All Forum Posts by: Hoang Bui

Are there still any lenders that are able to offer low down payment (5% or less) with sub 6% interest rates, or is that no longer a thing?

@Colleen F. I think that makes a lot of sense. MTM also gives me the option to not renew if they violate.

@Peter M. The eviction ban will be lifted July 1st. July 31st is when their lease ends.

I have two tenants that currently occupy one of my units at the moment. For background, the couple is in their late 20s. Both work in restaurants, and have been out of jobs since late March/early April. They made one payment for April and May in late May from their unemployment benefit, and currently owe me the rents for June and July. The lease I have with them ends on July 31st, and I am debating whether I should terminate the lease with them or not? 

There are a few concerns with me renewing the lease with them:

1. It doesn't seem they are making a lot of efforts on paying rents. The first thing they told me when the eviction ban was initiated was that they would be taking advantage of it as long as it is in place (not exactly reassuring to hear for a live-in landlord). Regardless, I have let them know that it's understandable, and never nagged them on the rent. They made one payment in May for May and April, and currently owe me rent for June and July. 

However, while I understand that they both work in restaurants, with the economy partly open today, they still haven't gotten back to work. And it doesn't seem they are making efforts to find any other jobs for the last three months or so. They are in their 20s, young and healthy. I am worried that they are counting on employment benefits to last through the next couple of months. When a second wave of COVID-19 hits, I think they will be skipping the rent again.

2. I don't particularly like them. They are difficult to deal with. One of the toilets was leaking (broken flapper), and they wouldn't let me in to replace the flapper unless somebody is home (it took 4 weeks to repair). The guy once sent me a text demanding me to evict one of the tenants because the other tenant had way too many people over (I didn't have a problem with it, why should they?). He once carried one of his rifles walking around the neighborhood. 

The only reason that I am debating over this is that they did just have their baby in June. I don't want to put them out on the street with their baby. But at the same time, I just feel that they haven't made a lot of effort paying rent and don't seem to be willing to go back to work. What do you think I should do, and what are some of the considerations if I renew or don't renew the lease with them?

@Peter Tverdov @Dena Puliatti @Alex Smith The FMR number is from the HUD website, and I already called the Housing Authority. I know that I will have to get their approval 60 days before raising the rent. I am definitely raising the rent, but the question is by how much? Thanks!

Hi everyone, was just wondering how you would approach raising rent on Section 8 tenants. I currently have one inherited Section 8 tenant whose rent is about ~30% below FMR. The current tenant is paying $1,100 for a three bedroom plus office space plus basement access plus garage (no utilities included). They also have two cats. The FMR that I checked for a three bedroom in my area is about ~$1,500.

The tenant has been there for a number of years (10 years plus). How would you approach raising the rent on this tenant given that they might be responsible for only a fraction of the rent? Do you bring the rent up immediately to the market rate? Or do you still raise the rent in increment? 

My only concern is that if I raise the rent up to the market right away, this might affect the tenant-landlord relationship, especially as I will be moving into one of the units, and also want to keep the tenant there. What are some of the considerations when raising the rent on Section 8 tenants? 

@Marcus Auerbach I am not trying to squeeze anyone out. If that was the case, I would have gone with the cheapest option. Just trying to find a good fit. That's all. And the fact that I am a newbie doesn't mean that I can't work to find referrals. Thanks again!

@Anthony Rosa This is where I am actually struggling with. Honestly, my knowledge on this is so limited that I don't even know how to navigate or ask questions. So I have been trying to ask questions around materials to have at least apples to apples comparison between GCs. So for someone who just started, where would you recommend as a source of learning/sanity check? 

@Matt M. @Marcus Auerbach If you don't get the breakdown, how do you make sure that you are not getting overcharged on materials? In your opinion, how do you screen for a good GC then, especially for someone without experience? For me, at least, breaking it down gives me an idea of what the process is like, and it's a way to hold somebody accountable for the project. 

@Dutch Langley Do you think that you need at least some experience in order to manage newer contractors? I do think that this is an opportunity to develop relationships with this guy, but not sure if I could manage him without the experience myself. 

@Thomas Franklin How would you respond to the responses above where contractors do not like breaking down the estimate. This is a challenge that I am running into as well. It's not easy to get contractors to break down the estimate for you. 

@Will Barnard This actually makes a lot of sense. Definitely gave me a lot more to think about. Thanks! 

@Ola Dantis What do you think about quality? And will do!

@Greg Dickerson Why do you think that the 3rd contractor is the best one? Based on his experience?