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Author Topic: Investing in "slums"  (Read 22882 times)

Offline Delawheregirl

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Re: Investing in "slums"
« Reply #30 on: July 22, 2014, 06:08:51 pm »
I don't know why that would be fascinating from a Section 8 tenant, it isn't my mind that is disabled.

 I have nothing but good references from prior landlords even before receiving my Section 8 voucher. I rented from my prior landlord for about 12 years.

I think what you meant was Congratulations for taking care of my landlords house.

 I guess I came from a different generation when you could take someone on their word. My landlord specifically asked if I was serious about staying in this house and if I was he was not going to sell it as I am such a good tenant.

 I told him my plan was to stay at least 15 years. He said that was great and he would love to have me rent from him. At the time I didn't know he hadn't made a payment on the property since 2010.
Had I known I would have taken a different property or not moved at all.
I guess next time instead of having my Landlord interview me I should be interviewing him.
 
I don't know where you get the idea that I have been here 5 years as it has been little over a year.

While padding my nest do you mean that I had running water installed outside, upgraded the electric in the laundry room to be able to have a washer and dryer, had Stanley Steamer come and clean all the floors, upgraded the lighting in the kitchen and bathroom, put electrical outlets outside and put fresh paint through out that I won't get to get much enjoyment from as he was not forthcoming with the whole foreclosure, well, I don't feel that is fair.

I did those things because I thought I was going to be here because that is what he was telling me. I might have done some of those things because that is the kind of tenant I am but maybe I wouldn't have done so much. I guess you have shown me that I need to be a better negotiator when it comes to these kinds of things.

 (maybe Landlords are like Lawyers huh!)

Maybe it is just hard for me to stomach because I am honest and I would never dream of doing that to someone.
The landlord is asking me to move he gave me a certified letter for 60 days. Now I have re inspection in two days. He hasn't shown up to do any of it. I have most of it done. Just don't know how to fix the steps on my own or I would.

 Hmmm, should I be wondering if that is his way of making me vacate earlier than the 60 days?

 No the house is being foreclosed on that was the term he used in the eviction notice and that is what the sheriff said when he delivered me a package.
 
I don't know what state you are in but I am in Delaware and they were shocked, but told me that there are no laws to protect section 8 tenants from this.

Actually it is like he has been avoiding me like the plague, I had to literally chase him down to pay the rent this past month, although he comes over all the time any other time.

 I just wish he could have been honest as finding a section 8 property that is in my county is rare, I could have been looking a few months ago had he been honest.

Is it too much to ask for honesty from my landlord, he hadn't made a payment since 2010 so how did he not know?

He had to have had an idea.

 How was he able to rent in the first place? I think there should be a law about it.

Why am I held at a different standard than anyone else?

 Why is it okay because I am section 8 to be displaced often or required to move often? Isn't that part of what the section 8 program is about? To help us with safe and stable housing?

More than half of the homes that I looked at this past weekend are up for sale, I think something is very wrong with that.
 
 We don't really matter to anyone, we are just seen as positive cash flow.

Still paying my portion of the rent even though I am terrified that I won't get my deposit. Section 8 is still paying him too.

 If I refused to pay I would lose my voucher for section 8.
I don't know why anyone would think we can get away with not paying a landlord.

If you or anyone else has any creative ideas on how to help me I would most appreciate it. I did learn the lesson to negotiate a longer lease. So to that I thank you.

Would have tried to buy this property but I think it's too late now. I just wish I would have known so I could have at least prepared.

« Last Edit: July 22, 2014, 09:36:16 pm by Delawheregirl »

Offline javipa

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Re: Investing in "slums"
« Reply #31 on: July 22, 2014, 08:50:13 pm »
I'm not even reading that block of text, until you break it up into pieces.  Come on.
"149 Ways (Plus One) To Find Motivated Sellers..!"  -Free Report-
>>> Click: http://sub2marketdomination.com/how-to-find-motivated-sellers-2/

Offline Delawheregirl

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Re: Investing in "slums"
« Reply #32 on: July 22, 2014, 09:43:35 pm »
I am sorry, I broke it up as best I could.

 I am trying to fix everything on the re-inspection list. My disability makes it hard but I am trying. Plus, I am under 5 ft tall so that is almost like a disability in itself!


Offline javipa

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Re: Investing in "slums"
« Reply #33 on: July 22, 2014, 11:40:18 pm »

I don't know why that would be fascinating from a Section 8 tenant, it isn't my mind that is disabled.

I have nothing but good references from prior landlords even before receiving my Section 8 voucher. I rented from my prior landlord for about 12 years.

I think what you meant was Congratulations for taking care of my landlords house.

I guess I came from a different generation when you could take someone on their word. My landlord specifically asked if I was serious about staying in this house and if I was he was not going to sell it as I am such a good tenant.

