Sec. 8 Kills ur house value. Tenants are just like posted above. Some won't even pay their $30-$50/month.

 

6000? id pray to have property taxes that low in NY. On long island in Suffolk county your looking at $13k+ for 1 acre. In Nassau County closer to $15-16k

 

I pay 6,000 a year and live in a 700sq condo, a decent 4 bedroom house in NJ is well over 10,000 a year in most parts of NJ

 

Dont you have to put it front of some city council to do sec 8?

I know in nashville you cant just make it sec 8, because it ruins the home values surrounding it.

 

You're calling BS on me? Don't you know that most Asians usually down 50% or more when buying houses? Let's just say that I could have paid for the whole damn thing, but chose to down for most of it. Oh no! He doesn't believe me; how would I go on with my life?!!! House is near Seattle - not TX, in which $300K could buy a 100-br mansion; however, still not nearly as expensive as Cali or NY.

I'm VERY happy with this purchase. 3 years ago, the same money could barely buy a shit hole, and a similar house like this would have cost $600K. When we were shopping for houses a few weeks ago, most short-sold and foreclosed ones were 40-50% off of their original purchase prices. I nearly bought a house that was purchased in 2006 for $525K, which was finally sold for $275K! I offered $270 but missed it by only 5G. I'm gonna lease it out for a few years and sell it. I have another house I'm renting out to 3 Boeing engineers (1 Asian, 1 white, and 1 Indian - all work together) who keep it SPOTLESS; it's like no one lives there. They work most of the time, have no friends, don't cook or smoke, drive economy cars, and always pay on the 1st of each month. These are the perfect tenants! It's rare to repeat the same success of search.

Anyway, yesterday I got a call from another Russian family inquiring about Sec8 rental. I spoke to the father on the phone and he said he had 8 children (10 total with him and the wife). He said he'd been searching for a house for a long time but nobody would let them rent. I was thinking "No shit! Who would let 10 people live in their house?!! Even a 5-br house is too small for you guys. You should have had a vasectomy after the 4th or 5th child." I felt sorry for him, as he's not gonna find any decent Sec8 house anytime soon.

Here's a pic of the kitchen. I won't post a pic of the exterior lest the Sec8 officials don't like the way I select tenants.



GREAT buy for $315! 3 years go, $315 could barely buy a kitchen, let alone the whole house.

Also, sorry if it looks like I'm boasting on here, but it's just that I'm very happy with this purchase and since I'm leasing it out via Sec8, I wanted to post and see the comments. I'm sure this Russian family won't let me down; otherwise, I reserve the right to evict them, just like the contract states. If they wanna live in a pretty nice house for a few hundred bucks a month, they'd better keep it clean and decent. Otherwise, they can go live in a Scot's-like place. On the other hand, I've also seen Sec8 homes that are nearly $1M, but they don't count because...

P.S. I'm not asking for anyone to believe me or for anyone's permission. I just wanted to know if there were other Sec8 landlords on here.

 

Not that I know of. I just went to the Sec8 office and submitted an application and also an advertisement.

I was gonna look for 3 more Boeing engineers, but it's hard because most of them already have houses (nice ones at that). Only the young ones would need to rent. So, Sec8 is a good way to go, if you choose the tenants carefully. Another good way to look out for is to come to their current residence and see the condition in which they live.

 

first time i've even heard of sec. 8...but it sounds like anyone w/experience w/the matter is saying don't do it. and you're trying to convince yourself that it'll be okay. not knowing anything more i would probably go w/the majority advice haha...

 

 

Dont listen to the cluelessness in this thread.

Section 8 (with a great tenant) is a gold mine.

1)The myth of section 8 only being in the hood is BS. I live in the second wealthiest part of NJ (short hills) and my daughters nanny is on section 8 in my town.

2)Section 8 provides the landlord GUARANTEED money. Good luck with that from a tenant.

3)There are PLENTY of good people (immigrants) who qualify for section 8 and will take good care of your home. Scot's tenants and 50+ year old immigrants are NOT the same thing.

Don't listen to them. Just find a great tenant, and relax with a guaranteed check in the mail.

 

Ding ding ding! That's what most Sec8 landlords said, at least the ones I've talked to. It's a stable gold mine, as long as you carefully select good tenants.

Phuck! There's a minor setback. I just learned today that it may take up to 2 months for the Sec8 officials to inspect the house to approve it. That's almost a $4000 loss (for 2 months' rent).

Also, there's a Chinese dude, from Singapore, who's an international college student and wants to rent the whole house to himself. Does that sound suspicious? I even stated that he wouldn't be allowed to sublet to other people and he agreed (and even offered to sign a contract stating such). He drives an SLK550. I know his parents are rich and all, but why would he want to rent a whole (somewhat big) house to himself? I'm really perplexed by it. Is he planning to start a drug operation or something? I would love to lease it to him if he'll just live there by himself and not do anything illegal. Maybe he has money to blow, but still, I'm a little suspicious.