Hi, Tim. I’ve learned a lot from your videos. Thank you very much! I have some questions here. Do you need a city permit before converting a bedroom? How do you pricing your rental? Harris county said the payment standard is the maximum payment you could get. Not necessary means you can rent for that price
You usually need a permit for work being done outside. They’re not going to pay the max if you don’t include utilities. They usually pay 75-90% of the max they have listed.
@@TimLeakOfficial if the payment standard for some zip code for 3b is 2800. But the neighborhood market rent is around 1800. How much we can usually rent for?
Are you looking at Harris or Houston? Because I feel like Houston’s payment standards aren’t as accurate because they’re separated by tiers. If you’re using Harris, I’m not sure how they perform rent reasonableness. I currently have a mentee going with Harris and we’re going to see how accurate they are.
I’ve had rent prorated as well, but this particular housing authority says I would have to wait for the 1st. But then again, I’ve been told that before but yet they still prorated it. So, we’ll see.
You are quite informative about your new purchase, but I have to ask you if you decided against converting the garage to a bedroom. You have a tenant already is the reason I'm asking. I'm subscribing to your channel because you are a man with a plan. Congrats to you in all your endeavors. I like your hustle.
How do know the demand of voucher holders are looking for rentals .. like , are there a certain amount of , vouchers for a city ? What if u get your property section 8 ready and no tenants are found ..or is this not a issue Thx
I always encourage people to attend landlord briefings at their local housing authorities and ask questions. The demand for tenants is usually not an issue but definitely can be an issue in some places, like non metropolitan areas or small towns.
Does the property needs to be in brand new condition in order to qualify for section 8? And what kind of loans do you get with you hard money lender I been having allot of headaches with the banks to get a loan and I have the funds to buy 2 or 3 houses.
The property doesn’t have to be in brand new condition, but it does need to be safe and sanitary. You can use DSCR loans if you can’t qualify with a bank.
@@TimLeakOfficial ok thank you brother I really appreciate your help and can you charge section 8 tenants more the fair market rent or no or the inspector determines the rent?
Baltimore, Maryland has a couple of zip codes that I’m interested in. Very nice neighborhoods with high fair market rents and low home prices. And a lot of their homes are completely renovated. I definitely got my eye on Baltimore.
I will go over the numbers in the update. And I will reveal my hard money lender in the course I’m working on. But they’re the best in the game with the lowest rates.
I want to transfer my voucher elsewhere I am living here in Jacksonville Florida smh I wish you could buy some property here in Jacksonville Florida and do section 8 here because they're lacking affordable housing crisis it's not easy finding a place
I’m still waiting to hear back from the Housing Authority. I go back to Houston on Tuesday so I’ll probably stop by. It’s almost impossible to get someone by phone.
To schedule a 30 minute Section 8 Investing phone consultation, use the link below ⬇️⬇️⬇️
calendly.com/realestatecouple/30min
Good information Ty
Thank you --easy to follow steps. 🎉 Amazing video!
Great video Tim! Very informative. Glad to hear you found a tenant already!
Appreciate you taking the time outta your day to make such a great informative video bro. Super helpful and clear speaker👍 you gained a new sub
Closing on the property between the 5th and the 12th of the month is great tip! You just got a new subscriber 😇
Always giving good information ☺️,and yes please I hope you reveal your hard money kender 🙏🏾
Thnx 4 the follow up on this
Great video good insight 👍🏾
Do you have an LLC for each house you own?
Hi, Tim. I’ve learned a lot from your videos. Thank you very much! I have some questions here. Do you need a city permit before converting a bedroom? How do you pricing your rental? Harris county said the payment standard is the maximum payment you could get. Not necessary means you can rent for that price
You usually need a permit for work being done outside. They’re not going to pay the max if you don’t include utilities. They usually pay 75-90% of the max they have listed.
@@TimLeakOfficial if the payment standard for some zip code for 3b is 2800. But the neighborhood market rent is around 1800. How much we can usually rent for?
