All Forum Posts by: Martin Vehlow

Or, send the list to a contractor to get a ballpark idea.

@Daniel Winsauer, I would recommend you take a contractor or two and go through the buildings to get an idea of cost. It's going to take some very experienced contractors to get these buildings up to par, esp with all the city violations.

I know the exact buildings you're talking about. I would NOT recommend these ones for an inexperienced investor. Those 3 four-plexes need so much work, and their asking price is still pretty high IMO. They also prefer to sell them off as a package deal for all 3 buildings. They also all share a driveway, so it'd get complicated if you are trying to only buy one.

Round Lake is a solid area. I have 10 units there and they are working out well!

@Rochelle Thea Fabrizio & @Jonathan Seyfert, I do not have a personal experience with Section 8, I only know what I have read and learned by talking to the Housing Authority directly. My understanding is that the amounts listed in the PDF Jonathan mentioned above are the MAX amounts they will pay in each respective zip code, depending on number of bedrooms. So if you have a newly rehabbed higher end rental, would they pay more than a neglected (yet still safe) dated similar home? 

I do know that they do not do any screening of applicants who have the voucher. That is entirely up to the landlord to do. 

Hope this is helpful!

Sounds awesome! Looking forward to checking it out!

Each person is different! In my area & experience, seller finance and lease option deals are quite rare, most homeowners just want a traditional sale.

@Ben Morand, I would stick with the area I know the best. If that is your hometown, stay there. If that is Gainesville, stay there. Once you start getting your name out there it will be tough to switch areas, IMO.

@Chaunti Griggs, welcome to BP! I'm not familiar with the Phoenix market, but I doubt $30k will get you far. Are you familiar with what lending options you have available?

@Kristopher Seibold, welcome to BP! I would start with calling the city and asking if it is a legal duplex. Zoning can change over the years, and it may be grandfathered in (where the existing use is allowed until something major happens to the property). Or it may not. I would talk to an attorney to help you understand your options, and include in your contract to purchase contingencies on whether it is legal and additions were permitted or not.