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Registered
Join Date: Jul 2003
Location: Valencia Pa.
Posts: 8,860
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Landlording eats it right now.
Section 8 tenant has not paid her share in 6 months. She is angry at me , because I will not replace a 7 month old piece of carpeting that she destroyed, so she turned me into s8. They did a surprise inspection and found a bunch of nitpicky violations.
We are 18 days away from mailing out the non renewall of her lease. I messaged the tenant last week, and was scheduled to go down there Saturday morning to make repairs. She confirmed. I missed work, loaded my car up with tools and supplies, drove the 45 minutes down there, and she would not answer the door.. I stood there pounding on the door and windows for 25 minutes and left pissed off. Notified s8 this morning, and they basically informed me , that if repairs are not made, buy the due date ( this thursday) they will cancel future payments . I still cannot evict till Aug 1st, but I expect that our Gov will extend that out even further . Have another tenant that says she has contracted covid, and will not be paying . and another tenant that lost her second job, and is also falling behind 2 months now . Last year, was the first year that we have been really profitable. My wife and I worked our asses off to make it happen. There a ton of protections for tenants.. Fk the landlords. Can this stay in OT?
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No left turn un stoned |
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Registered
Join Date: Dec 2005
Location: Mount Airy, MD
Posts: 4,299
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Sorry for your troubles is all I can say.
Landlording has been a money maker till covid, but nothing is risk free. Good luck.
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1967 912 with centerlocks… 10 years and still in pieces! |
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Registered
Join Date: Jan 2004
Location: Texas
Posts: 11,257
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section 8..
lol.. that's like dating a meth hoe.. when all is said done.. you may as well burn those places down.. Rika |
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Registered
Join Date: Oct 2003
Location: Roseville, CA
Posts: 3,066
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These are the kind of stories that lead me to dividend growth investing.
Love the potential of passive income but no amount of money makes being a residential landlord seem worth this amount of headache. |
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Platinum Member
Join Date: Jul 2001
Location: Leave the gun. Take the cannoli.
Posts: 21,044
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We're fortunate. Down to 2 units, both paying.
Worked with them during covid, but they have caught up.
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The truth is that while those on the left - particularly the far left - claim to be tolerant and welcoming of diversity, in reality many are quite intolerant of anyone not embracing their radical views. - Charlie Kirk |
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Registered
Join Date: Aug 2001
Location: Pensburgh
Posts: 5,635
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Wolf did extend the "can't evict" order until 8/31.
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Eric 83 911SC/83 944 bunch of Honda 750s 69 Chevrolet C-20 Longhorn (family heirloom) |
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Registered
Join Date: May 2018
Posts: 4,046
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Nothing to offer other than it seems like a hard way to make a living. The offset to the nuisance of being a residential landlord was at least you got paid, now the government has taken that away from you.
Maybe go back and when she doesn’t open the door, call the police for a well check? |
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Registered
Join Date: Oct 1999
Posts: 8,673
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Section 8????? that's normal everyday shenanigans.
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Quote:
I have several rentals. No Section 8. All are paying early and I have increased the rent on one where the lease expired and they renewed. I also increased the rent on one that went vacant in June (tenant bought a home). We got multiple qualified applications the first day...but there was a gap due to waiting for the first tenant to move and repairs completed before showing it (due to COVID 19). The worst problem for me is that prospective tenants want to their lease to start a month in the future (I guess so they can give notice and not pay for two rentals the same month)...which means I have to eat a month of rent if I agree. That is something relatively new for me. People are fleeing the big city for the suburbs. All my properties benefit as they are suburban except one that is somewhat rural. Nothing in the NE or west coast. Property values have also risen...just need to find a way to refinance some to take advantage of the low rates. Just locked in a refi of my primary home (30yr at 2.375%). Will probably get similar for my vacation home...but can't seem to find anything near that for investment homes.
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74 Targa 3.0, 89 Carrera, 04 Cayenne Turbo http://www.pelicanparts.com/gallery/fintstone/ "The problem with socialism is that you eventually run out of other people's money" Some are born free. Some have freedom thrust upon them. Others simply surrender Last edited by fintstone; 07-13-2020 at 07:04 AM.. Reason: clarity |
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Team California
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With RE, whether your primary residence or rental property, there are three main factors: location, location and location.
It sounds like you are doing it in the wrong location, from the stories you post here. There are people all over the country who have gotten filthy rich owning slum properties, (at least in years past), it sounds like you can't even make it work w section 8, which used to be a guaranteed cash flow for landlords. It sound awful. Maybe sell the properties and put the $$ in the stock market? ![]()
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Denis In other news, a felon from Queens pardoned another felon from Queens this week. ![]() |
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How in the world does a governor have the authority to change legal contracts between private parties? That's out-effin-rageous. Unless the state is the landlord, he should have zero authority or even opinion on the matter.
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2022 BMW 530i 2021 MB GLA250 2020 BMW R1250GS |
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Still Doin Time
Join Date: Nov 2004
Location: Nokesville, Va.
