I Bought Section 8 Rentals... in Detroit!

[@eliot5220]

Cool section 8 deals. I’ve done it so much.

[@martelantoine]

The best!

[@somieyomie]

Nice video!! Thanks for sharing the strategy 🤩

[@martelantoine]

No problem 👍

[@myndfulness]

🎉 Just mind blowing--so clear--thank you!

[@martelantoine]

You are so welcome!

[@motownlee3765]

love seeing new Detroiters come in to the market, I was told by an older man that Detroit ranks high affordability for retirees . avg income is $36,000.

[@martelantoine]

it’s a great market

[@somieyomie]

Detroit rocks!!

[@Jen-yv4eg]

If u like murders/drugs...

[@martelantoine]

thank you!

[@jessebusma5339]

I've got a triplex that will cashflow 15% $3750/month, 100% section 8

[@martelantoine]

love it, good for you!

[@ferrismartinez]

how's it working out?

[@lsriramakumar]

How long it takes to find section 8 tenant, inspection, etc after closing the deal at Detroit. Still have to pay Mortgage, Property Mgt, Weekly security cost, etc

[@martelantoine]

1-2 months

[@AlbertoRodriguez-fy2vv]

I notice you mentioned that its better for the house to be vacant bc then you can get the higher amount for section 8 rent, are you saying that current section *8 tenants are locked into their monthly price? also what other factors go into how much you can get a month other than market value?

[@martelantoine]

yes section 8 tenants are locked in for 12 months

[@luxt.v521]

Trying to use the flip system to analyze a deal I’m working on. How can I use it or gain access?

[@martelantoine]

Head to flipsystem.com and let's chat there!

[@markroberts8975]

I put a section 8 renter in my first rental home. They trashed the place, cost me a fortune in repairs after they disappeared. I sold the house at a loss and never got into residential real estate investing again. Not for me.

[@evandru3606]

Take a different approach real-estate can be very beneficial in anything just because the first try failed doesn’t mean the second try will find a better city or market.

[@markroberts8975]

@@evandru3606 I took a different approach. Got into commercial real estate instead, and I love it.

[@Junkhomebuyers]

You probably didn’t do proper screening of renter

[@markroberts8975]

@@Junkhomebuyers You’re probably right. I couldn’t get the amount of rent that I needed from the open market and I was losing money & needed a tenant pronto. I got excited because the section 8 family could pay more than others, and I trusted my management company to choose a good tenant. I definitely could have & should have been more hands on. I suspect that most section 8 tenants won’t pass a rigorous screening, but maybe good ones are out there.

[@Junkhomebuyers]

@@markroberts8975yup all correct. There are GREAT People on the program if you screen. Background, credit and go view there currently occupied property. Majority of them will be good tenants because they dont want to be kicked out. You get better people usually if more elderly, which alot of folks dont consider. You have to self manage i would say the first 10-25 before you hire someone inhouse to be a manger. Use a 3rd party company as last resort because they just wont care like you do. Someone who works for you or a VA is better. Also you should never sell at a loss. You could have sold owner finance to someone who cant get a loan. Maybe thats a better strategy for you, by cheap houses that need work and sell owner finance. No tenants to deal with, your are the bank and sell on contract for deed. Basically they pay you every month and deal with the headaches themselves

[@Ricebow11]

Simply wondering, what reasons, besides a senior tired landlord, could lead to a landlord selling their passive income section 8 rental property?

[@mapleaf6672]

Mega entitled tenants.

[@MoreSauces]

It could be many reasons: Maybe they want to 1031 it for something bigger like a multifamily, or maybe they have a kid going to college, or maybe they want to travel around the world on a luxury cruise....there are many reasons...some people use real estate like stepping stones. They are great assets with flexibilty.

[@Skeez057]

How can I get a link to that calculator tool you have?

[@martelantoine]

yeah head to flipsystem.com

[@neptunezgal]

Thanks for the video! New sub here. My question is - as an Entrepreneur where do you get medical insurance? That is my fear of not breaking out of the 9-5 cottonfield.

[@martelantoine]

call some local companies to get that - not expensive

[@Beeater-i2c]

with an average of a 70 percent return yearly on your money using a 10% loan, does that mean 150k can make you about a 100k yearly for life passively?

[@martelantoine]

Yes but 70% passively isn't possible, that would be active income.

[@Beeater-i2c]

@@martelantoine can you please elaborate?

[@youareastar38]

have you ever though of doing seller financing instead of going through a bank?

[@martelantoine]

i have but it’s like finding a needle in a haystack

[@hambox2008]

Question. How does buying properties help with your tax bill?

[@kingwillie206]

Write offs.

[@martelantoine]

you can write them off

[@redgear4566]

First time watching this video in late June…. Want to know what’s funny? That’s my property, the Longview st. Closed on it on February 20th. Btw I bought two properties in Detriot ($60k amd $65k) and the closing cost is usually around $8,000, nothing more. Both times I brought up the high closing cost, but was told that because the property value/cost is so low, they have to charge $8,000 minimum. Otherwise they aren’t profiting. They said that if I bought a higher value property that the cost would be the same up to a certain point. Than after the point, it’ll increase.

[@MrJuliocesar70000]

What Is the closing cost ?

[@redgear4566]

@@MrJuliocesar70000 with a $60k home, the closing cost is around $8,000. Unusually high but I was given this amount by two different agents. I was expecting $3k or $4k.

[@MrJuliocesar70000]

Thank you.

[@cq7415]

Very informative video. Thanks for sharing.

[@martelantoine]

thanks you

[@db.3253]

Does section 8 pay by the bedrooms based on tax records OR what the property actually has when they come inspect the home?? I see homes I want to buy that say 3 beds on the listing but tax records say 2 bed. Please help. Thanks.

[@martelantoine]

when they come to inspect

[@aquilaszephir]

Martel you mentioned you were able to get loans at a purchase price for $60k - What lender do you use?

[@martelantoine]

Click the link in my profile.

[@tylerm1053]

its nice having the guaranteed rent payments but the city ordinances and compliance measures make it not worth it.

[@martelantoine]

yeah sometimes its not worth the squeeze

[@califromnewyork]

Those air force sandals are the most hipster thing I've ever seen.

[@TheRoyalautogroup]

Dude That’s the dirtiest of the rigs

[@martelantoine]

What's a rig.

[@mushfiqchoudhury537]

Lmao

[@martelantoine]

Yes