In Episode 21 of Real Estate Talk with Randy Stedwell podcast, We are bringing on my Neighbor Ron who wants to ask questions about Real Estate investing. I will help answer his questions to the best of my ability but I want everyone in the chat to be active so they can give their advice as well. I decided to do it this way so if anyone else has the same questions they can get the answers as well. Be sure to check out our website: https://www.randystedwell.com/ for all podcast related information as well as our Deal calculator.
This video explores information on Buy & Holds and Fix & Flips as well as Section 8 housing.
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✅ Other Videos You Might Be Interested In Watching:
👉 Real Estate Visionary Wendy Patton: Mastering 'Little or No Money Down' Investing | Part 1
https://youtu.be/bLrRqgTxjOY
👉 Mentors
https://www.youtube.com/watch?v=4bYJrfTvPsI
👉Real Estate Visionary Wendy Patton: Mastering 'Little or No Money Down' Investing | Part 2
https://youtu.be/6wpAUnj7qYA
👉 Real Estate Talk w/ Randy Stedwell Episode #8 | Malcolm Turner Castle Commercial Capital LLC Part 1
https://www.youtube.com/watch?v=Pc_vwCJW8v8
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© Randy Stedwell.
Hey everyone how's it going out there in YouTube land and Facebook group uh for
Metro Detroit off Market Real Estate Group so today we have a great great
guest now this is kind of odd everybody you know I I bring on people that have a
lot of experience with uh in in the Real Estate Field things like that but
actually my neighbor Ron had some real estate questions and they
were around like section eight some you know things that how he can grow his money
and I figured you know what let's bring it on the podcast let him ask his questions because guess what not only
him but all all you other people out there that are just starting out might
have the exact same questions and and want to know the answers so without further Ado I'm gonna bring out without
further to do to do I'm gonna bring out my neighbor Ron Ron how you doing today good real good
awesome awesome so first off before we get into your questions tell me a little
bit about I know about you because you're my neighbor and you know we talk all the time so but let tell everybody
else about who you are kind of what your background is so that you know they can get a little bit of understanding and
what type of investing have you done in the past okay sure uh first of all my education I
was a Michigan State grad in finance and then I went on to get an MBA in finance I joined Chrysler oh got about 40 years
ago and kind of had three separate careers in Chrysler my first one was of course in finance I went through all the
financial uh branches there for about a dozen years and then I jumped into uh product planning and strategic planning
for another dozen years and that was a lot of fun and then finally I ended up in marketing for my last Dozen Years
which was uh really exciting but I uh I decided to retire a couple years ago
and uh just at home now and managing my money and um with a crazy economy that
we have we always have to look for opportunities out there and uh I and in
some of our uh discussions in the backyard you know you were telling me that you were you know sometimes
involved in these real estate transactions uh term like section eight you know to help out some lower income
people and I actually as uh when I was younger in my 20s I owned a condo that I
I uh rented out to people uh not low income not Section 8 or anything like that and it was some good experiences
some bad experiences but I decided to step away from that you know when my my
career started heating up more but now that I have more time on my hands I'm wondering if there is uh an opportunity
out there especially with this this Section 8 opportunity because it sounds so interesting I wasn't familiar with it
before you started telling me about it yeah most definitely so that's the thing
with um you know they have low income and section eight they have a bad rap it's
just the type of tenant that you you get um so what section 8 is it's a
government-run program where they will pay for a portion of the
renters uh rent based on their income so
the more income they make the less Section 8 pays okay it goes by
their income um and then at a certain point that they'll if they make too much they won't
qualify for sectioning they have to do just regular rentals um but section eight is to help
subsidize the the the uh rental income that they can't pay for
instance somebody living on a McDonald's salary you know working at McDonald's every day you know
um you know things like that minimum wage or somebody with uh you know a few
kids that um is working a lower income job you
know so um you know so it's kind of weird section is this program or federal
no um so I believe Section 8 is
is state ran okay and it's actually depending on the
city it's actually there's different cities that have their different places
like for instance Detroit has its own office you know as soon as you go on the suburbs and they have their own office
in the suburbs and things like that so I think it's each county has its own
uh um own area so I would imagine they would have their own set of rules too as
to who would qualify how much you would get so depending on what kind of a rental property you pick up you have to
go to that county office to say what are your rules subject to uh section eight
so I would say yes um but Section 8 as a whole pretty much had the
same rules it's just where the income comes from what county it comes from that's all
so okay um the the the Section 8 itself so I
think they have a big standard of rules and I could be wrong as far as whether it's federal or state
um but Section 8 as a whole um you know they have their own rules uh
okay yeah there you go it is uh Federal uh it's a federal done program that is
operated in Michigan so it's operated by misto so uh Tara Tara thank you for that for
that comment I appreciate that so um so Tara Lynn from our Facebook group
