All Forum Posts by: Heather W.

Hey Chudi,

I know a guy in Montgomery who might have a product for them. If the properties are worth at least $500k total then they could borrow up to 75% for a new purchase and package them all together. I'll message you his contact information. Good luck!

What is a schedule II PITS and how long ago was it?

@John Pruner

Hi John,

It has been a couple of months.  Any updates for us?

This thread has slowed down a lot, but I finally broke the $30K barrier so I wanted to share.

Last month I closed on a lovely 3/2 in the northwest part of Atlanta with the Beltline across the street.  The house was $17K with a $6K fee to the wholesalers.  I'm spending about $5K to replace the AC, furnace and duct work.  The house came with tenants paying $750/month with 11 months to go on the lease.  When they move out I'll "upgrade" to Section 8 tenants.  The average 3bd voucher in the area is $1,009 or I can split the biggest bedroom into two rooms and aim for the average 4 bd voucher price of $1,151.

Thanks to @Kareem Wyatt for bringing me the deal and @Rick Baggenstoss for his usual sound advice, especially on using private money!

Are you ever in the US?  I think there was a blog post here about buying Vanilla Reload cards (https://www.vanillareload.com/where-buy) with your point-earning credit card, applying the Vanilla cards to your Bluebird checking account from American Express (http://thepointsguy.com/2014/02/the-top-reasons-to...) and then paying your tax bills, mortgages, etc. with the checks from Bluebird.

No, I haven't tried it yet.

You might be able to call the local housing authority for the city in which you are interested. For example, I know the Atlanta Housing Authority is adding 600 regular vouchers, 90 VASH vouchers, and 25 vouchers for foster children aging out of the program. 

Do you personally run them or do you have an assistant do them?

@Jamal Tyree 

Just because the AHA has limited requirements to get on the program doesn't mean you can't use your normal screening criteria to select your tenants.  The last S8 participant I selected had a credit score of almost 700 with a 2 past residences in the last 20 years and the same job for 18 years.

What are your normal selection criteria?  Have you attending the landlord briefing yet?

I'd especially like to hear what @Bradley Bogdan has to say about this program from his perspective as a HUD/VASH case worker.

Can you compare and contrast your typical HUD Section 8 tenant vs. your typical VASH tenant?

I just bought one for $23K from a wholesaler.  I closed at Harlan and Associates and am so glad I did.  He protected me from making a lot of mistakes.

Will it be an assignment or a double-close?  If it is an assignment then the terms of the original contract will dictate much of the terms.