How to Invest in Section 8 Housing Step by Step (2023)
Вставка
- Опубліковано 1 чер 2024
- Book a FREE 1-on-1 Meeting With Me: forms.gle/Dk7ArrFU2nBJFxnPA
I’m about to completely change how you view section 8 and help you buy your first rental property.
Everything I will tell you about today is the culmination of what I’ve learned from working as a realtor for the past few months. I was in your shoes at the beginning too but I researched and learned from mentors to get my license, and I don’t regret it at all.
This video is an introduction to 12 months' worth of testing and making mistakes in Section 8 by me in order to figure out what works and what doesn't in successfully investing in Section 8.
Links Mentioned in Video:
www.calculator.net/rental-pro...
www.huduser.gov/portal/datase...
www.hud.gov/sites/dfiles/OCHC...
Affiliate Links (I get a bonus):
Chase Freedom Flex: www.referyourchasecard.com/18...
Chase Sapphire Preferred: www.referyourchasecard.com/6f...
-------------------------------SOCIAL-------------------------------
👥 Tiktok: bit.ly/3ThLhQg
📷 Instagram: bit.ly/3ZgBTAu
👍 Facebook: bit.ly/3XifG3y
📚 LinkedIn: bit.ly/3Vl2ji0
📹 VR UA-cam: bit.ly/3ruDxxr
Step 1: Save Money (if u can)
The more money you save, the easier this process gets. You can still do this with little to no money, it will just take more time, potential labor, and luck. We will be using something called seller financing, which means the seller of the house will act as a bank. This makes things a lot more flexible and if you offer good enough terms, they might allow a 0% downpayment.
Step 2: Go on an MLS
An example of this is Zillow. Now lets set up some filters. First, set up for sale by agent and by owner. Then put the price from 40 - 100k. Put 3+ bedroom and pick a state. Ill be doing VA since im licensed as an agent here. I would recommend buying your first property in the same state you live, unless you literally can’t since there’s nothing. Now, its time to pick a property so stick around to find out how.
Step 3: Find a property
Go through the hundreds of listings and save the ones that you think are in good enough shape for you. I would start with FSBO since they might be more open to seller financing.
Step 4: Do the numbers
Plug in basically all your calculations. You can use zillow estimates for taxes and insurance. They are not fully accurate, so if you want a true value I would call the local county or your real estate agent. I would also designate around $300 a month for utilities.
Step 5: Message agent/landlord
You might only get around a 40% response rate from agents. If messaging landlords, it might be higher since it is their personal property.
Now, if you’re doing seller financing, then the response rate might be even lower.
Step 6: Make an offer/Buy the property
Let your agent guide you through the process of making an offer and buying the property since its literally our jobs to do so.
When you’re ready to get to this step, contact me on Instagram or Facebook and talk to me about the property.
Step 7: Get it converted to Sec 8
Now that you have purchased a property, its time to get it converted to Section 8. The main method to make this happen is to call your local housing authority and simply ask them.
Step 9: Get tenants
Look at these things: Personality, current landlord, car, current home, and records
Step 8: Pass inspection
After you choose a tenant, a final inspection must be done before they can move in.
🕘Timestamps:
0:00 - Introduction
0:29 - Disclaimer
1:10 - Precursor
1:35 - Step 1: Save Money
4:02 - Step 2: MLS
5:34 - Plug
6:18 - Step 3: Pick Property
8:16 - Step 4: Calculations
15:46 - Step 5: Message Agent
17:08 - Step 6: Make Offer/Buy
18:27 - Step 7: Convert to Sec 8
18:57 - Step 8: Get Tenants
22:15 - Step 9: Pass Inspection
23:42 - Step 10: Hire People
25:10 - Outro
#rentalproperty #section8 #realestateagent
Disclaimer:
The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other & may be outdated or inaccurate; it is your responsibility to verify all information. This is a UA-cam video for entertainment purposes ONLY. IF stocks or companies are mentioned, Joseph MAY have an ownership interest in them -- DO NOT make buying or selling decisions based on Joseph's videos. If you need advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer/etc. financial advisor, or the appropriate professional for the subject you would like help with. Linked items may create a financial benefit for Joseph. Any use of other media is by fair-use or license only. I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. - Навчання та стиль
Something I forgot to mention is that you can STILL get a loan without things like income history or tax returns. You use something called a DSCR loan. There are 3 main issues though.
1) Interest rates will be 1 - 2% higher than average. Not a huge issue but will hit your cash flow a little.
2) You need to already own a home or something with extremely high value. They need to list something as "collateral" that they can take in case you don't pay the mortgage.