answered that question and so it's uh it's ran by the state it's a federally
done program um according to Tara there uh which makes sense because Section 8 is
everywhere okay it's not just in Michigan so is it an open-ended program in that
um hey you only can be uh on Section 8 for five years or could you be on it for
25 years you can be on it as long as your income qualifies and I think you
might have to re-qualify every year okay oh really okay so so you might have
to show your income every year that that you have to that you do have to watch
um you have to show your income every year as a Section 8 person and it may get to
a point where that section 8 tenant pays more and more in rent and Section 8
pays less and less okay the key thing is this
to get good properties with Section Eight yeah the the good thing about
Section 8 is that whatever portion that is it's called a voucher they get a voucher saying we we got a voucher for
fifteen hundred dollars okay um okay so uh Michelle is saying that or
Michael sorry Michael is saying you have to report changes in your income uh into
your housing immediately okay so hopefully they keep an eye on that but
sometimes they don't so um but if you don't follow the rules you
can easily get kicked out for instance if they have an eviction on the record okay
um if they get evicted while they're on Section Eight they get kicked out of the program they can't rejoin
okay so they them as a tenant are are
incentivized not to really break the rules and not to be a bad tenant
but as a landlord you got to make sure everything is up to snot because you have to have a yearly
um inspection okay an annual inspection which I would imagine you'd pay for and everything
else so yeah um at the start let's say I find a a small house looking to purchase
um get with a lending agency and um do you have to disclose hey I might
be doing Section 8 work with this particular house or is it none of the
financial institutions uh business no the only thing that they have to know is whether it's going to be an
investment property or basically whether it's going to be a homestead or non-homestead whether you're going to be
using it as an investment or whether you're going to be living there okay that correct because
that's just different terms okay I was just going to say correct me if I'm wrong but if it's an investment property
a little bit more risk involved therefore a higher mortgage rate so depending on the mortgage you get if
you're or whether it's going in your name or an LLC okay
um that determines that you can get multiple properties in your personal name if it's an investment more likely
they're going to want 20 down 20 to 25 down Okay
um and versus if it's a personal residence you can do you know conventional three
to five percent you know so there's one more advantages there's one more
advantageous than the other doing an LLC or um you know just taking it on yourself
um getting the rates with them but then you
are opening yourself up when for lawsuits with the rental so if you are
planning on using as a rental I always do recommend purchasing with an LLC
um or if you purchase it with your your name you can you can transfer it to an
LLC later on okay okay um so keep that in mind but I you know
it is best for liability reasons to purchase
protect your yeah your yourself um so if you do an LLC and
um yeah you have income I would imagine there's uh maybe a unique tax filings do
you know if there's anything so you you treat just like a regular business income coming in which is your rental
income income going out for um you know
any maintenance issues that you had taxes that you paid things like that
anything that you spent on that property also one thing that you you do get as an
investment property is you do get what's called um
I'm trying to remember the right term for I uh depreciation on the property okay so you take the
purchase price say you purchased it for 100 grand okay all right let me bring up the calculator
here um say you you purchased it for a hundred grand okay
and uh you're gonna divide that by 27.5
and so what you can do is at a hundred thousand dollar property if you purchase
it for a hundred thousand dollars and now per year you can write off 36
3636.36 every year is automatically written off
just because you own the property for the next 27 and a half years
what if you take out like a 15-year mortgage can you depreciate it over a 15-year
life there's the depreciation is just a tax write-off and that's the name that
has nothing to do with the mortgage you can buy it cash and you get the same day appreciation okay it has to be the 27 and a half
years yeah so the reason why they do that is because that's the tax code the tax the
IRS says in 27.5 years your property will be worth the zero now we
all know it's not okay but that's the tax code
okay and now what you can do is say [Music]
um a lot of people what they do is they purchase it with a loan okay
say your loan payment is a thousand dollars a month we're just going to use these for round numbers okay okay your
loan payments thousand dollars a month okay after
um you know that's your Piti your property insurance taxes everything I also then
you uh you have to account for vacancy
uh capital expenditure like say all of that adds up to about another 200 a
month okay um just for round numbers so now you're all in at twelve hundred dollars a month
and and you can rent it for fifteen hundred dollars a month okay so now you're cash flowing three
hundred dollars a month okay at the end of the day you're putting 300 a month in your check but
not only that your tenant is paying down your mortgage
on the property so you're not only doing that but you're gaining equity okay so if you did a say you did a
15-year loan on that well guess what you can do in the next 15 years you can refinance and get money out go buy the
next one and guess who's paying down the mortgage your tenant
okay as long as you do the numbers right okay so if you're uh
managing this as like an independent business if you want to stop doing section eights after a few years or
