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Old 04-18-2008, 11:14 AM
 
Location: Up above the world so high!
45,270 posts, read 88,310,401 times
Reputation: 39845

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Quote:
Originally Posted by theLemur View Post
I can just tell you on here, I'm renting a place in bexley greenway off of harris NW of the university.

If an entire area becomes consumed with section 8 rentals, then yes it could detract from the value, but one responsible section 8 tenant will not be noticed. I'm not even sure if I'm going to continue using section 8 in Charlotte, it's just one avenue to research.

Any tenants I place will need to meet strict requirements on income, credit, background checks, and landlord references.

The majority of my investing is going to be focused on rent-to-own buyers with an interest in the upkeep of their property and their neighborhood.
This must be a condo? Good luck with future tenants, and thanks for not planning to be a slum lord or absentee owner!
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Old 04-18-2008, 11:18 AM
 
125 posts, read 459,056 times
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Quote:
Originally Posted by lovesMountains View Post
This must be a condo? Good luck with future tenants, and thanks for not planning to be a slum lord or absentee owner!
It's just an apartment, its where I'll be living until I figure out where I want to buy a home. I took a 6 month lease, seems like a safe well-kept area, and there's a nice biking trail next door.
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Old 04-18-2008, 11:29 AM
 
Location: Up above the world so high!
45,270 posts, read 88,310,401 times
Reputation: 39845
Quote:
Originally Posted by theLemur View Post
It's just an apartment, its where I'll be living until I figure out where I want to buy a home. I took a 6 month lease, seems like a safe well-kept area, and there's a nice biking trail next door.
Oh, I wasn't asking where YOU were going to live - I was asking where you plan to buy property to turn into a rental?
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Old 04-18-2008, 11:36 AM
 
125 posts, read 459,056 times
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Quote:
Originally Posted by lovesMountains View Post
Oh, I wasn't asking where YOU were going to live - I was asking where you plan to buy property to turn into a rental?
Oh sorry, hehe. When I'm buying property for lease options (rent-to-own) it's going to differ from a property I'm buying for cash flow. With that said, I haven't determined either area to focus on. My lease options will need to be in areas that are priced in line with the median household incomes for Charlotte.
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Old 04-20-2008, 10:44 AM
 
7,105 posts, read 9,699,824 times
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OP reminds of the the guy that walks into a resturant and asks the waiter"So, how's the fish tonight?" Waiter says "No not tonite sir". Man--"OK let me have the fish".
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Old 04-20-2008, 10:52 AM
 
7,105 posts, read 9,699,824 times
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I have owned apartment buildings in 4 cities in 3 states. Early on in my career when I was eager (read needs money now) I did some renting to Sec. 8. When I read this post that smell I had in my nostrils for 3 days after doing a clean out and re-paint of Sec8 tenants came right back to me.If you have "experience" with Sec8 I am sure you have had a similar situation.

Now have I'v gotten a bit older, under Doctor's advise he said"John you need to watch out a bit over your stomach! I recommend more pasta and wine and less Sec. 8"" Get the picture?
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Old 04-20-2008, 11:18 AM
 
Location: Way up high
14,115 posts, read 20,821,470 times
Reputation: 14390
Not to throw this completely off thread but someone had asked me about what happened in Miami with the section 8. My brother had just purchased a brand new 3/3 townhouse in a small community. Maybe less than 100 units. Walled in, nice pool, all brand new. He put an ad out and had several inquiries. I went with him to meet the people at the TH for safety reasons and one young woman came in and said she had 6 kids. My brother and I just looked at each other and didn't say anything. She was talking about how she could have her family over and it was a real nice TH and blah, blah, blah. Then two days later, another woman came over to look at the property with 8 kids!!!! Guess what?? It was the other persons sister!!!!!! COULD YOU IMAGINE 14 kids total in a 1300sq ft TH!!! Anyways, some of the other owners allowed Section 8 and all of a sudden, the community was turned into a gigantic hang out zone. Tons of people in front of the houses, braiding hair, dozens just standing around or sitting outside of these TH's. Needless to say, the HOA got involved and put liens on the owners houses of section 8 tenants. The community is now back to normal.
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Old 04-20-2008, 11:19 AM
 
125 posts, read 459,056 times
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Quote:
Originally Posted by johne482 View Post
OP reminds of the the guy that walks into a resturant and asks the waiter"So, how's the fish tonight?" Waiter says "No not tonite sir". Man--"OK let me have the fish".
Yeah since everyone assumed I want to rent to section 8 tenants again without my input, this quote sounds EXACTLY like me.
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Old 04-20-2008, 11:24 AM
 
125 posts, read 459,056 times
Reputation: 41
Again, my intent wasn't to start a section 8 thread, but since it has become that...

Has anyone here actually RENTED TO section 8 tenants aside from Johne482? All I'm hearing are stories from people who probably are not familiar with the program & with proper tenant screening.


This reminds of when I tell people I have a motorcycle. They've never owned one, or ridden one, but somehow they always feel compelled to tell you of the horror story that their brothers nephews aunt-in-law had on a motorcycle.
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Old 04-20-2008, 11:33 AM
 
Location: Way up high
14,115 posts, read 20,821,470 times
Reputation: 14390
I'm familiar with the program enough to know the deal. Proper tenant screening?? Give me a break. Do you really think that woman was going to tell my brother that a possible 14 kids would be in his TH at one time??

BTW, my BF has a couple motorcycles. BUT I can tell you stories of several friends who were killed on them if you like..
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