I was wondering if anyone had any experience with buying and renting out HUD homes.
If so please PM me.
www.hooksvanholm.com has a listing for HUD homes locally, if you have any questions I looked into purchasing one and know some in depth info on them.
A customer of mine that gets regular work here does that. He said its not bad money if you have some money to spend. The worst part about the whole thing is dealing with the people that will be in them!
that’s why you hire a management company! Let someone else have your headaches.
Sean listed the HUD sale site. However there are a lot of other foreclosure homes out there, which will be more friendly for investors. HUD homes are friendlier to Owner/occupants than to investors.
Are you more curious about buying foreclosed homes or about section8 rentals?
I’ve worked with well over a dozen buyers and helped them buy foreclosed homes, from Fannie Mae, Freddie Mac, GMAC, and a number of other banks. I am closing this week on a Fannie Mae home in Penn Hills.
I manage rental properties for owners, but do not work with Section8. Other property managers in my company do, and some will tell you their best tenants are Section8, while other managers/owners have had less than great experiences. At the end of the day, it’s still the quality of the tenant - not the government aide that determines if it is worth it.
buy up a bunch of houses. real shitholes.
link up with an urban redevelopment non-profit.
find a property assessor that will play ball.
have assessor write phony assessments for much higher than properties are worth.
have your non-profit approach HUD, say they want to buy the homes and redevelop into affordable working class housing.
HUD guarantees the loan. Go to bank, get money.
Sell houses to the non profit for big fucking profit.
Non-profit fails to make loan payments because “unforeseen construction expenses and repeated vandalism have forced the project into dissolution”.
Give 10% of the profit to non-profit, 10% to assessor.
20% to Darkstar for giving you the idea.
Retire on the other 60%.
hmmm. kinda sounds like what got the real estate market in the shit hole that its in right now.
I’m amazed you have time to think about things like this, between delivering mail and jerking off to the plastic mulletmobile you have coming.
yea it really is, i mean i could have just gotten a plastic retirement car for myself.