All Forum Posts by: Lawson Ott

thanks for this link. this describes what i am talking about. but for some reason, i can't find reference to it on the official hud.gov website.

and the local office, again all these workers know is that there are 5 complexes here and to get section 8 for house/apartment other than those run by the complexes, renters apply for gov assistance and get a voucher/certificate to take to SFR/duplex/non-projects/etc...

again, they know THEIR part in the machine, but not much else.

i have approached a couple. but the staff "only works here" and they know their part in the machine, but nothing more. i am tempted to call up the multi-million-dollar parent companies and ask there. but i doubt i can get an audience, let alone "trade secrets" for someone who would view me as a potential competitor. that's why i came here, where these things are discussed (or at least used to be... seems there more pay walls than there used to be).

interested in running an apartment complex which runs it's own section 8 (usually at least half of the units, many times all units, of a complex are income based - the renters apply for the apartment and assistance at the same time in the same office in the same packet. they do not have to go to a government office and get a voucher to then shop for an apartment/house. when their lease is up, their assistance is up too. so if they move, they are back to paying market or finding a new section 8 place or going and getting a gov't voucher.)

i have seen many of these places in existence.

but all my googling has led to info for renters or info for SFRs looking to accept a voucher. neither of these are what i am after.

i've even contacted my local hud office, and they act like they have no idea this even exists.

hoping there is someone on here who has done this and can at the very least point/link me to the first step.

 well, this takes the wind out of the sails:

• Not be designed for income producing activities

thanks for the link

@Ben Wilkins

well, that's what i'm asking about.

on the surface, it's good. but if there's any USDA gotchas i need to look out for, such as special insurance costs, not being able to rent it out, etc, it may change the outcome.

so i am looking into a property which is for sale on a USDA loan with 0% down.

they are asking 65k and are willing to pay closing costs.

they refuse to rent or land contract.

USDA loans are one of the few things i haven't learned much about in my real estate journey.

looking for some advice, min qualifications, restrictions on use/exits, etc...

should i jump on this? or let it pass?

what should i beware of?

i welcome multiple angles on this. so please weigh in, even if already has some answers.

thanks!

@Jaime Brame

technically, <18 yrs old can not enter into a contract legally.

however (and confirm this with a lawyer) if the minor is the owner/officer of a corporation, then he can to some degree.

---

but i would suggest helping him learn the ropes and make the decisions  and be the mouthpiece for deals. while you or another adult would sign the docs.

he can benefit by have the profits flow into a Coverdell or, if the kid has some earned income (from any w-2 or 1099 source) a self directed IRA.

@Tasha

go with what you know. your own hometown, or even your college town.
these places you should have a feel for the neighborhoods. seen what is coming and what is going.

however, FL and PHX have large populations of people who are about to expire. probate properties could be a steady niche.

your degree, if you plan to use it for a career/job may determine a place to go. and you could learn from that. (silicon valley or seattle are for tech degrees. chicago, memphis, nyc for social work degree, etc...)

there are opportunities everywhere. and there's also the ability to invest from afar... so without more criteria as to what you want, it is hard to pinpoint a place.

assuming you have some equity...

assuming this was NOT an FHA loan...

suggestion based on opinion:

cash out and get an FHA on a 4-plex

live in 1 of the 4 units and make sure the rents from the other units more than cover your mortgage.

after 2 years, draw out all equity and repeat with new 4-plex.

there's about 250 podcasts you should REALLY listen (in order).

as for name change. have you looked into transferring it into a land trust?

it's simple and cheap. and then he could sell you the trust for small fee.

the property is owned by the trust which is owned (soon) by you.

this would help save on taxes and fees should you be selling it sometime soon.