How to Succeed in Section 8 Investing with Tom Cruz
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- Опубліковано 13 гру 2021
- Connect and learn more about Tom Cruz
➡️ / tcruznc
➡️ / tcruznc
➡️section8formula.com/
Tom Cruz is a 33-year-old real estate investor from Wilmington, North Carolina. He started real estate in 2012 by doing wholesaling. Completely funded by his partner’s downpayment, Tom built his portfolio with single-family Section 8 properties. Years ago, he and his business partner bought 100 units for $6.2 million. Tom stabilized the portfolio and two years later, they sold it for $10.2 million.
Tom used the Section 8 program to grow a successful business and he has a pretty incredible story! In this #TechandTacticsTuesday episode, Tom will talk about the Section 8 model and his partnership structure. Listen now to learn all about it!
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#techandtacticstuesday
Section 8 was the only rent income my Father saw during the pandemic.
Best in the business. What a genius RE investment strategy. I love how his target is $600/m cash flow and the down payment + Reno on a 60k property is VERY DO-ABLE
This guy is dope. Found him on TikTok and been hooked
whats his tiktok
@@nayalwoods tcruznc
Same
Did you get his course?
@@dean7673notice you didn’t get an answer. I am interested in the answer to this question. Because I have been considering it.
Whitney is asking great questions😀
I appreciate this video thank you
Great interview! I follow Tom on TikTok and hope to grow a portfolio as big as him one day.
whats his tiktok
@@nayalwoods tcruznc
great pod!
Very interesting discussion
Can you use mobile homes for section 8?
Awesome interview, this guy is incredibly smart.
Thanks for the nuggets Tom! Do you have an application that’s available to be purchased to use for the future section 8 tenants by chance?
just go to the housing websites in your town
Great video
What counties are good in Indiana for section 8?
Great interview. Love Tom.
Glad you enjoyed it!
wondering,.. would you say section 8 investing is better or easier in lower COL areas? my hometown is super low COL, but i moved and currently live somewhere where the avg house price is about 6x of what it was back home. way more difficult if not impossible to section 8 invest out here or get any kind of cashflow, but running some quick numbers, looking like its WAY more attainable back home....
It’s 4am in one of those ‘hometowns’ that you think of and it’s getting to be WAYYY MORE idealistic with the way expansion is going through my area
Awesome interview, this guy is incredibly smart and top tier at what he does.
He truly is! Thanks for watching!
Quick question is it ok to cover mold with 123 primer on plywood and they paint over it and me to stay in home??! Please come to California Gilroy please !!! I need this man to do a better walk through please 🙏🏻
No one knows the severity and cause of the mold. In minor cases it can be possible but get rid of the source. Kill the mold then use the primer to help get it ready for paint. Main thing is get rid of the source
How did you put your first purchases as LLC , s Corp?
Take legal and financial advice from only professionals. I’m only giving my take based on what I learned and In my experience.
You wouldn’t start off as S Corp unless you were immediately profitable. The point of S corp is to protect a large portion of your company revenue from the “self employment tax.” Which is 15.3% as a default llc, all of your company income is taxed as a sole proprietor across the board. So all of your income is taxed at 15.3% on just that specific tax. As an s corp only the “reasonable salary” which is a W2 type arrangement is taxed at 15.3%. So only the income that you take as an owner draw if you’re the only member on the llc will be taxed at 15.3%.
However, now this is where it gets pretty interesting. Passive income is such as rental property income is NOT subject to that 15.3% tax at all. So there is no real need to go beyond a llc default tax as a single member owned llc. You’ll still need to pay federal and state taxes, but no self employment tax. I hope this is helpful. Feel free to check up on all that information.
I’ve heard ppl say his course is a scam, & doesnt have that much value. Has anyone else had that much experience?
I've never heard of anyone going to a prospective tenants current unit .
I've heard 2 different investors say to do it.
Apparently, it isn't illegal
I was working full time. Got section 8. My one bedroom rents was $2,100 and my portion was $1,200. Having section 8. You may still pay what’s market value in other areas other wise. Housing is NOT FREE.some folks mortgage is cheaper than my rent with section 8. FYI. I’m just saying.
yeah it’s dependent on the area you live in, market rents change all over the country. Also dependent on how much the tenant makes
Wow $2100 I’m guessing you must live in California or New York ?
Why doesn't he discuss how section 8 homes go through way more rigorous inspections?
I don’t think rigorous is an accurate description. A basic inspection would be more accurate
lol I have a couple section 8 houses it’s not that big of a deal and it’s definitely worth it
Great interview but your both talking super fast. Did you record and post it with 2x speed? Hmmm.
Sorry about that. It's on normal speed. Have you checked your settings on the playback speed here on UA-cam? It might have been set at 2x speed.
I would keep my free government houseing,all my life...
This video is great, some of the opinions of the guy you interviewed certainly didn’t age well heheh
Name some
It's meant to stay a direct deposit. Butler 💂
Treasure (office building) Department of Motor Vehicle.
Residents
Signature
If this is the way to go, then why dont everyone do this section 8 rentals
A ton of people do.
Because of the horror stories about poor tenants. Tom mentioned aggressively vetting applicants. That is key. Very very important.
"interests rates continuing to stay low" lmao
What is PL 73.10 in this ? State law 333 ? In lieu of all of these llc's ?
This is cool and it's a good idea The only problem is even bad houses and bad neighborhoods when up like $50,000 even in crappy towns they're now 125,000 175,000 dollars
Completely incorrect. You haven’t done your homework if this is your view. I scooped up a 10 unit bundle in Ohio for 60k a unit in January.
im in a better apt program then section 8 my program pays higher rent i love the new apt in the new building the arabs rented me our government pays for new stove new fridge central ac central heat everything works except me my program is only for people on ssi or ssd
What's the program you are on called?
@@supoashafa easterseals there are many different programs they are for disabled people
Mike is a lie
@@automotive.project your lie bores me go troll some one else
@@automotive.project your jealousy makes me feel good
I don't know what you talking about models and all of that I know that section 8 has these homes and they run by government programs so I haven't heard about that one grants so why are you putting your money into it I don't understand
Tom Cruz, eh!? I look like Tom Cruise. But not Tom Cruz
Bro that is not Tom Cruz he has you fooled!
No chance in hell would i ever buy a section 8 , junk with the worst troublemaking goofs as tennents