whatever you can just stop there's no complications with taxes or anything else so you can get in and out of
section eight um renters at any time yeah the biggest thing with section A is you just have to
get a um you have to be able to accept them but you have to pass their inspections
which if you pass the city inspections um maybe a property manager will help
more um explain that a little bit better but I you should be able if you pass the
city inspections you should be able to pass the Section 8 inspections no problem so
um also uh anik I appreciate the comment here you can accelerate some of the
decrease depreciation costs uh with cost segregation as well so
um I think what he is referring to and correct me if I'm wrong uh anik uh is
the first seven years you can take that depreciation for the first seven years
up front for the first in the first year if you want you just now can't take them you know
you can you can yeah you you can bundle that all together
um but if you don't need to you don't need to you know so it really just depends on your certain circumstances uh
so what happens is a lot of people they'll do that and then next year they're going to buy two or three more
properties and they're going to do the same thing on those you know so it all depends on on your situation and and you
know your tax guy will be able to explain all that too so okay so
um screening for um Section 8 clients uh do you get like
a list of people from the county office and you can kind of look at backgrounds
or whatever and then contact them and find out who you want to rent to or is there a priority given to uh single
parents with children or yeah so um anik I just want to uh Section 8
inspections Anika is a actually an investor who does section eight and
um so he says that they're actually easier to pass than some City inspections so you really don't have any
issue basically if you have a um all it is is a tenant coming to you
and saying hey I got a Section 8 voucher do you take Section Eight some people don't and because they have
a bad stigma about it but you just vet the tenant just like any other tenant
so make sure you know do it you can do a credit check on them uh you can make sure that they don't have evictions
things like that which if they're coming back with a Section 8 they shouldn't have infections but you can still check
all their references you still have to um vet a tenant just like you normally
would okay okay what about the duration of the lease is
there any mandatory Section 8 you know saying hey you have to keep at least six months or at least a year or is it
whatever you negotiate with the renter it's usually at least a year at least a year at least a year now keep
in mind the longer term uh the longer term you have the better okay because
now that's guaranteed income but if you think the rents are going to go up say
next year then have only a one year lease so you can raise the runs on one of the lease
renewals okay the downfall with Section 8 is if you want to raise the rent next
year now you have to put in a request to Section 8 to be able to raise the
current Section 8 tenants rent okay if you're sticking with the same
same tenant that is okay okay the Section 8 they have to approve the the
increase in rent okay okay so and they go by they go by the rent in
the rentals in the area so keep that in mind if you're trying to go above the rentals in the area it's
not going to get approved now all of a sudden if they came out with the the new data after the past year and those
rentals went up then you can do that okay what if you just improved your property you know
maybe the surrounding Community didn't uh you know increase it but you added air conditioning for instance or added a
garage or something would there be an opportunity there to go back and say hey I've improved the property the value of
the property is higher therefore Section 8 should be a little higher at the end of the lease that is an argument you can
you can't make um but at the same point your section
eights are usually the the highest you're gonna get anyways so
um if they they come out every year with the rental rates for the areas okay and
you if they increase then you have no problem but they're not gonna basically that's your ceiling is what
they put out okay but then the renter could always come back and say I want to stay in the
property I'll pay you the extra hundred dollars that you're looking for or something they can okay they can
contraction rate doesn't care because the the renter is going to be you know
uh forking over the additional dollars I mean I I can't I can't say whether that
will actually go through or not um you know the only thing that I can I I
think you have to still get it approved by Section 8 in order for them to be
obligated to pay okay so let's say you do sign up a a tenant with a Section 8 would the renter
still receive the voucher or the landlord so all they do is they receive a piece
of papers with it's called a voucher okay um and
that is what you're allow that's what they're allowed to to have
okay and uh just real quick anik was saying there are limits to what the
tenant is allowed to pay out of pocket oh so that's the reason yeah okay so
thank you anik for that uh there are limits to you know because they go by the income they go by a percentage of
their income okay that's the reason why but um so that voucher is I believe the
max that they can pay okay um and
so it's based on it here you go it's based on the tenants income and what
monthly housing expenses they have so if they have more monthly housing
expenses things like that so in in other words somebody with more kids is going
to have more expenses mm-hmm so there should be a formula for that
yes I I don't have that form but we leave that up to section eight we don't
care about that all we care about is the voucher that they give us and that
voucher is okay it says the tenant pays this much Section 8 pays
this much okay okay now when you do that when you
first start off my recommend if you want to do section eight my always my recommendation is this
talk with a property manager okay that is used to doing section 8.
