All Forum Posts by: Patti Robertson

Go on your local SEC 8 website and find the list of available properties.  You should be able to find several PM companies who are advertising on the list.

At 17, you aren't old enough to be legally bound to a contract, so you will need your dad's assistance.  There are SO may options for you.  I'd suggest the first thing you do is find the local real estate clubs in your market and attend their meetings.  They will be able to bring you wholesale deals that are better than foreclosures.  They will also be able to share with you sources of money.  Find the rehabbers and ask if you can shadow them on a project.  You can do this!!!!!  

This time of year the only tenants we tend to only rent to SEC 8. Most people don't move from Oct - Feb unless they have to. We tend to get people who are first time voucher holders this time of year. I don't personally use credit score as rental criteria, but I do look at info on the credit report, in conjunction with income to ensure the tenant will be able to pay their rent. Post a copy of your ad so we can give you feedback on it.

I've had people sleep in my flips to ward off robberies.  Have you talked to your insurance agent about this?  It seems to me that if you are scheduling your contractors in round the clock shifts to mitigate break-ins, it would not void your policy.  You are technically hiring a security crew to protect the property. 

I agree with diversification of assets and income.  Personally, my husband and I do hair and houses.  We are Great Clips franchisees in addition to real estate investors.  I find employment law very similar to landlord-tenant law.

I think the operative word is "lower" rent.  I find all tenants in the low rent arena, SEC 8 or Non-SEC 8, requires much tighter rein to ensure they remain current and in compliance with the lease terms.

Making a rental criteria based on rent being paid with earned income vs. a government subsidy is not a violation of FHA, since source of income is not a protected class. Some municipalities deem it illegal to NOT accept a voucher, but it wouldn't violate any laws to give preference to voucher holders.

You need to know who pays the utilities and what the lease terms are.  A complete rent roll should give you that info.  The good news about SEC 8 is that if the tenants have been there for more than 12 months, you can request a rent increase, even in the middle of a lease term. Don't be afraid of existing tenants.  They will make it easier for you to get started.  NOTE - You can ask for prorated rents for the month you buy in, since the seller would have already received them.  Your first month's rent will likely be delayed til your second month because you will have to file paperwork before payments can be redirected to you. Be sure to notify the SEC 8 office of the property sale so they can stop payments to the current owner after closing.

Good luck!  I'd love a duplex built in 2000!