All Forum Posts by: Allen Moore

@Josh Skyer very insightful! I’ll start looking into local agencies. Thank you

@Ronan Donnelly thanks for sharing. I love Chicago! What suburbs or areas have you found are good for that?

@Steve Morris I’m motivated to provide safe and affordable housing to those in need. I also have a passion to help others. One of my target markets has many large single family - 4 units at lower price points and I think it’ll be a good entry for rental income. These are mostly C class areas where I am using the buy and hold strategy.

@Jay Hinrichs I can truly relate as I have a 2 year old toddler. Although single moms may be the majority, I plan on partnering with local organizations and non-profits that may market my rentals to individuals using their services. Even so, I cannot be discriminatory and will rely heavily on prescreening. I’m confident there are many section 8 candidates who’d make great tenants. Thanks again!

@Jennifer Donley thank you for your reply! It’s good to hear that your portfolio is mostly section 8 and you have not encountered major drawbacks.

I will surely check out that forum.

I am thinking that providing section 8 housing may be a more affordable and recession proof way to get started in real estate for rental income. There is more inventory for single family homes than multi and I've done research on the allowable rent payments based on bedrooms. My local counties provide assistance to battered women, elderly, disabled and low income; its a great way to give back to the community and there's always a waiting list. You are subjected to regular section 8 inspections, but as a good landlord you'd want to keep your properties up to standard anyway. I'm still leery of investing in high crime areas, but there are decent blocks and streets. 

Does anyone have experience on section 8? What are your experiences and thoughts on this investment strategy?

@Nina Granberry congratulations and thank you for the share! It is very inspiring.

I’ve had an interest in RE for at least 5 years, but like many others, I have fallen victim to my comfort zone in my career. Like you, I’ve been blessed to work remote since March. Since then, my wheels have been spinning nonstop and I cant help but to breath, eat, and sleep real estate. My wife is likely tired of me talking about it every day. I just need that team, support and direction. The hardest part is just starting. Looking forward to hearing more on your journey.

Hey BP! - I was originally hooked on wholesaling as the entry to real estate investing due to the low upfront costs. I must admit that I deviated away from that to BRRRR, but now I'm back on wholesaling. Reason being, driving through my neighborhoods of interest, I see a lot of potential and looking at sites like Zillow show me that on market inventory is low and home prices have definitely increased. I feel I have to do my own shopping and find motivated sellers.

For someone Wholesaling for the first time during this pandemic, is there anything you would do differently today that probably wasn't a factor previously? Thank you!!

@Lee Yoder Thank you for the advice! We are excited as well.

Hey BP community! I plan to use private money from family and a HELOC following the appraisal/refinance on my 1st mortgage as the down payment to purchase a 2-4 unit investment property between January and March 2021. This property will require some cosmetic work only. (landscaping, flooring, paint, windows, doors, kitchen/bath remodel). I have a LLC and may be partnering with a group 3 other new investors like myself outside of my wife and I. Our home is in my name so we were thinking of getting a 2-4 unit FHA loan in her name, hacking a unit for a year, and refinancing to a conventional loan. On the opposite, we could use a Hard Money Lender to fund the purchase and rehab, to follow through with BRRRR. Our market in Cincinnati is rising but isn't very expensive. The typical home value is 167K. Dayton is an hour up north where the average home value is a lot lower around 68K, but that also means lower rents.

My question is . .  In our situation, what would be the best source of funding with the least amount of our own money in the deal? Through a bank or Hard Money Lender? Would it be better to look in Dayton since the overall market is cheaper?