All Forum Posts by: David Putnam

I like the Penticton and Naramata area.

I would use Zillow or some other rental listing app that shows your neighborhood on a map with other rental listings.   I don't believe Craigslist has a map.   That is how I do it.
 

For example if your current rent is $1500, and you look on the Zillow map and others around are "for rent" at $2100, and the HA pays up to $2400 -- then I would say you can secure $2100 fairly confidently with the HA's approval.  Above $2100 and you push the ceiling...which isn't bad either, but as you are learning the more go-rounds you have with the HA, the longer it takes.      

In the South Bay (Santa Clara HA) I increased almost 100% in one go-round.   Just follow the HA process.  It will require a letter to tenant about increase.  It will require a new lease.  Tenant could likely see having to pick up a portion of it.  Mine saw about a 25% increase (~$100/mo).   The Tenant/HA will have a conversation about it.   Like @Account Closed said, you need to look at market rent in your area and that is what you target in combination with the voucher maxes.

As far as booting up the HA after your first purchase, yes it can be a bit choppy for first 60-90d, but once it is all sorted out the payments just arrive like clockwork.

Quite often you cannot take a loan out of your 401K if you have left the employer.  I've tried with Vanguard in the past it wasn't allowed.

@Leslianne Costello I would call the Taunton Housing Authority and ask who you can speak with about Fair Market Rents (rental values set by HUD per unit size) and Voucher Payment Standards (amt housing authority pays out based on a few factors) for Taunton.

I looked at the Taunton website and didn't see it, that is why I suggest to call.

@Will F., that wasn't my comment.  That was useful insight from @Jason Hartley.   

What am I doing then?  Well I reluctantly joined the 15d Buildium trial, and I am exploring Pendo in parallel.  Pendo is disappointing because I sent in two questions to their support team over the weekend and have not heard back...so is this a telling sign?  For me, yes.  Also, I am struggling with their lack of customization for application and leases.   

Also, I have emailed a question to Buildium and have not received an answer from them - so poor support as well (although both claim superior support on their websites).   It was a simple question btw...what is the difference in tenant screening with your standard and pro products - I sense there is a difference in one providing a credit report on the prospective tenant and the other does not.  

I asked the credit screening question because I was pricing that outside of Buildium, and comparing to the $18 Buildium charges.   The Buildium rate looks reasonable...but again I have yet to hear back exactly what is in the $18...

Buildium looks solid, but I have only a couple units and $45/mo just feels too steep on a monthly basis.  I can fully understand at building boot up time and stabilization...but ongoing for two units it's a lot.  I'm looking at other options.  

Pen.do ($10/mo) looks like it does the trick, but I'm struggling to figure out how to alter the application and lease (before assigning to a prospective tenant).  This lack of flexibility isn't ideal.

@Account Closed you provided that link above but what I saw was a place to post housing and find housing - not much on pricing standards.   

From a max rent perspective, is this site Santa Clara Housing Auth giving the details? Meaning it says FMR for a 2/1 is $1,994. Is that my max? Under that it also has "Voucher Payment Standards" which say $2,193. Trying to make sense of this. Again, the tenants are currently at $1,400 (1,001 subsisdy + 399 their payment).

Thanks!

Section 8 Team,

I am in the process of acquiring a property with a Section 8 tenant.   Their rent is $1400 (month2month), and the achievable rent for the property is $2,200.   How do I learn what rent I can increase to under Section 8?  Am I allowed to just raise the rent to any number?   Looking for some insight into raising rents for Section 8 tenants.  

Thanks!

Agree w/ @Daniel about CA. Don't give up on it. Model your situation out in terms of appreciation (including the pay down of your loan from rents), cash flow over a time horizon, and figure in your expenses. Numbers do work...but often start to look nice in year 2 or 3. If you have $120K you can break even in the Bay Area on day one, up your rents to cash flow positive over a few years, ride appreciation, and do well. You will even have rents that over time pay for repairs unlike some other markets where the cash flow is so low that one roof knocks you out. Further you are investing in a place where you personally want to live. And you can do it without "off market", but just trolling MLS. David