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Thank you everyone for responding. This forum looks like a very useful forum for all types of real estate information. This will be a good learning experience. Good luck to everyone.

Brian

I was wondering on how the conditions of these properties are when bought? What is the dollar amount difference when purchasing a bank REO property compared to a regular property? Does anyone have a Bank REO property that has a steady cashflow?

Brian

How does one put a lien on a persons home ? Can you do it yourself or would you have to hire a lawyer ?

Hi Dick,

Thanks for the link. I appreciate it.

Has anyone ever had this problem with any tenant ? If so, how would you fix it ?

http://www.spoa.com/pages/rentescrow.htm

Hi,

Thanks for the reply. I agree with you when you said "cash is king" but how about properties that are in the 250,000 - 300,000 price range ? How much cash is needed for those properties ? How much more of a down payment would a person need to acquire those types of properties ? What do you mean when you say ?

Hello Zeke,

Thanks for your detailed response. Zeke, I know and will understand that section 8 tenants are a diffucult breed of tenant. I think most people understand that but if I may ask you this, do you make money with the program ? If you have tenants that pay on time and are responsible, isn't section 8 "gold" ? ( even tenants that bust your balls over there portion of the rent still are sub. by the LHA and thats where you get most or in some cases all of your rent for some units) Also, do you get above market rates for your section 8 units ? or market rates ? Again, thanks for your time and responses to my questions.

Hi Zeke,

Thanks for the fast response. Zeke, I'm thinking about acquiring an apartment house that will house section 8 tenants. What advice would you give to a potential to a section 8 landlord ? Any tips ? Do you have to be tough fisted and ruthless with most of these people ? ( reading your first post, i would assume so ) but if you can offer any tips or suggestions I would greatly appreciate that. Also, in regards to you first section 8 rental payments, how long does it take the local housing authority to pay you ? Thanks again for your time.

Hi,

Thanks for the response. I know that the interest rate would be higher on a commercial loan verses a residential loan but how much more normally would it be ? Thanks for your time.

Hi Zeke,

Sorry to hear about your trouble with your tenants. In regards to your tenants not paying there monthly rent Do they only have to full 30% of the monthly rent while the local housing authority pays the rest ? What was your screening process ? Thanks for your time.

Steve