Interested in investing in REO property ?

Question

Hello everyone,

I'm interested in investing in REO property but I want to concentrate on income producing property ( multi family ). Does anyone believe that searching through REO listings is a good start ? Also, does anyone know if its possible to rent a single family home to a sec. 8 voucher tenant ?

Steve

A Messina · Answer

I am a VT broker; I work with REO-lenders re: selling their homes...although there are some links for these properties, I think it is easier (strictly my opinion) to work with agencies who list these..if you would like some additional input, feel free to email me directly at: sugarmaple@adelphia.net

Thanks

N/A N/A · Answer

Well, first of all, it is easy to share intimate details of one's life with people you will most likely never meet! Second of all, around here Section 8 tenants have a bad reputation. I am not sure if it is like that everywhere, but I think it is very important for landlords to know that "the system" can and does work! Not all of us stay on section 8 our whole lives and not better ourselves when we are able to!  :D

N/A N/A · Answer

They mailed the rent to the landlord and the additional check to me. I heard about section 8 through a Domestic violence group. I was working with a non-profit and they had helped me out for a few days. I had nowhere to go, and with autistic twins, I was havng a hard time finding a place to stay. It was actually hard to get someone to rent to me. My kids are very, very well behaved, but just because they do not act like all other children, people would get freaked out about renting us their house/apartment. Anyway, we lived in a hotel for a few weeks, and got on the section 8 waiting list. Then I found an apartment for $300 a month! After 5-6 months we made it to the top of the waiting list on Section 8! Thank goodness. That was the start of us actually getting somewhere.

Wes Tuinstra · Answer

Enikkibaby,

Let me just go on record as saying how proud of you I
am! Your presence here on this forum enriches us all.

Thank you for sharing intimate details of your life with us.

It was unnecessary, but you did it willingly in the spirit
of offering to help others.

Thank You.

N/A N/A · Answer

I did not have to pay 30% of the rent. They based it off of what I made at the time, which was very little. When I started out on section 8 I paid none of the monthly rent, and I got back a check every month to help out with utilities. It was very little, but back then every bit helped! They have a formula they use to get an "adjusted income" based on how many kids you have, etc. My adjusted income ended up 0! They do not tell you the formula, so that people cannot "work the system." But they act like it is very complicated. (I highly doubt it.)

As I progressed in my life, things started shifting. Eventually (two years) I got completely off of section 8, and now I am looking to buy my own properties! But any questions people have about the other side of Sec 8, I will be happy to answer!

N/A N/A · Answer

Hi Enikkibaby,

Thanks for the reply. I appreciate it. Did they give you the check for the utilities or the landlord ? How did you hear about the section 8 housing ? Thanks for your time.

N/A N/A · Answer

I was a Section 8 Voucher tenant for 3 years while I worked my way through college, and I rented a single family house. I live in a somewhat poor community, and a lot of people are on Section 8, and there are tons of single family homes for rent that qualify for Section 8. So unless it varies that much from state to state, you definitely can.

N/A N/A · Answer

Hi,

Thanks for your reply. Did you have to pay 30% of the monthy rent ? How about the utilities ? Thanks for your time.

Steve