Pros and Cons

[sarahkate_m]

i think you'll hate servicing your property... esp. for where it's located... however money is money & perhaps you need a ton of write offs!

here's something that may help....

Let me google that for you

kate

[bfabian32]

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.

Section 8 in my opinion is the way to go...you dont have to worry about collecting rents from tennants...if you are purchasing this property as strictly investment then you MUST treat it that way...most people have emotions towards their properties and dont like to rent to section 8...obviously section 8 tennants have a lower standard of living but recieving rent on time every month without headaches should outweigh the cons...since you are looking for properties under $100K they probably wont be in the best neighborhoods...that wont matter since your rent from section 8 can be mailed to you...for a property that cost $100K that should cost a little less that $500/month mortgage if you put 20%down....im pretty sure you can charge at least $1000/month in rent...after all expenses you should be able to pocket at least $500($6000/year)...now I know $500 is not much but if you consider that your tennants will pay down your mortgage, tax for interest paid, as well a deppriciation value...i think you will see that real estate is a great investment...plus you still have the cashflow of $500/month...now all you have to do is this same system for 10 houses...hahaha

[Godlovesusall]

People really needs to watch how they belittle others who are not as fortunate! Now in a wink of an eye, your present situation could change and you could be on the end of needing assistance for housing. How do you think it would feel if the shoe was on the other foot. Im glad that you dont have to struggle and life is easier for you but that shouldnt make you such an empty person, with no compassion. I do understand your concerns about gangs and even how some section 8 tenants trashes the rental property but everyone isnt like that. I have had landlords ask me to move in there rental and Im on section 8 cause they had a rental living in there home, that by the way wasnt on section 8 and messed the house completely up. So isnt it fair to say that you are taking chances when you rent out a house period, whether it's section 8 or not. Not having section 8 does not determine whether you are a decent person with character or integrity. You can find some of the nastiest people and gang members who has money can rent or buy a house right next door to you. So see it doesnt take section 8 to have this happen. Stop judging people because they are less fortunate then you.

[Des-Lab]

Originally Posted by Godlovesusall

People really needs to watch how they belittle others who are not as fortunate! Now in a wink of an eye, your present situation could change and you could be on the end of needing assistance for housing. How do you think it would feel if the shoe was on the other foot. Im glad that you dont have to struggle and life is easier for you but that shouldnt make you such an empty person, with no compassion. I do understand your concerns about gangs and even how some section 8 tenants trashes the rental property but everyone isnt like that. I have had landlords ask me to move in there rental and Im on section 8 cause they had a rental living in there home, that by the way wasnt on section 8 and messed the house completely up. So isnt it fair to say that you are taking chances when you rent out a house period, whether it's section 8 or not. Not having section 8 does not determine whether you are a decent person with character or integrity. You can find some of the nastiest people and gang members who has money can rent or buy a house right next door to you. So see it doesnt take section 8 to have this happen. Stop judging people because they are less fortunate then you.

Yes. I think we realize that. Nothing personal, but this is a business decision. And business decisions carry risks and risk evaluation. And sorry to pee in your Cheerios, but with Section 8, like carrying a 375 FICO, the odds generally don't stack favorably, as has been documented over and over again. Section 8 statistically *DOES* carry a [much] higher risk for late or nonpayment, damage and vandalism, and "questionable" characters gravitating to the area, which would then affect EVERYONE in the vicinity (which is why I feel that local residents should have a say in something like that coming to their neighborhood. Look at what happened in places like Palmdale and Victorville that were once nice quiet and safe towns: all the Section 8's and other subprimes were transplanted there. They brought all their problems with them including graffitti, car thefts, burglaries, robberies, and assaults all skyrocketing off the scale.) That's not kicking someone when they're down, that's just the plain Gods honest truth no matter how offensive you find it.

I know that not all Section 8 receipients are deadbeats, but odds are that most (if not all) deadbeats ARE Sec 8 recipients.

[Twinkle Toes]

Usually pros represent cons.

[panhead1]

I think it's really down grading that people think just cus u r on Section 8 that u r lower walks of life. There are people out there making 100k a yr and they r lower than a gutter slug! Anyway does anyone know if a landlord is already renting to tenants and the tenants get on sec 8 can he keep those tenants? thanks

[ferretkona]

Originally Posted by panhead1

I think it's really down grading that people think just cus u r on Section 8 that u r lower walks of life. There are people out there making 100k a yr and they r lower than a gutter slug! Anyway does anyone know if a landlord is already renting to tenants and the tenants get on sec 8 can he keep those tenants? thanks

Why would the landlord want to receive less because the tenant is now qualified?
I love how this thread pops up once a year with one posters.

[panhead1]

It's obvious that you can't answer that question. And the landlord wouldn't get less he would still get his rent. They question was do the tenants have to move out or can he keep them that was the question. thanks