All Forum Posts by: Damon L. Davis

More great insight @Basit Siddiqi , thank you so much. I bought this property from the company that manages the property, the Section 8 program has been contacting them about renewal and whether I want to increase rents. My property manager has never asked if I want to request an increse. I'll be speaking to them about that. Thanks!

@Bud Gaffney @Rod Hanks

@Rod Hanks

Hey team, 

I have a TH in Jacksonville with a Sec 8 tenant. Steady income, but the property is earning well below fair market rental rates for the conventional rental tenant market - roughly ~$500. Can I appeal to the Sec 8 program to increase the rental rate for the property? Or would it be better to leave the program and accept conventional tenants at higher rates? Thanks for your input!

@Bailea Kelley thx for asking this, I’m considering the same and need to educate myself on the process to make it efficient… and execute it correctly. Good luck with yours!

@Justin Windham Thanks so much for the response and guidance. I appreciate you sharing your expertise!

My Self Directed IRA LLC will own and control 4 properties after my next deal. Advocates for LLCs owning properties always underscore the value of an LLC to protect the properties it controls limiting liability to only those assets in the LLC. So, is it time to start a new and separate SDIRA LLC for properties 5-10, 10-15 and beyond to protect them as separate groups? If so, will I then need some kind of Corp to own the multiple LLCs? Just need some sage wisdom and an asset protection specialist to help me along here, please.

@Wayne Brooks @Scott M. Thanks for the input. Now I'm wondering whether it's time to end the section 8 agreement in favor of higher market rents? Staying with the section 8 program has kept steady income, but is leaving money on the table. My property manager said he'll request a rent increase from the Section 8 program, but acceptance or rejection can be hit or miss. I'm not trying to be greedy, but I do think the property should fetch a fair market value. Are there ways to strengthen the appeal to the Section 8 program?

I own a property free and clear in FL. Section 8 brings in $840/mo. Market rent is about $1100+/month. I'm going to ask my property mgr to increase rents, but I want to make sure we can do it effectively right now given the eviction moratorium. What do I need to know about raising rents on this property in the current rental environment in Fl?

This is an excellent explanation... that I will read about 5x more times to comprehend. I’d love to talk to you more about this, pay you for your time, and make sure I’m getting this right. 

Re: Pay off vs. Don't Pay off your property - I have several properties in my Self Directed IRA (SDIRA) LLC, my retirement fund. Some of them are on conventional 30-year mortgages. I don't take any personal tax benefit from owning those properties, like writing off the mortgage loan interest on my personal tax return. Therefore, it makes sense to just focus hard on paying off those properties as quickly as possible, right?

Conversely, I can see the argument for maintaining some mortgage balance on your property as long as the numbers work and cashflow is strong in the direction of my goals. Am I missing something? Thx for helping out!