All Forum Posts by: Nzinga Young

I agree with @Marc Winter and @Crystal Smith. While I did have a small headache with my local Section 8 screening process, I also got an excellent tenant and guaranteed rent. There's a lot of peace of mind that comes from Sec 8 tenants during this pandemic. I'm happy with my decision and will probably go this route in the future. Find out the HUD fair market rent in your area to see if it's even worth it and take your time finding the right tenant if you decide to go for it.

I was recently laid off from my W2 job in the midst of the pandemic but I still intent on buying in Cleveland or Baltimore this year. It's very easy for me to look at all the things I don't have (access to bank financing, many years of experience, money to burn, etc.) but I'm shifting my focus to the unique things I do have.

I'm able to fly for free thanks to a family member who works for a major airline. I also have lots of time since the work from my 1099 gig will always be done remotely, plus one deal under my belt with decent cashflow and excellent tenants. 

If you were in my shoes, how would you use the abundance of time and travel perks to further your own investing progress and/or provide value to a more experienced investor you hope to learn from? My only thought so far is flying to the cities I plan to buy in and living there for 2-4 weeks.

I know this isn't the ideal environment to be flying in and there are certain restrictions to my benefits. Never mind either of those points for now; just looking for ideas. Thanks in advance!

@Anthony Gayden I'm honestly just as inspired by the real estate end of this story as I am you finding love and starting a family in your late 30s/early 40s. Thanks for the reminder that it's ALL possible and congrats on your success.

@Mark J. @Kris Hubert I'm super late but I own in East Orange and have had a positive experience so far. I bought a turnkey two family in 2018 but the housing prices have risen since then and I'm not sure how well the numbers work today. I still think it's a great town for flippers using private money with flexible payback periods. We have so many big, abandoned homes that make great multis, but East Orange is notoriously hard to work with. My closing was delayed by over a week just waiting for the city to approve something.

East Orange is no Newark. It's a very pleasant, low-income, mostly Carribean town with a very low crime rate and a neighborhood vibe. You can definitely get NYC commuters with great salaries as tenants if you're close enough to the train station. One of my tenants makes more than I do!

Feel free to DM me with any questions.

What @Maimouna Sow said. The term "war zone"--like this thread--has racist undertones. Most of you aren't only calling areas with gang activity a war zones; you're using the term for any poor black/brown community that makes you uncomfortable.

@Teresa Matias try calling every non-QM lender you can find and ask to be contacted as soon as they return to business as usual. There’s no

way of knowing when it will happen, but at least you’ll get some calls when it does. Sorry you’re caught in this situation. You’ll get through it!

@Mark F. hmm I don't know for sure. I actually think they ask what the last rent for the unit was to keep landlords from making these huge jumps in rent. Try to find someone doing S8 in your county to get their input. Or even call the S8 office. My local office helped me with pricing and I ended up charging more than I planned.

@Erin Dorsey Robinson YES! The phrase itself is a microaggression. I’ve always hated it.

Yes, like @Anna Sagatelova said, the FMR is the maximum possible rent. My max FMR in NJ automatically drops about 10% since I don't pay for my tenant's utilities. It seems like you have to have an impeccable home in a desirable area with utilities included to get the full amount. I don't personally know anyone getting max FMR rent from any of their Sec 8 tenants, but I'm sure it happens.

@Wesley W. I never said this wasn't in their lease. The advertised rent for the property was $1600. They saw it, liked it, but didn't have enough reserves/high enough credit to qualify. In order to get it, they agreed that their rent would be $1733 for the first 11 months and $133 for the final month. This was our agreement and it was recorded in their lease.