I told him my plan was to stay at least 15 years. He said that was great and he would love to have me rent from him. At the time I didn't know he hadn't made a payment on the property since 2010.
Had I known I would have taken a different property or not moved at all.
I guess next time instead of having my Landlord interview me I should be interviewing him.
 
I don't know where you get the idea that I have been here 5 years as it has been little over a year.

While padding my nest do you mean that I had running water installed outside, upgraded the electric in the laundry room to be able to have a washer and dryer, had Stanley Steamer come and clean all the floors, upgraded the lighting in the kitchen and bathroom, put electrical outlets outside and put fresh paint through out that I won't get to get much enjoyment from as he was not forthcoming with the whole foreclosure, well, I don't feel that is fair.

I did those things because I thought I was going to be here because that is what he was telling me. I might have done some of those things because that is the kind of tenant I am but maybe I wouldn't have done so much. I guess you have shown me that I need to be a better negotiator when it comes to these kinds of things.

 (maybe Landlords are like Lawyers huh!)

Maybe it is just hard for me to stomach because I am honest and I would never dream of doing that to someone.
The landlord is asking me to move he gave me a certified letter for 60 days. Now I have re inspection in two days. He hasn't shown up to do any of it. I have most of it done. Just don't know how to fix the steps on my own or I would.

Hmmm, should I be wondering if that is his way of making me vacate earlier than the 60 days?

No the house is being foreclosed on that was the term he used in the eviction notice and that is what the sheriff said when he delivered me a package.
 
I don't know what state you are in but I am in Delaware and they were shocked, but told me that there are no laws to protect section 8 tenants from this.

Actually it is like he has been avoiding me like the plague, I had to literally chase him down to pay the rent this past month, although he comes over all the time any other time.

I just wish he could have been honest as finding a section 8 property that is in my county is rare, I could have been looking a few months ago had he been honest.

Is it too much to ask for honesty from my landlord, he hadn't made a payment since 2010 so how did he not know?

He had to have had an idea.

How was he able to rent in the first place? I think there should be a law about it.

Why am I held at a different standard than anyone else?

Why is it okay because I am section 8 to be displaced often or required to move often? Isn't that part of what the section 8 program is about? To help us with safe and stable housing?

More than half of the homes that I looked at this past weekend are up for sale, I think something is very wrong with that.
 
We don't really matter to anyone, we are just seen as positive cash flow.

Still paying my portion of the rent even though I am terrified that I won't get my deposit. Section 8 is still paying him too.

If I refused to pay I would lose my voucher for section 8.
I don't know why anyone would think we can get away with not paying a landlord.

If you or anyone else has any creative ideas on how to help me I would most appreciate it. I did learn the lesson to negotiate a longer lease. So to that I thank you.

Would have tried to buy this property but I think it's too late now. I just wish I would have known so I could have at least prepared.


Somehow I got the impression you lived in that house for five years.  My bad.

Well, you've got some experience under your belt now.  Never confuse renting with owning.  They are not the same thing at all.

The owner is a snake in the grass. 

Renting to you, without telling you the house is headed to foreclosure is dishonest, if not illegal.  Owners are not legally entitled to keep rents received within the first 24-months of a default.  It's called "rent skimming."  After 24-months, it's a crap shoot what is possible.

So, why is your landlord asking you to move?  That's really the question.

If he's losing the house, after not making payments for four years, there's probably little left for him to salvage ...UNLESS he plans to move into the house, and demand the bank give HIM cash for keys ...as an owner occupant.  This could represent 8-10K.  Who knows?

All that said, you hit the nail on the head about the need to check out the landlords, as much as the landlords are checking you out. 

Most landlords are not this dishonest. 

However since 2007, there's been lots of desperate claw-backs of lost equity, by owners in default.  In your case, he collected four years of rents, and kept them.  That's a lot of dough.

At this point, too, if you're intending on staying with Section 8, then it's just a matter of approaching anyone with a house for rent, where you want to live, and asking them if they would like their rent paid on time, with a tenant that promises to take care of the place... 

You'll get the landlord's attention, even if they never considered accepting Section 8 before.

I would take pictures of the house you're renting, and note the upgrades and repairs you did. 

As tempting as it might be ...it's not really a good idea to rag on the former landlord.  You could come across like a disgruntled nut-case, and doom your prospects of renting the house you want.

Rather, when the landlord asks why you moved from your last location, you keep the conversation positive, by painting the landlord in a sympathetic light.   

You could say something along the line, that the landlord was trying to hold on to his rental house for years, but finally the bank took the house, and the landlord was generous enough to give me a 60-day head's up to move. 

Otherwise, the landlord allowed you to plant a garden, install an indoor laundry, upgrade the plumbing, and other things (as you can see right here in my pictures of the house), and treated me very fairly.  I would still live there, except that the bank is taking the house.

This way, you're not waving a bunch of red flags in front of your potential landlord, about your attitude, and demeanor. 