okay that has done Section 8 has experience you have to vet your property
manager just like you vet your tenants um because there are a lot of property managers out there unless you're gonna
grind and do it yourself you know um in my opinion
you know I like developing systems where I'm as hands off as possible like I may
start off with it but I want to develop a system where I can back off
okay so that system would be having a property manager do it but I gotta make
sure I have trust in that property manager as well so I gotta vet that property manager just as much as I've
got that tenant okay so um let's say you you find
somebody you want to rent to can you require a deposit from a Section 8
person or is there some kind of rules that say no you can't require a deposit
so I mean there are there's a security deposit so right that that's a standard yeah
yeah okay might not have you know uh one month
yeah now as far as the security deposit I'm not sure
um how that works maybe Section 8 covers some of that um I need maybe if you can comment in
there because you've had that experience that that'd be great um just because I haven't I only know
the theories on it so um but uh Section 8 does help should
help with that as well so okay um but yeah okay for
um and kind of a follow-up question to that uh would the renter be putting like the utilities in their name or would you
be responsible for it in a Section 8 situation no so the the utilities all go
in the tenant's name okay uh okay so uh ending says the tenant is
usually responsible for security deposit okay so
um the uh the tenant puts all the utilities usually go you have in your
lease you have to require that okay that um now water bill because there it kind
of stays with the property there's a you can require the tenant to put the water
in their name and and do all that um sometimes you know landlords don't
like to do that what they do is they just do a chargeback of what the water bill actually is you
can't make legally you cannot make money off of the water bill so literally the only thing you can do is you can
actually you just charge exactly what that water bill is okay okay so
um so there's there's a few different options with that um you can require like I said you can
require the tenant to have it in their name and you require in their late in
the lease but I believe you have to re when you renew that lease you have to require
that as well and there's a like a an extra document that has to be signed so
okay so what what happens in a situation where the tenant really likes the
property and wants to get on a uh uh you know kind of a rent to own uh you know
uh situation um because our section eight like end at
that time or can that person continue to use Section 8 money and
actually be like buying the property you know what I mean yeah like what you're
referring to it you're entering into what's called either a land contract or a lease option
So Lisa and they're two different things a land contract they actually own the property they're buying the property
they're just at the end um you know and thank you Michael first
for kind of getting around it he says no so and that's kind of what I was getting around to so it at the end you're
they're buying the property and so you can't you know you can't have somebody else pay for that so essentially now
you're going from being a renter to an owner and even the same thing with a
lease option not you're you're renting it you're still renting it but you have
the option to purchase it at for a fixed price at the end
okay so like you can have a what's called a lease option for the next two
years and at the end of that two years it's a fixed price that you you came up
with in the beginning there's no okay we're going to come up to Market rents or market prices no if market prices
went above what you said it doesn't matter they can purchase it for that price now they can choose at that option
not to exercise that right um and not a with a lease option none of
those the rent actually goes towards the purchase price okay
so okay what about the termination of a lease let's say somebody is like hey I
got a better job down in Ohio I'm leaving um what would happen with a a section
eight after let's say um nine months out of a one-year lease
would they would uh Section 8 help still pay for the last three months
do you know it's kind of a unique situation yeah so in your lease you have
a breaking clause and usually it's um everyone's different on what they put
but you know I'm my experience is like okay you can pay up to the end of the
lease or up until I put somebody in in the property okay okay so
now will Section 8 help pay for that if they're trying to get Section 8 where
they're going to uh probably not so but I can't say that for sure because
I'm not an expert at that um I you know so that's just kind of
like a question mark but keep that in mind that your lease is
don't as long as you're not breaking any laws in your lease okay
you have to go by what your lease says okay okay so you have to write the lease the
way you can and that's where having a a lawyer go over your lease a real estate
lawyer go over your lease helps okay so
um if uh now kind of looking from an you know overview do you see like Section 8
rentals increasing you know across Michigan or Nationwide is that is
becoming more prevalent do you know say that again sorry just wondering if there are more and
more section eights you know uh coming to fruition you know what it everybody's
having you know tougher times yeah pending recession uh do you see any any kind of trend lines as more people are
running and using section Eights I can't say that I I do or not because I
I don't have the numbers on those um it's like more people will
