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All Forum Posts by: Simon Rivas

Simon Rivas has started 6 posts and replied 12 times.

@Twannisha Jackson find where rents are low and raise the price just under it or around it. When they look for new places they will see that they are priced low and when they factor moving cost and times, they will decide to stay

I saw an interesting youtube video and wanted everyones thoughts. Pretty much a man had squatters in his dead mother's house, which he couldn't sell because of it. He decided to have the mother give him a lease to rent, waited until everyone left, changed the locks, and said good buy. Since renters have more rights than squatters this supposedly worked. I'm a little skeptical of this, so what does every here think?

https://youtube.com/shorts/KooZMCbeJwU?si=UC_Ev0qdtk4qCwHf

@Lor Fara my thoughts is airbnb it while you wait for the values to increase or offset the loss through the cash flow.

I have a unit with a central AC vent in the closet and the tenant is rightfully complaining that it is too hot. Do you guys have any suggestions for me? 

I am thinking of renting by the room in Bridgeport, CT since cash flow are usually higher. Has anyone done this in Bridgeport? Are there any legal issues with this? I tried searching, but had no luck finding anything talking about this. I'm also thinking of renting by the room in other areas such as Norwalk and Stamford. 

@Bogdan Constantin Stefanide what time is this until? I would love to come, but might arrive late.

So as real estate investors, what are something's that would make your lives 10x easier?

Wow you are awesome you might as well should go and write an article or a YouTube channel.this is incredible more then I expected. Thank you so much

Originally posted by @Brandon Rush:

Simon,

I actually have two section 8 tenants, one inherited and one I brought in as a new tenant. As mentioned above, you can use affordablehousing.com (previously gosection8.com). You can also use your typical listing sites such as Zillow, Facebook Marketplace and etc. In my listings, I typically put that housing assistance programs are accepted (ex. Section 8) so potential tenants are made aware. 

A basic summary of the process goes as follows:
* You find a tenant with a voucher for the apartment of your size (ex. 2 or 3 bedroom). Also make sure the voucher equals or is more than the rent you are requesting.
* Once you decide you would like to move forward with the tenant, the tenant will contact Section 8 to begin the process of applying for the apartment 
* Section 8 will reach out to you and request you complete an application for occupancy
* Section 8 will also schedule an inspection on your apartment. Probably will happen within 7-10 days of it being scheduled
* After the inspection is completed, you will get a report of passing or failing within a few days. If you fail the inspection, you will need to resolve the issues relatively quickly in order to move forward with the tenant. 
* Once inspection passes, you will get a housing assistance program (HAP) contract from Section 8 which you must complete. This contract will require you to provide a signed lease between you and the tenant, you to provide a W9 for rent payments, bank account info, to sign the HAP contract, and maybe some other minor details
* Once the HAP contract is complete, Section 8 will get back to you shortly to let you know the tenant is approved to move in on your lease move in date

The process can take up to 60 days depending on when you find your tenant. Typically it takes 45 days for me. One big thing to note is Section 8 tenants must hand in a 30 day notice to their current landlord, so it is best to get the process started prior to the end of the month. If you could find a tenant on the 15th-20th of the month, that would be ideal. If you find one at the beginning of the month, then yes, it will probably take 60 days to finalize the process. One downside to section 8 tenants is they typically take longer than a standard tenant and you will probably see a month of vacancy if you do not get the unit listed soon enough. 

Regarding your question about if they are section 8 or not, ask them to provide you a copy of their voucher along with their ID. You can also call their Section 8 office listed on the voucher to confirm. 

I hope that is helpful and please reach out if you have any questions. I actually use to live in Danbury CT and now in Portland CT. Danbury is a killer market and you will do very well there!

Hi Guys, one of my tenants is moving out and I am looking to replace her with a section 8 tenant in Danbury, CT. After a lot of research I have decided that I want to focus on Section 8 tenants and would like to know where do I advertise to specifically section 8? I would also like to know the process that I would have to go through. From the looks of it I just acquire the tenant and contact the section 8 department at the housing authority and after 60 days and approval they start paying. Last question is how do I verify that they are actually section 8 as well? Thank you guys for your help. 

@Bob and @Peter my sister is a mortgage officer and she mentioned that if I refinance my three family that i'm currently living in it's possible that it can interfere with me buying a new house within the next six months. I'm here to really confirm that. 

@Bob I am refinancing my home and looking to buy the second while shortly after. I will be living in the three family then moving. 

@Peter i'm trying to avoid paying high interest rates. I was advise if I buy the new house and then refinance later on it'll cost me more.