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All Forum Posts by: Thelonious Jones

Thelonious Jones has started 11 posts and replied 156 times.

Go to the Arkansas Sec of State and apply for a corporation or hire a company like legalzoom or use rocketlawyer

Post: Section 8 Housing Questions

Thelonious JonesPosted
  • Atlanta, GA
  • Posts 157
  • Votes 83

1)How do you screen Section 8 Housing tenants? Or does the government do that for you?

Use a company like resident research. The gov does nothing for you

2) I'm assuming the payments from the government are prompt, but what about the tenant portion? Would you continue letting the tenant live there if they don't pay their portion?

They pay between the 1-3 usually.

You have to figure out what is morally and ethically right for you sir.

3) What is the overall process of becoming a Section 8 landlord? Is it a hassle to become a Section 8 landlord? What paperwork is required and does the government provide you tenants or do you still have to market your property for people to occupy your property?

Lot of paperwork especially for new landlord. You have to take a mandatory class at AHA so contact them.

Once your in the system it is much easier.

4) What are the pros and cons of being a Section 8 Landlord?

Life is what you make it.

5) Is the process of evicting a Section 8 tenant the same as a regular tenant?

Yes.

Post: Keep 401K or invest $ on a rental property?

Thelonious JonesPosted
  • Atlanta, GA
  • Posts 157
  • Votes 83

Invest it in real estate...FAST

Purchase 12/2013: $15k

Rehab: $30K

Rent Collection: $850 x 38 months = $32,300

Sell Price 07/2016: $62K

Originally posted by @Edwin Ballard Jr:

I am amazed by this renovation sir! Great job. Do you have interior before and after pics?

Originally posted by @Holly Baum:

wow love the after! Amazing job.

 Thank you

Originally posted by @Steph Shelton:

Great Reno! During the rental period, how did the gross rent compare to others in the area?

 Thank you! Around average rental rates. $630 for one side $685 for the other - 2/1 each side.

Originally posted by @Ugwu Uche:

Great rehab, what type of neighborhood is that in? Much respect for having the vision and balls to pursue those types of properties. Usually when people see boarded up homes they either run or want to tear it down and build new (depending on the neighborhood)

 30310 off Campbellton Rd.. Thank you sir appreciate!!

05/2013 - $5,000 - Purchased Duplex Short Sale Waited 9 Months to Purchase

06 - 08/2013 - $55,000 - Renovation

07/2016 - $89,000 - Sold

09/2013-07/2016 - $39,000 - Gross Rental Income Collected

09/2013-07/2016 - $19,500 - Net Rental Income Collected (at 50% Operating Cost)

Duplex in SW Atlanta Georgia.

05/2013 Before Purcahse

09/2013 After Renovation

Running my track record up.

Originally posted by @Crystal Salton:

@Thelonious Jones Was you end buyer an owner occupant or investor seeking to hold???

International Investor from what I was told. Buy & Hold.