What do you need to know about The Point in Salem MA before buying there?
Some investors say the point is turning over. Others say since it's all low income it will never turn over.
I'm currently looking at building in The Point in Salem MA. It has parking and all the tenets are Section 8 tenants. The rents are below market value. I'm currently researching how I can increase the rents with this type of program. I currently don't have any experience with Section 8 Housing .
Hi @Mark Davidson ,
Pretty late response for this post, not sure if things have changed, or if your deal ever went through. For section 8 rent raises, from my experience, you have to give notice of any increase with in 2 months of lease anniversary. So, if you bought in November, but their lease ends in July, you can't try for an increase until May. You can see where their voucher comes from, and give that city's housing authority a call. They are usually friendly and happy to help (in my own experience). They may not approve a full raise to market value, but you can put in for a raise every year at anniversary.
Hope that helps!