All Forum Posts by: Eddie T.

I’m a landlord in a rent control city and I am actually a fan of it. Our rents are among the highest in the nation because supply is limited - the below market tenants don’t move keeping overall supply low.

It also ensures we have rent growth which makes any so-so investment a great one eventually. I haven’t even mentioned the appreciation that we get as a by-product of keeping supply low.

 I have 500 units that are section 8 and the other 500 are market tenants.

You can make section 8 successful but as in anything, it requires work :)

Your apartment unit and building has to comply with section 8 requirements and yes, the inspection process can be frustrating. But here's the secret to "Hack" section 8 ...

Hire a PM who knows the section 8 inspectors and currently have section 8 tenants so he/she knows all the guidelines, rules, tricks and pitfalls of section 8 housing.

Doing that will save yourself time, money and frustration.

Your headline is false. Landlords can still have "security deposits" but they have to limit the amount or provide alternatives:

1. Traditional deposit but made in payments;

2. Deposit "insurance" where the Tenant pays a small, non-refundable premium each month; or

3. Reduced security deposit of no more than 50% of a month's rent.

I see the writing on the wall and am already heading this direction. Starting next month, I will be offering my tenants a deposit alternative. Instead of a $1,500 deposit up front, Tenant can opt to pay a monthly fee of $10 and Obligo will ensure protection of up to $1,500 for me as the Landlord. If the tenant causes $800 in damages, I file a simple, online claim with Obligo and they pay me the $800 with no questions asked, then they pull the $800 from the Tenant's bank account or credit card.

All my applicants are given a score and that score determines how big of a deposit they pay. If they are low-risk, they pay a 1x deposit while high-risk pays a 2x deposit. Paying $1,000 for first month's rent and $2,000 for a deposit is difficult for most anyone. If they could instead pay $1,000 for first month's rent and a $15 monthly fee, suddenly it's affordable for a lot more people. I can rent the property and still get the same level of security as a traditional deposit. I'm also making it easier for tenants to move into my rentals which makes my rentals more desirable and will reduce vacancy time.

If anyone's interested in learning more, send me a private message.