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All Forum Posts by: Robert Stamper

Robert Stamper has started 12 posts and replied 42 times.

Post: New Member in Richmond Virginia

Robert StamperPosted
  • Posts 43
  • Votes 16

Welcome to Bigger Pockets.   It's a great source for information.  Ask lots of questions :)

Thanks @Patti Robertson,

I suppose we need to reach out to Henrico County (just outside of Richmond) and see about their two per bedroom limits.   I guess there are some large families out there, but 8-10 people in a 2000 square foot house sounds a bit excessive.  Do you rent to 10 person households in 5 bedroom houses?

Thanks!

Robby

Thanks @John Pierce,

I recently listened to show 356 of the BP podcast with @Joseph Asamoah,  He is in DC and specifically targets 5 bedroom properties.  He does so to get families that want nice places as tenants.   I have asked him for input regarding the 2/bedroom requirement.   I will repost his answers here (with his permission) when he responds. 

After some searching I found this list. 

https://section8facts.com/section-8-guidelines-for-unit-size-how-many-bedrooms-updated/

It appears this rule is a national standard.   I agree with you.  I don't think a 5 bedroom is viable at $1500 for 8+ people. 

You also appear to be right on the utility allowance. 

https://pocketsense.com/purpose-hud-utility-allowance-8782487.html

Like you said, rent net of utilities is going to max out in the $1500 range.  At $1938 for a nice 5 BR rental, I was going to be very happy with my cash flows.   At $1500, I might not be happy enough to go through the hassle of Section 8 added compliance. 

Thanks for a VERY good reply.   I think this is the second time you have posted in response to my questions.   We should go to lunch sometime! :)


Robby

]

Also, 

@Anthony Chara. Thanks for the great advice. Especially the all over 18 on the lease and criminal record parts! What portion of your rentals are section 8? We have 4 class A doors. This will be our first section 8. It is in a decent working class neighborhood. I wonder if the neighbors will give us any grief for introducing low income housing. We plan to renovate to a high standard with new kitchen, baths, roof, etc

Hi,

My wife and I have a 5 bedroom BRRRRR house that we want to put in the section 8 program. We plan to rehab the property to a high standard. There are two things I want to achieve with Section 8 housing:

1) recession proofing our portfolio. In a recession the govt continues to pay and if my tenant loses their job, the govt pays more

2) minimize vacancies. Like the landlord in show 356, I think our niche will be 4+ bedroom houses that are nice. I hope this creates sticky tenants

On to the questions:

1) when screening for section 8 tenants, what is more important? Income/rent or credit score

2) is it possible to get credit scores over 600 or 650 from section 8 tenants?

3) what are your minimum standards on income/rent and credit score?

4) do prior evictions and bankruptcies matter?

Thanks in advance

Robby and Sarah

Hi all, I'm interested in Section 8 rentals for a 5 bedroom house in suburban Richmond VA. What is the best book/website/government agency resource for how to info? Thanks in advance.

Post: Dropping out of college

Robert StamperPosted
  • Posts 43
  • Votes 16

Jaden, Perhaps you could consider a hybrid approach.   One way to get a University Degree for less money is to go to community college for your freshman and sophomore years then transfer to another University for the last two years.   My brother in law did that and got a degree from U-Penn.   Regardless of the route his diploma is from U-Penn.  You appear to be interested in business.   You could take fewer classes, get your first two years done in four years, and learn accounting and finance on the side while pursuing real estate.  If at that time you want a 4 year degree, you are halfway there without going into debt.   If your career has skyrocketed, no need to look back.   If you ever need a W-2 job, an education definitely helps.   If you are an entrepreneur, it means less, but you still might learn something of value along the way.  There are university programs in real estate finance.  When I had similar discussions with my Dad many years ago about investing in an education.  He did not go to University.  He said... "They can take your house, they can take your car, but they can never take your education."  Meaning... The value of your education is yours for life regardless of the ups and downs that can come along the way.   I'm remiss to tell you not to pursue an education, but if you aren't happy with your current path, I wouldn't recommend piling on debt to get an education in something you do not want to do.   Lastly, think about the future of real estate brokerage.   Many years ago, stock brokerage had fat commissions.   Technology has eliminated those.  There are brokerage houses offering Zero dollar commissions now.   One day, the commissions associated with real estate brokerage will get trimmed to a minimum via technology and streamlined processes for closing real estate transactions.   If you go into real estate as a broker/agent, be an expert in some niche of the market or have a goal to be an investor/rehabber/property manager/commercial real estate professional.  Those aren't going away.  Real Estate brokerage will not look the same in 10 years as it does today.   Good luck with this decision and your future education/career..   All the best, Robby

@Kerry Baird.  Thanks for your list!  what does the term "noo" mean.... (at risk of asking a stupid question :)   I guess there are no stupid questions right? :) )

@Timothy Newton I have not used the BP calculator. But, I will give it a look. I would think it would be more professional than just prose in an email.

Thanks! @Brian G..   I will reach out to them.   Do you have a contact there?