um identify what a Section 8 is or apply for a sort of you know making a greater
demand for maybe a limited Supply there there's always going to be government assistance think of it like
the snap program which like food stamps okay it's it's just another program just
like that you know you still have to qualify you still have to do all of that you know you go through the rigorous process
things like that um but the good thing for landlord is
that you have to screen your tenants in the beginning the hardest thing is when
something happens and you have to evict them um I'm gonna be honest that's the hardest
thing because they can be what's called a professional tenant or
um they can they uh yeah was a professional or what they
can do is they're just gone on Hard Times and sometimes it's just easier instead of evicting them just working with them
you know things like that so um you know
there are so Michael um orez was saying more places are now
accepting Section 8 that previously were not okay
um and so with that uh he was also saying that you know Section 8 is strictly for
renters okay so when we were talking about land contracts and things like that they that none of that will happen
um so they're only strictly for renters and specifically they they act as a mediator between the landlord and the
tenant okay is okay
yeah so and then I I agree to that with an extent not necessarily a mediator but
they they act as what's called a uh they subsidize the rent
okay just like say food stamps you get subsidized with food stamps based on
your income okay based on what you think you can afford and things like that the more you
make the less money you get and then all of a sudden you make too much money and you just don't qualify
mm-hmm do students qualify for a Section 8
you know because they are in school I don't have time to work a lot I have a part-time
job so they can but it I think they go by the
same rule as like FAFSA does where
um if you're under the age of 24 and your parents are
still taking care of you I guess uh they can count they have to count the parents
income you see what I'm saying so that's how yeah so uh 24.
well at least for FAFSA for for like student aid so now for Section 8 I don't
know the the the limits on that um and if your parents are low income
then that doesn't matter so um but that is a definitely a question for like
Section 8 um themselves and so as a landlord you
shouldn't need to care about any of that as a landlord all you care about is the
voucher and are they going to pay their bills on time are they going to keep the house
clean are they going to do all this so you look at the references you look at the they're gonna have bad credit no
matter what but how um you know how
you know in the last six months are they at least paying all their other bills you know
um you know if they're constantly just like 30 days late or something but they're still paying the bills that's fine you know and things like that
um so let's see uh anik was saying that I had a tenant who lost their Section 8
voucher uh three months into the lease because she lied and lied about her
income on Section 8 application
yeah so what does the landlord do in that situation so they still signed a lease they're
still responsible for that so um well you know okay either they gotta
pay up or they you have to go through the eviction process okay
so Anita what did you do uh let me know what in the comments what you did did for that tenant did you uh have to evict
them or did they ended up coming up the actual money for the rent
so but uh yeah so that's it's crazy you know having friends like these guys in
the chat you know they have experience so and that's the thing
um you know it's oh eviction he came back said eviction so
uh yeah three months total had scored a
little bit three three months for them to figure or figure out she lied it was
crazy that's crazy so so Brandon every city is different every
city is different on evictions too so so what what do you think uh if there is an
advantage to using section eight do you think you can get higher you know lease
rates is that trouble
yeah no problem so you can get higher rents with Section 8 because it's based off of the average area it's based off
the area okay so you know the good thing is is that they're going it they're
going to be the highest rents that you can get like for instance you can get a three bedroom you know for in Detroit
they care about whether it's brick or frame houses but outside Detroit they don't okay the rents are the same so it
just depends on like three bedroom you're probably gonna get um like 1500 a
month you know 15 to 18 depending on the area so you know the more the the more
North you are the better you can become so um do you think it's uh what they're uh
yeah so based on like square footage of home or number of bedrooms or it's it's
number of bedrooms and a little bit with the square footage but mainly the number of bedrooms so if you got one big
bedroom and you're modifying the house you make the one big bedroom into two small ones
yeah exactly so well yes and no they still got to be pretty decent so and and
they still gotta remember you gotta pass City inspection you've got to pass uh Section 8 inspection they have rules on
what is a bedroom okay okay and how big a bedroom should be so
um anik who's saying all depends on where the house is I wouldn't get higher rent for a property with Section Eight
so I strictly work with cash tenants so like for instance in Detroit
you're probably going to get higher rents in the suburbs you might not you might get more higher runs with the
cash tenant so it really just depends on the area so
um you know also landlords uh get the tenants who will not destroy the
property when they when it's foreign yeah I I agree with that Michael so the
