All Forum Posts by: Eric McCarty

@Nicholas G Lede countryside FCU. 20% down, 3.625 IR for 15 years. Tell them I sent you.

Hey BP community

I have some prospect tenants that are section 8. Im new to section 8 and how it works but I think I understand it enough. What questions should I be asking a section 8 prospective tenant? Should be I worried about section 8 tenants right now? Mainly concerned with New York State moratorium.

Thank you!

Eric

Thanks for all the responses.  A couple replies to some of you:

I am not too concerned with wear and tear.  This home has been a student rental for the past 15 years and it’s pretty worn down already.  It’s a very simple house, but in good condition.  My one concern is liability risk. I still don’t fully understand what I could and couldn’t be liable for. My plan is to speak to my lawyer and go from there.  I plan to check references as well as background checks on both tenants. I also respect the neighbors and will ask the neighbors what they think. If both the lawyer and neighbors lean against it, I’ll most likely be deciding against it. Thank you everyone!

Hello

I have a prospective tenant that wants to run a daycare/school type business out of one of my properties. I met them both today and they are very nice people and have done this before at a previous place. They’ve offered up references and are willing to pay a premium to rent the house. They also are required to keep the property in pristine condition because of the business. Does anyone have any experience with this?? I’m not sure how to tailor a lease for a business like this and what kinds of things would I be liable for??

Thanks!!

thanks everyone for the feedback.  I’ll be working with the section 8 office as soon as I close. I’ll keep you posted !

Hey everyone 

I’m closing on two properties.  The first property is a 4br/2br that has a section 8 tenant currently residing in it.  She’s been there for 18.5 years and has been great; needless to say I want to keep her.  The market rent for this property is 1350.  She is currently paying 650.  I don’t know much about section 8 yet, but I do know that she has a voucher for 2br.  So the max I could charge her would be around 850; that’s what the local office told me.  Can I get her to apply for a 3br voucher or even a 4?  She has her grandson living with her as well.  What is the easiest way that I could increase her rent while still keeping her living there? 

 thanks all!!  

Eric

@Nachiappan Chockalingam buy something that cash flows and you’ll be fine. Syracuse is a top real estate area in the country for cash flowing properties. Don’t worry about appreciation; that’s all icing.

Hey Mark

Congrats on the deal!  I’m a newer investor and live in bville as well. I’m also an engineer in Syracuse. Feel to free to DM me if you ever want to talk more. 

Looking for creative ways to finance the following scenario:

3 properties packaged together. P1 is rent ready, P2 could use a little work, and P3 needs a decent amount of rehab to get it going. I'd like to get them all under one loan if possible. Just trying to determine hard money vs conventional. I'm leaning towards hard money to get the rehab fully financed, but zero of that rehab budget would go towards P1, so the other two properties would need a really good ARV to recoup costs when refinancing. Any insight would be helpful. Thanks!

Hey Kori, what did you decide with this?  I've got a similar situation that just came across my desk.  The deal seems pretty good, almost too good.