Your reply made me chuckle. Then after some thought, I realized you have probably never received a drunken phone call after midnight that you "NEVER FIX NUTHIN" or had brand new bathroom cabinet doors ripped off the hinges or received an angry phone call that the dryer was noisy, only to find someone kicked the dryer cabinet and the dented section was touching the rotating drum. You have probably never discovered a man sized hole in the drywall where a tenant was violently thrown into the wall during a fight. Of course, this is all my fault since I am the INSERT RELIGIOUS INSULT HERE landlord. I am going to have a service handle my rentals from now on, as I am done.
School me on rental properties
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Those late night calls are rare. Only one that comes to mind was one at 6am when there was no water, but it turns out that they were fixing a water main on the street so that had nothing to do with me. Too bad she didn't look out the window before calling me. Holes in the wall are pretty common, just a bucket of joint compound. I don't supply dryers so those appliances are the tenant's problem. I know lots of other landlords that manage their own units. If you just have one or two, a lot of landlords have a management company, but after you have 10+, most landlords that I know that have that many units tend to self manage as it really boils down to what is the management company doing for you? They basically just answer the phone. And if they're charging 5-10% of the monthly rent, it's not a lot when it's one or two units, but you're into the thousands or 10's of thousands, then you just answer the phone as that can translate into a thousand or more a month in management fees.
Multi family can get pretty entertaining.
I've seen small block chevies overhauled in the living room, using the carpet to soak up all the oil; hooking with the windows open for everyone else to watch ( dinner and a show - for free ); tenant going off to do who knows what next door leaving the stove set to ignite and a big pan of grease to catch fire, with her small kids left behind ( maintenance man saved their lives - happy ending for them, fortunately ); leaving a turned off and closed refrigerator full of God knows what, except it was for sure not human; helping the cops hold the crazy ( literally ) guys face in the pavement while they're trying to subdue him to cuff him ( when I saw him next in court, he was in shackles and leg irons ) , and all kinds of other um, interesting, events.
There are a lot of crazy people out there. Unless they're a cop, or a landlord, most people just have no idea.
Commercial is a lot less trouble, but struggles a lot more in a bad economy, and things can be vacant for a long time - years, instead of months or weeks.
I've seen small block chevies overhauled in the living room, using the carpet to soak up all the oil; hooking with the windows open for everyone else to watch ( dinner and a show - for free ); tenant going off to do who knows what next door leaving the stove set to ignite and a big pan of grease to catch fire, with her small kids left behind ( maintenance man saved their lives - happy ending for them, fortunately ); leaving a turned off and closed refrigerator full of God knows what, except it was for sure not human; helping the cops hold the crazy ( literally ) guys face in the pavement while they're trying to subdue him to cuff him ( when I saw him next in court, he was in shackles and leg irons ) , and all kinds of other um, interesting, events.
There are a lot of crazy people out there. Unless they're a cop, or a landlord, most people just have no idea.
Commercial is a lot less trouble, but struggles a lot more in a bad economy, and things can be vacant for a long time - years, instead of months or weeks.
Originally Posted By: Mr Nice
I know a guy that lost his [censored] on Section 8 duplex rentals. I almost vomited when I heard his misfortunes and the guy eventually walked away from his properties. The guy lost about $300K in a couple of years.
I couldn't believe the stories he told me, it was very silly for him to think Section 8 was a cash cow. But the guy learned the hard way.
I would say that the merits of Section 8 depends entirely on the local staff adminstering it. One can debate whether or not .gov should be in this business, but a good section 8 staff pre screens the tenants, doesn't refer out the problem ones, approves reasonable rents, and regulary inspects the properties to make sure tenant and owner are keeping them up.
At least that's the way the locals here did it, when I last had any interaction with them. I thought they did a pretty good job.
I know a guy that lost his [censored] on Section 8 duplex rentals. I almost vomited when I heard his misfortunes and the guy eventually walked away from his properties. The guy lost about $300K in a couple of years.
I couldn't believe the stories he told me, it was very silly for him to think Section 8 was a cash cow. But the guy learned the hard way.
