All Forum Posts by: Quinton Thomas

 That's interesting, does the tenant work as well as getting the disability check? I'm guessing prior to you raising the rent when he first rented, he wasn't receiving disability. I would put it at market rent. regardless section 8 or not, no one is going to be happy with increased rent.

I inherited a tenant that was on section 8, and she didn't work because if she did, she would have to pay rent. the housing authority covered 100% of her rent.  

Hope everyone has been doing well halfway through the 2024.

I just ended my management company (30 notice), officially ends the third. Due to their lack of urgency to get repairs done to get the home rented out. (Had a tenant put a deposit down and has taken a month for the PM to put in a fridge and stove. that was paid for a month prior to that). I was looking at going the self-managing route due to me having a little more experience and mainly finding a great handy-man and GC in the area to help me if repairs were to come up from the tenant. I am wondering what the best software systems that are available to list my property on to get tenants, screen, application... etc. 

Thanks for the Help!

It Is pretty easy to find financing for 75k, I have a few properties that I purchased for 80-70k. I have a home I bought in AL that's on section 8 right now at a purchase price of 72k (loan 57k) after down payment. local banks it's easier for them to finance it. If you are working with a local agent, they should have some recommendations so it will be easier to finance. I've had no problem as long as the loan was over 50k after down payment.   

I would say the only questionable thing to where you would possibly keep the deposit would be the damaged door. about 99% of the time there's going to be something left behind after a tenant moves out. Its normal to repaint, fill holes, sweep...etc to get ready for the next tenant.  but the door looked like the dog had got to it.  

It all comes down to personally strategies, goals, and risk level. Everyone has their own style of investing in RE as you see there are many different answers that were given. I personally would start with one property with 20-30% down. turnkey or something you could add value to with renovations. To see how you are with being a landlord again, then gradually scale from there. with the remaining cash on hand, you always have the option to pay it off whenever you'd like or keep it on hand for any repairs/ maintenance that comes with being a landlord.  

 The 8-10% management fee is normal for PM. depending on how long you lease and the state that you are in would be the biggest factor. My PM have the same thing that comes in 3 different packages, including if the tenant doesn't pay...etc. which is basically them just giving you the money, then they go after the tenant. However, I only rent month to month and in AL if they don't pay give 7-day notice and they are out, and I have all tenant caused damages covered by tenants in my leases. With longer leases it might be worth it. all comes down to your investment style. eats into the cashflow but you are more protected.

also, my situation is different due to mortgage cost. your one properties rent is 2.5 of my properties. my average mortgage is around 650.  

 Sorry to hear about your situation, depending on the lease if you have in there where they cover expenses caused by negligence. defiantly bill them. also curious, is the water heater tankless? never heard of one running off propane, unlike natural gas or electric.

I would shop around some more; do you have a GC that you work with? It shouldn't be too expensive. I just gave mine a call just to ask and he said for mine it would be around 800 to install. I also see that some have additional reader fees that come with it. yikes! 

Yeah, a buddy of mine out in TX bought a 32 unit and had one meter. he did a full remodel and put them all own separate units. 

And tell me about it I got hit with a $1800 water bill in January. great way to start the year lol 

Do you know the current payment type conservatorship is doing? However, from personal experience I would reach out to the HUD section 8 department to give them a heads up about the sale of the property. they will send you a packet to fill out but can't be completed until the new tenant has signed the lease or the current one is transferred into your name. I closed on my S8 rental on the 31 and they delayed giving me the HUD agent for the tenant, so the rent was sent to the previous owner. luckily, I had that in the contract just in case that happened. They tried to keep the money until I pointed it out being in the acceptance letter due to knowing the date closing was on.

also take in account how long it would be for them to do the paperwork. it is the government associated program, so you know they like to take their time on paperwork. 

I am assuming they are on month to month lease?

I'm not 100% sure that would be possible if the two units don't have their own meters. Because let's just say one side has a leak or left the water running and the bill is 4-5 times higher than normal. Hard to punish one tenant for the other tenants' actions. Plus, that could cause issues down the road between tenant or between you and the tenants. I've seen this many times with just roommates.

have you looked in to how much it would cost to add a separate meter?