All Forum Posts by: Daniel B.

First time RE investor, long time BP follower.

I made the jump since I have a network (agent, gardener, electrician, etc.) in the neighborhood, the cash for the down payment, closing costs, and emergency savings for the house if needed.

House is section 8 and has a long time tenant in the property for years (~10yrs).

Type - 1980s Single Family, 4 Beds, 3 Bath, 2000k sq ft

Location - Lancaster, California

Purchase Price - $270k, paid w/20% down

Appraised - 288k

Rent - Section 8, $1850/month. Working on raising this with the housing authority to over $2.1k.

What do you think of my deal? 

Some other questions:

• Does anyone have experience working with the housing authority and ways to increase rent with them? Ant best practices to consider?

• When is the best time for me to refinance on this property? I'm looking to purchase another one in a few years.

I'm thinking of getting creative with my start into Real Estate investing. 

My friends live in a 4 bed x 2 bath house near Santa Monica, CA. The house has a separate vacant ADU which I believe is a 1000sq. 2 bed x 2 bath and has been vacant for a over a year. The value of the entire property is over $1.5 million so definitely outside my budget to make an offer.

My feeling is that the owner either doesn't care about the property, or the ADU (which looks newish) isn't up to code. Is there a way to work with the owner to rent out his ADU where we both benefit? Or work with the owner to sell his property (get it under contract and resell)?

Anyone have any creative suggestions?

First time RE investor, long time BP reader.

We recently acquired a rental property (4 beds, 3 bath) in California with a section 8 tenant (family of 3). The tenant has been living at the property for 10 years, with a 2 bedroom voucher in our 4 bedroom house. The existing contract (resigned with rent increase in May 1st, 2019) has requirements stating that the owner pays for utilities and has a low security deposit. 

Obviously, we want to update the contract to increase the rent, increase security deposit, and charge the tenant for utilities. But since this is a family of 3, we are not sure if the tenant will qualify for a 3 bedroom voucher instead of their existing 2 bedroom voucher. 

Does anyone have experience with the Section 8 administration? What will be the best strategy to approach this?