All Forum Posts by: Trevor K.

I can appreciate why many investors love section 8 tenants. I am not part of that group of investors. It sounds like I will need to reach out to the caseworker regardless of anything, so I guess that will be my first step.

I would not pay for my main residence in cash. It makes little sense with interest rates where they are. If you had $100k to buy a house, you could potentially buy 4 homes for $100k, putting $25k down on each at, let's say 5% interest. You can then collect income on the 3 investment props, and deduct the interest payments at tax time. As long as you make a 5.01% cash on cash return, you are making money. It is very possible to make closer to 20% if you do it right.

We have no such rules in my area.

I am closing on a four unit soon, and one of the tenants is on section 8. I am unfamiliar with the program, and will not be renewing when their lease is up in November. Of course I will have to abide by the current lease, and agreements. Which is fine, but is there anything I will have to do with the county housing authority in the meantime?

Anybody that has inherited a section 8 tenant please tell me about your experience.

I agree. follow the leases and rules to the letter. It is much easier to enforce the rules the same all the time, and much harder to lose a lawsuit this way.

I would keep looking for a duplex/tri/quad without the commercial, so you can get more reasonable financing.

I know that HUD's rule is two people per bedroom, plus one extra person. So for a 3 bed that would be 7 people in total. I would say that you are in no danger of being cited, or otherwise hassled by anybody official.

10 units with a full time job will be as good, or bad as you make it. If the units are in good shape, and you rent to good people you could probably do it. You also will probably figure out as you acquire more properties if you will be able to handle 1 more. While I have not managed 10 properties at once I imagine the 80/20 rule applies here as it does to most things. Meaning you will likely have 2 tenants that take up 80% of your time, and sanity.

Unless the people cherry picked all the good stuff from that garage. You could easily have $10k+ worth of tools and stuff. Go through it before the contractor does.

There are a bunch of good ones above, but one of my main things is being on time. If a person is more than 10 minutes late without a text or call, that is a big red flag. I also totally agree about the parents of mid twenties tenants showing up being a bad thing. Just like everything, there are exceptions, but I am not going to take the risk to find out if they are adult babies.