Today on the BiggerPockets Podcast we are excited to sit down with a couple who together, intentionally invest where most landlords fear to tread . . . low income housing.
Michele and Bruce Fischer who hail from Longview, Washington, decided to make a difference by landlording in areas that are so low-income, that even Section-8 doesn’t work in their neighborhood. In our conversation we dive into some really important topics regarding how to screen low-income tenants, how to handle (pets like pitt-bulls), what to do when your tenant is late on the rent, working with your spouse, what to do when the reality is your tenant will become homeless if you evict them, how to “tenant-proof” in low-income areas and a lot more! You don’t want to miss this one!
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In This Show We Cover…
- Why would you invest in low-income areas in the first place?
- What to look for when purchasing a low-income property
- How playing “Monopoly” with no money makes you a better real estate investor
- Handling late payments
- The “prostitute tenant” story (Yes, really…)
- How to practically invest with your spouse
- Renting to low income tenants with low income pets (including those with dangerous animals.)
- Michele and Bruce’s #1 source of leads
- How to “tenant-proof” low-income rentals
- How to utilize a line of credit for investing in real estate
- Cash flow vs. appreciation
- Using Facebook to vet potential tenants
- And a TON more!
Books Mentioned in the Show:
- See Poverty, be the Difference by Donna M. Beegle
- Money or Your Life by Vicki Robin and Joe Dominguez
“Prostitution does pay the rent well!” (Tweet This!)
“Arguing with your spouse is part of the #landlording process!” (Tweet This!)
“We invest in real estate in order to make a difference.” (Tweet This!)
Connect with Michele and Bruce: