All Forum Posts by: Levi T.

There is not a single case, successful or otherwise, where someone has claimed discrimination and won, based on someone failing to get back to them in a timely fashion, or not at all. This thread itself is more discriminating frankly. 

Under the Housing Act, there is no provision requiring a landlord to accept Section 8 vouchers. However, some state and local Fair Housing laws, such as Chicago's Fair Housing Ordinance, do prohibit discrimination based on source of income.

If your city or state prohibits this type of discrimination, you cannot reject all Section 8 applicants outright.

If you have multiple applicants, or are waiting for additional applicants, you are well within your right to not respond to anyone until all applicants have been submitted, and you have chosen the applicant that is most qualified, because there is no law that say you must call, or otherwise, anyone back, ever.  

Not legal advice, but there is nothing stopping you from dropping off the face of the planet as they say. Maybe a more qualified tenant came along, who knows, but an none response has no affect, while a response does.

You can't discriminate based on source of income, but there is no law that says you have to respond at all.

You could almost put a pin on every city you ever heard of in your life, at a 70 mile radios, and be in a hot market right now. Did you know U-Haul makes a list based on their rental data!

2020 U-HAUL GROWTH CITIES

We are pricing well above market right now, and moving houses within days. There is just nothing for anyone to rent, much less buy right. If you have not leased it, just pull it off the market for 48hrs, and reports at a few hundred higher. Don't be afraid to experiment.

@Mike Zaven I'm down in TUS, and currently looking for a 12m deal personally in the region. Put me on your mailing list.

Technically you already have a business with your rentals.. So, follow your heart and do what speaks to you.. You can always do both!

Prepayment penalty is all you really need to worry about with longer loans, if you don't have one, then you can exit whenever you want. I think most people screw up taking on longer loan terms, simply because they want to get into the property and own it for life, but overlook appreciation, and 5-10 years later want to access it, and can't. Even at a 3% gain per year, 5 years that's 15% added value if you did nothing. Most markets I am in are rolling at a 8%-14% appreciation, and that's before value add measures are implemented, so it's really better IMO to go after a 65-70% LTV interest only nonrecourse, set at a 5-10 spread. The only downside with shorter loan terms is if you get stuck in a interest rate squeeze, however with basic market appreciation and value add, your building in your equity cushion for higher cost down the road, and as others mentioned, you can just sell, or at the very worst you default on a nonrecourse loan, which you don't want to do, but at least you don't burn down your entire life in the process.

Evictions: If it's going to be like anything we have now, it will fall squarely on the tenant to get the assistances IMO, and as we know, landlords fall into two groups when it comes to owed money; those who write it off, and those who have a collection law firm. I can't see anyone making a global list. It is up to everyone to collect/pay, move on, or recover at this point.

I think it's over frankly, people will hold out for hope, forever, as always, but it's over, Biden got his bill, so we are done printing money. We had a few tenants who thought they where going to ride it out on that magic unicorn cancel rent dream, but last week one of them had to come to reality, and literally inform us the jig was up, no one was forgiving his rent. It's time for the government to hand the economy back over to the public sector, and let things play-out as they have always done in the past.

Anyone remember 2008? How about 2009, or 10? Yeah 08 was like someone turning on the lights at a club at 5am, 09 and 10 was the real painful part as we got getting tossed face fist into the street. We just wrapping up 08. The fun part is just about to get started!

Welcome. Like Jay said, find quality, and the rest will truly workout. I see your from Philly, I'm from DC, and my gf is from Philly as well, but we live in Tucson for the winters. You will find a lot of townhouses in that region compared to apartment buildings. It's hard to go wrong with townhouses in key growth areas like the DC region. Just got to get it under market, and let time and value do it's magic.