Sawyer205
Six Pointer
Have any of ya'll ever used Section 8? They are paying $747 per month for a 2 bedroom mobile home in our county.
Run from section 8 the checks are on time but most of the time your house will be destroyed.
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Yes this is an option. Just not sure how much you can get. I've seen $ 100-400 per month lot rent.We have a neighbour that has about 20 section 8 houses. He likes the guaranteed rent on time, but as mentioned the houses get trashed but for the most part they are in the slums. Wonder how many you have to have before you are a Slum Lord?
The income is lower but have you thought about just renting the mobile home space. Your basic worry will only be well and septic.
Agree... I've heard typically with section 8 the tenant will stay longer and will most of the time abide by the rules as they don't want to loose their voucher....The house gets destroyed with every socioeconomic class. Taking them to court and putting a lien on them is your only option to recoup anything. The trouble is, most renters don’t and won’t have anything to recoup. Now you have lost money and wasted more money on a lawyer. Section 8 sounds like a decent plan. Keep it cheap and plan on a full remodel every time tenants change. If you keep a decent place, you can count on some work after each tenant anyway.
Thanks got the feedback! Glad she is doing well with it.I won't speak to mobile homes specifically but Residential RE...There seems to be one defining difference between people that do well at it, and those that hate it. Those that hate it view it as an investment in the same sense that they view a mutual fund of stock in a company. Those that do well view it as a business, no different than if they owned a Gas Station.
Like any other business, some people are pretty good at it. Some aren't. Personality and personal skills and talents go into that. My Grandmother-in-law owns 20 plus mostly single family homes and is still buying them every couple years. She enjoys it. She has no trouble dealing with tenant problems, doesn't get emotionally involved one way or another. College kids, section 8, anyone else, you name it, she knows how do deal with it. But she has the right amount of compassion and assertiveness to deal with things.
It depends...You can also invite more problems. Harder to get rid of, the tenants don't pay for damages IIRC, and if they break stuff often you have to fix it. It can be a tough game to play. You don't get to play tough like you might with a normal tenant since the Government might giggle at you and say, "Fine, we aren't paying you."Agree... I've heard typically with section 8 the tenant will stay longer and will most of the time abide by the rules as they don't want to loose their voucher....
Roger!It depends...You can also invite more problems. Harder to get rid of, the tenants don't pay for damages IIRC, and if they break stuff often you have to fix it. It can be a tough game to play. You don't get to play tough like you might with a normal tenant since the Government might giggle at you and say, "Fine, we aren't paying you."
The other thing is the inspectors can make or break you. The same LL family member has had a Section 8 tenant in a 1 BR duplex for 20 years. At year 18, the inspector failed the unit (that had been fine for 18 years) for inadequate ventilation/air flow, since the only AC unit was in the bedroom. Of a 1 Bedroom 500 sf unit.
I see a lot of this when it comes to selling just used trailers in general...... I definitely think there are some advantages to this.One option I haven't read, kind of skimmed over them. Sell the trailer, owner finance and rent the lot. That has worked good for us.
Not me personally but my grandpa had upwards of 25 rental properties, all either old homes or mobile homes. He picked most of them up over the years when they'd come up for sale near some of his farm property. I grew up helping him with maintenance on all of them. Hes had plenty of headache, and weve had to evict plenty of them, with tons of trash and cleanup afterwards. But he passed away 3 years ago, and my grandma lives off the rental income from 12 of those now, she pays someone to manage them and my uncles and I help out when/if we can.
If you have the means and are up to it I'd go for it. I plan on trying my best to get a few once Im more financially stable.
It depends...You can also invite more problems. Harder to get rid of, the tenants don't pay for damages IIRC, and if they break stuff often you have to fix it. It can be a tough game to play. You don't get to play tough like you might with a normal tenant since the Government might giggle at you and say, "Fine, we aren't paying you."
The other thing is the inspectors can make or break you. The same LL family member has had a Section 8 tenant in a 1 BR duplex for 20 years. At year 18, the inspector failed the unit (that had been fine for 18 years) for inadequate ventilation/air flow, since the only AC unit was in the bedroom. Of a 1 Bedroom 500 sf unit.
One of my coworkers does. He loves it because you don’t have to chase rent. My dad has looked into it. His consensus, lower monthly rent then the average rental market because they set the monthly rent, but the upside is you get consistent payments.
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Have any of ya'll ever used Section 8? They are paying $747 per month for a 2 bedroom mobile home in our county.
Run as fast as you can. I had a rental townhouse & investigated Section 8 rentals. The road to disasters. Most renter's could care less about your property & have a flock of mini-destroyers.Another downside of that "program", the property requirements can change at the drop of a hat, at your expense.
Why?35 years experience in the multi family housing market and I don't own a single piece of rental property. Can you guess why??
Why?
I've pretty much seen most (not ALL) of the downside from the owners position. Operations are a nightmare and unless you're educated in all sorts of loop holes concerning a tenant and their residency you're ripe for the picking. ONE lawsuit can crumble your castle and ruin you for the rest of your life. There is a reason that apartment rentals are always structured into an LLC or Limited Partnership, and that's to limit/eliminate the liability exposure, pure and simple.
When the sponsoring authority (H.U.D.) is setting you up for failure with their baiting tactics on Fair Housing and A.D.A. do you honestly think for a moment they are a good "partner" to be in business with?? And let's not even get started on Legal Aid and their bag of tricks that they love to use on a landlord. The courts have become so liberal and left leaning that I have seen a judge dismiss a case because he/she "feels" it's unfair to the tenant, to hell with what the LAW actually says.
The minute you become a landlord you have unzipped your pants and offered the world free access...... Good luck....
Glad you're not bitter about it
Congrats....I hope it does well for you.Thanks for the replies.... I close on my first rat hole tomorrow..... one lot with 2 trailers already on the land...... section 8 here we come!
Congrats....I hope it does well for you.
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Thanks for the replies.... I close on my first rat hole tomorrow..... one lot with 2 trailers already on the land...... section 8 here we come!