All Forum Posts by: Jeff Sechrest

Start the eviction process today! 

Also trusting a realtor had my intrest in mind. Nope...

@Amanda H.

Here's a new piece of information to help in the decision of to "Section 8" or not. 

A short time ago our local decision making body over section 8 matters decided to reduce their payments to landlords. Yes by $175 per month on one property and by $212 on another and this wasn't simply an isolated event. Everyone I know that has section 8's in our area got juiced in this deal. 

So all that careful scrutiny over a potential purchase and an amazing rehab that came in just under budget is now barely cash flowing. All because some knuckle head thinks it's a good idea to run a twisted comp game and make a 3/2 or a 2/2 house rents the same as their lower 3/2 and 2/2 apartment rents. And there is no turning it around besides stop renting to them.

Who needs a copy of the Section 8 certification paperwork?

Brother I don't know if it's legal but that's one BRILLIANT IDEA! 

Is there gonna be a next year?

Seems like it's a total write off though. If you step back and look at it. It's a "Company Expense".

Gonna have to talk to my CPA...

Brilliant!!!

If the burned out property is a Walmart and they're in the process of rebuilding then yes. Otherwise run

@Bob Clement welcome to BP.

There's plenty here to help you dip or jump. 

Ask questions and you'll receive different perspectives, opinions and solutions.

I would pass for the last reason. They'll have plenty of expenses with the daughter starting college. So if you've rented to anyone on the edge before, you know they'll have plenty come up that pushes your rent to next paycheck or whatever. The entire situation has to be looked at. 

You'll be viewed as the kind and lenient landlord and they'll most likely push as far as you allow and then some.

@Julie McCoy

Here in the sprawling matropolis of Mobile Alabama the market for higher end rental properties of say $1,300 per month is for the most part, non-existent. On the other hand section 8 pays around $900. That's not all bad though. This means most decent neighborhoods here can bring $1,000 to $1,100 per month and since the REO's are still pretty loaded with foreclosures. One can still find cash flowing properties pretty easily.

Welcome to BP.

What's the plan with the license?

@Julie McCoy

South Alabama also!!!