All Forum Posts by: Luke W.

Deborah, I only have section 8 properties right now, and it has actually worked out quite well. The tenants have been pretty decent, and the organizations have done well keeping me informed of inspection dates and so on. OCHA seems to be a bit more lenient and gets things done a bit faster than OHFA. I can't really think of a complaint I have right now for them. I'll try to think of some more details to give you tomorrow.

Definitely don't kick yourself for that. The only argument I could make for being upset is that the market does what it wants, and technically the home is worth what someone is willing to pay. That investor was willing to pay much more than the "typical investor", so I guess he thought differently. But, he may have been the only investor you could have found that would want it at that price, never know. Don't worry about it one bit.

Always great to see another Oklahoman on here! Welcome!

If the seller contracted with the listing agent for a 3% commission, then they wouldn't receive 6%. I think J Scott was referring to the fact that a "typical" commission percentage is 6%, so 3% for each. 3% total seems extremely low, seeing as that would only be 1.5% for each, if another Realtor brought a buyer. Could the seller be confused as to the amount they agreed to with the Realtor?

Interesting. What in the word do they claim?

Another note. Had to file an extension, but I'll make sure they're correct!

Haha the first think under the landlord section of one of OKC/Oklahoma's agencies says "Note to landlords: Requests for an increase in rent are not being granted at this time."

Ah well.

This is all really great information. Unfortunately, I feel the MLS doesn't provide a ton of info on leases in my area, because it isn't as common to put it on there I believe. I'll have to look into that as well. I will get to work on both of these things tomorrow morning.

Thanks for the info everyone!

I purchased a duplex in October that has section 8 tenants in it. I haven't really had many problems with it, other than a minor electrical one (had to change a plug to get the circuit to work), but I believe the previous owner had them under market rent.

Each side is rented for 700, and 3 beds in that area should be going for 750 in my opinion. And, on rentometer (someone share their opinion of this site, please) they have some on the same street for 800 or more.

I don't want to screw my tenants because they have been good to have, but does section 8 allow rent increases if it is under rented? And, if so, would it affect my tenants?

If it in anyway is going to affect my tenants I am not willing to do it, but the extra 1200 or so a year would be great.

Any info or opinions would be great.

I guess I should have been more clear. I did find the deal, so I wouldn't be screwing my buyer. I found the motivated seller myself, I'm more worried about the broker side.

I have a question for those of you out there that have your real estate license and wholesale. Is it ethical?

I have always been more interested in the investment side of real estate, and even only got my license for MLS access. In fact, I have never done a retail transaction. I have a deal that I have a buyer for. However, is it ethical to wholesale under my LLC instead of just take it on as a listing agreement my and act as the sole Realtor in the transaction? It would essentially just be cutting out my broker. Does anyone else do this?