Duluth, GA · Member since 2017 · 33 posts · 3 votes
Hello to all the wonderful members of this community.
My wife and I are brand new to RE and embarking on our first investment home.
Here are the basics. I would truly appreciate your counsel.
$100k Purchase Price (sorry Subject says 120. Typo) - 2005 Built SFH with no HOA
Bad part of town, but a 3 year stable tenant paying 1700 through Section 8
Requires a new HVAC, but the place is not completely trashed.
Husband, Wife and their 6 kids at home
Renter said they have signed a lease until Aug, and intend to re-up. $1700 Monthly rent is awesome, but is this too good to be true?
We made a visit to the house and they said that he owner is based in Asia and there is no AC/Heat in the house and want a better landlord. They seemed to smoke in the house which is not great, but it is what it is.
sounds about right I don't know how high the government goes in paying. I have a lot of rentals but 1 is section 8. I paid $50,000 and get $530 from the government and $500 from the tenant so $1.030/mo. See how much you will get from government bc I've owned this for 8 months and 4 have gotten no money from the tenant,it's annoying but I don't put my foot down bc I have too much going on in other ventures. He is leaving next month and I rented the place already for $1250 so I don't mind it's over and done with now.
sounds about right I don't know how high the government goes in paying. I have a lot of rentals but 1 is section 8. I paid $50,000 and get $530 from the government and $500 from the tenant so $1.030/mo. See how much you will get from government bc I've owned this for 8 months and 4 have gotten no money from the tenant,it's annoying but I don't put my foot down bc I have too much going on in other ventures. He is leaving next month and I rented the place already for $1250 so I don't mind it's over and done with now.
Rental Property Investor · NY · Member since 2013 · 844 posts · 350 votes
9y
Raj I. From a numbers perspective yes it is a good deal now it comes down to do you want to buy in that neighborhood.
Post the address and pictures and investors here who are familiar with the area can give you their opinion on whether to buy it or not.
Investor · Oskaloosa, IA · Member since 2014 · 126 posts · 65 votes
9y
Tenant screen!!
Check last 2 - 3 places they lived, verify, verify, then inspect, inspect your property quarterly!
I rent Section 8, don't let a Gov't check give you peace of mind --- it might turn into a nightmare.
Ronald Ragen taught me one thing -- trust, but VERIFY!
Not matter the renter (HUD or not)!
Virginia Beach, VA · Member since 2015 · 15 posts · 2 votes
9y
Stay away!!!!!
Run!!!!
I have section 8 houses and would not do that.
If you would not go into that neighborhood in the middle of the night stay away.
If they have 6 kids that's 3 too many stay away. The kids will destroy that place quickly.
Hvac will be broken again in about 5 years. Water heater is about to go.
Carpet is probably on its last leg.
Too many people.