3) The loan minimum is USUALLY 75k - 100k, but if you go local you may be able to find cheaper. If the minimum is 75k, then you will just need to buy multiple homes at once.
To find these loans, do the same thing I recommended in the video. Go call up local banks and see if they offer it.
Hello Joseph, I am loved the video and it was very helpful. I had a question about the seller financing portion. Is it possible to get a term of 20-30yrs without a Ballon payment of a shorter span?
what is a DSCR Loan? and can I use that to obtain my first rental property, I am an Agent just starting to invest I do have a new LLC
I almost paid Tom Cruz $12,000 for this same information. Only difference he was offering to “Hold my hand” to my first 20 properties. So glad I found you instead Joseph. God bless 🙏.
Oh wow, I was about to buy his course this week. Any other recommendations?
@@1karbro just find 2-4 ppl an ya can put ya’s money together N get the course an do things the right way, an its 5k not 12
@@Sofwarriorsdid you buy his course?
@@drake_widecat8371 no I haven’t but i e heard good things about it, i mean how can u loose? It can only help . I think its best to find 4-5 ppl then just put in together on it🤷
How do you know the information in the course if you didn’t pay for it?
I have not watched a better and more straight forward video about how to invest in Section 8 then this one. I NEVER comment on youtube videos, but this video deserved a subscribe, like, and comment. Some golden nuggets in here - Appreciate the content good work.
This is such great info! Thanks for sharing. Can’t wait to watch more of your content.
Thanks🎉... I need to go back and take notes.. So, much information!!!
Great video, thanks for making it.
excellent well explained
Found you from TT. Thank you! Keep up the great work!
thank u :)
A month or so ago I almost bought all this info from T Cruz for $5k the next day when he didn’t see payment from me he messaged me back on IG and said if I wanted to buy it the price was 8k then I found you on TikTok and you just saved me all that money. I bless you with abundance and success beyond measure.
haha thank u! my main goal is to grow this youtube channel for ad revenue so i don’t have much of a reason to make a course
@josephkhaterirealestate wow that's a 💎
I was thinking of the T Cruz route here soon. Glad I found this
How do I contact you directly ?
5k is a lot for an unproven method
Awesome video thanks 🎉
Great Video!
Thanks for not trying to sell me something lol. Been wanting to get into the game but finding mentors/actionable advice is rare.
Loyal new follower!!
Great video!
You've got my attention and sub.
Thank you for the information. Great video.
Hi, Joseph, Thank You for the free information. I am in California. I have My real estate license here and I am looking to get into Section 8 housing investments.
Wow you provided some really great value here! Thanks so much for all this information it will help me a lot on my journey.
Great content, and is very well delivered.
Much appreciated!
Great video man I'm just getting into the real easte arena and section 8 seems like the way to go. Thank you for the information I appreciate it!
Thanks for putting time to make this Video Joseph. I live in Glen Allen, I would love to work with you on my next property.
DM me on instagram, tiktok, or find my number online! I would be happy to work with you
Excellent video, I’m new to real estate investing and I think I’m going give this a shot….However- I was thinking renting to section 8 by the room. Also does matter to sections 8 if it is a conventional loan or a hard money loan?
Thanks again - I subscribed and liked 😊 I’m looking forward to your future videos
And By the way I love your kind heart and your positive attitude towards people not so fortunate. They absolutely are people too!
We need more people like you in this world!!!’😊
this is one of the best videos i've seen. Thank you!
You’re awesome dude thank you
Very informative, but I’d like to ask Mr. Khateri about the inherent problems and expenses associated with section 8 tenants. The “net income” wouldn’t necessarily be what is shown on the Excel sheet at all. I’ve had Section 8 tenants utterly trash the house and then the city/county refuse to cover the expenses (citing this-or-that disclaimer). The rent is reliable, the tenants definitely are not. How does Mr. Khateri work around that problem? (NOTE: I’m including this edit as the latter half of this video shows how to properly screen a Section 8 tenant to minimize the possibility of a destructive tenant)
I’m in ALEXANDRIA,VA! Great info!
I have friends that are in section 8 as well. Very nice and ethical people.
Great Video. Some of the tips were similar to the tips from the “section 8 bible”. One other thing I read about is removing features that aren’t necessary for passing inspections since they can fail you if they break!
i actually mention in a few of my tiktoks that the Section 8 Bible is where i learned some of this from, i’ve read it a few times. The only issue i have with it is that i believe they are basically slumlords, so i didn’t want to mention that you can start removing unnecessary objects. That’s a slippery slope into becoming a slumlord
Thank you! That was some valuable information! Not selling snake oil like the rest of
Can you go into further buying process.
