Eric Spofford Section 8 Course

[Manuel Angeles]

Have you heard of Eric Spofford?

He has a webinar about investing in properties with Section 8 tenants, and has a course teaching how to invest in Section 8 for $1,997.

I wanted to see if anyone here has invested into his systems.

[Leroy K. Williams]

Section 8 is not rocket science. I have studied both and Section 8 is a lot easier.

Yes, Section 8 is intended to help with the issue of available housing for low income people so absolutely its not designed to compete with your Class A rentals. That said, its a great opportunity for the investor willing to accept the challenge.  

Keys to success:  

1. You must hire locals who are familiar and acclimated to the culture of the city you plan to create rentals in.  Its never going to work if you want to buy in the low income areas of a city and hire management from outside. It feels comfortable and reassuring in the beginning but guess what happens?  After a few months you figure out that your team has not really engaged your property on a regular basis. The home has been broken into, the furnace is gone, the house is open to trespass and no one knows for weeks.

2. You must not follow your instinct and attempt to invest as little as possible into the renovations thinking "If someone is willing to live in this neighborhood there is no way they have standards".  Exactly wrong. Tenants in cities like Detroit, Cleveland, Buffalo, etc have options when they receive their voucher. Many of the recipients are single mothers who actually want to find stable housing for themselves and their children so initially they are looking for the best house they can find and it is only when time is running out and their voucher is expiring (Yes that is a thing) that they begin lowering their standards and will settle for a cheaply put together home.  So moral of the story make the property appealing.

3. Patience.  Section 8 is a process, it takes a few months to get everything up and running from an administrative standpoint. But once the payments start rolling in like clock work you forget about the initial crawl.  

4. If you come to Detroit get in touch with me.  But honestly I don't care how many courses you take you must have a local team or you will crash and burn. After 20 years I have seen the biggest and baddest investors come crashing down running away with their tails between their legs.