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02-19-2009, 07:55 PM
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Junior Member
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Join Date: Feb 2009
Location: Inland Empire
7 posts, read 4,589 times
Reputation: 11
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Pros and Cons
We're looking to take advantage of these low home prices below 100,000. Does anyone have knowledge working with the government under section 8 and it's renters that qualify and meet the requirements?
This purchase would help finance the kids through college in 10 years "IF" the market should rise in value.
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02-19-2009, 09:08 PM
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Senior Member
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Join Date: Sep 2008
2,050 posts, read 750,377 times
Reputation: 1148
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Quote:
Originally Posted by thesunking
We're looking to take advantage of these low home prices below 100,000. Does anyone have knowledge working with the government under section 8 and it's renters that qualify and meet the requirements?
This purchase would help finance the kids through college in 10 years "IF" the market should rise in value.
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I'm not to clear on your question but if your trying to apply for section 8 your going to be on a waiting list for a few years..
If you have property and you want to rent to people who live on section 8 I have herd from landlords that they can be a hassle. |
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02-19-2009, 11:00 PM
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Senior Member
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Join Date: May 2008
Location: Temecula, CA
970 posts, read 597,881 times
Reputation: 338
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If you're looking for a lot of appreciation, you need to be in a good area, and have a decent home/lot size. I don't know of *anywhere* in the country that will offer that for under 100K. Are there specific homes you have in mind? I'm curious!
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02-19-2009, 11:15 PM
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Senior Member
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Join Date: Apr 2007
Location: Orange County CA
5,549 posts, read 5,037,921 times
Reputation: 2296
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So you want to buy a house in a slum and rent it out to people who will trash it?
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02-20-2009, 12:02 AM
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Junior Member
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Join Date: Feb 2009
Location: Inland Empire
7 posts, read 4,589 times
Reputation: 11
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We're interested in buying a second property in the high desert area of Victorville, Ca and alike.
Seeking information if Section 8 is beneficial to us as landlords, I understand that the property has to be up to date and meet a criteria to be able to qualify and rent to section 8 candidates.
Or would we be better off seeking our own tenants?
I'm open for horror stories and positive (good) results.
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02-20-2009, 02:26 AM
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currently in denile
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Join Date: Feb 2007
Location: California
1,569 posts, read 1,293,630 times
Reputation: 559
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Why rent to the lowest common denominator?
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02-20-2009, 10:50 AM
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Senior Member
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Join Date: Jan 2008
199 posts, read 177,412 times
Reputation: 68
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Quote:
Originally Posted by ferretkona
Why rent to the lowest common denominator?
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Because the original poster would rather bet on home price appreciation (speculation) than put away money for their kids college in a 529 plan. |
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02-20-2009, 09:26 PM
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Senior Member
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Join Date: Mar 2008
Location: Gallatin Valley
325 posts, read 187,754 times
Reputation: 110
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I would highly recommend against it. The Section 8 crowd is the reason we are choosing to buy in Phelan asap instead of buying in Victorville. Anybody here remember Moreno Valley? It built up quick and crashed hard.
I don't want to be paying $1,500 a month to live in a 2 story 3000 sq ft home, just to have them rent it out to section 8 and have some gang family live next to me for $400 a month!
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09-10-2009, 09:21 PM
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Junior Member
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Join Date: Sep 2009
Reputation: 10
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Times are hard
Quote:
Originally Posted by Desertrose34
I would highly recommend against it. The Section 8 crowd is the reason we are choosing to buy in Phelan asap instead of buying in Victorville. Anybody here remember Moreno Valley? It built up quick and crashed hard.
I don't want to be paying $1,500 a month to live in a 2 story 3000 sq ft home, just to have them rent it out to section 8 and have some gang family live next to me for $400 a month!
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There are single moms who are full time students and who work real jobs, leaving no choice but to rely on sec8 while we put the pieces of our lives back together. We are not all born into or associated with gangs. I am just a small voice that finds it hard to rent a house on sec8 in a decent area, because of stereotypes such as this. In the age of this recession there are more and more of us section 8 dwellers that used to be able to afford to live the way want to. Is it the fact that our rents are lower that makes the more fortunate sore? We should not all be pegged into the barrel of bums and lower class? At the end of the day aren't we all human? So sec 8 is only for bums??? I am quite educated. My family has the right to be safe and not frowned upon.
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09-10-2009, 09:26 PM
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Member
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Join Date: Dec 2007
Location: Pennsylvannia
35 posts, read 30,645 times
Reputation: 18
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Quote:
Originally Posted by Desertrose34
I would highly recommend against it. The Section 8 crowd is the reason we are choosing to buy in Phelan asap instead of buying in Victorville. Anybody here remember Moreno Valley? It built up quick and crashed hard.
I don't want to be paying $1,500 a month to live in a 2 story 3000 sq ft home, just to have them rent it out to section 8 and have some gang family live next to me for $400 a month!
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Are you saying that they would rent it out from underneath you? |
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