Suggestion About Section 8
Hi:
I just moved to Tampa, FL and I found few properties that are section 8 rented that are for sale. They are currently occupied with section 8, but the leases expire on 6/2005. What does that mean, can I lease the house again section 8 with the same tenants or do I need inspection from HUD and new tenants come in? Also I have heard mix reaction about section 8 tenants, some good some bad? I'm interested in these two properties because the ROI is about 300-350 a month is that enough or should I look for more ROI
Thanks a lot
Goce
Goce,
I've had no issues with section 8 tenants. You can lease the house again section 8 with the same tenants. Make sure to ask for all the proper documentation from the current owner showing that the tenants are accepted as section 8 and that he has been receiving the checks from the state.
As far as the ROI; what is the total amount that you have to invest to get that return? What is the condition of the properties?
Good luck.
Dimitris Georgakopoulos
Manager of Technology
"Tenant Management Solutions"
http://www.buildium.com
Thanks Dimitris:
I'm probably getting a no money deal, considering my credit is good, or I'll put about 5% down. I haven't seen the property inside that is this weekend. What kind of documentation am I looking for, and would I be able to extend the lease with the current tenants, cause I hear they are good tenants?
Thanks Goce
I'm a newbie who just completed his first rental property deal. I actually decided on a doing it Sec 8 and thus far there have been no problems.
I'd try to get the tenant's application and see if you can contact the tenant's previous landlord. You never know what type of tenant you're buying into and you could inherit a poor tenant. However, I will say that you can easily inherit a non-Sec 8 tenant that creates just as much problems.
Bottom line. Do your due dilligence. If you get new tenants - screen them carefully. An ounce of prevention will save you from a pound of headache.
Ken
Nope, call the cleaning crew after his last day and get it professionaly cleaned. And then I would laugh all the way to the bank.[ Edited by ncboater on Date 10/18/2004 ]
Send him my way. i am looking for tennants with money to burn...
When my tenants call to give me notice, I remind them then that the place must be in the same condition as when it was rented. The oven, bathrooms, etc must all be clean. Not empty and picked up - cleaned like you mother lived there. Even the carpets must be shampooed. I also remind them that FL law gives me 15 days to determine if I will make a claim on their security deposit. It will take me probably that long to make a thorough walk through so do not expect the money before then. If I do make a claim, it will be even longer. Also, the check will be written jointly to all tenants names. If they complain tell them to read their lease.
You let your tenant believe that you would be giving him 1375 on the spot. And you wonder why he was upset?
Brenda
If the professional cleaning only cost you $300, are you permitted (by law) to keep the entire security deposit?
My local landlord tenant law does not allow me to keep anything over and above my actual costs to overcome the problem.
By florida law, you can only keep the actual cost of repair. In fact, cleaning is questionable as that is normal wear and tear. Most landlords insist on the tenant cleaning the unit and most get away with it. But if it was taken before a judge, I would not be surprised if the landlord would lose. It supposedly can also be quesitonable if the landlord does the repair or cleaning themselves. Then you must give yourself a very low hourly rate to be on the safe side.
My experience in my areas: Md,Va,De =
1. Can't charge him for your cleaning labor; hire professionals and get the bill to charge the tenant.
2. Not normal wear and tear to leave unit dirty. Should be in 'broom swept' condition.
3. You will still have to follow your state/county laws per the timing and rules of the return of the security deposit/ charges to him.
4. Since he is under lease, you will follow those rules, noting you can not charge for double rent, but you can recoup your costs (advertising, paperwork, etc) to re-rent.
5. Look in your lease to see what conditions are there for breaking a lease. Now he will be paying for days until your new tenant moves in. You still have to document all charges and send him his copy in the proper timeframe.
I NEVER return a security deposit at move out. Too many 'issues' are not spotted immediately at move out.
You did this guy a favor by releasing him from a lease with NO charges, and he had the nerve to treat you that way? Something seems wrong in the expectations here.
First off, you need to STOP "letting" people out of your leases. That is a HORRIBLE habit. Breaking the lease is an automatic forfiture of the security deposit to cover the remainder of the lease + the cost to clean. Basically I keep all of the security, charge the tenant to clean, and then "waive" the remaining portion of the lease as long as the money is not disputed.
I'm not Wal-Mart. There is no return policy. It's a contract.
[addsig]
You can only keep the security deposit to cover rent if your lease says that security deposit may be used to pay rent. Also, you have an obligation to try to rerent the unit. If your tenant breaks the lease on Monday, and you get it rerented on Wednesday, you need to give him back all his money minus two prorated days that you actually had a loss of rent.
If you make a non-refundable reservation in a hotel, you do not show up, and the hotel rerents the room, they are suppose to give you back your nonrefundable money. Same principle.
Of course what you should do and what most of us do, is very different. But if you get taken to court, you better have a good lease and keep good records.
Brenda
How many of you operate in states which consider cleaning as "normal wear & tear"? That would suck. I would have to have it specifically state in the statutes before I would consider it normal, or even allow them to only have it broom swept. I'm not their cleaning lady.
Well how much was his deposit or how much would he have received? If it wasn't alot maybe he thought his time wasn't worth it. Maybe he's planing on taking you to court for some type of outrages " your the bad landlord trial".Who know's. Hope it works out in your favor. I hope you have a new tenant in there already.
Quote:
On 2004-10-19 18:11, bgrossnickle wrote:
You can only keep the security deposit to cover rent if your lease says that security deposit may be used to pay rent. Also, you have an obligation to try to rerent the unit. If your tenant breaks the lease on Monday, and you get it rerented on Wednesday, you need to give him back all his money minus two prorated days that you actually had a loss of rent.
.....
Brenda
Brenda,
This is true, but when you go to the final walkthrough, you don't know that you will be renting it again in 2 days. I certainly never bring money on a moveout day. I tell my tenants that in accordance with Georgia law I'll send them the Security Deposit Statement with the remaining amounts in 30 days and send them on their way. Oh, and in Georgia the security deposit can automatically be used to pay for:Quote: "nonpayment of rent or of fees for late payment, for abandonment of the premises, for nonpayment of utility charges, for repair work or cleaning contracted for by the tenant with third parties, for unpaid pet fees, or for actual damages "
Considering that I have a $10/day late pay charge, the security gets soaked pretty quickly.
[addsig]