All Forum Posts by: Anthony Chara

It's that time of year again when we look at the months behind to either celebrate what we've accomplished or been frustrated and disappointed with another year passing us by without achieving our goals. Goals are important and at this month's luncheon we'll discuss what we need to do to set and achieve our goals. What's important in a Goal and what's not important in a Goal. How to set the right goal(s)?

"Goals with no Written Action Plan or Direction are just Dreams that usually won't come true" - Anthony Chara

Join me and other like-minded attendees at this month's Luncheon for a workshop on Setting and Achieving Your Dreams Thru Goal Setting/Vision Boards. This will be an interactive session to help you understand and achieve your goals throughout 2020 and beyond!!!

There is no charge to attend the luncheon. However, we do ask that you purchase lunch while attending so we can continue to get our meeting room for free.

The exact location will be given to you once you click the link below and join our group on Meetup. Don't worry, we only send emails about each month's luncheon and won't send you any other emails unless you ask to be placed into our database.

Click this link to RSVP now!!! 

Hey Robert, I've had a few SFH's that were S8 over the years. Plus, I have several hundred apartments I own around the country. I have a 60 unit with a HAP contract that covers 18 of the units. We've had 100's over that years that have used vouchers.

Your neighbors will only care if your residents are good or bad neighbors. They won't have any idea that they are S8 unless you or your renters tell them, which you shouldn't. Its none of their business.

Hi @Robert Stamper, if you're going to be renting to Section 8 residents, there's no need to look at income or credit score. If they have good income and/or credit, they wouldn't be on Section 8.

Yes, prior evictions matter. In most states, if someone on Section 8 is evicted, they usually lose their S8 benefits and get kicked out of the program. Unfortunately, not all states follow this guideline. If they've been evicted within the past 3 years, I would not give them the keys.

For bankruptcy, it depends on when they filed. That also might be one of the reasons they are on S8. So again, I wouldn't put much emphasis on it since the government will be paying the bill anyway. However, your comment about the government keeps paying and pays more when the resident losing their job may or may not be valid. Keep in mind that S8 payments are coming from US as in you and I, not Uncle Sam. Certainly the government has a good track record for paying, but don't think they can't suspend or reduce your monthly payments. They can!! Ask me how I know!!!

The most important thing to me with S8 is who is actually living in the property and do any of them have a criminal record. Especially, if that record shows violence, drugs or gang activity. Sometimes the person with the S8 benefits will allow others to live with them. You need to make sure anyone in the property over the age of 18 completes an app and signs the lease. The Housing Authority should tell you who all is covered by the S8 benefits/payment. Check on the property regularly and don't let anyone stay in the property without your permission.

Do a complete background check as well calling all of their references and their past 2-3 Landlords to find out their true rental history. Last thing I would suggest is that you find a reason to show up at their current address and check out the interior. However it looks on the inside on your 'surprise' visit is exactly how your unit will look 3 months after they move in.

30% is extremely high for liquidity requirements. Most banks might require a Cap Ex acct up front at closing of anywhere from $300-$500 per door. In addition, they usually like to see somewhere between 6 to 9 to 12 months of P&I payments in liquidity.

Have you tried getting a loan thru a DUS lender? Unless you're in a small market, this might be ideal for a Fannie or Freddie loan. Give my loan broker, John Romero, a call at (BP won't let me post his phone # so DM me if you want his number). See if he can help you.

@Tyler Bobo, make sure you get educated before you start raising money, even on your 1 off deals. You still maybe selling a security. Reach out to a good SEC attorney and learn before proceeding. @Mauricio Rauld, @Amy Wan, @Jillian Sidoti are all very good SEC Attorneys and more importantly, educators that speak English!!! (Before anyone gets all huffy about my use of the word English, I mean that they can explain things so you can understand them as opposed to some attorneys that can't seem to get away from legal jargon that only other attorneys can understand.)

NEVER!!! You are missing out on valuable Asset Protection if you use your name as opposed to buying your properties directly into an LLC. BTW, you need to have at least one more member in your LLC to give you full asset protection. I can't explain the legal ramifications as I'm not an attorney. I just know what my attorney has told me and that is, if you are the only person in your LLC, you really have no asset protection at all. Talk to a good Asset Protection Attorney and get educated on the issue.

Hey everyone. This month's guest expert is Attorney Nathan Silver. Nathan will be teaching us about the importance of an ALTA Title Policy and ALTA Survey, why you need one, why they're important and what mistakes you need to avoid by understanding what's covered by the policy and what isn't.

This is a very important topic so please RSVP ASAP and plan on joining us this coming Tuesday!!!

Technically, there is no cost to attend, but we do ask that you buy lunch so we can continue to get our meeting room for free. Due to the limited size of the meeting room at the restaurant (50-60 persons max.), we need you to join Meetup.com and then join our Luncheon group. This makes RSVPing and tracking attendance easy for everyone. Use this link to find out more about the event and to register. You won't be shown the actual location until you join the group. We can tell you that the restaurant is near I-25 and Dry Creek. Click here to be directed to Meetup.com and our Luncheon site.

@Brie Schmidt, you are correct. Rent control was defeated in Chicago, but it will be back. Crook County will not let it go. It's only a matter of time.

Personally, based on what I know about Illinois politics, I would not invest anywhere in that state!!! They will eventually enact statewide rent control, its only a matter of time. Buy in Wisconsin. Just my 2 cents.

Hi @Sean Robertson, we did not find a place in St. Thomas. Most of what we looked at were dumps and the sellers were asking A Class property prices. Possibly a good thing too as later that year the hurricane came thru and wiped out thousands of properties. There are still parts of the island that don't have power. It will be decades before it's back to its former self. However, I do recommend that people travel to St. Thomas for vacations or on cruise ships. The economy in those Caribbean areas hit by the hurricane will recover much faster if we keep going down and spending money. Tourism is probably 80% or more of their economies.