All Forum Posts by: Tom C

Mike,

"My advertising does not change during the year. I have a newspaper ad in the paper 365 days a year; I have signs at vacant rentals; and I'm on the Section 8 list (as well as lists from other government agencies)."

Can you recommend those other government agencies?

Hey Kel,

That happens to me all the time. I buy REO for under 20K and then find someone selling a crappy little house right next door and their asking 60K. I think when we get homes as cheap as we do, we tend to become a little jaded about what we consider a great deal.

Hire me, so I can quit my job.

I am willing to bet this guy will roll on Obama. I am sure he has plenty of dirt on him.

It's only money and not the end of the world. Get yourself an attorny and listen to them. There is nothing stopping you from picking up a extra job and working more to pay off your CC debt. You spent money you didn't have and now you have to pay the price. Stop whining, pick up another job or 2 part time jobs and make some extra money to get your head above water.

Keep in mind.. This 4% rate will, I am sure only be offered to OO, investors won't qualify.

John is correct.

74000 for 30 yrs @ 7.5% you monthly payment is $504.00

Rents $1000

Expenses $500

Cash flow neg $4.00 bucks per month.

If you can get an extra $150 bucks a month in rent and you have A LOT of equity, it might be worth a shot.

Dave,

Mike is correct. One of my places was listed for 650 per month. A section 8 tenant wanted it and section 8 would only allow him to pay rents up to 30% of his monthly income which was 600 per month. If I wanted to rent to him, I had to drop my rent to $600 a month. They paid 480 and he paid $120.

Keep in mind you can ask for a rent raise every year at their anniversary date.

I'd land contract every one of my rentals if I had to deal with this issue.

There really isn't any reason to walk away. As long as you change the lease agreement to fit what section 8 allows you to charge and do not charge that same tenant anything more, you will be fine. Unless of course the property doesn't cash flow without that extra charge every month.