All Forum Posts by: Account Closed

I personally think Section 8 regardless of market is gonna come out of this recession in a new light. Yes, you will deal with lower quality tenants and higher turnover, but the bright side is at least 70% of your rent is covered. Might mess up your cash flow but they won't have to worry about missing a mortgage payment at least. 

Assume that the unit will be vacant the entire summer. Could you assume that cost and still be comfortable?

@Steven Griff I'm a afraid you're focusing too much on PMI. Lets just do the math on your scenario. Lets say you go conventional 20%, that's about $19,000 (not including closing fees). If you went FHA that down payment is ~$3,500 (not including closing fees. PMI for a loan that size is MAX $50. So you're losing about $15,500 in purchasing power just to avoid paying $50 a month.

@Anthony Angotti

I think if it ever go to a multiple month shutdown the government would have to step in and provide some relief in the form of mortgage loan deferral etc. Which will also trickle down to utilities. I think with the FED going to a 0% rate they've shown they will do anything and everything in their power to avoid a situation like 2008 repeating.

If we get to 3 months of a shutdown with no relief in sight that's a nightmare on a macro scale and "tenant rent payments" would probably be the least of my worry. So I agree with you, let's just all hope this doesn't last that long and people can get back to work. 

@Account Closed 

I don't see how it's kicking the can down the road, it's dealing with the direct problem for majority of people which is mortgage payments. I mean I've already have emails from my mortgage providers saying they will provide assistance. Just because everyone can't be helped doesn't mean no one should.

Actually SHOCKED by how many hard lines I'm seeing in here. You're telling me if they provide legitimate job loss due to the virus and can't pay you would take their deposit then evict a month later? This isn't a normal blue sky day where they can't get work. The government legitimately shut down their ability to go to work. I'd like to think I have a good reputation in my community and with my renters. They never I wouldn't dream of shattering that over a situation like this. 

Maybe it's just me but I plan on working with my tenants that have a legitimate financial burden.  

Best part about Lumber is that you can get a store card and wrap the installation into the payments. 

I second @Sarah Lieberman. Recently got 1000sqft of LVP from them during a promotion. I believe it was 1.60 sqft. Best decision of my life because shortly after my tenants moved in there was a roof/ceiling leak. The floor was not damaged at all. I plan to use them again in the coming months for my next reno. 

Haven't personally converted to HVAC yet but for that price, you might as well do it. It will make a serious impact on your refinance. 

I see this area looks like its great for Section 8. I hope you're doing successfully with it.