All Forum Posts by: Tim Bellnier

immigrants will compensate 

I am aware of this and think it will become common.

If you inherited tenants that are on Section 8 they do have a lease.  You might just not know about it because the seller did not disclose it.  They may even have a security deposit that you are unaware of.

Quote from @Jane S.:

AS NEWBIES YOU ARE GONNA BE VERY SORRY THAT YOU INHERITED CHEAP TENANTS WHO PROBABLY DONT PAY ON TIME AND LET THEIR ANIMALS DO DAMAGE. Be smart and ask yourself why the owner wants to sell? Better yet ask the owner! They wont tell the truth but you should be able to see through their stories after you tour the property.

Maybe consider building from the ground up so you don't go insane from problems you didn't cause.

Section 8 rents are cast in stone and will not increase unless HUD says so. Do your research on this and talk to your local housing authority, Section 8 is like getting caught in a bear trap. Your plans are scaring me and I'm experienced!

Section 8 rents ARE NOT cast in stone but it depends greatly on how accommodating your managing Housing Authority is.

I have been given a rent increase every single time I request one.  I call first, we talk numbers, then they just ask me to put my request in an email for documentation purposes.  

Next month, I get more money.  Of course, I wait until their 1 year lease is almost expired.

You want to buy a personal residence and use a 203k loan to repair it and then flip it?

is that correct?

Some sellers prefer not to have their sales be delayed/blown up by banks.

For landlords in California it seems the risk is increasing.  They need to raise the rents to reflect the increase in risk.

Make sure to read your insurance policy carefully.  Theft might not be covered 

It is hard.  I’ve had thieves break in and steal the lightbulbs during rehab.

I don’t know how to prevent it.  

I had a rehab going on a SFH and I thought that the power had somehow been shut off. It took me a moment to determine ALL the bulbs had been stolen.

When I looked for signs of a break-in I found a glass pane on the front door had been removed (not broken) someone reached into unlock, then they carefully set the glass pane aside

That is all.  No other damage.  Nothing else missing.

“Tweekers are strange thieves” was my explanation.