Section 8 tenants

[Hooti]

My family owned rentals... I grew up with that.

One key is to build/buy them with your own money, so you are not required to met quotas, etc.

Another is to live on the property and watch it, and they know you watch it!

Another is to not use leases. That gives all the legal power to the tenant. In over 50 years we have only taken people to court twice.

Oh course there are some bad ones. One was a chief of police who stole everything down to the light bulbs when he left.

Our HUD tenants are among the nicest... and more interesting tenants.

Our preferred market is seniors, and we live in a rural area. Our average tenant stays with us 7 years.

I do know our experience is not typical. I do know lots of people who have the difficult experiences you describe. Being a landlord is not for most people.

 

[fhl]

Quote from Clubber Lang:

He made the decision to rent to section 8 people.

Many owners just think of the big checks (compared to what he should be renting it for) coming from the government every month. Not realizing that-

1) They have animals moving into their nice home

2) The neighborhood property values will plunge

3) The crime rate will soar

So honestly, its hard to feel bad for him when he pretty much screwed over the neighbors and surrounding community with his decision.

I mean seriously, what the F did he think was going to happen?

I kind of agree. He stated several times that it was a mint property before he rented it and i can't figure out why someone would rent out a mint property under section 8.

I guess there's a reason why there are slums and slumlords. They apparently know what they're doing.

 

[AAAintheBeltway]

I didn't watch the whole video, but most of the damage looked cosmetic to me. I would imagine a few thousand to repair it. For all I know, HUD is responsible for damages.

The yard looked terrible, but it is a few hundred buck cleanup operation.

 

[Lucrum]

Quote from AAAintheBeltway:

I didn't watch the whole video, but most of the damage looked cosmetic to me...

You may have missed the buckled wood floor on the main level and the huge hole in the floor on the second level. Also at least one major kitchen appliance was A.W.O.L.

 

[gwb-trading]

Quote from Lucrum:

You may have missed the buckled wood floor on the main level and the huge hole in the floor on the second level. Also at least one major kitchen appliance was A.W.O.L.

Actually it sounded like all the moveable appliances were missing - washer, dryer, etc.

 

[AAAintheBeltway]

Quote from Lucrum:

You may have missed the buckled wood floor on the main level and the huge hole in the floor on the second level. Also at least one major kitchen appliance was A.W.O.L.

I saw some of that but really, what does it cost?

I'm not excusing the damage, but anyone who rents out houses has to deal with this kind of vandalism. Put in people who are getting it all handed to them for nothing, and surprise, they don't give a crap.

I feel sorry for the neighbors, not so much for the landlord.

 

[PiggyBank]

Quote from AAAintheBeltway:

I saw some of that but really, what does it cost?

I'm not excusing the damage, but anyone who rents out houses has to deal with this kind of vandalism. Put in people who are getting it all handed to them for nothing, and surprise, they don't give a crap.

I feel sorry for the neighbors, not so much for the landlord.

AAA, dude that house was totaled. bullet hole in the window. floor warped so bad that the front door can't close. gaping hole in ceiling. mold/garbage everywhere. stained rugs. holes in walls etc. also if you look at the pics beforehand, it seems like this tenant stole the fridge, stove (and replaced with a p.o.s), the furniture.. well everything that wasn't bolted down. total destruction bud. I would lose my fucking mind if that was my place, the bitch tenant belongs in jail.

I agree with whoever said he deserves part of the blame, you rent out to section 8 and have the taxpayers paying you most of the rent, like that's a charitable act. i also agree with you that people don't give a shit about things that don't belong to them, ESPECIALLY when they are given to them for 'free'.

 

[wjk]

Quote from PiggyBank:

I agree with whoever said he deserves part of the blame, you rent out to section 8 and have the taxpayers paying you most of the rent, like that's a charitable act. i also agree with you that people don't give a shit about things that don't belong to them, ESPECIALLY when they are given to them for 'free'.

For a second I thought you were talking about our politicians in Washington. Same difference, no?

 

[PiggyBank]

Quote from wjk:

For a second I thought you were talking about our politicians in Washington. Same difference, no?

pretty much, they are the root of this problem as well. you know the tenant in this case is going to another house to ruin, instead of a jail cell where she belongs.

 

[blah12345678]

Having been a Section 8 landlord, I can tell you that the quickest way to get out of the real estate business and seek greener pastures is to rent Section 8.

Yes, the rent gets paid, but at the end of the year, all your supposed "earnings" go back to fix up the house for another loser that trashes it.

If you're itching to get into real estate, flip good houses in good neighborhoods (you won't be able to rent them because the rent will be lower than the mortgage - if you can get one), or go commercial (apts or strip malls,etc) in good neighborhoods in the growth path.

Otherwise, real estate isn't worth it. Especially since the '60s, real estate has merely stayed even with inflation. You don't get rich owning real estate. You just have the illusion of becoming wealthy.