DutchV
Ultimate Member
- Jul 8, 2012
- 4,722
A friend of mine had a Section 8 townhouse in Westminster until last year. Not sure if he made any money or not when he sold it. I've helped him fix just about everything at least once. The area is okay; it's the tenants that are the issue. Stuff that has gone wrong includes: front door kicked in, interior doors punched through, drywall punched or kicked through, kitchen cabinets kicked in or had doors pulled off, and one bedroom re-painted completely black. If it can break, the tenants will figure out how to do it. Never mind the typical grief of getting the rent payment on time. Some renters are covered by the Section 8 voucher almost completely; others have to pay quite a bit, depending on their income. Getting their part out of somebody who feels entitled to free rent can be a drag. You have to know the system and file the paperwork exactly the right way in order to sue someone or get them evicted.
I second the idea of going with a REIT or other investment vehicle. A bad rental can be a lot of hassle.
I second the idea of going with a REIT or other investment vehicle. A bad rental can be a lot of hassle.