All Forum Posts by: Thomas Meyer

Some of you might cringe here, but I have a handful of Section 8 rentals. Once the 2 year lease agreement is up, I let them go month-to-month. I have one tenant that would like to renew her lease. I just raised the rent through section 8, so it will be a while before I can ask again. Question, do I have her sign an entire new lease or is there just a renewal adendum?

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GoDaddy Smartline...its super cheap. When someone calls that number, it will display business and you actually have a separate voicemail. I use this for my personal business. You can also text from the number. Works great!

1 Vote

How is this going to affect the Section 8 formula? I can't even begin to think how one would determine on whose side the rent increases for especially with the rent cap Section 8 imposes. Will Section 8 eat the brunt of it?

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I agree on the "don't split up the security deposit". It adds another level of stress trying to collect that. I tried it once and it was painstaking. What I tried last time was collect at least half of the deposit up front and then the remainder once the inspection has been completed and you are ready to turn over the keys. It gives them a little time and they become very motivated to come up with the rest.

2 Votes

Originally posted by @Steve Vaughan:

Originally posted by @Jonathan R.:

Originally posted by @Lisa Intriligator:

Also, what is the deal with people who have jobs but don't have bank accounts. Are they drug dealers?

I would see how much they can pay toward the security and tell them you’ll work them. Try to split it into two payments (half to move in).

Yep, they either overspent and can't do 5th grade math so had too many bounced checks or they have judgements against them and money in the bank will be scarfed. I ask whether they have a checking account or not on my application. Bonus if they do, obviously.

Be careful spreading out security deposits. Point them in the direction of social service providers like community action for placement help. I provide a full list that has free furniture, food banks, etc. I don't want them going completely broke moving in and furnishing their place.

There's no such thing as a notice to pay the security deposit or quit. I'll work with rent but not deposits for that reason.

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I have a handful of class C with Section 8. Has been nothing but cash cows. Rarely do I get phone calls. Of course, they will not keep your property pristine but that comes with the territory. Sure, you will fail an inspection here or there but really no big deal. Just have a good handyman. For my last two tenants, I used a real-estate agent who also deals with section 8. She has been screening excellent tenants so that has been a huge plus.

25 Votes

@Alexis Monroe

The police most likely will not assist you since this is just a civil problem. You would need some sort of court appointed action for them to help.

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@Mario Am

Mario nailed it. It’s all about her prior history. You can forget about credit scores. She will come up with her portion one way or another. Section 8 is great.

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@Jay Hinrichs

That Bruce Norris is a smart guy...

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@Jay Hinrichs , you are right about the Entrust Fees. Pretty pricey

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All Forum Posts by: Thomas Meyer

Thomas Meyer has started 11 posts and replied 51 times.

Post: Lease renewal question

Post: Second phone number suggestions

Post: California Rent Control

Post: Calling all (successful) Low income (class C / D) investors

Post: Calling all (successful) Low income (class C / D) investors

Post: Calling all (successful) Low income (class C / D) investors

Post: Help! Bought vacant lot, but there’s no trespassin signs on it

Post: Section 8 tenant analysis

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