All Forum Posts by: Account Closed

Sec 8 is more for experienced landlords that can absorb the higher risk.

Yes, you can get lucky and find a good tenant but that is not the norm. Just like helping tenants rent a decent place until they can improve themselves and income to go out on their own.

That is good only in theory and rare it actaually happens. Most end up staying on the program.

On average there will be more problems and damages you have to deal with. There are usually more children and others at home, so more wear & tear.

Also if you do look at credit reports you would not consider 99% of them qualified.

Most cases tenant still has to pay part of the rent based on their income. This becomes a problem a lot of times and can lead to eviction. And with a section 8 tenant we average about an extra 2 - 3 K in damages and past due rent compared to non sec. 8.

And once evicted most sec 8 tenants are rarely collectible. And lets face it. Most are on sec 8 because they have not been very responsible in their lives and have an entitlement mentality. Again these are the majority but not all.

There is also a big difference with local section 8 offices. Just like tenants some are good but others terrible.

Also cases were a tenant to owes a large amount with past due rent and/or damages and still just moves to another property. Even if against HUD guidelines. Again depends on local office.

We our self's still rent to a few sec 8. 

But with 25 years and about 6 different areas I still say it is a gamble that may not be worth the risk.

Just about all of these people have figured out they can make way more money selling these courses than actually following their own system.

In this case they just had a company with a cookie cutter program do all the marketing and high pressure selling and give C & T a percentage.

How well these people do selling the programs is not based on how good the system is. Just how well their salespeople are to convince people there is some big secret they will learn.

Consider if seems to good to be true, there has already been a dozen investors looking at it.

Usually not worth the extra risk for an out of town investor, even after you own the home.

Agree best to call a property manager and see if they will do a walk thru and give you an idea of what it will rent for.  Is the area going up or down?

Then make sure you hire your own good contractor or home inspector to really look it over.

For a flip refinish. For a rental best to replace.

Average would last 5 years, maybe little longer if good tenant.  Here it cost 375.00 and then more if it has been refinished before.

Also keep in mind 10 years ago they were allowed to use the good stuff. With the recent EPA VOC's rule the coatings are not as good.

We use the Vikrell Tubs with or without walls made by sterling. Been using then for about 20 years and hold up very good.

Would say Cast is still better but not worth the extra work and cost most of the time.

Only on the higher end homes.  Otherwise If tenant wants they can pay for it.

If one is installed. We just explain they get abused especially with the kids.  

Then it gets listed in our lease under.

Items not included with the property. If they are there it is at the convenience of the landlord. Item may have been provide by a previous tenant.  Tenant may also request item be removed at anytime. Tenant agrees that if they require it, they are responsible for the cost of any repairs or replacement of the follow item. 

________________________________________________________________________________

Above clause holds up in our courts.

If tenant moves and it is broken we remove it. If there is one we tell new tenants that one of the old tenants installed it.

If a good tenant we may even pay for one and let them reimburse us with payments over 4 months.

Of course if they really insist it is like anything else. I will offer to include just about anything extra a tenant wants. But once they here about the increase in the rent amount to cover what they want. ( monthly increase that makes it well worth it to us) They just about all the time don't want it. 

Sorry Jarret, but curious why she would be installing hardiplank to begin with. That is old school thinking.

Smartside siding is cheaper and easier to work with. And more waterproof.

Years ago did my own test before switched from hardy. Bucket of water with a piece of each siding.

Submerge for a few days in the water.  The smartside still looked good, but the hardy was delaminating. 

Not the question she asked. But in case others are interested.

Not what you asked. But also try to be proactive in how many problems you have.

Plumbing can be a big one.

You mention sewer backup and garbage disposals.

One of the things we do is never have garbage disposals. Never that big a deal to new tenants. 

But you will always have more drain problems with a disposal.  Tenants then think anything that will fit in the disposal and can go down the drain. So besides the food, you are also adding a lot more grease from that food. Besides my own experiance, drain cleaning plumbers also agree they see more problems.

Of course if you do insist on keeping, they should not jamb up. If so the tenant is putting things down there they should not. They cause the problem you make them pay for a service call. After the first one they seem to learn and get much better when they know they will have to pay.

Then if you have an older house with galvanized pipes. These are already past their life span. You can be assured that with rust you will have more drain problems.

If you plan to keep the house longterm it pays to go ahead and replace with pvc.

Took us years to get all of ours updated. But now any drain problems we bill the tenant. There is no question it is the tenants fault and plumber can write this on the bill. And proved in court.

With galvinized it is hard to tell who is at fault. If you have galvinized that is now rusted to half the size that line should be. Then you cant blame the tenant.

I also would be looking for a good discount for the gamble on this.

By all the quick fixes that have been tried by adding crappy support here and there. This looks like it has been an ongoing problem. 

Maybe fine but also if not could get expensive patching that brick exterior with cracks showing up all the time.

I would really need a good foundation company to give an estimate. Then double that amount and subtract from my offer.

I don't think many do. Just look for visiable signs if minor clean with bleach and be done with it.

To many things you could spend time and money on testing.

If you are going to test yourself. Do a test outside and inside to compare. Is it much different than the outside air?

Panasonic fan with a Leviton 6260M-W for your own home.

But a rental use a cheapest Broan fan wired to light switch

20 years from now can still buy a new grill or light lens cheap to make it look new .  Or if the tenant breaks it or goes years without cleaning.

Or if needed a new motor for about $15 - $20 and then 5 minutes to install.