Real estate auctions

Yep been thinking about picking up a few houses with the intent of renting them out, going to pay cash. I like the idea of having a monthly positive cash flow from rentals. My neighbor has been doing this for two years now and its worked out good for him. He rents to section 8 housing recipients and gets a check from the state for the rent.

Havent had time to play with mill, got to much on my plate at the moment.

Best Regards Tom.

As far as I understood, if I do my own repairs, I do not have to be EPA qualified.

Well, I think that it is a fine idea.

On Apr 24, 9:56=A0am, Ignoramus28268

Before you start renting to Section 8 tenants, do a little checking. In some states you may get paid by the state. In others I believe you collect the rent from the tenant. I have known people that rented to Section 8 tenants and they did their best to not rent to Section 8 tenants. Stories of people not paying and having to pay to get them evicted. Stories of houses being trashed because there is no money held against damage to the house. Section 8 tenants have no incentive to keep property clean and undamaged.

Dan

Can you be more specific? What, exactly, is "moronic" about teaching your children not to eat the paint off the walls?

Thanks, Rich

That you think it is somehow relevant.

Ig, I'm almost positive that you're incorrect.

Homeowners are allowed to do things we contractors aren't (I have a General, can't do electrical or plumbing, lead/asbestos/breast implant removal.) but I believe that training is necessary for the newly regulated --==COMPOUNDS OF DEATH==-- like lead, etc.

From

-- Accept the pain, cherish the joys, resolve the regrets; then can come the best of benedictions - 'If I had my life to live over, I'd do it all the same.' -- