Reply With QuoteBuy the property,befriend her.....and one day when she has you over for a liverwurst sandwich....and she is just about to nod off....sneak up behind her...and yell Boo!...really loud.....problem solved......
I know this is boring.....however, i am looking at some investment property with two units. One unit is occupied with an old lady in her 80s, she has enthesima and lung cancer. She has been there for 5 years and has been paying under market ($425) per month. The 1 unit should bring about $900-1100.
Has anyone had experience with section 8 housing?
The property is being sold under market(because of this).
MY thought is to wait it out with her.. and when she goes re rent it,or fix up the properties and resell them!!
I know some of you are investers and might have experience with this. :rollside:
Buy the property,befriend her.....and one day when she has you over for a liverwurst sandwich....and she is just about to nod off....sneak up behind her...and yell Boo!...really loud.....problem solved......
Thats hilarious
I have a duplex in Havasu that when I bought it had a lady with 3 boys in there and Arizona paid the rent. Rent was always on time. However, when my property manager evicted her due to multiple complaints from the other tenant, I found out about some really bad damage to the unit. You could not walk into the place without gagging. Seems she let her boys pee and probably something else just about anywhere they wanted except where it goes. Holes in the walls, had to replace an entire sliding glass door, stucco repair blah blah blah - total repair bill was 6K plus as I needed it done quick for a new tenant I found. I owned the place about 3 months before this happened and then on top of that the tenants next door gave notice anyway.
I think you have to take the good with the bad. Rent is always on time, but there is no telling what they will do to the place. However, you can never tell what a tenant is going to do the place, rich, poor or somewhere in between.
Good luck!
You can raise the rent on the place, but it has to be reviewed by HUD first, and they will come out and inspect the unit. Afterwards, if there are any violations, you will have to bring it up to HUD standards. They will usually grant a rent increase (although it's almost always a lot lower than the increase you asked for).
It wouldn't be a bad investment, especially if you can make the place cash flow since it's being sold undermarket.
Good luck! :rollside:
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