I am considering purchasing homes to be used as section 8 housing/low income. Has anyone here on the site had experience with this. I can imagine the stories with tenants but I'm really more interested with their experiences dealing with HUD/Govt. Let me know!
If you want advice I would say stay away. My brother has 3 Sec. 8 houses and yes he does get his check from the county each month but when a tenant moves out they usually take outlets, light fixtures, even a toilet and sink. That is if they haven't already torn it all up. He has found it cost more in repairs than he made from the rent. I have some people insured that have had decent luck with that type housing but they are able to be their own carpenter,electrician,plumber,brick mason and roofer. If you have to pay someone to do any of those things its going to cost you. If you end up with someone cooking meth in one you can have a far more expensive hazardous waste clean up problem.
Really Ace I would stay away. The bank down the street takes the payments for the county and when you get someone making 15 dollar rent payment for the month(we the taxpayers pay the rest) you kind of get what you pay for.
I was left handling something similar that my grandfather did. He bought houses moved them onto lots and sold and financed them back in the 60's. I had people who had trouble making a $65 house payment. I repoed one that the payoff was only $8,000(he only paid 10k) way back. When I went in there were no outlets,fixtures,switches,sinks toilets or tubs. Before I could get it back it was stripped. It would have cost me more to fix it than it was worth.
Good advice, I would add, the mother with children, no husband, no job syndrome, you'll never...never....never get her out, not to mention the undesirables she'll move in...you'll make more money buying Big Fish Billy a 56' POST and then drinking free for life when you come aboard..........
Ace we had one we bought kept it for a year and a half and sold. The govt part isnt to bad there is a list of requirements such as lead paint issues, amount of receptacles in the room. The paperwork is easy enough, and the inspection isnt bad but it depends on the inspector. The first one we had was a real pain in the ass. We had the list of requirements, but this hag took it upon herself to go above and beyond telling us we had to replace the windows with new units even though they were dual pane doublehungs that were in good shape. Some had been replaced earlier with wood and metal frames and some with vinyl windows she wanted them all to match so they would feel better about living there. She wanted us to replace the the nice heavy wooden entry doors with steel ones which isnt a requirement. She failed us and gave us a list of things to fix. I checked it against the requirements and none of the stuff was listed. We went in and spoke with her supervisor, who came back out and redid the inspection, and he said their was nothing wrong and said the house was in better shape than most he inspects. The biggest thing is to do a thorough history check and credit report. Our tenant was fine, we would have kept the house but we had someone offer us to much to turn down.
LinkBack URL
About LinkBacks
Reply With Quote
