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In general the tide has turned.

What happened is anyone with a pulse who lived in a rental property (apartments or houses) was able to qualify for a home when the interest rates were so low. Many also purchased with ARMs (adjustable rate mortgages) which are now coming out of their flat interest rate period and starting to adjust upward, some at alarming rates. In addition, many purchased too much house and barely qualified for that.

So what does this mean? They can't afford these houses now and are shifting back to rentals again (they are dumping or loosing their houses). To see if that trend is occuring in your area check around and see if forclosure rates are rising strongly and the vacancy rates of both houses and apartments are dropping steadily.

Therefore, it is a good time to buy apartments as the increasisng occupancy rates (just recently beginning) will cause rents to rise -increasing the value of your complex with each rent increase. :D

Danny, here in the Atlanta market they are very strict about any kind of law breaking at all. The rules are that if anyone is ever arrested (guest or tenant) for any illegal activity at the house the family is removed from SEC 8 forever. No exceptions. Also, applications are taken, just like for any other prospective tenant, as well as deposits in this market.

I don't know about other markets, however. :D

I am in the Atlanta market and have a few Sec 8 rentals. What is it you would like to know? :D

I'm curious. What did you find in your state?

Thank you. :D

What is your exit strategy? Is your investing for current income or for later? Do you want something aleady in good condition or do you want to fix it up yourself? Do you want to manage yourself or hire management?

You get the idea. What is your stategy? It can depend on your age as well. Are you young and just starting out or want to put saved money to good use for your soon to be retirement?

Thank you. :D

First,you do not want to enter into any type of arrangement with anyone unless you are sincere about keeping the terms. Life happens and things can change but you do not want to start your adult life as a fraud. If you want others to keep their word to you then you want to keep your word to them.

It sounds like the area has typical leases for 6-12 months. However, houses are owned by people and, if you talk to them, they might be willing to take a shorter lease especially if you offer some incentive. For example, you might offer to pay a little more per month or even pay an extra month. Split up among your friends it might not be too big a price for a great summer house.

There are no standard leases. Though they follow general guidelines for a lease each is different and written to meet the needs of the landlord (and to a lesser degree, the tenant). Each landlord will have their own requirements as far as age and income and other factors as well. They may require your parents to act as co-signers. Again, there is no written in stone standard lease.

Also, you must read the entire lease and ask questions if you don't understand something. Don't assume anything. Leases are generally written by lawyers and have teeth in them. You and your friends do not want to endanger your credit or run afoul of any local laws or courts regarding breaking a lease.

Finally, you do not want anyone living there who is not on the lease with you and fully responsible for any damage they may do to the property.

Good Luck! and have a great summer next year! :D

I think if you have some pictures that help tell the story it always helps. :D