I would say that the merits of Section 8 depends entirely on the local staff adminstering it. One can debate whether or not .gov should be in this business, but a good section 8 staff pre screens the tenants, doesn't refer out the problem ones, approves reasonable rents, and regulary inspects the properties to make sure tenant and owner are keeping them up.
At least that's the way the locals here did it, when I last had any interaction with them. I thought they did a pretty good job.
I purchased a dump of house for $100k in a ski town so I could ski. By pure luck it located near a seasonal business that depends on foreign workers mainly in 20's educated who work a summer in US thru an agency. That agency contacted me because it's located near that business, small grocery , liquor store and laundry mat.
I get paid $16k/summer and it goes to pay all expenses and maintenance. The house otherwise would sit empty. The cleaning and fix costs about $1000/year post renters.
I get paid $16k/summer and it goes to pay all expenses and maintenance. The house otherwise would sit empty. The cleaning and fix costs about $1000/year post renters.
Originally Posted By: Win
Originally Posted By: Mr Nice
I know a guy that lost his [censored] on Section 8 duplex rentals. I almost vomited when I heard his misfortunes and the guy eventually walked away from his properties. The guy lost about $300K in a couple of years.
I couldn't believe the stories he told me, it was very silly for him to think Section 8 was a cash cow. But the guy learned the hard way.
I would say that the merits of Section 8 depends entirely on the local staff adminstering it. One can debate whether or not .gov should be in this business, but a good section 8 staff pre screens the tenants, doesn't refer out the problem ones, approves reasonable rents, and regulary inspects the properties to make sure tenant and owner are keeping them up.
At least that's the way the locals here did it, when I last had any interaction with them. I thought they did a pretty good job.
Many landlords like section 8 due to the fact they can always count on the rents being on time.
Originally Posted By: Mr Nice
I know a guy that lost his [censored] on Section 8 duplex rentals. I almost vomited when I heard his misfortunes and the guy eventually walked away from his properties. The guy lost about $300K in a couple of years.
I couldn't believe the stories he told me, it was very silly for him to think Section 8 was a cash cow. But the guy learned the hard way.
I would say that the merits of Section 8 depends entirely on the local staff adminstering it. One can debate whether or not .gov should be in this business, but a good section 8 staff pre screens the tenants, doesn't refer out the problem ones, approves reasonable rents, and regulary inspects the properties to make sure tenant and owner are keeping them up.
At least that's the way the locals here did it, when I last had any interaction with them. I thought they did a pretty good job.
Many landlords like section 8 due to the fact they can always count on the rents being on time.
Section 8 varies to an amazing degree. As already posted, you must check to see if your local office is OK. My first and last section 8 client sold drugs out of my rental. The local cops raided her and found drugs and ammo. My tenant gave up her supplier and was NOT CHARGED. The tenant was then in a huge hurry to move, possibly before the supplier had her killed. I was only too happy to see her gone. Since no charges were filed in return for her giving up her supplier, she can get section 8 somewhere else.
Taxpayer subsidized drug dealing. What a concept
Taxpayer subsidized drug dealing. What a concept
I also know someone who had a Sec 8 tenant. It was only a few weeks after the tenant moved in before neighbors complained to the landlord about loud music and an abundance of cars parked all over the street. A few months later they were late on rent and were booted. Their security deposit didn't cover the damage they did to the property, so he just ate the loss.
