All Forum Posts by: Harvey Yergin IV

Likewise! (My and @Remington Lyman's list may be similar however.)

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@Mitch Price congrats on the house hack! Welcome to the classic debate over section 8. I think it's important to frame "Section 8" as a program and not a person or type of person. People can suck whether they are Section 8 voucher holders or not. A good and equitable screening process will help you select a quality tenant regardless of their payment situation. 

Now for the program...please know that my experience with Section 8 is specific to our local Housing Authority and your experience may be different. Here's what you may expect:

1) An inspection by the housing authority. They'll come through and ensure the unit is suitable and will likely give you a list of things to improve and/or repair

2) Delay. Between the time your prospective tenant turns their voucher in and when the inspector can get out to your unit and another delay after you've fixed the items they recommended. 

3) The maximum allowable rent to be lower than the prospect's voucher amount. The housing authority uses a formula that includes the market, utilities, your individual appliance type, etc. I'd make sure that you leave room between your desired rent amount and which voucher totals you consider. IE if your desired rent is $1000/month, you might only consider vouchers that are for at least $1300/month because some of that voucher will be applied toward utilities. 

4) Guaranteed rent payment from the government at premium rental rates

5) A grateful and respectful tenant who will treat you and your unit like their own. 

Good luck!

@Melak Firdo also most investors who have a good GC are likely STILL using them and hesitant to share 😁

@Coleman Cox check out Google!

Or what you might think about what you'd do with it or what you might list it for...

Nice. Are you close to getting this property? Did you already offer? Are you pre-approved or have a lender lined up?

First thing I'd say about these calculators is that the 50% rule (and the other percentages for estimating actually) are bullcrap. The amount of capX and repairs you'll have to do on a rehabbed property will obviously look very different if you're buying a property with deferred maintenance. Put some real numbers in there. For instance, if you know you need to replace the appliances in each unit or the HVACs in each unit, plug those numbers in. You have an advantage because you're already a contractor and should have a good idea of what stuff costs to get done. This deal could look very different once you get some more concrete numbers in there (maybe for the better!)

Something else you may want to consider: Your equity position. What if the property does not appreciate? Did you get a good enough deal? It looks like after you do some ($10K worth) of improvements that the total project cost is nearly exactly what the property is worth. All the equity then is in your downpayment (a 1-for-1 exchange for your cash) and not from buying the property at a discount. I obviously don't know your market, but that would make me nervous because I wouldn't get all my money back if I needed to sell it in the first couple years...after you pay closing costs and commissions, etc. I think about risk. You might ask yourself, what happens if rent is NOT $800? What will I do if I need to sell in year 2? What could I sell it for and how much would I get out of it? What if the roof goes out bad in year 2 or I need to make another large capital investment? Do I have the reserves to cover it?

Last thing you might look at as the return on your equity. Is that money better used in another way. 

Just my 2 cents. Your market will play a big part in deciding whether this is a good deal or not. 

Carlos - Sounds like you're off to a good start and are spending time diving into potential deals. Good for you!

What numbers are you looking at specifically? For instance, are you looking at purchase price, rehab estimate, ARV? What else?

Carlos - Sounds like you're off to a good start and are spending time diving into potential deals. Good for you!

What numbers are you looking at specifically? For instance, are you looking at purchase price, rehab estimate, ARV? What else?

@Steven Wilson acquiring properties and capital is this guy 😁 What do you guys think about a commercial lot in King Lincoln at Mt Vernon and Ohio?