All Forum Posts by: Yao Thompson
Yao Thompson has started 8 posts and replied 22 times.
Post: Section 8 Tenants How to Raise Rent/Evict if needed?
- Posts 22
- Votes 9
How does the process for eviction/ rent raise for a section 8 tenant differ from any other tenant? As I currently understand it the only difference is I would need to send another notice to my government tenant as well as my resident tenant notifying all parties with at least a 60 day notice of the rent raise and the raise would have to be at or below the fair market rent amount for that city.
Post: My first House Hack in RVA
- Posts 22
- Votes 9
Investment Info:
Single-family residence other investment in Montgomery.
Purchase price: $218,000
Cash invested: $15,000
House Hack, currently cash flowing about $50 a month.
What made you interested in investing in this type of deal?
I wanted to get my hands dirty and start down my investment journey.
How did you find this deal and how did you negotiate it?
I found it on the MLS and negotiated with a realtor down from the ask price if $225K
How did you finance this deal?
I financed with a FHA mortgage
How did you add value to the deal?
I replaced the HVAC unit as it went bad, in addition I added smart locks, and storm doors.
What was the outcome?
Overall I’m satisfied with this purchase although I would like my cash flow numbers to be higher. The tenants I currently have in place are decent but I’m the future I will spend more time getting each tenant to ensure they are a best fit and have a high likelihood of paying & staying.
Lessons learned? Challenges?
Check major systems with specialized vendors rather than relying on the home inspection; vet your tenants and go with your gut feeling after confirming they have the means to Pay.