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Updated over 3 years ago, 08/12/2021
Tenet screening/looking into my first property
I have found a property that cash flows on paper, $220/mo after paying PM saving for repairs cap ex vacancy etc… rent would be $1000/mo
The problem I am having is its in a bad area and I'm working with limited funds so bad areas are all I'm able to invest in currently, until I can grow my savings and BRRRR a few houses that I can pull some extra cash off the back end with the refi.
My question is to those of you who invest in some bad areas how do you go about your vetting/screening process to make sure (to the best of your abilities) that you get a tenet worth having that isn’t going to destroy your investment or cause you to constantly have to repair.
Also with this area I would assume that section8 is going to be where I get payment. So my second question is how does section 8 work as far the our side of things go and do they pay you what you want (within reason) or do they tell you what they are paying and that is it.
Is it worth it to invest in these areas?
Please and thank you for any and all of your responses.