All Forum Posts by: Account Closed

@Julie Haveman The HUD Section 8 administrator cannot dictate what rent you will charge. They only determine what the amount of the Section 8 voucher will be worth based upon the tenant's financial situation. The tenant has to make up the difference. If they can't pay the difference, they wouldn't be able to rent your unit. (If your goal is to be in a position to rent to Section 8 tenants, you'll have to set the rent accordingly, i.e. FMR, something close to it, or less.)

As a side note:  most areas have a fair housing ordinance that requires you to accept all "lawful sources of income" which by definition typically includes the value of the Section 8 voucher.  So, they may or may not have enough income to qualify for your unit.

Section 8 can prevent the tenant from taking your unit if the unit does not pass their initial inspection and the annual inspection thereafter.

HUD sets the FMR for your area. Keep in mind that the rate will change based upon what utilities you pay for--or don't.

@Jeff Rabinowitz is spot on.  (As an added "make you feel better," if you follow up with a complaint in court for the 7-day and get a favorable eviction judgment, she'll have a very difficult time finding another place to live--especially if she is in the GR area where there are waiting list.) If you need help with any of this, contact me via email.  Good luck!

Welcome Monika! We are here to help, let me know if you have any questions or need advice.

Welcome to BiggerPockets Jason! Let me know if you have any questions or need advice.

Welcome Rafie!!! Feel free to reach out, I have a ton of experience and knowledge.

Welcome Brain!!! Let me know if you have any questions. 

Get a copy of the property maintenance code used in your area and make sure the square footage will work for bedrooms, living space and dining space and that there are enough windows and doors the proper size and location for egress, etc.  I'm not sure a slider would be deemed acceptable as the only exterior door egress.  Good luck!

What works for you works!  Sounds like a good plan.  And, the KARHA is a good recommendation.

I've actually only heard of one case where a lender threatened to use the due on sale clause--the investor said, "go ahead." It never happened. I'm certainly not saying it wouldn't ever happen as they generally have the right to do so but most won't as long as the loan is current, etc. I suppose they might if they feel like your portfolio is getting too risky for them. But, this would seem very odd with a nearly refinanced loan. (And, no, I'm not saying you can get around the due on sale clause if they choose to enforce...I've just haven't heard of it happening if you show that the LLC is a single member LLC in the investor's name.)