Newbie: I am looking to buy investment properties in other states, how do I find Properties with tenants? Looking Section 8, VA, Government subsidised, and long time renters.
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
4y
Those are usually the properties with problems so they should be found at a discount, make sure you’re not paying retail for them. Try contacting property managers in areas you want to purchase and let them know you’re looking to purchase, especially if you’d continue using their services they may put you on a short list. In any area with any type of rent control make sure the current tenant is paying close to market rent or you might not be able to raise rent enough to ever catch-up. GL.
Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
4y
Those are usually the properties with problems so they should be found at a discount, make sure you’re not paying retail for them. Try contacting property managers in areas you want to purchase and let them know you’re looking to purchase, especially if you’d continue using their services they may put you on a short list. In any area with any type of rent control make sure the current tenant is paying close to market rent or you might not be able to raise rent enough to ever catch-up. GL.
Buffalo, NY · Member since 2018 · 790 posts · 530 votes
4y
@Aaron Tucker try googling turnkey real estate companies in the market you want to be in. Not sure if any of them focus on subsidized renters, but you can speak with them about it. Just be sure to do your due diligence on the turnkey company before going through with a deal.
Those are usually the properties with problems so they should be found at a discount, make sure you’re not paying retail for them.
I second Bill here. Anything you buy with a tenant in place you should assume is going to come with a decent bill for your first tenant turn. If that doesn't happen, great, but you should assume it will.
One option you could go with is finding a provider who sells properties that can be approved for (and make sense for) subsidized housing. Once you get on the subsidized housing list you'll have tenants finding you pretty quickly. Don't fret over a one month vacancy finding a new tenant. Sure getting rent is better than not, but getting a good property is worth the wait if needed.
Real Estate Agent · Birmingham, AL · Member since 2016 · 37 posts · 34 votes
4y
Hi @Aaron Tucker welcome to BP! One thing to do is to look for investor friendly agents who can not only run numbers but who also can give you insight into neighborhoods, have connections with local vendors, property managers, etc. And they can do video walkthroughs etc. There are plenty of tenant occupied properties on the market in Birmingham; finding the right one can be tricky. DM me if you’d like to learn more about our market. Happy to chat!