It's also not that uncommon for tenants to convert rental homes into green houses for growing (ahem) plants. They do several thousand dollars damage to the house in the process if you're lucky; if you're unlucky, they burn down the house. If you rent out a house, you have to insist on making random visits with minimum notice required by law. Since my properties were multi-fam, it wasn't an issue for me, but my friend (naive first-time landlord) had his rental converted into a grow house. Cost $7000 to fix the damage including major electrical work. On the good side, the tenant was always on time with rent and never otherwise caused a problem or complained about anything. They were ideal tenants -- except for weed-growing part
It's also not that uncommon for tenants to convert rental homes into green houses for growing (ahem) plants. They do several thousand dollars damage to the house in the process if you're lucky; if you're unlucky, they burn down the house. If you rent out a house, you have to insist on making random visits with minimum notice required by law. Since my properties were multi-fam, it wasn't an issue for me, but my friend (naive first-time landlord) had his rental converted into a grow house. Cost $7000 to fix the damage including major electrical work. On the good side, the tenant was always on time with rent and never otherwise caused a problem or complained about anything. They were ideal tenants -- except for weed-growing part
Originally Posted By: Oldtom
Section 8 varies to an amazing degree. As already posted, you must check to see if your local office is OK. My first and last section 8 client sold drugs out of my rental. The local cops raided her and found drugs and ammo. My tenant gave up her supplier and was NOT CHARGED. The tenant was then in a huge hurry to move, possibly before the supplier had her killed. I was only too happy to see her gone. Since no charges were filed in return for her giving up her supplier, she can get section 8 somewhere else.
Taxpayer subsidized drug dealing. What a concept
did local cops paid for your busted door and door jamb?
Section 8 varies to an amazing degree. As already posted, you must check to see if your local office is OK. My first and last section 8 client sold drugs out of my rental. The local cops raided her and found drugs and ammo. My tenant gave up her supplier and was NOT CHARGED. The tenant was then in a huge hurry to move, possibly before the supplier had her killed. I was only too happy to see her gone. Since no charges were filed in return for her giving up her supplier, she can get section 8 somewhere else.
Taxpayer subsidized drug dealing. What a concept
did local cops paid for your busted door and door jamb?
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If you own rental property,NEVER accept sect 8,hud,etc,and make that known in the listing to keep the trash from wasting your time.
Originally Posted By: aquariuscsm
If you own rental property,NEVER accept sect 8,hud,etc,and make that known in the listing to keep the trash from wasting your time.
Never trust anything you read online. This advice would get you a 10k fine in this state for discrimination. It's illegal to discriminate against section 8 tenants by state law. You should know what your local and state laws are when you get into landlording.
If you own rental property,NEVER accept sect 8,hud,etc,and make that known in the listing to keep the trash from wasting your time.
Never trust anything you read online. This advice would get you a 10k fine in this state for discrimination. It's illegal to discriminate against section 8 tenants by state law. You should know what your local and state laws are when you get into landlording.
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Originally Posted By: Wolf359
This advice would get you a 10k fine in this state for discrimination. It's illegal to discriminate against section 8 tenants by state law.
Not here in Tx.
This advice would get you a 10k fine in this state for discrimination. It's illegal to discriminate against section 8 tenants by state law.
Not here in Tx.
Originally Posted By: aquariuscsm
Originally Posted By: Wolf359
This advice would get you a 10k fine in this state for discrimination. It's illegal to discriminate against section 8 tenants by state law.
Not here in Tx.
Yeah, it's interesting that Austin had a law that forbid it, but the state legislature passed a law that forbids it in the state.
From:
http://affordablehousingonline.com/blog/law-aims-to-end-section-8-source-of-income-discrimination/
According to the Corporation for Enterprise Development, as of 2015, nine states – Connecticut, Hawaii, Maine, Massachusetts, New Jersey, North Dakota, Oklahoma, Oregon, and Vermont – along with the District of Columbia have already passed bills outlawing discrimination against low-income renters. Cities and counties that have adopted similar anti-discrimination policies include Los Angeles, Miami-Dade County, New York City, Philadelphia and Seattle. To find out if source of income discrimination has been outlawed in your area, you may contact the local housing authority.
Originally Posted By: Wolf359
This advice would get you a 10k fine in this state for discrimination. It's illegal to discriminate against section 8 tenants by state law.
Not here in Tx.
Yeah, it's interesting that Austin had a law that forbid it, but the state legislature passed a law that forbids it in the state.
