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General Landlording & Rental Properties

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Haven Garber
  • Flipper/Rehabber
  • Salem, OR
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Low and moderate income rental restricted covenants

Haven Garber
  • Flipper/Rehabber
  • Salem, OR
Posted May 5 2022, 20:16

Hello 

does anyone have experience with investing in properties that have rent restriction covenants for low to moderate income tenants? I want to be sure I am maximizing the best way to handle the property on an ongoing basis. Any tips? Or success stories? 

Thanks

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Patrick Drury
  • Real Estate Agent
  • Columbus, OH & Cleveland OH
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Patrick Drury
  • Real Estate Agent
  • Columbus, OH & Cleveland OH
Replied May 28 2022, 06:22

@Haven Garber
Where is the property located in Columbus? Are there rent restrictions forever or is it for a fixed timeframe like 30 years? I know of a person who used a grant to purchase duplex, but the catch was it is rent-restricted for the next 30 years at a percentage of market rent. I would say stay on top of the rental market so you know when rents are going up so you can be first in line to raise yours. 

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Bruce Woodruff
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#4 All Forums Contributor
  • Contractor/Investor/Consultant
  • West Valley Phoenix
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Bruce Woodruff
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#4 All Forums Contributor
  • Contractor/Investor/Consultant
  • West Valley Phoenix
Replied May 28 2022, 06:33

Better to not get involved in a property where the Govt has a say in the profit and loss picture. Do you want them as a business partner?

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Remington Lyman#2 Classifieds Contributor
  • Real Estate Agent
  • Columbus, OH
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Remington Lyman#2 Classifieds Contributor
  • Real Estate Agent
  • Columbus, OH
Replied May 31 2022, 11:47
Quote from @Haven Garber:

Hello 

does anyone have experience with investing in properties that have rent restriction covenants for low to moderate income tenants? I want to be sure I am maximizing the best way to handle the property on an ongoing basis. Any tips? Or success stories? 

Thanks


 I work with some commercial guys that do these deals in Columbus, Ohio. I would recommend attending a ULI event if you want to learn more about these deals. They can get pretty complex.

  • Real Estate Agent Ohio (#2019003078)

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