All Forum Posts by: Marc Steinberg

Thank you, i will tighten my screening process. My usual requirements include monthly income of at least 3 times the rent backed by 3 months paychecks, 550 credit score, no evictions, background check, and at least 2 landlord references.I would include higher deposit this time around. Wonder if 6 months will be better term than 12 so i can opt to not renew....

What you can do in the lease agreement that will help you, the landlord is to do an initial 6 -12 month term and then have the lease convert automatically as a month to month so that this way you can decide when they should leave. It will limit your risk and give you the ability to have the lease expire during peak renting times instead of ending it in the middle of a slow time. If you like them as a tenant then you can renew for a year and have them on a better cycle.

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I would be interested in doing a virtual meet up

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Pittsburgh, Pennsylvania

Artem,

Section 8 leases supersede your lease. Each section 8 lease is for 1 year. It will automatically renew for another year unless you let the tenant know you will not be renewing their lease. Once a year, section 8 will inspect you unit and make sure that it still passes so that the lease will renew. I don't believe that there are any month to month leases for section 8.

Marc

1 Vote

Hi Chris,

My partners and I own and self manage section 8 properties as well as non-section 8 properties. For all properties you need to get a good management company. If you do not, all of your profits will magically vanish. As far as section 8 goes, you need to make sure all of your properties are up to "section 8" code. If your properties are well maintained, you should have no problem passing inspection. I am only posting about Pittsburgh since that is where all my experience is. I am sure in other areas this information will not be applicable.

Marc

1 Vote

I agree with what Michael said. First of all I would wait a bit to even put in a bid. You can't even go in to inspect the house while the Covid19 is around. Properties will sit around a bit longer driving the prices down. This is a time for disciplined investing. There will be many great deals out there in the coming months. For it to be a great deal this should be bought in the low 300's

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Pittsburgh, Pennsylvania

All Forum Posts by: Marc Steinberg

Marc Steinberg has started 0 posts and replied 5 times.

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