Are Investors Buying Single Family Homes?

Hello totalfreedomint, As for your question are investors buying single family homes, yes investors are buying everything they can get there hands on in this market. Multi-family, single family, hotel/motels anything they can buy low sell high or hold onto for income. So my suggestion to you is, get in the mix and go for it. Start investing in single family, multifamily whatever you feel comfortable with so you can start making money. If you haven't read Dean's books get started and follow the steps he's laid out for you and you'll be well on your way to financial freedom. Hope this helps. Happy Investing!

Tricia
Never give up always strive to get up! Remember a family that prays together stays together.

I would think you're better off investing in multi's especially living in the State of Massive Property Taxes lol

If you have two tenants and one leaves, you'll still be bringing in income to lessen the burnden out of your pocket

If you're talking about EO or Irvington, I say go with working tenants as a first option, working section 8 as a backup. If Newark, section 8 completely

Tricia and elixbrown, thanks to both of you. There are definitely areas that people would love to still buy houses in West Orange, South Orange, Livingston for example, but you are right as far as property taxes.

I've always heard about Section 8, but what exactly is it and how does it work. I'm interested in learning the right strategies to do assignments out here. Thanks for the wisdom.

Deshone

is a state funded program that assists in housing lower income people who either work, which would be called 'Working Section 8', or the basic section 8 program, which is SUPPOSED to be for people in transition from a short term financial situation. Two things;

1. Working section 8 should be the only option for tenants you use. There are people on general section 8 who have been on it for multiple years and don't plan on getting off; these are the tenants you do NOT want.

2. I suggest you do some serious research before you move forward especially if you're thinking about this

Hi totalfreedomint, You're welcomed for the advice. As for section 8 it is a program by which the government will pay seventy percent of the rent and your tentant will pay the other thirty percent. But check with your states housing authority to find out what they pay. This could be a good thing for you. I'm told they pay like clock work on the first of the month. But you must make sure your properties pass their inspections. You just need to make sure your properties are in livable conditions. Some people like to be slumb lords and want the housing authority to except their properties. Where I come from the housing authority is very strict on what they will allow on their program. In order to pass the inspection just think about the type of property you would like to live in and make sure those standards are reflected on your properties. I'm told the housing authority can be harsh but if you follow their guidelines you should be off and running within 30-60 days after the inspection. As for my state you must show you own the property before they would consider letting you put your property on their list. Check with your state's housing authority and see what they require. Goto: (your state housing authority.gov) to get the required information you need so you can get the ball rolling. If you need more information or help don't hesitate to ask. Hope this helps. Happy Investing!

Tricia
Never give up always strive to get up! Remember a family that prays together stays together!

Great advice once again, you two. After all of this time, its great to see how Section 8 works and the details about it. This will surely be something that I explore once I start buying properties to hold. Right now, I'm focused on assignment of contracts. I NEED THE CASH NOW!! LOL!!

Best Wishes

Deshone

Yup Investors are Buying up Loads of any type of Property from Single Family Homes , To Hotel's , Duplex, Triplex , & more .

I have 4 Buyers & All are wanting Homes , & Triplex's & Shortsales , REO's & more

I have Assignments , BirdDogs , & Note Deals to do .

I agree that with the high property taxes in Essex County I would go with a multi-family. Starting out, I would go to the "Hilton" Section of Maplewood or
the boarding town of Union; there you can get a more reasonablly price single family house that will cash flow & is a good "bread & butter" type of area that will bring high appreciation when the market turns around. Gary & Jill

Hello Totalfreedomint, I agree with elixbrown about the two types of section 8 tenants, but do you realize there is a third type? There is a program that allows section 8 tenants to become homeowners. Check your state to see if they have this program available. I know in Vegas & Cali this program was available unless our wonderful president canned it, hope not. As for your long term tenants you may want to try and persuade them towards this program or just keep them as your guaranteed income. Personally I would'nt get rid of them unless they are destroying my properties. As long as they're paying their rent and keeping the property intact why fix something that isn't broke. And if you have tenants that never want to get off section 8 it's not gonna hurt you it's only hurting them. As long as they continue to pay why not enjoy the monthly cash flow. I'm sure some people won't agree with me because it is about supporting section 8 tenants with our tax dollars, but that can be fixed by creating a fund that they pay into each month aside from paying rent giving them an opportunity to pay back some of that money they are using, remember a little goes a long way. So on that note please stop kicking section 8 tenants, everyone needs a break and have to start somewhere. Sometimes people get stuck in a rut and need a little direction to move forward, give your long term section 8 tenants that push they may need. Another idea if you decide to use this program you may also consider offering you're tenants a lease option which will allow them to rebuild their lives and set themselves up for home ownership. Keep in mind everyone on section 8 isn't trash, there are good people on the program that don't have jobs but have the dream to better their lives. Never judge a book by the cover if you open it you may find a nice suprise inside. Anyway hope this helps again. Remember to stay focused, don't follow your dreams CHASE them. Take care. Happy Investing!

Tricia
Never give up always strive to get up! Remember a family that prays together stays together!

By all the reports that I have looked at in the last couple of months, the trend is moving to buy and hold multi unit props. One large investor that I know of in Colorado is concentrating on multi props only...Jan

How can someone invest in other states outside of there home of record.

Thanks
Millionaire to Be

I have homes out of state and my mortgage payments and utilities and tax bills come to NY

You just buy where you want