I Bought Section 8 Rentals... in Detroit!
Вставка
- Опубліковано 27 сер 2024
- Let us help you invest in your first real estate deal out of state: offer.flipsyst...
In this video Antoine will be sharing how he finds section 8 rental properties for sale in cities in the midwest like Detroit and St. Louis. You can use these strategies to find your own deals out of state right on the MLS.
I've got a triplex that will cashflow 15%
$3750/month, 100% section 8
love it, good for you!
I put a section 8 renter in my first rental home. They trashed the place, cost me a fortune in repairs after they disappeared. I sold the house at a loss and never got into residential real estate investing again. Not for me.
Take a different approach real-estate can be very beneficial in anything just because the first try failed doesn’t mean the second try will find a better city or market.
@@evandru3606 I took a different approach. Got into commercial real estate instead, and I love it.
You probably didn’t do proper screening of renter
@@Junkhomebuyers You’re probably right. I couldn’t get the amount of rent that I needed from the open market and I was losing money & needed a tenant pronto. I got excited because the section 8 family could pay more than others, and I trusted my management company to choose a good tenant. I definitely could have & should have been more hands on. I suspect that most section 8 tenants won’t pass a rigorous screening, but maybe good ones are out there.
@@markroberts8975yup all correct. There are GREAT People on the program if you screen. Background, credit and go view there currently occupied property. Majority of them will be good tenants because they dont want to be kicked out. You get better people usually if more elderly, which alot of folks dont consider. You have to self manage i would say the first 10-25 before you hire someone inhouse to be a manger. Use a 3rd party company as last resort because they just wont care like you do. Someone who works for you or a VA is better. Also you should never sell at a loss. You could have sold owner finance to someone who cant get a loan. Maybe thats a better strategy for you, by cheap houses that need work and sell owner finance. No tenants to deal with, your are the bank and sell on contract for deed. Basically they pay you every month and deal with the headaches themselves
love seeing new Detroiters come in to the market, I was told by an older man that Detroit ranks high affordability for retirees . avg income is $36,000.
Detroit rocks!!
If u like murders/drugs...
Cool section 8 deals. I’ve done it so much.
Nice video!! Thanks for sharing the strategy 🤩
🎉 Just mind blowing--so clear--thank you!
How long it takes to find section 8 tenant, inspection, etc after closing the deal at Detroit. Still have to pay Mortgage, Property Mgt, Weekly security cost, etc
Very informative video. Thanks for sharing.
have you ever though of doing seller financing instead of going through a bank?
How can I get a link to that calculator tool you have?
Simply wondering, what reasons, besides a senior tired landlord, could lead to a landlord selling their passive income section 8 rental property?
Mega entitled tenants.
It could be many reasons: Maybe they want to 1031 it for something bigger like a multifamily, or maybe they have a kid going to college, or maybe they want to travel around the world on a luxury cruise....there are many reasons...some people use real estate like stepping stones. They are great assets with flexibilty.
First time watching this video in late June…. Want to know what’s funny? That’s my property, the Longview st. Closed on it on February 20th. Btw I bought two properties in Detriot ($60k amd $65k) and the closing cost is usually around $8,000, nothing more. Both times I brought up the high closing cost, but was told that because the property value/cost is so low, they have to charge $8,000 minimum. Otherwise they aren’t profiting. They said that if I bought a higher value property that the cost would be the same up to a certain point. Than after the point, it’ll increase.
Thanks for the video! New sub here. My question is - as an Entrepreneur where do you get medical insurance? That is my fear of not breaking out of the 9-5 cottonfield.
Does section 8 pay by the bedrooms based
on tax records OR what the property actually
has when they come inspect the home??
I see homes I want to buy that say 3 beds on
the listing but tax records say 2 bed.
Please help. Thanks.
Martel you mentioned you were able to get loans at a purchase price for $60k - What lender do you use?
Dude That’s the dirtiest of the rigs
Those air force sandals are the most hipster thing I've ever seen.
If you are buying rentals in Detroit please check-in with me. You will need to be a free member of landlord nation. Don't rent to anyone until you check our database.
How can I contact you
@@sheruns8579 amw mysight net
Lmao