I know it doesn’t sound like it makes sense to you guys, but I actually met some of the people who are on the program and it is working for them. They have their dream home and they have the rentals to pay their mortgage. They are returning for “phase 2” of the program which helps you acquire more rental properties.
I think it sounds interesting. Will you send me info. on how I can reach him.
Thanks, acmjam@hotmail.com
I have a question for you if you don’t mind…
You say the builder “gives” you the section 8 properties.
Is that he gives it to you free and clear OR he gives it to you meaning you take over the mortgage?
Also, if these properties are something the builer already owns, could it be that they are not salable and he wants out?
One other thing, have you seen where the section 8 properties are?
If it is a condenced area of section 8, you may not want to even visit the neighborhood, kind of like the projects.
He sells them to her. Which is why this guy is making out like a bandit - he gets to unload his foreclosures easily (5 at a time…) and also build and sell a luxury house at more than retail.
I would really be carefull with this then. I would definitely want to know what areas they are in. Also, if someone has never been a landlord before and then all of a sudden has many units to manage, this could be a nightmare waiting to happen. Be careful and know what you’re getting into before you jump in.
If this builder has that many forclosures, I’m going to assume they are in depressed areas that no one else wants. Again, be careful.