All Forum Posts by: Joe Swagerty

Thanks for all the replies and advice. Unfortunately the hunt continues for me. I went and looked at the property and it just does not look to be in very good shape. Roof is definitely ready to be replaced, siding doesn't look like it is in very good condition, and I am concerned if this tenant left, it would be hard to keep people in it because it is so tiny. it's a 3/1, but 2 of the bedrooms feel like walk in closets, not bedrooms.

Thanks again for the advice, hopefully it will come in handy for a future purchase. Back to looking for another property!

From what I understand, the renter lived there for a few years, moved, and then moved back again. I don't know if that means she lost her voucher at some point, if she found a better deal else where that fell through, or what the situation is behind it, but that is what we were told, that she has lived there on and off over the last 10 years.

We will be getting form 17, but that's a great idea to ask for the last Section 8 inspection to see what was on it.

I definitely would be interested in keeping the current tenant if what we have been told is accurate, but I am concerned that the rent is on the low side, and I don't know if that is due to Section 8 or from the current landlord keeping the rent low.

prop is for sale for 140k, I plan on financing about 70k. Rent is $1175/mo but all the housing in the area that I see that is comparable (at least 3 bedrooms) are going for 1300 - 1500+ /mo. That would be the only reason I would want to have the Section 8 tenant removed and find a new tenant who could pay the going market rate.

I am looking to buy my 1st investment property soon. A house just came on the market at a good price that my realtor wants to show me. We just found out that it has a Section 8 tenant already living there and that has made me wonder if this is a good idea.

I have read the postings on BP about Section 8, the pros and cons, good stories and horror stories. But what I haven't really seen is if it's a good idea to purchase a home that is already Section 8 approved, has a section 8 tenant who has been a long time tenant (we have been told the tenant has been a renter there on and off for the last 10 years).

Also, since this will be my 1st rental property, would it be recommended that I avoid Section 8 or does it not matter? The lure of having the immediate cash flow from Section 8 is tempting, the house is already Section 8 approved. I also don't know if I will have to do all the Section 8 paperwork to get the property re-approved since I will be the new owner or does it automatically stay on their list, and just have the yearly inspection to make sure it is still up to Section 8 standards?

Any information and/or advice on this would be greatly appreciated!! I am looking at the property tonight and then will need to make a decision on if I want to move forward or look for a different property that is not Section 8.

Also, one last note, the lease that is currently in force is set to expire in May. I am guessing I will have to have the Section 8 inspection at that time if I want to continue offering it to Section 8. If I decide against Section 8, do I have to go through the eviction process if the current tenant refuses to leave or does Section 8 make sure tenants leave properties that are no longer Section 8 approved/available?

Brandon Turner: thanks for the info and links, i will definitely be checking those out. I listened to the most recent podcast (at least i think it was, show 53) and found it to be very interesting and learned some good stuff from it.

Paul Granneman: Thank you for the info on the Snohomish County Meetup, Good luck to you as well sir!

Dee Miles: Thanks for the link and info about the meetup. I am hoping to be able to attend the meeting.

Thank you Jenkins Ramon! I wish you the same luck as well :)

Thank you Gerald and Dmitriy! Yes, I've been on the "Learn" tab reading lots of good stuff. This is definitely something I am interested in getting in to and I think I am in a good position to do so now. But first, I must learn all the ins and outs (as much is possible) before acquiring my first investment property.

Looking forward to talking to you all again and hopefully we all do well!

That is some good advice there Rafael, thank you! I saw on another recent introductory post from someone here in Everett that there's a Snohomish Meetup group. Will have to look in to that and meet the members.

Thanks for the welcome, Britt M.! I will definitely take you up on the offer of reaching out to you with questions, as well as the community at large. This is my first real step in learning about REI and I look forward to eventually taking the steps that lead to purchasing investment properties and getting them rented out.

Hello Everyone! My name is Joe and I am in Everett WA. I am just starting research on how to do real estate investment and renting out the properties. I have been reading a lot of articles on this site and am very impressed with the in-depth knowledge that is being shared.

I am hoping to find my 1st investment property in a month or two. I first want to spend as much time reading, learning, asking questions, and getting a feel for what the entire process entails before buying a property and finding myself in over my head, or with a bad/professional tenant.

Thanks for reading and good luck out there everyone!