All Forum Posts by: Dom K.

http://www.nreinsurance.com

Hi, 

Would need a licensed contractor that is cheap and can work the work right away out in Inkster. You/he would need to pull 3 permits as well as do the work for a place we have there in Inkster, Michigan. I can also provide a person to assist should you have less time currently. Following items we would need: 

a) Building Permit (one car garage roof to fix/replace) 

b) Electrical Permit (2nd ground wire is missing/to add) 

3) Zoning Permit (Repair concrete driveway, sidewalk)

Would be great if you could PM me if you know anyone good or if you are a contractor and you can do it yourself. Happily accepting also folks from Detroit. Thank you. 

@Rod Joseph same here same here - i think section 8 is a great way to accommodate folks that otherwise couldn't afford the places they rent / helps them / helps the landlord so all good. 

@Sue Matt Sorry to hear that your experience wasn't that great. it all really depends what part of the US you are as well as also what area of town. We have seen that in more problematic areas Section 8 is wonderful as it protects the landlord from rent loss as well as gives a more structured approach both parties / tenant and landlord have to follow. I think once you as a landlord put in all the hard work and money to re-do a place, you want to have a tenant with skin in the game. That skin in the game can be section 8 as it is based on rules to follow and, by abondanating such the tenant will loose the section 8 payment and privilege. In short we have had some great experiences with it. 

@Dan Shelhamer If done right section 8 is a great way of not only for your business but also for your community, especially if you are in areas that might have anyway a higher collection risk. Section 8 tenants are the same as any other tenant on the lower income levels, some are excellent, some a great, and some need improvement. hope that helps. 

Hey Libby, sorry i cant help you with specifically NY. But generally you should always be prepared for the tenant trashing your place, we build that in our purchase price / CAPEX. If you need it you got it accounted for, if you dont: congrats you just made some extra money! :)

@ Matt Smith : Dave got it right, 1031 exchange main concern is that is a real estate to real estate transaction with being able to have a very large spectrum what you can change it with. For example you can do a land sale with a 1031 exchange and buy a residential building... hope it helps, d 

Welcome the BP! 

Hi Libby, I would absolutely close on a home that has a section 8 tenant. Reason being is that prior closing you probably have a look inside and you pretty much can tell right away if it is a good tenant or not. If you cant go inside prior closing I would assume it is in descent shape as once a year you got the inspection that it has to pass. So therefore generally speaking they are all up to code. I personally had great experience with the program and can recommend it. Hope that helps, d 

Completely agree with Jay on the subject. best d