All Forum Posts by: Simond Wong

@Sheryl Sitman , thank you for your feedback. I agree with your diversification approach, which is why I decided to learn about Section 8 more. Could you provide some feedback on question number 4 please? 


4. How do you vet and interview your Section 8 tenants? What are specific questions you ask and specific attributes you seek in finding the right fit between tenant and landlord? 

thank you!
Simond

Hi BP Fam! I am just starting on this journey in real estate and I am loving it so far. I am based in South Philadelphia. I am interested in hearing about your experiences with Section 8 Tenants, specifically:

1. Why did you choose to work with Section 8 Tenants?

2. What are the pros of working with section 8? 

3. What are the cons of working with Section 8?

4. How do you vet and interview your Section 8 tenants? What are specific questions you ask and specific attributes you seek in finding the right fit between tenant and landlord? 

5. Since we are 2020, what are some things you've wished you'd known prior to getting into Section 8, so that it would have made your experience more positive (hindsight 2020)

Please would appreciate your feedback, and hope to hear from you, thanks!

Simond 

@Greg Dickerson

Thanks for the feedback! This is very helpful. I have never seen once, what would be an example of a line item@Greg Dickerson@Greg Dickerson

@Greg Dickerson@Greg Dickerson@Greg Dickerson

Hi Everyone, 

Seeking some info on how you would request & assess a contractor bid. 

How would you like to see the bid & it broken out? 

What else would you ask for so that you can easily assess the bid? 

I want to feel like empowered reviewing the bid and being able to push back when things like cost, timing, if need be. 

THX everyone!! 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Fixing my family property that I inherited and is paid-off, it is a 3 story mixed residential-commercial property that needs lots of work. Evaluating the best use of the property.

Keeping it as a 2 unit property, 1st FL is Commercial Unit and combined 2nd and 3rd FL is 2nd OR
Changing it to a 3 unit property, 1st Fl is Commercial the Unit, 2nd FL is its own unit and the 3rd FL is the final 3rd unit.

Once use of property is defined, then rehab, rent out, refinance and repeat is the goal.

What made you interested in investing in this type of deal?

Phila housing market is booming and this property has been sitting here not doing anything. This is my path to execute the BRRR method and doing something for my career.

How did you find this deal and how did you negotiate it?

It is my family property that I got. It has a lot of issues, so I have to deal with it as part of receiving it.

How did you finance this deal?

Still figuring this out.

How did you add value to the deal?

Still figuring this out

What was the outcome?

Still in progress

Lessons learned? Challenges?

N/A

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

N/A