Rental Property Investor · Member since 2018 · 38 posts · 11 votes
I talked to a rep from Apartments.com this morning. He told me the sobering reality according to their analytics. Do any Bay Area landlords want to chime in? I want to get a PM for my property but looking at the websites of the PMs it looks like they have a lot of inventory so I'm doing my own postings. Any advice is greatly appreciated.
How do you maintain a positive business outlook nowadays? Asking for a friend :)
It's worked out great. I advertise on GoSection 8 and always get a ton of responses from people. It is usually pretty much a "Seller's Market" when advertising on that website. Interestingly about 20% of the people that respond, do NOT have a Section 8 Voucher and some have offered to pay MORE than what I'm asking.
Somehow the best qualified candidate that I ultimately rent to ends up being a tenant with a Section 8 Voucher at the price that I advertised with originally.
The key is screen, screen, screen and there are countless forums on here that I've contibuted to that explains what I do to screen.
From the time I advertise, screen, show, offer the place, collect the first month's rent as a deposit and the time Oakland Housing Authority or Contra Costa Housing Authority comes and does their inspection usually takes about a month. Last time was literally just 3 months ago and even with Covid it actually took less than a month.
I use the same process in Cleveland in conjunction with the PMs I use there. I still have some cash tenants in Cleveland, but not here in the Bay Area. No way I would have anything but Section 8 here in the Bay Area. Too many laws favoring tenants out here, and this was BEFORE Covid. I don't know why anyone would do anything different out here.....actually I do know why some people won't rent to Section 8 tenants even in the bay area, but that's a whole "nother" topic that I won't get into.
It's worked out great. I advertise on GoSection 8 and always get a ton of responses from people. It is usually pretty much a "Seller's Market" when advertising on that website. Interestingly about 20% of the people that respond, do NOT have a Section 8 Voucher and some have offered to pay MORE than what I'm asking.
Somehow the best qualified candidate that I ultimately rent to ends up being a tenant with a Section 8 Voucher at the price that I advertised with originally.
The key is screen, screen, screen and there are countless forums on here that I've contibuted to that explains what I do to screen.
From the time I advertise, screen, show, offer the place, collect the first month's rent as a deposit and the time Oakland Housing Authority or Contra Costa Housing Authority comes and does their inspection usually takes about a month. Last time was literally just 3 months ago and even with Covid it actually took less than a month.
I use the same process in Cleveland in conjunction with the PMs I use there. I still have some cash tenants in Cleveland, but not here in the Bay Area. No way I would have anything but Section 8 here in the Bay Area. Too many laws favoring tenants out here, and this was BEFORE Covid. I don't know why anyone would do anything different out here.....actually I do know why some people won't rent to Section 8 tenants even in the bay area, but that's a whole "nother" topic that I won't get into.
Interesting view Brian. I haven't thought of that at all. I'm a rookie with an insatiable desire to master the rental investments. Would my condo qualify for Section 8?
@Grace Esteban you can get a Section 8 inspector out...but I would of course check with HOA about rental restrictions (not against Section 8 as I believe that would be illegal now, but in general). @Herm M. ive also gotten many responses on Facebook marketplace and gosection8.com. Since the Section 8 waitlist in Oakland is closed (maybe for years according to the lovely motivated person that always answers the phone) I would imagine the demand for space is high. You may also want to consider contacting a housing liaison that works with programs like Abode and other subsidized rental programs. Sometimes those non-profits act as master tenants and property manage so it can make your life easier and operating expenses cheaper.
@Grace Esteban you can get a Section 8 inspector out...but I would of course check with HOA about rental restrictions (not against Section 8 as I believe that would be illegal now, but in general). @Herm M. ive also gotten many responses on Facebook marketplace and gosection8.com. Since the Section 8 waitlist in Oakland is closed (maybe for years according to the lovely motivated person that always answers the phone) I would imagine the demand for space is high. You may also want to consider contacting a housing liaison that works with programs like Abode and other subsidized rental programs. Sometimes those non-profits act as master tenants and property manage so it can make your life easier and operating expenses cheaper.
Thanks Katie for that great info. May I ask, where would I find a "housing liaison" and do you know of any other agencies like Abode in the East Bay?
@David de Luna of course! I actually knew someone personally that worked for Abode in San Mateo county, and she gave me a few contacts for the East Bay. I work directly with Jesse Roach, who is a housing liaison for several programs. He knows other landlord-tenant-program specialists that do what he does if he does not have clients for your property. I can PM his contact details.
Grace, one of my rentals in the East Bay is a Condo................I have a Section 8 tenant in it and it cash flows. As another poster mentioned look at programs like Abode (I have a tenant on that program as well). Also look at VASH...........it's Section 8 for veterans. Guaranteed Income is where it's at. Especially here in the Bay Area where tenants can simply decide they don't want to pay and there is nothing you can do about it. Oh "they" say the eviction moratorium will end in December.........Do you really believe that?