All Forum Posts by: Michael G.

Jumping in, here:  JUST ACCEPT THE SECTION 8 !!! 

Why not? Section payments are 100% guaranteed by the Govt! You never, ever have to worry about NOT getting paid, or about a check bouncing, or being paid late. Since you've already vetted and approved the tenant, then, presumably, you already like the tenant and have a good relationship. Nothing else changes, so what's the worry? 

The funds hit your bank automatically on the 1st of each month ....  It's a good setup. After this tenant moves out, you do NOT have to again accept another Section 8 Tenant if you don't want to. Nothing forces you into the program. It's merely a guaranteed payment benefit to the program participants(tenants) that the Landlords (payees) benefit from...

Do it!

Hello @Matthew Wiltse - Welcome to NY. Good luck your REI... H

Here's a good thread for you:   https://www.biggerpockets.com/forums/311/topics/17...

I had a somewhat similar, somewhat related situation many years ago with a Tenant who operated a daycare in one of our properties, causing our insurance to quadruple. I had the same question: Kick em out, or not? 

Here's the link: https://www.biggerpockets.com/forums/52/topics/109...

In the end, we raised their rent significantly (enough to cover most, but not all of the added Insurance cost) but kept them on as Tenants. F-fwd almost 5 years later, they are still with us,  and have proven to be pretty ok tenants. Not perfect, but on balance, after several honest conversations about what was expected of them if they wanted to remain, .. Good.

Hope this helps.

My advice for you is this:  Don't be stubborn or turn away a nice offer just to save a couple of $ or %.   Remember: This is short-term money so a few % here or there comes out in the wash and won't make too much difference at the end of the deal.  

If you think you've found solid lending partners that you can work with, who seem honest, trustworthy, reliable, professional and efficient, take the deal - even if it's a wee bit more expensive.  Quality lenders are worth paying a little more for.

Unique, interesting thread. I suppose the best way to be a Contrarian Landlord - though it's not really so contrarian -  is to actually be a good person and to think of Tenants as customers to be treated with respect. 

As they develop more and more of a solid track-record, you can let Rental payments that are 3-6 days late slide a bit more, and offer other benefits such as reduced increases when their Leases are up for renewal, fast service when the maintenance calls come in, keep the hallways & common areas really nice, new  & clean, etc...

In any event, professionalism is the key no matter what, imho.

Thanks Jorge! 

@Cynthia Brooks

Just got a note from one of my Tenants - so I think I  just may well call your Mr. Scorpio!   Ill let you know how it goes!

@Daniel C.

Daniel... update us.... what happened? Did your tenant leave without issues or problems?

Agreed - That's what I thought too... Not sure if it's law,  but anyway, it makes sense..

Regardless, anyone is welcome.  The more the merrier... Many hands make light work!

@Andrew Wong  Nope - Open to all!    (I had just presumed - perhaps wrongly - that much larger buildings (say 12, 20 or more units already have a live-in super or some other arrangement in place...)