Are you looking at Harris or Houston? Because I feel like Houston’s payment standards aren’t as accurate because they’re separated by tiers. If you’re using Harris, I’m not sure how they perform rent reasonableness. I currently have a mentee going with Harris and we’re going to see how accurate they are.
I plan to go with Harris county first. Let’s see how it going:) thank you very much for the quick response.
Great video! What is the down payment with hard money lenders?
Usually 20%
Did they make you get a property
Manager?
Even the Tenant can't move in April 1 st, whenever they move in Rent will be prorated! It happend to me on several occasions.
I’ve had rent prorated as well, but this particular housing authority says I would have to wait for the 1st. But then again, I’ve been told that before but yet they still prorated it. So, we’ll see.
Out of state is a pain much easier to invest in own backyard if deals work
You are quite informative about your new purchase, but I have to ask you if you decided against converting the garage to a bedroom. You have a tenant already is the reason I'm asking. I'm subscribing to your channel because you are a man with a plan. Congrats to you in all your endeavors. I like your hustle.
Thanks for the sub. Yes, the garage is a bedroom. There’s a story behind it that I will tell in an update video.
is "local agent" a local real estate agent?
How do know the demand of voucher holders are looking for rentals .. like , are there a certain amount of , vouchers for a city ? What if u get your property section 8 ready and no tenants are found ..or is this not a issue
Thx
I always encourage people to attend landlord briefings at their local housing authorities and ask questions. The demand for tenants is usually not an issue but definitely can be an issue in some places, like non metropolitan areas or small towns.
Wouldn’t it be cheaper/easier to manage if you just created a new llc in the state of Texas? Keep Texas properties under that entity, pay less fees
Does the property needs to be in brand new condition in order to qualify for section 8? And what kind of loans do you get with you hard money lender I been having allot of headaches with the banks to get a loan and I have the funds to buy 2 or 3 houses.
The property doesn’t have to be in brand new condition, but it does need to be safe and sanitary. You can use DSCR loans if you can’t qualify with a bank.
@@TimLeakOfficial ok thank you brother I really appreciate your help and can you charge section 8 tenants more the fair market rent or no or the inspector determines the rent?
In step 1 of your video, why do you not discuss creative financing?
Because the majority of newer investors don’t use it.
Are there home warranty companies for mobile homes? How do feel about mobile home notes? Are these insurable, as most don't last 3 years?
Yes, there are home warranties for mobile homes, and yes, they’re insurable.
What states/markets do you have your eye on? Or have you seen have a good spread?
Baltimore, Maryland has a couple of zip codes that I’m interested in. Very nice neighborhoods with high fair market rents and low home prices. And a lot of their homes are completely renovated. I definitely got my eye on Baltimore.
Can you break down the numbers with the hard money lender? Can you name the hard money lender?
I will go over the numbers in the update. And I will reveal my hard money lender in the course I’m working on. But they’re the best in the game with the lowest rates.
@@TimLeakOfficial would appreciate that hard money resource if possible. I'm getting 7.5 from lending one
Can you add the link to the video where you discuss the numbers? (Purchase Price, ARV, cash on cash returns, rental income, etc)
I want to transfer my voucher elsewhere I am living here in Jacksonville Florida smh I wish you could buy some property here in Jacksonville Florida and do section 8 here because they're lacking affordable housing crisis it's not easy finding a place
Tim were able to get desired rent listed on the payment standard or did you have to adjust rent based on community?
I’m still waiting to hear back from the Housing Authority. I go back to Houston on Tuesday so I’ll probably stop by. It’s almost impossible to get someone by phone.
Any word about the rent
How do you connect with out of state contractors?
Mainly through referrals, most likely from your agent. Or you can google them and meet with multiple contractors.
Can you share which company youre using as your RA? Legalzoom is charging me $300 currently in Texas...
Ouch!
How many properties do you own?
I’ve owned four, but I sold one…so I currently own three.
If section 8 tenants can afford 3,500 a month, would they buy a standard home?
@@Ricocase they can't afford that much. The housing authorities pay a majority of that amount.
Why do you prefer to rent to section 8 vs regular tenants since section 8 general pay less?