All Forum Posts by: Drewy Osazuwa

In my opinion either way is fine, but if I were you, I'll use a chunk of my money due to your lack of experience, to save on borrowing cost and also to mitigate your exposure should you run into delays or budget overruns 

 I agree with this Joe 

 You have actually answered your own question here 

1) You indicated that there's a strong demand for duplex, also anything close to $270k gets purchased with no contingencies 

2) A very strong rental market 

While I don't advocate negative cashflow but David Green has somewhat changed my option about it, especially in a situation like this, if you break even on rent, and you have equity personally I would not pass up on this deal, however, i must warn you to include CAPEX and vacancy and maintenance in your numbers

You don't qualify for section 8 as a landlord, you need to find a section 8 tenant looking to rent your property, if you do decide to rent o the tenant there are several steps you have to take 

1) Finding section 8 tenant please your property on www.gosection8.com 

2) Approve the tenant, the tenant should have a paper called RFT  (1-3 pages just depending on the program), you will fill this paperwork and have the tenant turn it to section 8 , if the property is built prior to 1978 make sure you have your lead certificate & also rental license, section 8 will either demand to see this at the start of the process of after inspection  

3) An inspection date is scheduled for section 8 inspector to inspect the property, they all go by hud standard 

4) if your unit fails the 1st time, they will give you a repair list and come back in 30days for 2nd and final inspection 

5) The last step in the process, after the unit passes inspection a rent offer is made and the lease signing date is given

..

HUD has a guideline for inspection standard, which is what all voucher programs abide by

Yes you may not get all your money out for BRRRR strategy, but if I can get 90% of my money out considering you purchase all cash, then I'm not complaining, fact si we all get the concept, I personally dislike overleveraging, i rather take cashflow over a long period

@Tony Vicente section 8 in Baltimore hasn't been accepting new applicants for years, however, there's still a large pool of section 8 tenants in the city still looking for housing, I average about 4 calls a week from section 8 tenants in Baltimore 

where are you investing? you can use FHA loan to get up too 10 properties, after that you can use companies like limaone, Lendingone e.t.c for financing, they are typically not the cheapest rate but unlike traditional lenders they look at much easier to work with

Honestly  that's  not the highest and best use of your time accompanying contractor to home depot.