From:
http://affordablehousingonline.com/blog/law-aims-to-end-section-8-source-of-income-discrimination/
According to the Corporation for Enterprise Development, as of 2015, nine states – Connecticut, Hawaii, Maine, Massachusetts, New Jersey, North Dakota, Oklahoma, Oregon, and Vermont – along with the District of Columbia have already passed bills outlawing discrimination against low-income renters. Cities and counties that have adopted similar anti-discrimination policies include Los Angeles, Miami-Dade County, New York City, Philadelphia and Seattle. To find out if source of income discrimination has been outlawed in your area, you may contact the local housing authority.
Originally Posted By: Wolf359
Originally Posted By: aquariuscsm
Originally Posted By: Wolf359
This advice would get you a 10k fine in this state for discrimination. It's illegal to discriminate against section 8 tenants by state law.
Not here in Tx.
Yeah, it's interesting that Austin had a law that forbid it, but the state legislature passed a law that forbids it in the state.
From:
http://affordablehousingonline.com/blog/law-aims-to-end-section-8-source-of-income-discrimination/
According to the Corporation for Enterprise Development, as of 2015, nine states – Connecticut, Hawaii, Maine, Massachusetts, New Jersey, North Dakota, Oklahoma, Oregon, and Vermont – along with the District of Columbia have already passed bills outlawing discrimination against low-income renters. Cities and counties that have adopted similar anti-discrimination policies include Los Angeles, Miami-Dade County, New York City, Philadelphia and Seattle. To find out if source of income discrimination has been outlawed in your area, you may contact the local housing authority.
Please add Chicago as a city and surrounding county (Cook County, IL) to your previous list also.
because of that, the local landlords do not use a security deposit anymore and moved to a one-time, non-refundable moving fee about 33% and no more than 50% of one month's rent
also for the ones mentioning Section 8 stigma, the states/entities prohibiting income discrimination also applies to other sources of income:
-HudVash (VA/Veterans help version of section 8)
-womens/domestic violence help/relocation agencies/non-profit
-felons/drug rehabilitation programs (HUD just had some interesting mentions on criminal background checks criterias in April 2016)
-temporary rent help payments agencies/non-profit
-child alimony
-etc, etc.
OP, i would read any publications regarding landlords and renters rights in the area you are eyeing for inventing first. (some are usually compiled on the NOLO website sometime)
also any reviews of local courts handling of these! or have a couple hours in the tenants courts to get the general feeling. it is free education
then re-read the rental classification i posted (A, B, C, D, F) and decide who you want to handle, how and for how long. also include how you want to sleep at night (deeep, no worries or rabit-like/ulcer growing)
another system would be for you (just trowing numbers out of my belly) to flip 4 houses, then use the profits to buy and hold one for you (where you apply all (95%) the renovations for a flip; primary reason/motivation = durability + new stuff/mechanicals; NOTHING FANCY!)
good luck and my advice costs exactly 0.02 virtual money
Originally Posted By: aquariuscsm
Originally Posted By: Wolf359
This advice would get you a 10k fine in this state for discrimination. It's illegal to discriminate against section 8 tenants by state law.
Not here in Tx.
Yeah, it's interesting that Austin had a law that forbid it, but the state legislature passed a law that forbids it in the state.
From:
http://affordablehousingonline.com/blog/law-aims-to-end-section-8-source-of-income-discrimination/
According to the Corporation for Enterprise Development, as of 2015, nine states – Connecticut, Hawaii, Maine, Massachusetts, New Jersey, North Dakota, Oklahoma, Oregon, and Vermont – along with the District of Columbia have already passed bills outlawing discrimination against low-income renters. Cities and counties that have adopted similar anti-discrimination policies include Los Angeles, Miami-Dade County, New York City, Philadelphia and Seattle. To find out if source of income discrimination has been outlawed in your area, you may contact the local housing authority.
Please add Chicago as a city and surrounding county (Cook County, IL) to your previous list also.
because of that, the local landlords do not use a security deposit anymore and moved to a one-time, non-refundable moving fee about 33% and no more than 50% of one month's rent
also for the ones mentioning Section 8 stigma, the states/entities prohibiting income discrimination also applies to other sources of income:
-HudVash (VA/Veterans help version of section 8)
-womens/domestic violence help/relocation agencies/non-profit
-felons/drug rehabilitation programs (HUD just had some interesting mentions on criminal background checks criterias in April 2016)
-temporary rent help payments agencies/non-profit
-child alimony
-etc, etc.
