman
quote:
My thought is no matter where you are low income housing is always going to be a need. $500-$700 a month
You'll go broke keeping them up to section 8 code and fixing the shite they destroy.
I have a friend going broke now in the low income rental housing, he has 40 houses and he cant break even.
Posted on 3/15/20 at 7:24 pm to Chewbacha
quote:Screw that.
Sec 8?
Posted on 3/16/20 at 1:22 am to jimbeam
Multi problems when it comes to section 8. Everyone is late to pay. You'll have to cary a pistol on you and you will turn into a wheres my rent arse hole.
Posted on 3/16/20 at 1:34 am to Mud_Till_May
quote:
Multi problems when it comes to section 8. Everyone is late to pay.
You'll have to deal with ghetto tenants but their payments won't be late bruh
Posted on 3/16/20 at 4:50 am to thedogman
I have 5 rental properties (single family houses) in that price range. I have the same view as you, that price range will always be needed by renters.
Not sure exactly what type of properties you are looking for (duplex, fourplex or even multiple single family houses), and depending on the area, you can have good tenants. Depending on your screening process, You can have good long term tenants. Make them fill out an application and call the references. It’s your property, you can accept or decline whoever you want. A good application and good detailed lease agreement goes a long way. Paperwork is very important.
I know you didn’t specify section 8 or not, but since other people are chiming in on it, I’ll say this. 3 of my 5 are on section 8. Every city handles things differently, but they have a checklist to go by for home inspection prior to getting approved for a tenant to move in or start getting paid section 8. The checklist is basically preventative maintenance with a few small musts that the house needs. Some cities are more strict than others. I haven’t had any issues with my section 8 tenants or payments from the city. All of my current tenants take good care of my properties. But a big difference is my application follow ups I do which also includes asking the section 8 supervisor info on the person wanting to move in (how long have they been on the system, good or bad tenant, move often).
If you need you evict them, it’s actually a very easy process. Go to the city court, file for an eviction and clerk and the marshal will take care of the rest. Once they get evicted through the city court, they lose their section 8 voucher. Now they may leave you mess once they get the eviction notice. Haha Happened to me before.
Not sure exactly what type of properties you are looking for (duplex, fourplex or even multiple single family houses), and depending on the area, you can have good tenants. Depending on your screening process, You can have good long term tenants. Make them fill out an application and call the references. It’s your property, you can accept or decline whoever you want. A good application and good detailed lease agreement goes a long way. Paperwork is very important.
I know you didn’t specify section 8 or not, but since other people are chiming in on it, I’ll say this. 3 of my 5 are on section 8. Every city handles things differently, but they have a checklist to go by for home inspection prior to getting approved for a tenant to move in or start getting paid section 8. The checklist is basically preventative maintenance with a few small musts that the house needs. Some cities are more strict than others. I haven’t had any issues with my section 8 tenants or payments from the city. All of my current tenants take good care of my properties. But a big difference is my application follow ups I do which also includes asking the section 8 supervisor info on the person wanting to move in (how long have they been on the system, good or bad tenant, move often).
If you need you evict them, it’s actually a very easy process. Go to the city court, file for an eviction and clerk and the marshal will take care of the rest. Once they get evicted through the city court, they lose their section 8 voucher. Now they may leave you mess once they get the eviction notice. Haha Happened to me before.
Posted on 3/16/20 at 5:37 am to BG333
My dad had a few in north Baton Rouge. One cut a hole in the floor (pier and beam) guessing to hide drugs, one grew weed in the backyard (would cover it with a teepee), another somehow managed to get a broken down short school bus in the driveway and left it.
Fun times!
Fun times!
Posted on 3/16/20 at 9:03 am to BG333
quote:
BG333
I should have been clearer that I am not really looking to get into Section 8 at the moment. Although after reading your post it sounds like with the right screening and if the city is right it could be an option. I could at least have the properties set up for it and make a choice to do Section 8. Thanks for your response.
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