All Forum Posts by: Richard Pallarino

Hi y'all,

I am interested in the Port St. Lucie area and looking to invest in SFH for long term and/or short term rentals. Anyone have any experiences within the Port St. Lucie area that they are able to share? Anything and everything is appreciated.

Thanks,

Rich

@Mike D'Arrigo section 8 in C class and some B class neighborhoods tend to have higher rents. Also guaranteed

Hi y'all,

Any tips for places I should start looking into for properties to buy to then rent out to section 8 tenants? I've read about Cleveland, OH, Indianapolis, IN, Racine, WI, and Detroit, MI. Can anyone tell me if these areas are good places to do so based on experience? Any other places you can recommend are welcomed!

Thanks,

Rich

Hi y'all,

I am wondering, can I buy a duplex or triplex and get it section 8 approved to then accept section 8 vouchers? Looking to do this in states such as Ohio, Wisconsin, Indiana, and Kentucky.

Thanks,

Rich

Hi y'all,

Anyone recommend good section 8 investing books? Looking to read up on the investing process for section 8.

Thanks,

Rich

Hi y'all,

I am currently researching section 8 and the process to rent out to section 8 tenants. Can you please point me in the direction of the best markets to buy property in to then rent out to section 8 tenants? 

Additionally, any insight as to how we, as landlords, can prepare and know what to expect in terms of getting the property up to section 8 standards would be appreciated (inspections, length of time, red tape, etc.).

Thanks,

Rich

@Nicole Heasley Hi! The private lender told me that they want 20% down to show that we have skin in the game. Home prices are around $700K, so 10% to 20% makes a huge difference for us in this instance. If this doesn't workout, we may resort to the Section 8 route for properties in the $90K area.

@John Underwood thanks, John! Trying our best to avoid the 20% mark, but I understand your point completely. Thanks again

@Nicole Heasley Hi Nicole! They told us they won't allow for that, because the gift amount can't exceed $16K without being taxed and needs to be in one account for no less than 60 days. Additionally, if my brothers give me the money as a loan, it'll ruin my DTI ratio. Again, we have the money for a down payment, the bank doesn't like the way it looks and how it's currently situated

Hi BP Fam! My brothers and I are trying to buy an Airbnb in Florida. We keep getting stuck as we have the cash to put 10% down plus closing costs and 6 months worth of reserves. However, we don’t have it in one account and each lender keeps telling us we need to have $16K from each person as a gift, but it's just 3 of us and we need $140K which exceeds our $16K per 3 people gift limit. My question is, how do we get the money in one account to qualify for a 10% down payment as a second home for the Airbnb property?

Thanks,

Rich