Scot

It all depends on the tenants and legnth of stay, etc....

Around here, a section 8 tenant will lose their certificate if they are "evicted". That is some incentive to stay somewhat clean. They can be evicted for various reasons (police activity at the house, late rent, etc....)....

Also around here, it takes about 60 days max from start until they are removed by the constable. If you file today, hearing in about a week. 30 days to vacate then 11 more days before the Constable will remove them.... of course somewhere in there they could probably appeal the original decision and force another hearing which would take another 30 days......

anyway.... yes around here I charge about $25-$50 more per month to cover the damage, extra water (there is always at least 1 extra person living in the house that shouldn't be), etc....

I have had a bunch of good section 8 tenants, but I have also had some real retards! Seems like the people lately have been worse than previously.

Scot

**** off....

cruisinhondas2k

I wish it takes 60 days to remove a tenant. Over here you have to give them 30 days to come up with the rent before you can file. Once you file you have to wait for a hearing which is 4-6 months later. Which means during this time you can't touch them even if they do damage to your property. Now if the tenant don't show up for the hearing they can and will reschedule for another date which is another 2-3 months later. In my case they showed up the 2nd time.

Section 8 says they will only pay you this amount per month for the entire year. If you agree then they can move in if not section 8 will go elsewhere. Its illegal to charge them extra rent once the lease is signed. They can file a lawsuit and you'll be fine on top of that. Yes there is always 1 or 2 extra person that should not be living there. Again you will have to prove it with concrete facts. How can you prove something like that? You can't kick down the door during the middle of the night to take pictures of the tenant sleeping there. If you do that they can call the cops and you'll be arrested on the spot. They also don't receive mail. And they always say my friend visits me every day.

You can forget about complaining to section 8 for late payments from the tenant's portion or paying short. They usually laugh or tell you if thats the case then the entire NYC's section 8 tenant will be evicted and that millions of people. In short Section 8 sides with the tenant and not the landlord.

Scot

well that sux! Our system is much better, although still littered with idiots....

CalBear

What you said certainly rings true in a lot of situations. But a lot of landlords love these Section 8 multifamiliy properties. Aside from low vacancies, they also get a huge break on financing through Fannie Mae or Freddie Mac. The interest rates are lower and you can borrow at a higher loan-to-value ratio than non-Section 8 properties. I used to work at this place and we dealt with these borrowers who'd make a ton on these things. Of course good and aggressive management always helps so you don't end up getting calls at 3 in the morning for stupid things. It's probably not a beginner type investment but it's worth looking into.

Wildncrazy

You always buy any real estate with the thought of how tough will it be to sell it. Except for very small pockets of the US, Condos are a very big no-no and Timeshares are even worse.

cruisinhondas2k

Low interest rates on loans don't mean anything if you end up filing for bankruptcy before your hearing date. If you file while waitng for your 6 to 12 months hearing, the tenant does not have to pay any previous or future rents. Your case is automatically thrown out. The tenant will usually stays there until the landlord is kicked out which is about a year or so after filing and then the tenant will usually leave because its a lot easier for the new landlord to kick out a old tenant. This is one of section 8 tenant's manipulation to put the blame on the landlord's bankruptcy so that they don't lose their voucher/certificate. Thats why you see those broken down foreclosures(HUD) in ghetto type area. Its the tenant that has a big mouth telling everyone how filthy and disgusting the premise their occupying while in reality their the ones destroying the properties.

Like I mention before there are some good to decent section 8 tenants, but its not as common as you think. All section 8 tenants will make a good impression in the beginning of the first 7 months or longer if they plan on staying longer. They'll pay their portions of the rent on time, you won't receive any complains and they'll go the extra mile for you. Once they settled in you'll see the gradual change.

Yes some landlords love these section 8 properties in the beginning because they don't expect to take a day or several days off to go visit the section 8 office where you have to deal with the employees. You'll also see a line of depressed landlords that is similar to dmv's line that. I don't know what you do exactly, but I'm sure you encounter some borrowers that think they know what they're getting themselves into. Even the experience ones that dealt with tenants, but not section 8 tenants. They see on paper the low interest rates on loans, the free gov't funding that they receive and also the section 8 check that they will receive every month, but what you don't see its the aftermath which I mention in my previous post that usually happen months or several yrs later. By that time you've already closed on that borrower's deal and whatever happens afterward won't concern you. Yes there are some landlords that made money on these things, but i'm sure the line at section 8 office is a lot longer than the line where you work at.

Scot

still offtopic - you would think NYC would change their rules around. Our Section 8 is really pretty decent. I have had bad luck with "private" renters the same as I have had with Section 8.

Section 8 folks usually have a lazy boyfriend move in to play Video Games on the Big Screen Tv, sometimes and aunt / parent, etc....and they rare treat the house like i treat my own, but some seem to be semi responsible..... all the while drinking Hennessy and Heiniken beer. (too poor to pay their own rent).