Keep in mind, though, most landlords do not want tenants doing remodeling on their houses, whether they ask in advance, or not.  And no landlord that I'm aware of, would ever voluntarily reimburse a tenant for their time/materials spent. 

In fact, my rental agreements are quite specific, in that if the tenant installs something in/on the house, it stays with the house when they leave.  Period.  No big holes left in my walls, cabinets, lawns, etc.

That said, most tenants that engage in remodeling or improvements, also don't feel they're paying retail rents...  When my tenants start doing their own repairs, I know their rent is too low.  Otherwise, when their paying retail, they'll call me about everything.

Next time, negotiate everything up front.  If you don't get what you want, you can weigh your options.  But NEVER make assumptions.  Why?

Because, you don't own the house.  Someone else does.

Also, you really should consider that the landlord IS in the business of making money.  He's not operating a non-profit community service. 

Meantime yes, YOU are his cash-flow.  And that's all you represent to your landlord.  It's not personal.  It's business.

And when you cease to be his cash-flow, or you become an inconvenient source of his cash-flow, he'll switch you out with someone else that is more convenient...  Just saying.

I've switched out tenants that became nuisances to me.  They paid late, they did (bad) repairs without informing me (that cost me more than the repair should have), and/or just didn't get along with me.

"Switched out" of course, means either I evicted them, or gave them a notice to vacate.  Either way they're gone.

Forget the moral authority and equivalences you mentioned.  That is, nobody owes you any more than what you're paying for, and what was agreed upon (in writing).  That doesn't mean you don't protect yourself from dishonest operators, like your current landlord is. 

In your current case, you made several false assumptions, and you were taken advantage of.  Learn from it.  Ask better questions of the next landlord, and get anything extra you want/need in writing.  If not, keep shopping.

For now, it's time to shop for a new rental house.  Know what you want, and look for it, and don't be afraid to ask for what you want and insist it be put in writing.

Also, if you don't want to ask the owner if the payments are current, you could simply check the title of the house yourself.  Go to the County Recorder's office, and see if there's any pending default, or trustee sale notices.  IF so, you move on...

Lots to think about.

Hope that helps.
« Last Edit: July 22, 2014, 11:53:49 pm by javipa »
"149 Ways (Plus One) To Find Motivated Sellers..!"  -Free Report-
>>> Click: http://sub2marketdomination.com/how-to-find-motivated-sellers-2/

Offline Delawheregirl

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Re: Investing in "slums"
« Reply #34 on: July 23, 2014, 01:28:41 pm »
You have given me much to think about. I very much appreciate your help and advice.

Even if we did kind of get off on the wrong foot.

For the record I never charged him a dime for a repair, even paid out of pocket to fix the heater that went up last winter just trying to be the best possible tenant.
( I thought that was tenant security.)

Had the repairs all pre-approved would never dream of trying to take them back out of the house. Even if I do feel wronged by the situation. (Besides that would be costly too.)

Hopefully with your advice I will be able to attract a Landlord that has never considered section 8 before as I am really having trouble finding any realtors that will help or private owners. (That aren't true Slum Lords anyways!)

I just kind of feel defeated at this point and have found little to no hope, but thanks to your points maybe I can get off of my duff and quit feeling sorry for myself and really try to apply the approach you have given me.

The landlord did mention a quick sale, he said the bank would take 85,000 I know he owes 110,000 but I had seen on the internet that the house was valued closer to 75,000. It wouldn't surprise me if he was planning on leaving his home to move into here as I have really good care of this property.

I know the bank won't talk to me about it at all. I tried to call them to see if they would let me stay on and pay them rent. (I had heard that they will consider that sometimes as opposed to having the property vacant and thus making it more susceptible to vandals.)


Offline Delawheregirl

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Re: Investing in "slums"
« Reply #35 on: July 23, 2014, 01:47:10 pm »
Japiva

I tried to send you a private message. I don't know why I am having trouble with it going through. Please let me know if you receive it..

Thanks
Milly

Offline javipa

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Re: Investing in "slums"
« Reply #36 on: July 23, 2014, 02:08:27 pm »
Japiva

I tried to send you a private message. I don't know why I am having trouble with it going through. Please let me know if you receive it..

Thanks
Milly

I got it, and replied.  :D
"149 Ways (Plus One) To Find Motivated Sellers..!"  -Free Report-
>>> Click: http://sub2marketdomination.com/how-to-find-motivated-sellers-2/

Offline pickettj1970

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Re: Investing in "slums"
« Reply #37 on: July 27, 2014, 05:13:04 pm »
I only invest in distressed homes myself, great cash flow and no repairs required in our system. But I have a mentor helping me. Getting into distressed property without a guiding hand is a suicide mission. I know, been there done that. I'm doing very well now in distressed homes, but my mentor knows where to buy the properties, how to find good occupants, and follows a system that requires no repairs ever. Good luck.
Joseph Pickett
ImpactInvestingTexas
www.impactinvestingtexas.com
(210) 865-0742

 




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