All Forum Posts by: Heather W.

@John Dykes

John-

     I love Section 8 in Atlanta.  It has been an affordable way for me to accumulate houses in the $40K price range that consistently rent around $900/month.  The staff in the AHA office is very helpful.  Once the inspectors get to know you then they will let you self-certify most non-safety issues you fail on annual inspections.  The AHA had a goal of trying to trying to serve of 500 more participants this year than last year, so they definitely have a shortage of houses.  In fact, they are so short on one bedroom units you can call over to their office and they will help match you to a tenant ASAP because the waiting list for 1 bedrooms is so long.  I've only been doing this for a few years, but I haven't had any turnover yet with my Section 8 tenants.  I would estimate that each non-Section 8 house of mine takes about twice as much time per month to manage compared to my Section 8 houses.

     The disadvantages are the copious amounts of paperwork and the amount of time it takes from the time you've selected a tenant until he can actually move into your unit.  I live within 20 minutes of my houses and self-manage.  It gives me a real advantage to know my neighbors and to be able to pop into the local AHA office, if needed.  I've gotten two recommendations for good property managers who deal heavily with S8 in Atlanta but I haven't felt the need to use them yet.

     Once last caveat is that each Section 8 office is different.  The AHA requires participants to have a job or be in school to keep their benefits but also has harder inspection requirements than non-MTW offices.  I've just listed a house with the East Point Section 8 office, so we'll see how they compare.  I haven't done anything with the Dekalb Section 8 office, but I've heard less than favorable reviews from other investors.  

     Below is a chart showing each of the different sub-markets the AHA recognizes in the city of Atlanta with minimum and average rents they pay per area.  There are a lot of factors in rent determination for the AHA, but this is a good starting point to help you on your search.

The Washington Post had an article today about the history of Section 8 Housing.  I know some facts specific to Atlanta, but it is interesting to see how cities differ as well.

Link to article

@Andrew Cordle

Mike Holmes?!? I'm in!

Their loss is your gain!  The buyer was unable to perform, but that leaves these houses available for someone else to snag.  

890 Westmont Rd Atlanta, GA 30311- Just 5 blocks away from the Beltline, this house is also close to a park on the south.  Rental prices are strong in this area, with the average Section 8 rent in this submarket for a 2 bedroom at $815!  Median rent per rentometer is $700.

2 Beds – 1 Bath 

House price – $9,000

Assignment Fee- $2,000

Pictures

1136 Garibaldi St SW, Atlanta, GA 30310- Nestled next to a middle school and two blocks away from the Beltline, this neighborhood will benefit from the Annie E. Casey Foundation's 31 acre parcel of land just to the south.  After a full rehab you can expect a rent of around $500/month.

 2 Beds – 1 Bath

http://www.thebeltlineteam.com/pittsburgh.asp

http://clatl.com/freshloaf/archives/2014/01/22/non...

The Atlanta Housing Authority posts your results, pass or fail, to your account on their web portal. Each office is different though. 

Gary with Accuspect is my favorite.  I use him on all of the houses I keep for myself.  He is very detailed and generally it takes him about 4 hours to get through a house.

http://www.accuspectga.com/

Jonathan Cundiff with Wells Fargo here in Atlanta will go up to 10 properties.  So will @Jerry Padilla with MB Financial Bank.  I can send you Jonathan's information if you're interested.

We have three contracts available for assignment in Atlanta.  If you'd like to added to our buyer's list then please send me a message.  We're focused ITP plus Conyers, Norcross and Clayton County.

Thanks!

180 Claire Street, Atlanta, GA 30315- Yours for $15K.

This 3/1 house currently has tenants who are in the process of moving out.  Rent prices in the are about $750/month in the up-and-coming Lakewood Heights neighborhood (http://www.sustainablelakewood.org/).

Work needed- New roof, repair previous leak, central heat and air, interior paint, refinish hardwoods, serious clean out.

What I like about it- Bathroom, Kitchen and hardwood floors are in relatively good shape. Retains much of the original trim, fireplaces and charm of a house from this era. Worst block on street, with houses two blocks down selling for over $100K rehabbed.

Pictures

280 Sciple Ter NW Atlanta, GA 30314- Yours for $18K

This house a tenant in at $450/month that is MTM.  

290 Sciple Ter NW Atlanta, GA 30314- Yours for $15K

This house is vacant and needs a complete rehab.

Get in early on the reinvestment happening on the westside of Atlanta! With over $30 million dollars set aside to grow this area (http://www.atlantaga.gov/index.aspx?page=672&recordid=3208) and The Beltline only a few blocks away this area has a lot of potential.

I've done it this year once, but I'm worried about opening too many accounts, my credit score, and impairing my ability to get more mortgages.  I used the bonus for two round trip tickets from Atlanta to Houston and one from Portland to Orlando by putting $5K in 3 months on the card that I would have spent anyway, so I'm pleased. 

I do observe the die-hards in Churning, though, to see if a bonus pops up that would fit our needs. Those people are serious- signing up for cards only to get bonuses, spreadsheets to record dates they need to call up and renegotiate to prevent annual fees, using Target cards to 'manufacture' spending, and figuring ways to use credit cards to pay for things like mortgages.  

I'm just looking for an easy way to pay for more travel. 

I'm sorry no one had any feedback for you, but I'd love to hear your thoughts now that you've met them. How was it?