Low and moderate income rental restricted covenants
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
@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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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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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.