thing is is that you have like I said you have to screen the tenants of money and you can screen the tenants all you
want but guess what people lie you know people lie and and you have to
come up with your own ways to figure out how to get that and sometimes that's the
reason why I I wanna I don't want to say I push it off to a a
property manager but that's essentially what I'm gonna be
saying I'm doing um I want to put that on them but then I wanna I wanna oversee what they're doing
to make sure that they're doing it right what I mean by that is is in the beginning I'm going to make sure
that they are doing what's they said they're going to do and things are going
through properly um basically I'm going to be watching like a hawk until they gain my trust
that's just how it goes so again just like doing business just
like doing business with anybody yeah so getting back to uh is there an advantage
to doing a Section 8 as opposed to just a cash tenant depends on the top of your head depends
on the area because the thing is is that like for instance if you go inside Detroit proper uh
you know I would probably do a section eight because they don't want to lose
that section 8 voucher yep by getting evicted now you go in the suburbs depending on
where you are in the suburbs it might be advantageous not to do a section A yeah yeah so so I'm thinking
yeah you wouldn't do want to do a Section 8 like in Clarkston uh better schools higher income but maybe Pontiac
or water some Waterford areas you might be inclined to do a section 8.
exactly hey Pontiac is a great example because pontiac's just like Detroit okay
and I guess it wouldn't matter if it's a a home or if it's a condo or if it's an
apartment building or Section 8 .
yeah so they it just has to be a dwelling that you own like you can't be
you can't rent a place and trying to subline it sublet it to a tenant you
have to be the owner okay um now I'm not sure what the rules are
on condos you have to look at when you do condos HOAs have their own rules too
you have to follow I got you so you got to keep that in mind okay
yeah so you have to be very trusting of the um prospective tenant to really uh be
able to sleep at night yeah for the first six months anyway to see if uh it's uh gonna go well
exactly and yeah that's where the vetting process comes in okay so
um that's where the the vetting process comes in in order to do that so on something like that is there like an
idea that you had are you thinking about wanting to get a a few Section 8 or get
a few houses and rent them out to Section 8 play or anything like that well I was considering yeah using some
some free cash to get a place and then I I have a friend who is a a single parent
two kids kind of low income is just you know struggling finding an apartment and
stuff like that got it it'd be wouldn't it be great to to help that parent out by just like okay here I you know I I
know you a little bit uh you know yes and and maybe you know after you get on
your feet you do like a land contract and then you have a place of your own for you and your kids so that that was
kind of uh my thoughts about section eight you know help them get a running start which this
program sounds and does for low-income uh people right and they just have to qualify and you know how government
processes are they don't they don't happen fast so yeah how long does it
take does anyone uh you know anyone in your your chat uh know how much it takes
to get approved for Section 8 . that I'm not sure of if anybody in the chat uh wants to answer that question
that'd be great because I'm not familiar with how long it takes probably never try to get one themselves
since they're the they're the renters but uh okay so anik was saying he has a
duplex for sale in uh in in South Warren
yeah yeah uh if anyone is interested it's perfect for Section Eight anik send
me the details we'll see we'll see what we can do if it's priced right we'll see what we can
do all right so send me the details Nick you got my number all right
um and he's also saying two to four weeks oh okay that's not too bad
and it's done through the county right it's done through the state
oh it's done through the state right County um each County will uh run their own
like for instance they have their own offices in each County that's what I'm getting okay
like you know some place in Roseville they're not going to have a Section 8
from Detroit they're going to get paid out of you know out of Macomb County wherever that
is wherever their office is I'm not too familiar exactly but I know that that does matter as well so
okay yeah so like a a duplex is actually really good because you can have uh
um that's double the rent right there so now it might be a two bedroom but now you're getting double the rent versus a
three bedroom is just a little bit more you know so that that's good anyway you know if
an egg is saying is perfect for Section Eight hey it might be in great condition so
um and that's in that's in uh South Warren so you know yeah but yeah um is
is um senior citizens uh available to get Section eights too
I would imagine yeah as long as they can as long as they can meet the income requirements that's okay so it's all
about income not uh not anything else right okay so yeah I mean it's a federally run
program it's all about income so that's all they care about so a little bit
about the age because they want to make sure you're not living off your parents or anything like that and you're trying to claim Section 8 you know
um things like that but yeah okay so like like my mom would not be
able to qualify even though she is um
just uh she's on disability because she owns a house
because she owns a house there's no way for her to be able to get section 8.