OP, i would read any publications regarding landlords and renters rights in the area you are eyeing for inventing first. (some are usually compiled on the NOLO website sometime)
also any reviews of local courts handling of these! or have a couple hours in the tenants courts to get the general feeling. it is free education
then re-read the rental classification i posted (A, B, C, D, F) and decide who you want to handle, how and for how long. also include how you want to sleep at night (deeep, no worries or rabit-like/ulcer growing)
another system would be for you (just trowing numbers out of my belly) to flip 4 houses, then use the profits to buy and hold one for you (where you apply all (95%) the renovations for a flip; primary reason/motivation = durability + new stuff/mechanicals; NOTHING FANCY!)
good luck and my advice costs exactly 0.02 virtual money
There are also tricks around it. Typically around here, they require a one year lease. So you just do tenant at will. Of course that has other drawbacks in that a tenant can leave quickly and you'll have a vacancy in the winter. Not sure if that hassle is worth it. You can actually just screen them like regular tenants, see if they have good credit scores, references from other landlords etc. I've rented to them over the years, like other tenants, you can get good ones and bad ones, you just have to screen them carefully. I've never really ended up in court with a section 8 tenant, you just tell them that it's being terminated and they just move because they don't want to lose their voucher, same with move outs, I've had them leave the place messy and told them that if they didn't come back and take their trash, I'd report them and they came back and cleaned up. You don't get that with regular tenants or tenants that you've had to evict. The flip side is that you have to deal with annual inspections to make sure it meets code, somewhat of a pain, but I don't really mind fixing code violations. I fix them for regular tenants too.
Originally Posted By: pandus13
...
OP, i would read any publications regarding landlords and renters rights in the area you are eyeing for inventing first. (some are usually compiled on the NOLO website sometime)
also any reviews of local courts handling of these! or have a couple hours in the tenants courts to get the general feeling. it is free education
then re-read the rental classification i posted (A, B, C, D, F) and decide who you want to handle, how and for how long. also include how you want to sleep at night (deeep, no worries or rabit-like/ulcer growing)...
...
I would suggest an hour or two with a lawyer - there are multiple kings that have to be answered to: Federal ( the King of Kings, often with zero sense of humor, a bully mentality, and whose view of a particular set of facts and circumstances may well be different from yours ), State, and local, and then there are the tax implications that an accountant can answer.
...
OP, i would read any publications regarding landlords and renters rights in the area you are eyeing for inventing first. (some are usually compiled on the NOLO website sometime)
also any reviews of local courts handling of these! or have a couple hours in the tenants courts to get the general feeling. it is free education
then re-read the rental classification i posted (A, B, C, D, F) and decide who you want to handle, how and for how long. also include how you want to sleep at night (deeep, no worries or rabit-like/ulcer growing)...
...
I would suggest an hour or two with a lawyer - there are multiple kings that have to be answered to: Federal ( the King of Kings, often with zero sense of humor, a bully mentality, and whose view of a particular set of facts and circumstances may well be different from yours ), State, and local, and then there are the tax implications that an accountant can answer.
Originally Posted By: Win
I would suggest an hour or two with a lawyer - there are multiple kings that have to be answered to: Federal ( the King of Kings, often with zero sense of humor, a bully mentality, and whose view of a particular set of facts and circumstances may well be different from yours ), State, and local, and then there are the tax implications that an accountant can answer.
Win, right as always!
Thank you
OP, this is a good thread! You got good advices all over.
I would suggest an hour or two with a lawyer - there are multiple kings that have to be answered to: Federal ( the King of Kings, often with zero sense of humor, a bully mentality, and whose view of a particular set of facts and circumstances may well be different from yours ), State, and local, and then there are the tax implications that an accountant can answer.
Win, right as always!
Thank you
OP, this is a good thread! You got good advices all over.
