All Forum Posts by: Payman A.

Hi everyone,

I was recently told that Section 8 does not provide inspection reports for passing units...only if a unit does not pass does owner/management get a report.  Can anyone please confirm this?

Thanks,

Payman

Hi everyone,

So I'm in escrow for a 4plex that is fully occupied and currently manged by what seems to be an experienced and well organized firm.  1 of the units has been occupied since 2010, 2 since March, and 1 since Mary (2 are section 8).  Is it common to ask for proof of rental payments for past 3 months (or first month in case of the new tenant)?  I'd like to be diligent without being excessive.

Thanks and looking forward to your thoughts,

Payman

 Hi Troy and thanks for the posts.  I will definitely take a look at the area and see if I can get inspired enough to start investing in markets other than NC.  Of course I think deals like what you wrote about are way different than what I'm used to and would benefit from local and hands on presence.  I'll stay in touch if MI ends up being an investment destination and let me know if you might ever want some agent/management contacts in NC.

 Thanks Scott.  The numbers I've been working with in Detroit give me a cash on cash return of about 10-14%.  My understanding id that you can do a little better in the suburbs mainly due to insurance since higher rents are balanced out by higher property values, however, I'm already getting that in and around the Charlotte area where frankly, I'm more comfortable.  As it stands, it doesn't look like I'm going to start in or around Detroit just yet but would be eager to find safe areas that would beat my numbers in Charlotte (or if there is more of a risk like Detroit I would want noticeably better returns)

 Hi Jay and thanks for the blunt and straight note.  I'm discovering this for myself and am therefore back to concentrating on rental properties in NC.  I'd still like to know what areas would be recommended for safe (as far as money and safety) flips.

I see what you mean. I was going by the rehabbed (and some even occupied) SFR & duplex investment properties in and around Detroit selling for $20-30K but unless someone is flipping several at a time the time/return wouldn't be worth it. I'm now considering the same plan with numbers closer to what you mentioned. Thanks.

 I appreciate the reply James.  This might be crucial info since I don't think Detroit numbers are going to be much different.  Thoughts on what I should be expecting for cash budget, return, and time frame?

 Thanks Scott.  Is that where you are?  I've heard Redford is one of the places to consider but then I'm sure the numbers would have to be adjusted.  Do you have any estimates as to what kind of cash, return, & time frame I'd be looking at?

 Hi Ned and thanks for the reply.  Yes, quickly finding out the same thing and though I'm not totally comfortable with a short-med term loan I think its something we'll also have to consider.  I'm sure I'll feel better once the first 1 or 2 properties qualify for conventional loans after a few years.  

 Thanks and we are  now looking into the loan under her name alone.  That would definitely open up some doors for us!  I'll update with results.