My Sec. 8 Investing Plan.... Suggestions or Opinions?
Quick history: I currently own 2 homes. 1 S8 rental, and 1 primary residence. Both purchased pre RE collapse as pre-construction with 100% financing (irrelevant)...
I see a large disparity with the prices of certain homes Im looking at, and the potential Section 8 Income. For example, I see houses all day (even through MLS) for less than 100K. These same houses will rent for $1500-1900. Some have CAPs over 20% and cash flows over 1K each!
Seeing this, my instinct is to buy as many as I can! I have a sec8 rental now and I am aware of the pros and cons (thats another topic). I have checked with the S8 department to verify market rents. I am currently in a good position to buy because I have reserves, the credit, and SOME cash to work with. My Q's are this...
1. Thoughts or opinions from experienced investors?
2. What might I be overlooking here?
3. What would be the fastest way to acquire as many houses as possible?... I can probably get 2-3 single handedly, but will need CREATIVITY going from there.
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#3 Guru, Book, & Course Reviews Contributor
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The best way is to name the tenant on the lease and add "and all those in possession" so when the sheriff comes he can throw anyone out....