All Forum Posts by: Jenna Lee

@Solace Medina following as I am also very interested in this topic

@Frankie Betancourt I haven’t seen all the responses so maybe someone already provided same response, but doesn’t EBay or other places charge 10% fee? Also if the buyer used credit card to Purchase, there is another fee that gets incurred. If you account for all the fees, it might be cheaper to do the hard money loan.

@Dmitry Semenov Hi Dmitry, I am gonna PM you since I live in Seattle. Definitely interested in connecting with like mind ppl. I am not invested in properties here as the cash flow doesn’t make sense to me.

@Karl B. Hi Karl, thanks for your input. Oh wow! Your story sounds awful. And your absolutely correct. The market I am invested in (Atlanta GA) also had lower section8 rental rate than market. I would have gotten $100 more if I would have rented it to a non-section 8. And it’s probably crazy as it eats into my cash flow...... but my last renter was renter from HELL so we purposely renovated to pass inspection and did a very through screening to make sure we get a good tenant in this time. I just didn’t want to take another chance to no rent, and I was also told they have less turn overs..... and I really wanted to try it out to see how I like section 8.

As long as it doesn’t kill the property value, I think I am gonna try to get some more..... and just let it sit until the area gets developed. :)

@Tony Kim Hi Tony, thank u for the input. That’s very interesting.... I have heard many people say the same thing.... “they take better care of the property.” I also hear horror stories. My experience with my previous tenant in my D class neighborhood was a nightmare so we did little work after an eviction to get it section 8 approved and the tenant has been awesome. 😬 I do believe it can be a very powerful tool in building wealth if you use it wisely.

@Rick Gallahue oh man! That sounds crazy. I have one section 8 rental rightnow and I have not had to deal with any of that. Infact my previous non section 8 was such a nightmare we decided to convert it to a section 8. I am noticing through threads that it al depends on what city your in.... some seem to have crazy housing authority while others have good ones.

@Patti Robertson thank u Patti :)

@Alfred Washington I was looking into Detroit market..... and read a lot of negatives about Detroit section 8 housing authority. I don’t know that I would do section 8 in Detroit.

I am just curious about everyones thought on section 8 rentals. 

I got interested in section 8 rentals after listening to a podcast about a guy that soley owned section 8, he said he NEVER had any late payments nor his property being vandalized the whole time he was doing section 8.

This got me very interested, and have converted one of my rental into a section 8 and it's been very pleasant. She really does a great job upkeeping the house, never have single requests and I get paid on time every month.

My question is, do you guys think having it a section 8 rental affects the property value? Does it make it less desirable for the buyer or next renter because of the stereotype associated with section 8 rental? Also, do you think this impacts the area as well, and keeps the increase of value from less likely to happen?

I know some investors are soley bases their purchases on cash flow. And I might do that if I had ALOT of money, but I can't afford to... I have to look and factor both equations. I have to make sure it cash flows and be at an area where I have some level of confidence that the value will increase relatively soon. (YES! It's not a guarantee ofcourse but....  there needs to be a good chance that it will happen soon.) 

Hi I am refinancing one of my rental properties that I have out of state. I am using a lender at the state that my property is located. He asked me if I wanted to fly there to close on the loan, I told him I wanted to do it remotely, but he said I needed to get a closing attorney. Is this the norm? Can I get a closing attorney where my property is located and do this remotely? Thanks