Posts: 8,225
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Fred - yes that’s tough. I do have say that section 8 housing reminds me of owning a buy-here / pay-here used car lot. Bottom fishing basically. I’m familiar with the landlord side of that as a family member has a house rental. I’m also very familiar with the car lot scenario. When things go the right way can be more profitable than average. But @70% they don’t. At least as far as taking care of your property/ maintaining the value
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'15 Dodge - 'Dango R/T Hauls groceries and Kinda Hauls *ss '07 Jeep SRT-8 - Hauls groceries and Hauls *ss Sold '85 Guards Red Targa - Almost finished after 17 years '95 Road King w/117ci - No time to ride, see above '77 Sportster Pro-Street Drag Bike w/93ci - Sold |
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Registered
Join Date: Feb 2013
Posts: 600
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If you gave 24 hours notice for the repair, why did you leave without entering and making the repair? Use your own key, unlock the door, go inside and make the repair.
If she changed the lock or deadbolt, simply drill out the lock, do your repair and then replace the deadbolt with your own brand new deadbolt that you should be carrying on your truck at all times. I've owned apartments since 1999. I have never even considered Section 8. And I do not do one year leases. My leases are strictly month to month with a written line item assuring the tenant that I will not raise the rent for a period of one year. If a tenant pushes for a one year lease, I recommend that they find another place to live. If for no other reason, keep tenants on month to month so that if you get an unsolicited offer to purchase, the buyer is not prevented from emptying X number of units for immediate rehab... To each his own, but back when I first began doing rentals, I figured that someday the mortgages would be paid off and that the monthly cash flow would be staggering as first one, then another became mortgage free... I have nothing against index fund investing, but there is something to be said for the monthly cash flow generated by a mortgage free 40 unit apartment complex... Heck the laundry room income alone will be $1,200 to $1,600 per month on 12 machines. Then add 3 Coke Machines... It does not suck. DL |
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You do not have permissi
Join Date: Aug 2001
Location: midwest
Posts: 39,961
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https://www.zerohedge.com/economics/over-30-us-renters-didnt-pay-april-apartment-rent
Landlords across the country have been left in the lurch after nearly one-third of apartment renters in the US didn't pay any of their April rent during the first week of the month, according to new data from the National Multifamily Housing Council to be released Wednesday. The shocking figure comes as 10 million new unemployment claims were filed in the past three weeks due to the COVID-19 pandemic. https://www.thestreet.com/mishtalk/economics/over-25-of-michigan-workforce-filed-for-unemployment More than 1 million people - over a quarter of Michigan’s workforce - have filed for unemployment during the COVID-19 pandemic, the state’s top labor official said Monday.
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Meanwhile other things are still happening. |
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the biggest internal debate..sometimes not so internal was whether or not to keep our first home and rent it out.
in the long run, i wish we did. but stories like this make me want to high-five myself for my wisdom to sell it. Covid-19 is causing a lot of sleepless nights in the landlord world i imagine. i wish both sides the best luck.
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poof! gone |
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Non Compos Mentis
Join Date: May 2001
Location: Off the grid- Almost
Posts: 10,598
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I took over a large apartment complex that had three section 8 residents.
These were nice people, living in a nice complex. Two really needed the help, the third was scamming the system, quite successfully. While I had no problem with these three, I would not accept any new section 8 people, as I do only month-to-month rental agreements, and section 8 requires year-long leases. Amazing the amount of paperwork, and multiple people involved in simply renewing an existing lease. Typical government bureaucracy. Over time, these three moved out, and we remained free of section 8 headaches. |
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You do not have permissi
Join Date: Aug 2001
Location: midwest
Posts: 39,961
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When this hit I immediately reduced the rent to make it affordable mid-term, and re-signed renewals into next year (i.e. the total amount owed, just in case we ever go to court).
I also made it clear that if their plans changed, I might be agreeable to modifying the lease for subletting. I've had many great tenants and want to keep it that way. Carrot and stick approach.. It's all just agreements on paper but the end result is they stay secure and paying then I am happy as well. I kinda work for them actually. I did lose significant profit because of Gov Witmer's nonsense, which is already thin because of local prop taxes (6 mo rent goes straight to the city.). But I net positive without drama for the year. That fallback equals security and a win to me
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Meanwhile other things are still happening. Last edited by john70t; 07-13-2020 at 07:51 AM.. |
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G'day!
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I don't have any rentals - but mid range plan is to turn my current residence into a vacation rental.
I don't know anything about this Section 8 thing but don't think it will impact me with my endeavour. ![]() Good luck, Fred....hope it all works out! ![]()
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Old dog....new tricks..... |
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Registered
Join Date: Jul 2003
Location: Valencia Pa.
Posts: 8,860
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I have learned a lot. The last year has actually been pretty good. Since my wife and I tag teamed it , we have been running it like it should have all along. We take no **** from anybody, fix what needs fixed when it needs fixed, and try to keep working relationships with tenants .
I just always bellyache about it here when it gets bad. Its fun. Up till recently,and excepting our current problem tenant, all tenants have stayed current, and we renewed a lease on a good tenant . This hold on evictions really ties our hands. I was thrilled when she went 30 days late, I was going to bounce her in May, but can't , and am still stuck till ????? We are selling though. My partner handed me the wheel, and I know , and have always known where to steer this ship. Im curious to see what the market will look like in the city neighborhoods after this year . Going to be an interesting ride ...
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No left turn un stoned |
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Control Group
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Could be worse. You could be a landlord in California.
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She was the kindest person I ever met |
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