All Forum Posts by: Jenna Kelley

Hello! I’m very new to real estate and I think it would be beneficial for me to find a mentor. Can anyone suggest networking groups? Or suggest a way that I can find one?

Thank you!! 

Hi Jevon - that is interesting because someone else sent me a link to view the fair market rents and the one I have been using (and analyzing properties with) is far different meaning the numbers listed for fair market rent are way off. After reviewing the other link, that makes more sense now because the small area fair market rent is $1280 which is much closer to the average rent in my area. I was using a HUD link but the difference is the one with the more accurate numbers is the small area site. 

@Kevin L. Awesome, thank you. I am glad you are having a good experience with section 8! 

Thank you! I have looked up the fair market rents using the link you have provided. :) I appreciate your help!

Hi All, I have an offer accepted on a multi-family home that I will house hack. I want to rent one of the units to a section 8 tenant. The average rent in the area I am buying in is around $1000-1100 / month. I know that HUD pays $1530 for a three-bed unit in the city I am buying in. The thing I am confused about is if the average rents in my area are lower than what HUD will pay for a three-bed unit, how do I determine what the rent should be? I know HUD pays 70% of the rent for the tenants and the tenants must cover the remaining 30%. I also know voucher amounts vary from person to person. I want to get the maximum amount of rent for my unit but I also want it to make sense and don't understand this process. If anyone has experience with this, I would greatly appreciate some help. This will be my first rental property so I am completely new to this! Thank you!!!

Hi All! I have bought my first duplex and going to house-hack it. The unit that is rented will be a Section 8 tenant. I have looked at the HUD fair market rents for the city I bought in, however, I don't understand how I determine what the rent for that property should be. I know that HUD pays x amount for each # of bedrooms. For example, the fair market rent in the area I purchased is $1500 per unit since it is a 3-bed. Is that the amount I charge for rent and include in all my rental advertisements? Average rents in the area I bought in, to non-section 8 tenants, is around $1000-1100. So, that being said, I am confused on how I determine the rental amount. This is my first property purchased!! Any advice is appreciated. Thank you!!