- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
anybody here has section 8 rental properties?
Posted on 10/26/15 at 2:02 pm
Posted on 10/26/15 at 2:02 pm
Was talking to a dear friend and he said that I should get in on it. I already have properties(good areas)but I was I interested when he said he buys properties around 30k, put in another 12k to fix it up, and collecting 900-1k a month.
But I wonder about potential nightmares that might happen with section 8 tenants. Anyone has experiences and would like to share?
But I wonder about potential nightmares that might happen with section 8 tenants. Anyone has experiences and would like to share?
Posted on 10/26/15 at 2:34 pm to PeteRose
I know a house about 2 blocks away that rents to section 8 people and it's been turned into a shithole. The house is on a really great block and the neighbors hate the tenants and now the owner who cares more about a quick profit than the actual house + neighborhood.
For that sentiment alone, I urge you not to do this unless you truly vet the tenants.
For that sentiment alone, I urge you not to do this unless you truly vet the tenants.
Posted on 10/26/15 at 2:41 pm to DoubleDown
quote:
I urge you not to do this unless you truly vet the tenants.
How much are you able to do this if you choose to go Section 8?
Posted on 10/26/15 at 2:54 pm to PeteRose
quote:
But I wonder about potential nightmares that might happen with section 8 tenants. Anyone has experiences and would like to share?
If you put 42K into the house, and are collecting 1K a month, unless the tenants completely destroy the property, you will be fine. And even if they do, get good insurance.
Posted on 10/26/15 at 2:57 pm to DoubleDown
quote:
I know a house about 2 blocks away that rents to section 8 people and it's been turned into a shithole. The house is on a really great block and the neighbors hate the tenants and now the owner who cares more about a quick profit than the actual house + neighborhood.
Is it a guy who used to live there and just flipped it into rental? Or is it a guy who has multiple properties he rents out?
I think anyone who rents out to Section 8 is doing it purely as an investment / cash flow thing and obviously thus doesn't give two craps about the neighborhood or anyone else. You are essentially becoming a slum lord. Do you think anyone who is a slum lord cares what the neighbors think?
Posted on 10/26/15 at 3:04 pm to LSUFanHouston
quote:
If you put 42K into the house, and are collecting 1K a month, unless the tenants completely destroy the property,
Agreed. But I think the problem with Sec. 8, this that 9 times of out 10, the property does get destroyed to some extent. I have a neighbor that owned 10-12 of them at one time and after a few years, sold them all in a package deal. He got tired of painting, re-flooring, fixing holes, etc. everytime someone moved out.
He told me that he walked into one of his units and the tenants were dismantling small engines to sell at pawn shops. Oil was everywhere. I think that is what made him finally pull out.
Also, I think the $1K a month figure is pretty high. Most of these low income/sec 8 deals are going for closer to $500/month around where I am.
Posted on 10/26/15 at 3:30 pm to PeteRose
Have a buddy who buys houses for section 8 rental. He says he looks for things made of cinder blocks or bricks because they can't destroy them.
Posted on 10/26/15 at 5:29 pm to PeteRose
I have a retired friend who does and from what he says typically he builds an apartment/duplex rents it, then in six months it has to be entirely renovated again new appliances, toilets, sheet rocked, painted the whole deal when the tenants bolt.
I don't need that hassle, but he has a crew that it keeps busy year round.
I don't need that hassle, but he has a crew that it keeps busy year round.
Posted on 10/26/15 at 10:25 pm to DoubleDown
quote:
The house is on a really great block and the neighbors hate the tenants and now the owner who cares more about a quick profit than the actual house + neighborhood.
Look up the owner on the assessors website and make him an offer.
Or STFU.
Posted on 10/26/15 at 11:06 pm to DoubleDown
quote:
The house is on a really great block and the neighbors hate the tenants and now the owner who cares more about a quick profit than the actual house + neighborhood.
Are you suggesting that instead of increasing the rent to attract a higher class tenant and creating larger profit he would rather charge less to obtain Section 8 tenants?
Maybe your neighborhood is all that great.
Posted on 10/27/15 at 8:00 am to PeteRose
100 years ago we would run you and your friend out of town. If you were allowed to live.
Posted on 10/27/15 at 8:21 am to PeteRose
quote:
anybody here has section 8 rental properties?
I enjoy being able to sleep at night
Posted on 10/27/15 at 8:48 am to TheOcean
It takes a certain personality to deal with the average tenant you get in section 8 properties and deal with the all the aspects that come along with that.
Not for me.
Nope, nope, and hell no.
Not for me.
Nope, nope, and hell no.
Posted on 10/27/15 at 9:34 am to stevengtiger
quote:
He got tired of painting, re-flooring, fixing holes, etc. everytime someone moved out.
clean up and minor fix up/maintenance, patching a few floor spots/all spots between tenants is NOT destroying a property.
Posted on 10/27/15 at 9:39 am to PeteRose
quote:
But I wonder about potential nightmares that might happen with section 8 tenants. Anyone has experiences and would like to share?
I've had no MAJOR problems with past section 8 tenants. You NEED to know WTF you are doing though if you want to deal with these tenants.
Posted on 10/27/15 at 9:47 am to stevengtiger
quote:
He got tired of painting, re-flooring, fixing holes, etc. everytime someone moved out.
I think to effectively do this, you need to be able to do a lot of the work yourself.
If you are a handy person with a lot of time on your hands, it might work out for you financially.
Posted on 10/27/15 at 10:03 am to Fat Bastard
quote:
clean up and minor fix up/maintenance, patching a few floor spots/all spots between tenants is NOT destroying a property.
I would consider it not just normal wear and tear over a six month period. Having to re-carpet, paint, replace broken tiles on EVERY turn around is a lot of work/money.
Posted on 10/27/15 at 10:10 am to Fat Bastard
quote:
Fat Bastard
Just tell the kiddos to play in index funds while we get those 25% returns.
Posted on 10/27/15 at 11:03 am to I Love Bama
quote:
Just tell the kiddos to play in index funds while we get those 25% returns
I'm not doubting you, but I wonder what your secret is. If you are renting to Section 8 and having to do as many repairs as other say would need to be done, and you are limited in what you are charging for rent, I'm suspicious of a 25 percent return.
Unless you are including what you think is the value increase, and I could only see that if it's in an area where you are soon to be bought out due to gentrification.
Posted on 10/27/15 at 11:20 am to PeteRose
Where does he live to be able to buy for 45k and rent for 1k a month? 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.
Anyways, it's usually hit or miss with Section 8, usually the ones that have vouchers that only cover part of the rent don't work out. 9/10 times you're going to have to re-paint the house, section 8 or not.
Anyways, it's usually hit or miss with Section 8, usually the ones that have vouchers that only cover part of the rent don't work out. 9/10 times you're going to have to re-paint the house, section 8 or not.
Popular
Back to top
Follow TigerDroppings for LSU Football News