okay okay so you can't sit there and get Section 8
when you already own a property or something like that okay
um okay bye okay yeah so with that what I
have um I do if you want to do anything as far as looking for a property or
anything like that um you know I would be interested like
I'd be interested in working with you where if you come in with the finances I'll run the whole project and and uh
we'll I'll set up all the systems and do everything um you know for you just for like a
percentage of the deal you know what I mean so things like that so we can be partners
if that's something you're interested in um I've been working with that with a lot of other buyers
um so I just started putting that out to people um and it's okay if they don't want to
that that's perfectly hearing go deal by deal you know so
um but so Tara Lynn was saying like many government help these programs are not
necessarily designed to give people a hand up hand up I'll probably hand out uh going into
going into rentals with the idea of helping people can be extremely risky I
found it's best to run your business as a business and be selective when helping
make sure you'll make sure real help is truly being given so I 100 agree with
that just because you want to help somebody you still have to run the numbers and make sure it's profitable
okay if you can afford to break even and just take the tax rate off that's
perfectly fine too that's a decision that you make but keep in mind you're still it's still a business
okay so um you know
uh she said no hand up as in helping them uh get get help to
move up in society financially ah yeah okay
um let's see uh Mr R which I wish you change your name to what your name is
but all right uh what if a parent uh passes down the property they own to
their adult children will they be eligible for Section 8 afterwards if
their income is in the range probably I'm gonna I I'm not gonna say guaranteed not but
if the property is in your name I'm probably gonna say no because that
means you have a place to live okay so I'm probably gonna say no to that but
I'm not a four Mount expert on Section 8 so that is something you can ask uh
um you know the Section 8 office about so yeah
um so with that you know we're kind of coming up to the time here but uh you know I at least wanted to give you give
you that option that if you do want to get into your first rental um I'm here for you no matter what um if
you do want to go in in the business like you put up the funds and you know I'll walk you through the whole process
on on everything um and we can kind of go through there and you know I'll even do the work
myself so or at least do everything myself here so all right
yeah cool so with that now the this part here anybody out there if you have any
deals that you want to either JV with or or anything like that
um I have buyers that are constantly looking for uh fix and flips buy and holds uh all over Metro Detroit
um as well as I do have some in Genesee County and in
um and in uh Washington County as well so anybody that has any deals please send
them my way we'll be happy I'd be happy to JV with them I also have a few other investors that are looking for fix and
flips that have funds that I'm going to be partnering up with as well um so not only would I be a JV but I
also you know work with a buyer on on The Fix and Flip itself and run the project so uh with that we also do have
a um deal calculator on our website randystedwell.com under digital
downloads you can run all the numbers I'm actually looking I'm actually going to be revamping that into one coin one
version but anybody who does buy it I will email them a copy of the new version that does come out so don't wait
if you use the code 50 off uh it'll get you 50 off of the current price which is
it's only 20 bucks and it's like a self spreadsheet so you know so um but you'll
get 50 off it makes it only 10 bucks so um go from there with that
um Ron stay here for a minute and we'll talk right after and then for everybody out there anybody
um looking for any deals please give me a call uh my number's right here at the
bottom uh shoot me an email at Randybuyshousesmi@gmail.com again RandybuyshousesMi@gmail.com and we'll go from there
have a great day have a great week and with that we are out and see in the next