All Forum Posts by: Mogi P.

Once again, thanks for the great info. I have sent a message to the Landlord Liaison for the Houston Section 8 office. My realtor did pull up a listing from last year on one of these properties. They listed for 75k and advertised that a tenant was paying rent for 1270. The numbers look very promising.

Thanks for the insight. So when is the rent rate determined? prior to listing with section 8, after passing inspection?

I've browsed on gosection8 website. Are the listed rent rates approved by section 8 or are they solely determined by the property owner pending approval?

Hi everyone,

I found a very distinct row of 20 SFHs (all pretty much the same floor plan). I am looking to acquire one (or two) as a rental. No record of rental comps for these specific houses on MLS, so expanded to surrounding area and came up with 1100/month. I have put offers in for two of them.

1) offered: 43.9k
est repairs: 5k
2) offered: 37.5k
est repairs: 11k

Here's the rub, 4 of these houses are being listed as section 8 for 1300-1400 rent. Three of them were listed since November 2010! This could potentially be my first rental, so, naturally, I am very nervous about those many units being vacant for that long. I have chalked it down to the high asking rent and the time of year. What are your thoughts? I appreciate any guidance and opinions.

07 Honda Civic 27.9k miles bought used in cash. I drive a lot everyday and with gas prices these days, it's been good for my pocket.

In the future, I would like NOT to drive to go anywhere except on a closed course!

I talked to a few regional/local banks, and the products are so varied. Found one that would cash out refi a 30-year, but had a minimum loan amount of 100k?! One does a 5-year balloon, another only went up to 10-year, another required appraisal because they would value it at the lesser of appraisal or purchase price.

What surprised me was that not many of these banks knew what I was asking for right off the bat.

Sent my return and was accepted. The tax amount I owed was $50 away from penalties :)

I just got off the phone with three lenders, and they all tell me 10% for NOO (don't have any mortgages). This is for Homepath mortgage only, NOT Homepath renovation and mortgage. I was told only about 7 of those in TX do the renovation loans. This may explain why some folks are getting 15% as oppose to 10%.

Other info:
680+ credit score
No PMI
No appraisal

Hope this helps

I have done a preliminary scan of the areas I am very familiar with (i.e. southwest quadrant of Houston from downtown to the burbs). I think I have a good idea of how certain areas will perform, BUT I still need to talk to local landlords to get a first hand opinion.

Like Johnson H. said, some investors go for cash flow while others trade for future appreciation, etc. I must confess, because I am still new, I haven't decided which one I want to go for for my first property. Add to that, I have two very viable options: (1) buy with cash (private lender has agreed to lend me 30k at pretty much dirt cheap terms) a cheap property that will cash flow well OR (2) use homepath financing for mid-level properties.

No inputs from me, just a question. So I understand the fed has interest in keeping the interest rates low because of the national debt, so what would be possible catalysts for the rates to go up?

Does anyone have any general guidelines/tips for rehabbing to rent ready condition as oppose to retail sell condition?

I understand you can get away with marginal quality materials, but where does and doesn't this apply? Paint quality, appliances, flooring, etc.