All Forum Posts by: Shelley F.

I have had many section 8 tenants through the years and I love it. As was mentioned earlier, they do direct deposit and the money shows up in my account like clockwork. This past few years they added a few things to their inspection though...for instance every sink must have a stopper, so I buy a package of the rubber ones each go round 'just in case' . For some reason stoppers in sinks take a beating. 

Also, screens, if present, must be free of any rips or holes. Screens happen to be one of my pet peeves, so I add them to my own annual maintenance inspection checklist. And at section 8 inspection time I simply remove them. There is a fairly extensive checklist they use, and in my county are very helpful to new landlords.

So I sorta stumbled across my latest purchase. Great deal... Another case of right time, right place. It is a HUGE house, but only 4 big bedrooms, office. I bought it with brand new stainless appliances. Its in a semi rural area, but close to town and zoned industrial. On an acre plus. Nice outbuildings. I could rent it easily to a family...but am looking at ways to maximize its potential. I have a dear friend (a realtor who lest that business in the recession) who now works for a foster care agency. They no longer do group homes for children but have been looking without success tor one for transitional youth. Those who are 'aged out' of the foster programs and find themselves adrift. They are very very interested in renting this property from me. Do any of you have experience with renting to an agency like this? I should add that I am in California, but if you follow the rules and read the contracts (and have an assist from a legal team), its not that bad. I would love to hear your experiences and will share mine as we go along. Thanks in Advance.

A mentor of mine once said that he would never rent to the 'three P's"

Police officers

Practitioners of law

Priests

Never had the chance to test this myself, just sayin'

Im a landlord in California and have had two 'professional ' tenants. The demands your tenant is making do not fit the 'habitability' codes...be sure to document what you have...give it to your insurance company, and take a deep breath. This sounds like a 'professional' tenant got ahold of an 'ambulance chaser' and just wants to shake you down for whatever they can get...ten grand?//twenty grand???they will go for it. Although California is considered 'tenant' friendly I have seen courts come down hard on these folks. Follow the rules, document, hold your pm up to the task.

I invest in exactly this sort of property, and I tend to agree with the post above that asked how close to rent ready they might be...and buckle down and get one rented asap. Then finish the other two. In my case I had a good handyman and bartered free rent in exchange for his work. (not sure I would do that again) but have also had an outside investor in others. These places tend to not sell for much all fixed up, and even then someone will be looking for their own 'deal'. However, they will usually cash flow very easily. Of course, selling one to finance the other two has a nice ring to it as well.

Im not in Arizona but a friend there is looking to buy a home...great job and down payment, but not self employed. W2 job over 2 years. Can I send her your info?

Saw a cute meme on facebook. Wish that I had saved it. It was a pic of a skunk gobbling down cat food, while the cats (yes plural) sat a few feet away. 

The caption?

'Discretion is the better part of Valor'

Be sure to ask Animal Control to advise on how to keep skunks away. Skunks LOVE cat food and if there is cat food out at night the cats will sit by and watch the skunks devour their food.  Skunks are relatively peaceful unless its skunk mating season then there is drama. 

Skunks also LOVE a nice hiding place with food and water nearby. Under your house if perfect for them. Its like their own personal bed and breakfast. Check the foundation vents and be sure they are all sealed correctly and vents dont have holes in them. A skunk can fit through a surprisingly small hole. If they spray under the house be prepared to have a hard time with your tenants. 

How do I know all of this? It happened to me.

I don't consider myself an expert in this area by any means, but I have done most of my deals using seller financing. These were properties I found literally out 'Walking the dog' and were not listed with an agent. Sometimes the seller contacted me first.  My places are usually at 7% and fully amortized over 5 years. One seller uses a note servicing company to handle the invoices and collect payments. I pay the insurance myself and the seller is an additional insured. Ditto the taxes. One place is amortized over 5 but due in 4, so I will have a balloon on that one. I like the negotiation and have learned that you can have price or terms your way, not both. Lately these deals seem to be finding me.