Section 8 Vouchers

Comments(9)

• 
  dominicd27th May, 2005

  I never heard of shopping allowance. Best to ask their housing counselor.

• 
  cjmazur26th May, 2005

  Thanks alot.
  
  I like Sect 8 as well.
  
  I see alot of pros and few cons.

• 
  dominicd27th May, 2005

  There are usually more pros than cons. One strong pro is if they do not comply with their terms of the voucher agreement meaning rent, conduct etc. you have tremendous leverage over them. If you get a judgement for any issues, send it to their counselor and they will be terminated for good! They can pay their own rent. The counselors are merciless and they wiil not tolerate non compliance by tenants. There are too many on the HUD waiting list.
  The cons are rentals in depressed or low to no income areas. You may need to teach them how to live quite literaly. But again, if they do not comply with your standards for upkeep.....use that as leverage. Make quarterly inspections.

• 
  edmeyer3rd May, 2005

  Just a thought... You might get the phone number of the prospective tenant and phone them to ask if they are going to rent the other place down the road. If they say no then you have another shot at them. You can also ask why they did not rent and perhaps you can learn something you can tell to your next prospect when they bring up the fact that other place is $50 cheaper. You might be able to respond with " The last three families I talked to who looked at the other place said that the kitchen was very small and there is quite a bit of deferred maintenance".[ Edited by edmeyer on Date 05/03/2005 ]

• 
  smithj29th May, 2005

  I have interviewed tenants and it seems that the only difference is that I provide a washer and dryer in my unit.
  
  I have decided that I need to drop the rent to match the competing property or I will be out of tenants for up to two months. I am thinking that I would rather lose $50/month for a year ($600) than two months of paying the mortgage.
  
  Thoughts?
  
  JS.

• 
  cjmazur27th May, 2005

  put a co-tenancy agrement in place.We help the title as TIC ea. owning 50%
  
  Have it spell out everything
  what happens in case of marriage
  divorce
  death
  sale of 1/2 interest
  
  worked out pretty well, but it did end up causing the demise of the friendship.

• 
  westugal28th May, 2005

  Thank you very much. That is essentially what I want to do. So far everyone is telling me its a risky deal but it seems to me we can have that taken care of as long as all the conditions are set in our paper work.

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  BillYoung29th May, 2005

  Hi, what you are describing is Equity Sharing. This is a concept that was big in the 80s when mortgage rates went through the roof, 10-14% actually.
  
  The Land Trust is the safest, most effective way to deal with multiple ownership. Everyone agrees upfront in the trust agreement to the rules and regulations.
  
  Then an independent, third party trustee is appointed. The trustee makes sure everyone lives up to their responsibilities and can move swiftly to discipline the wayward. Major decisions can only be carried out by the trustee, directed by the co-owners, the beneficiaries. Land trusts must be set up correctly, consult an attorney or service that is experienced in setting them up.
  
  Hope this helps!
  Bill
  
  _________________
  http://MotivatedSellersOnline.Com[ Edited by BillYoung on Date 05/29/2005 ]

• 
  NewKidinTown230th May, 2005

  Sounds like a good plan. Keep repeating as often as you can do these deals.