All Forum Posts by: Account Closed

I'm not sure yet.  2 of the 4 units are Section 8 and the others are not.  This property is selling for $114k.  One is Section 8 and is bringing in $645 a month.  The other 3 are month to month and bringing in $575.  The total in rent is $2370.  Sounds like a good deal, right?

Well, I called a local property management firm and he seems to think that the property in that area will be running me in the red because of historically bad tenants in that area. 

To combat this, I'm thinking about renting all 4 units to Section 8 tenants who have 100% vouchers.  And then to combat potential maintenance issues, I would offer this incentive.

What do you think?

Hi guys,

I am thinking about purchasing a 4-unit, 1 BR/1BA building.  Two are Section 8 ready.  In order to decrease problems with the property, I am thinking about doing the following things:

1.  Only accepting those with 100% vouchers

2.  Offering a $50 per month gift if they promise to keep a clean place subject to random monthly inspections.  It would be more or less an honor system.

What do you all think?  Please, only respond if you have experience with Section 8.

Thanks,

Steven

Hi guys,

Are there any real estate investors that have experience in Washington County, Maryland?

Thanks,

Steven

50%?  Wow.  Let me add some more information that may change your figure.  The 4-unit bldg has 4 newer heating systems (natural gas).  There's no Central Air -- the tenants provide their own window a/c units.  The appliances are new, as well.  

You would still say 50%?  Also, would having a home warranty cut some of these expenses down, as well?

Jim, thank you!

Brilliant advice.

Thanks, Michael.

How does a property management firm handle maintenance and repairs?  Do they do them and then take it out of the rent?

Hi guys,

What's the % of monthly rent you would estimate for renovated property?  The property is 100 years old but has been renovated.  It's a 4 unit.  1 bedroom/1 bath per unit.  

I know the numbers can vary but just want a good idea here of what to budget for maintenance/expenses.  I would be using a property management firm to manage the property.

Thanks,

Steven

Hi Guys,

I'm going to look at a 4-unit on Saturday that is fully rented.  It's all fully rented.  What kinds of questions should I ask them on Saturday to get an idea of what kind of issues might exist with the property or with them?  

I'm thinking a home inspection will uncover issues about the property.

Thanks,

Steven

Hi Guys,

Take a home that's been rehabbed.  I've read on here that some landlords get a home warranty and have the tenants call the Home Warranty people if something goes wrong.  I would personally rather have them call me and I call the Home Warranty people.  

But do I need a property management firm if I get a Home Warranty?

Thanks guys for the valuable insight.  It turns out I don't have to bring insulation up to code on a property that old.  

With that said, I still would like to provide for a more comfortable living situation for my tenants without breaking the bank.  So, I'm thinking about insulating just the ceilings and walls of the bedrooms and the living room.  What do you all think about that?