Originally Posted By: pandus13
Originally Posted By: Win
I would suggest an hour or two with a lawyer - there are multiple kings that have to be answered to: Federal ( the King of Kings, often with zero sense of humor, a bully mentality, and whose view of a particular set of facts and circumstances may well be different from yours ), State, and local, and then there are the tax implications that an accountant can answer.
Win, right as always!
Thank you
OP, this is a good thread! You got good advices all over.
Yeah, consult with a lawyer in your state to avoid trouble.
Originally Posted By: Win
I would suggest an hour or two with a lawyer - there are multiple kings that have to be answered to: Federal ( the King of Kings, often with zero sense of humor, a bully mentality, and whose view of a particular set of facts and circumstances may well be different from yours ), State, and local, and then there are the tax implications that an accountant can answer.
Win, right as always!
Thank you
OP, this is a good thread! You got good advices all over.
Yeah, consult with a lawyer in your state to avoid trouble.
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Originally Posted By: Wolf359
Originally Posted By: aquariuscsm
Originally Posted By: Wolf359
This advice would get you a 10k fine in this state for discrimination. It's illegal to discriminate against section 8 tenants by state law.
Not here in Tx.
Yeah, it's interesting that Austin had a law that forbid it, but the state legislature passed a law that forbids it in the state.
From:
http://affordablehousingonline.com/blog/law-aims-to-end-section-8-source-of-income-discrimination/
According to the Corporation for Enterprise Development, as of 2015, nine states – Connecticut, Hawaii, Maine, Massachusetts, New Jersey, North Dakota, Oklahoma, Oregon, and Vermont – along with the District of Columbia have already passed bills outlawing discrimination against low-income renters. Cities and counties that have adopted similar anti-discrimination policies include Los Angeles, Miami-Dade County, New York City, Philadelphia and Seattle. To find out if source of income discrimination has been outlawed in your area, you may contact the local housing authority.
Seeing as that's Austin,it doesn't surprise me. My gf's dad has 6 rental houses,has had them since the late 80s. He doesn't accept hud/sect 8 and clearly lists it in his ad.
Originally Posted By: aquariuscsm
Originally Posted By: Wolf359
This advice would get you a 10k fine in this state for discrimination. It's illegal to discriminate against section 8 tenants by state law.
Not here in Tx.
Yeah, it's interesting that Austin had a law that forbid it, but the state legislature passed a law that forbids it in the state.
From:
http://affordablehousingonline.com/blog/law-aims-to-end-section-8-source-of-income-discrimination/
According to the Corporation for Enterprise Development, as of 2015, nine states – Connecticut, Hawaii, Maine, Massachusetts, New Jersey, North Dakota, Oklahoma, Oregon, and Vermont – along with the District of Columbia have already passed bills outlawing discrimination against low-income renters. Cities and counties that have adopted similar anti-discrimination policies include Los Angeles, Miami-Dade County, New York City, Philadelphia and Seattle. To find out if source of income discrimination has been outlawed in your area, you may contact the local housing authority.
Seeing as that's Austin,it doesn't surprise me. My gf's dad has 6 rental houses,has had them since the late 80s. He doesn't accept hud/sect 8 and clearly lists it in his ad.
Originally Posted By: aquariuscsm
Seeing as that's Austin,it doesn't surprise me. My gf's dad has 6 rental houses,has had them since the late 80s. He doesn't accept hud/sect 8 and clearly lists it in his ad.
I guess I should have been clearer, Austin had a law that forbid discrimination against section 8, then the state legislature overturned it by passing a law that said no city in the state could forbid discrimination against section 8 tenants so it's completely legal in Texas.
Seeing as that's Austin,it doesn't surprise me. My gf's dad has 6 rental houses,has had them since the late 80s. He doesn't accept hud/sect 8 and clearly lists it in his ad.
I guess I should have been clearer, Austin had a law that forbid discrimination against section 8, then the state legislature overturned it by passing a law that said no city in the state could forbid discrimination against section 8 tenants so it's completely legal in Texas.
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