All Forum Posts by: Derone Patterson
Derone Patterson has started 28 posts and replied 65 times.
Originally posted by @Samantha Hiscock:
Buy now, and in 3 to 5 more years you'll have saved 20% for another property! ;-)
Thanks that makes sense.
Im looking to buy for first multi-family house with an FHA loan. My question is should I wait 3 to 5 more years to save up 20% downpayment or would it be a good idea start with 3.5% down? I do feel like I should put 20% down but I also don't want to wait that long. Is an FHA loan for Multi-families a good way to go? Thanks for reading this and answering my questions.
Post: What to do for my potential next property
- Investor
- Philadelphia, PA
- Posts 65
- Votes 5
Im going to be buying my first mull-family house as an owner occupier soon. Once I get my house, can anyone tell me the steps to buy my next property? Thanks
Post: section 8
- Investor
- Philadelphia, PA
- Posts 65
- Votes 5
Originally posted by @Account Closed:
If you can find tenants that are not Section 8, your life will be easier. Section 8 will require you to jump through more hoops, be audited, be inspected, etc. Also, you can only evict "for cause," which is hard to do. They can withhold your check if they find a violation, and it can take a while for them to get their paperwork together to get your money coming again.
So, if you don't absolutely have to accept Section 8, I wouldn't.
The exception would be if you have a current tenant you like, who gets their Section 8 voucher after they've been in your building awhile, and they ask you to accept their Section 8, so they can stay - then it might be worth doing.
And from my understanding, if you do this, you are not required to then accept Section 8 for all of your other tenants. If this was to happen, double check that with the housing authority.
Oh, and to your question - if you have the right to rent the place to anyone, you can rent it to Section 8. Your financing doesn't matter.
Thanks for the info. Very helpful
Post: section 8
- Investor
- Philadelphia, PA
- Posts 65
- Votes 5
Originally posted by @Jewrel Rudolph:
@Derone Patterson: Your house does not have to be owned free and clear but it does have to pass an inspection. If they find any infractions you'll have a reasonable amount of time to get it corrected.
That said, I leased to a section 8 tenant for 3 yrs and ended up evicting her. Long story short, she made unapproved modifications to the property, almost burned my house down AND I later discovered she was cooking meth. I'll never go the section 8 route again. Maybe just a brush of bad luck but I've leased that property for almost 15 years and nobody even came close to being as bad a tenant as her and her children. She was the 1st and last section 8 tenant for my properties.
Thanks for the info, I think I may still go with section 8 though. only because the rent should be guaranteed.
Post: section 8
- Investor
- Philadelphia, PA
- Posts 65
- Votes 5
Originally posted by @Jassem A.:
It doesn't matter whether the property is mortgaged or not. It will have to pass an inspection by the housing authority and you may have to go to an event for landlords.
Thanks thats good to know
Post: section 8
- Investor
- Philadelphia, PA
- Posts 65
- Votes 5
Originally posted by @Derone Patterson:
I going to buy my first multi-family house as an owner occupier. My question is about section 8. Does my house has to be payed for to get it?
yes a tenant
Post: section 8
- Investor
- Philadelphia, PA
- Posts 65
- Votes 5
I going to buy my first multi-family house as an owner occupier. My question is about section 8. Does my house has to be payed for to get it?
Post: Multi-family housing
- Investor
- Philadelphia, PA
- Posts 65
- Votes 5
Originally posted by @Edward Seid:
Think economies of scale for some of the expenses... one roof/siding and one yard for maintenance. On top of that, having one unit vacant on a quad is less of an impact than on a duplex or triplex or SFH.
You may also want to do some research on insurance policies as well for the 2-4 plexes.
Thanks you make a good point. I think I'm going with a triplex.
Post: Multi-family housing
- Investor
- Philadelphia, PA
- Posts 65
- Votes 5
My question is which is a better overall house to have as an owner occupier. A duplex triplex or Quad. I'm about to get financing for these type of houses, and Im not sure which one I should buy. I was thinking triplex because of the potential to have all my expenses covered.