All Forum Posts by: Thomas Meyer

Section 8 is pretty easy to navigate. I would start with finding out what the payment standard is for that area. The payment standard is what Section 8 will pay UP TO, but beware it does not guarantee they will pay the top amount. It depends on the applicant/tenant. This way it will help you analyze the deal to see if the property cash flows.

The other details as far as process isn't hard.

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Detroit, Michigan

I have a note that will be sold at a trust deed sale on March 12, 2024. Pay off is $726,900. I'm not a developer, so I don't have the desire to take it back. The property is 15 acres with a cabin on it and is adjacent to the Oregon Coast with easy access. Posting as a lead if anybody is interested at sale. Pm me if you would like any additional details. I have the original appraisal and lot plans.

Address: 46605 Highway 101 S, Neskowin, OR 97149

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Salem, Oregon

I was contemplating the same thing but getting quotes around the 3 dollars a square foot. I would get some additional estimates.

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I've dealt with Section 8 in California for the last 13 years for 4 rentals. Really no issues. Easy to navigate and I've never had someone miss their monthly rent.

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I'm getting ready to have a move-out and was thinking about placing some temporary ring cameras throughout the house until a new person moves in. My reasoning is I live about an hour away and would be nice to have some eyes on the place. I really don't want to sign up with spectrum or cable because it is so short term. I guess I need to establish a wi-fi connection for the cameras to connect. Would a temporary pay as you go portable wi-fi be viable? Thoughts?

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Quote from @Luke Carl:

Quote from @Pamela V.:

Hi, everyone. My husband and I have been saving for almost a year to invest in our first rental. To me, STR is the only thing that makes sense for us, as we are 40 with 2 kids, and looking for the highest cash flow possible to allow for quick scaling and then freedom from the 9-5. (I recognize that the halcyon days are behind us, and this may still be a 5-10 year process.)

I have been reading the books and listening to the podcasts, so I pulled a pricelabs market analysis on our first choice (dream) market, and then looked at the MLS to determine what price range we would be looking at. 🤯 Went to our more local second choice, driving distance market— 🤯. Million dollar and up for even modest properties, 2 or 3 BRs, no pool or beach front.

Silly me was proud of saving almost 30k this year, when it will likely not even get us close to our goal of 2024 purchase. How do you even get into these beach STR markets as an average person? We make decent money, but it sounds like off-market deals are slim pickings these days, and I doubt we would qualify for a 900k mortgage. A bit of quick math at second home mortgage rates also tells me that breaking even with MLS prices the way they are right now would be a stretch.

I’m happy to put the work in to find a deal, and be patient, but unless you already have a cash flowing property to provide substantial leverage, I can’t see how this is realistic for an average person. Am I relegated to B markets? LTRs in small cities? I am missing a piece of the puzzle I think.

Help!

TIA….

To comment on your title.... A buyer always thinks the price is too high. And a seller always thinks it's too low.

As for the rest.... You are correct that real estate is very difficult. It's a wealthy persons game. If you've got a bunch of cash you can buy real estate until you get sick of it, and then you can go back to stocks.

However. DON'T Get Discouraged! It is very difficult but it can be done. I've worked 10x harder at real estate than I ever worked at a day job, and it paid off. Stick with it. Consume more content. Join a mastermind. Eat the watermelon, spit out the seeds. Good things will happen! Keep going :)

"Eat the watermelon, spit out the seeds"...what a classic line, love it.

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Quote from @Kashif Ali Khan:

My previous tenants who left in March, 2023 violated lease on multiple occasions. Biggest issue is that they kept 2 dogs without notifying me who seem to be peeing in the house for a long time. Loft and stairs have the worst smell while bedrooms are manageable. New tenant is extremely upset since previous tenant temporarily masked the odor; and now them and their familu have to deal with it.

What is a reasonsably priced action I could take to fix this dog smell problem? Please provide some recommendations. Thank you.

I owned a carpet cleaning business for years, so here are my two cents. First off, what gender if you know, and how big were the dogs? Males will go around the edges and corners of furniture and females will spot everywhere. If the dogs were small it will be easier to deal with for obvious reasons. Use a black light at night to get a good understanding of the level of contamination. If you have a few spots, just treat them. I can give you the name of some good spotters. if you end up having to seal the subfloor use the attached

photo. Way easier and more effective.

1 Vote

Minneapolis, Minnesota

If you are on your way to Section 8, HUD is going to require a lease. I've been going strong with Section 8 for 13 years with virtually zero issues, well except one, and that wasn't too bad. I'm speaking from California...

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The prior posts cover most issues, but I will add my two cents:

1) Never accept any money outside the total contract.

2) You must determine what Section 8 pays for each voucher (payment standard). Also, speaking from California, the size voucher does not correlate to the size of your property. For example, a 2-bedroom voucher is for a 3-bedroom house, and a 3-bedroom voucher is for a 4-bedroom house. Make sure you have a firm understanding of what your property qualifies for.

3) You can negotiate a bit with the case agent. Do your rent comparison using rent-a-meter or other means to prepare when you get the offer.

4) You can wait for another voucher holder with a better income because the contract amount is based on "their" ability to afford it. The downside is you could waste a bunch of time between inspections waiting for the perfect amount/person.

5) You can accept now and implement a rent increase in a year. Section 8 will be forced to raise its portion as long as the rent comparables justify it.

6) Section 8 is pretty easy when you learn the process, which isn't too difficult.

7) You can manage the property yourself, especially if you are within driving distance.

Good luck!

1 Vote

All Forum Posts by: Thomas Meyer

Thomas Meyer has started 11 posts and replied 51 times.

Post: Trustee sale in los angeles no bid, SB1079

Post: Looking fo the section 8 playbook.

Post: Property going to Trust Deed Sale

Post: What would you do for flooring - LVP or restore/refinish existing wood floors?

Post: Experiences with Section 8?

Post: Temporary cameras during move-out through move-in?

Post: Price of entry too high?

Post: Tenants left house with bad dog urine smell. Fix?

Post: Renting without a lease

Post: Potential Section 8 tenant, unsure of how to proceed on 1st deal