OfflineHello, Hope all is well
I'm ready to make some purchases, but before I do I would like to get feed back on your opinion in buying a house in a not so good area? the FMV is $80,000 and the house are being sold at $20,000... I see it as a great cash flow opportunity and rent it out to section 8 which is government housing program.... What do you think?
Thank you
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You may want to check with your local HUD section 8/housing voucher) authority and inquire if they have a waiting list of eligible people in the community where you are thinking about buying a rental property. Also, ask about the approval process to see if your properties would qualify and what is involved with the property inspection. The more information you gather the more you may determine you have an opportunity. Good luck on your deals. Believe and Achieve!
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Hi Mlopez,
This sounds like a killer deal to me. I would rent it out also. Section 8 is guarenteed money every month. I would also use the equity to purchase other properties. Just make sure your rent covers the mortgage of the appraised valueand in hopes give you a positive cash flow every month. Section 8 have guide lines to what they give for a certain number of bedrooms when renting. Or just turn around and sell for a quick profit, minus any expenses to fix it up. Much success with all your offers............
Sincereley,
Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"