Good vid bro
I subscribed bro instead of a 80-100k car or my first house here in california im looking into buying one in texas or arkansas as ive been looking and doing research latley i defiantly subscribed great info for someone who wants to get into this and also i follow tcruz also and i saved myself money 🤝
Is cruz legit bro? Wats your ig so I can follow u G, i follow
Cruz as well
Bro I love this video. Very well explained and inspirational. will contact very soon.😤
Thank you for the video. I am currently in uk and will be relocating to usa by 2024. I will contact you for my first proper and subsequent ones. I will be going to Charlotte, NC though and I’m interested in house hacking and BRRRR. God bless you
Great Video!! I’ll be contacting you in 2023 for my first investment property.
Sounds great! I’m not sure there are any other websites that haven’t been linked in the description, but i’ll update it if i start using a new resource
This is excellent
Thank you!
love it
Thank you for creating this video. It is extremely helpful. I have been thinking of purchasing a second home with a very limited budget and rent it out. I do not know where to start until I watched your video. Keep them coming please!
Thank you very much for the support!
I have been wanting to get in to renting section 8 but I don't know where and how to start. I would love you help.
Hey I wanna reach out to you about exploring some options for this!
How do you pick a tenant from out of state? Lot's of PM companies don't deal with section 8
Just subscribed! Can you be a sec 8 participant and purchase a home to become a landlord? Still don’t know the ropes on purchasing a home as a section 8 participant. In regards to my licensing, is a license needed to be an investor?
Wow just incredible. Clear concise information thank you! Just to share I’m on section 8 I’m a young mom of 1 and I’m very grateful it exist as I lost his father to gun violence however I have big aspirations to own a building one day and rent it out to others it really seems more possible than ever subscribed and inspired✨
Happy I could help! Feel free to DM me on Instagram, Facebook or LinkedIn if you need any assistance or have any questions!
Absolutely amazing video and effort you put into this one brother. Big respect and luv my man- 💯 Eric Spofford has a newly released Sec. 8 turnkey program for $15k per house brokered in Ohio where he fully established with all his team etc and 2 doors for 28k all the way up to 200 houses etc. I am still debating doing it he does all the work has it ready then changes title over into my name (or whomever does it) but I wanted to do my own locally in Oklahoma where I still live right now and learn the process and get a few under my belt to collect monthly income on. This was SO helpful man. Now I can do both and still pave my own path and then commit to his program also if I want to follow thru. Keep pushing out this great work brother- Such a W!
Can you go any higher than 4 bedrooms for Section 8? I noticed that the Fair Market Value caps at 4 bedrooms. But, I'm looking to possible rent out a 6 bedroom house.
Let’s go!
What website did you use or recommend for finding that section 8 waiting list?
With seller financing would you be having them financing the entire cost of the home? Do you refinance soon after purchasing the home and pay off the seller finance?
Dear friend.
I am ready to get my first property. Very excited need all the help I can get.
I am in NY tri state area.
Can you help me?
I trust you and that’s says a lot because as you know was I scammed before.
Many thanks.
Alan
I want to do this!!! Do the tenants mess up your units? I don't use tik Tok Please help me learn.
Hello, nice to meet you. Thank you for the video. See I want to venture into so side jobs this upcoming year. And I found your videos. I don’t have enough money saved to go with the first financing option. So second one it is. I live in Maryland and can drive to northern va if you can help me. I don’t know anything about real estate so I would like any help I can get.
Hello Yolanda, you don't need to drive that far to meet me. I do plenty of online meetings over Zoom. DM me on Instagram or Facebook and I can help.
Great BS free video thank you man
I wonder if you can help me in south Florida 🤔
Really helpful video! I live in Southern California and have ~$15k to spend so I have to look out of state unfortunately! Do you have info on the best section 8 states to look at? I was thinking Ohio but wanted to get your input.
Again, extremely helpful video!
OH, PA, VA, WV, NC, and SC have been the main hotspots for this strategy. I recommend looking on the outskirts of cities.
Great video! 2 questions, is the wait list for landlords or tenants? And is the landlord or tenant responsible for furnishing the property?
Thanks!
1) The wait list is for tenants. Most places have a shortage of landlords providing housing.
2) Tenant is responsible. Landlord provides an empty home, except for things like the fridge, dishwasher, etc
Hello I am an investor from Chile and looking to buy 18 houses. do you provide service to evaluate the project?
how do you calculate your property tax and total insurance you just skipped it
What if the property is Rent controlled?
Joseph- How are section 8 payments decided for renting apartments? Are they the same as renting a whole house?
I've never dealt with apartments before but I would call your local housing authority and ask them
Do you happen to know a realtor in north Dallas area who is familiar with section 8?
