All Forum Posts by: Christopher Malone

I recently used a HELOC for a rental property purchase. I used Credit Union 1 as the process from start to finish was fairly quick (about a week), and there were no service fees, appraisal fee, etc. My interest rate is variable at a 80% LTV which could have been pushed to 90%, but I didn't deem it necessary to use it.

Does anyone have a plumber recommendation that can come out short notice and turn on the water outside?

@Thomas S.

Where is the line drawn on opinions and facts? If someone of your status with 1.5k up votes were to post an opinion of something illegal, how would the average reader be able to distinguish between your opinion and what is legal? If a person from Chicago where to take some of the advise posted here blindly and get sued losing everything, it makes no difference to me, as this would be more inventory for me to chose from. I am simply contributing to the site by posting my opinions about those opinions posted, and to your point, moving on. 

@Art Maydan

I'm not trying you convince you, or anyone of changing their business model. It is the initial generalization of "all people on it" that stood out to me. If you have an issue with Section 8 as a program, then that is an entirely different conversation. I personally felt that it wasn't fair to everyone, including new investors reading this thread to think that everyone who is on section 8 are bad people.

In this thread, there is someone that stated the neighbor who is on section 8 is the reason the grass was not cut, and people where in and out of the property. I believe the landlord/property manager that allows this type of activity is polluting the neighborhood. I believe that they are taking advantage of the system by possibly not screening correctly and placing anyone in the home just to collect a check. You will probably see the property get foreclosed on soon. When generalizations are posted, it opens the door for these types of post from people who have never worked with the program themselves. 

As I stated multiple times in this thread, your business, your rules. I would just be careful taking advise from others outside of Chicago as you cannot denie someone on the basis that they have section 8. Understand The Section 8 Housing Choice Voucher Program.

As i mentioned in an earlier post. If you are going to turn away anyone, it should be on the basis of you application process.

Is it possible for a Section 8 tenant to fail an application process on a basis other than discrimination?

Yes. The apartment owner or manager may utilize his or her standard application process when evaluating a prospective Section 8 tenant. For example, if it is the owner's or manger's practice to conduct a credit check on all applicants and/or to contact past landlords for references in order to consider such background factors as bill payment history, respect for landlord property, relations with co-tenants, compliance with essential conditions of the tenancy, the owner or manager may undertake those processes when evaluating the prospective Section 8 tenant's application.  

Art Maydan While you are in the business of trying to find a tenant that lived a perfect life and never made a mistake, I am looking for someone who will legally pay rent on time, respect my rules, and respect my property. You cannot avoid renting to a section 8 tenant in Chicago as it is a protected class for this very reason, but again, if they passed your screening criteria, why do you care about the legal source of income? Also, there are people who are about as or more successful in life than you, me, and anyone else on this forum that was on government assistance at one point in their lives due to past mistakes. But again, you property, your choices. Good luck.

Art Maydan so according to your generalization, because you want to collect checks from your mailbox as a landlord, instead of working in a cubical from 9-5 each day. It can be assumed that you are a greedy capitalist pig who has no interest in taking care of your property, and will be a slumlord? My point is, you don't know who these people are. You cannot judge someone's character off of their legal source of income. Yes, people abuse the system, the same as people avoid paying taxes. It can go both ways. You can do what you want as it is you property, but for people following the tread,I personally do not believe this is not a ideal or legal way to run your business.

Originally posted by @Art Maydan:

@Jessica Marin Because I'm living upstairs and don't want the type of person who is on Section 8 as a neighbor.

Art, while it is your unit, and I understand you may have a specific target neighbor you are looking for, I could not help but come back to this post. I believe the statement above was stereo-typically infused, as the legal source of someones income should not define the type of person they are. Not accepting Section 8 does not avoid bad tenants, proper screening avoids bad tenants. As long as the rent is on time and the neighbor respects you, your rules, and your property, why does their income situation matter? Would you not rent to an elderly woman who is on government assistance because she is the type of person that is on Section 8? Please help me understand what is the type of person that is on section 8. 

I am in a similar situation. I purchased a property for $28,000 and didn't have the funds for the rehab. I am working with a company called GroundFloor that's lending the rehab funds for my deal based on my ARV. They do run your credit to base what your interest rate will be. I know they lend in New Jersey, but not sure about New York. I will let you know how it works out for me this week. I hope this helps. Good luck! Chris

Anyone in Chicago, Illinois, Texas, New Jersey, Maryland, Virginia, North Carolina, Tennessee, South Carolina, Georgia, Alabama, Florida, or D.C.?

I am in the process of working with GroundFloor to finance the rehab of my rental property. I am curious to know if anyone else has worked with them and what was the experience.  Thanks!