All Forum Posts by: Mark F.

@Billy Bell, you can 100% use delayed financing to get back 100% of your money, I've done it myself and there is no seasoning period and the process can start the day after closing BUT... you have pay for the property with cash up front first. Then you can start the delayed financing and they will use the current appraised value of the property and you can pull out 75% or $93,750 based on your $120k estimate which will cover your $88k purchase price AND closing costs.  Feel free to reach out to a mortgage guy for more information, I've dealt with @Zack Karp and have always had awesome service.

Mark 

@Justin F. I've personally used Tileredi pans several times and they work great. Hit me up in a PM if you want to know more, I don't want to hijack the thread.

In Illinois the amount a tenant pays varies by some formula that Section 8 uses based on the tenants earnings. I know that if a tenant doesn't pay their portion, regardless of how much or little, that not only can a landlord start the eviction process for rent not being paid in full but the tenant is actually kicked off the Section 8 program. I would suspect its very similar in other states since its a Federal program but I can not speak from experience other then here in Illinois. The risk of not only eviction but loosing all housing assistance gives the tenant an extra incentive to keeping up with there obligation of the portion of the rent.   At least that has been my experience however proper vetting goes a long way toward getting a stable tenant to begin with. 

Not to add any more confusion but a few months ago I migrated from nothing to TenantCloud and I have no complaints at all. It's easy to use, does everything I need and more, there are many reports that you can run to get information and end of year tax statements. You can even send tenants a monthly invoice for rent paid, they do have online payments as well as digital signatures available for lease renewals as well.

To be honest the free version provides nearly everything you may need, worth giving it a look in my opinion.

Mark 

@Stefan D. Section 8 does not do automatic increase, any increase has to be requested by the landlord in writting at least 60 days prior to the lease expiration. So if the current owner didn't ask for an increase the rate paid by HUD/Section 8 would remain as it was set, even it its been 10 years.

Additionally, HUD had a change in the way the determine Section 8 fair market rates and they are now by zip code, this link will allow you to look up what the 2019 fair market rent would be based on what I can tell

Studio   1BR     2BR     3BR       4BR

You can view the 2019 FMR here: https://www.huduser.gov/portal/datasets/fmr.html

Edited to add that is an assumption on which area code the property is in, I used whatever came up on a google search for the town but even in the town I live and invest in the rates vary dramitically in the 3 zip codes we have. 

I have been using tenant cloud, saw it advertised on here and to be honest I love it. It does everything I need for keeping track of properties, income, expenses and printable and/or savable reports.  

Just another option for those that might not want to pay for QB or aren't large enough that they need it. 

Welcome and this site is a wealth of information and knowledge, my suggestion is read, read, read then get started!  =) 

@Alex Whittow if your looking for an Illinois lender @Zack Karp IS your rockstar guy, I've used him and his team a few times and they are top notch!  Mark 

Hey @Brandon Reda I'm right up the road from you and have done a few very extensive full gut rehabs in the last year (Elgin, South Elgin, Carpentersville) and I had no issues pulling my own permits and being the GC. Electrical and plumbing will usually require a licensed contractor for those permits and work but some places will let you do them if it is owner occupied.... Mark 

Ok thanks Dan, just wondering and your profile didn't say from what I saw.