Can you hire a property manager and have them manage the contractor and make sure everything gets done?
I live out of state in this question
Yes, it will cost $$ though
Yes, they usually take 10% of the rent though.
For anyone wondering a town with less then 1,000 people is not a good idea to buy for section 8
anyone knows if this works in europe?
Why would you pay the utilities? You won’t be able to make any real cash flow if you are covering utilities. This is based on my own section 8 experience. I’m just curious why that is your approach?
I got nothing under 100k in all colorado
I have a nonprofit organization. Our mission is to empower single mothers through traditional housing and life skills training. I am looking for housing now, I was looking at tax bond partnership it’s a lot of work and I haven’t gotten any where yet. This is way more doable. I will take your advice. I’m in Atlanta do you have any connections here?
Hi any landlords in here??
i’m in arlington we gotta partner to get the most section 8
Any other tools or sites will be appreciated
a lot of lenders have a minimum loan amount of $100k
I have over $500,000 dollars to invest and I plan to be a full time real estate investor, BUT do you recommend getting my RE license to get a better understanding of the field and side money?
i think getting your license and working at a brokerage would be a great way to learn the ropes, the issue is you either need to pay a lot of fees/subscriptions for good mentoring or u pay a little and get almost no mentorship
Yes government will make you rich.
Isn't making money off of section 8 house a tax return?
New sub ⭐ there are homes in sell in my state *I don't have social media " I need to reach you some other way ,🤓
If you google "Joseph Khateri, Realtor" you will find my google page and can give me an email or call
I appreciate that you are telling us info for free. I joined a tom cruz webinar and he treid to sell me a $5k program! Which is obsurb wen theres no guarantee it will work.
3.5 % down on an investment property? Committing mortgage fraud?
Did you really say ignore the credit report??? The foolishness on the internet at times is nauseating
Great video. But you have to make your bed, Joseph.
ahhahah a8 subscribers jajajaja its all good, man humble beginings, keep ur self humble buddy
Your returns look great on paper but the reality is, you are doing 20 years of management to get it, it’s on a small sum to begin with and the more capital invested the lower your returns will be. No one cares about making 40% a year on 50,000 bucks and it is a full time job. I make 100k a year at my day job. Once you pay a property manager and actually scale, calculate turnover, you’re doing more work to make probably less but at the most, barely beat the S and P.
U are forgetting these property’s are building equity and are appreciating tho an you are able to write off things. Its more than just about making money from tenants, think bigger picture
That house will never be 160k...come on dude😂.
It's a mobile home.
Very Nice Video Here. One Question|:The HUD Permit Rental Under the LLC I ask this because I have the LLC in WY and properties in 4 States Under my Holding in WY.
How do i contact you? Need you for your market
Contact me on any social media linked in the description
What do you think about eric spoffords section 8??? Is he legit??
Bs.
How? I literally showed you a step by step guide from beginning to end and have helped dozens of people do this exact strategy
@@josephkhaterirealestatemaybe how is because this is a method that is used to steal people benefits assets, homes on land for the people, this is being used improperly making profit for payment while people end up having assets stolen and end up homeless, is maybe why dragonsbreath1468 said Bs😪 . And the thing is they are paid to fulfill the contracts, and still steal through their business subcontracting for the federal government while busy lying to them as if the process they do to provide housing, which is supposed to be the goal, the process they do, actually violating the people and the law. Is straight Bs when the results are turning people into criminals and whatever else they say about the people when they are ready to cash out, the directors employed who were trusted, who were people like you just thinking it’s to make a profit, maybe don’t really read and comprehend the order of people to business to federal to state to business to people order…. Which is how it ends up being g Bs… yet if done properly no harm to the people, may be a good thing as our ancestors may have intended and left for our benefit. If done properly would not be Bs. The way it is that you describe, leads to Bs. Others forgetting why they were trusted to deliver to the people and protect not lie to the people as they steal and if you don’t do something their way even if it’s not to the best for you , they somehow find a way to threaten you every step of the way while you think your just getting a secure place to live, their just waiting for any excuse to throw you out after they get all they are ok with stealing from you from not reporting your income and keeping it for themselves which is the profit income they claiming, instead of doing the return. They misinform you intentionally which is Bs, Especially when you’re told getting section 8, it’s the only way to get a place if you want to be able to afford a place to live just so they can get your information to do what they want to make themselves a profit. I can only imaging why anyone would think to say BS. I hope you understand to comprehend the truth 💓 This is why we truly need 💓 A better people for a better world💓🙏🏾💓☯️
Awesome video! Keep up the good work… 👏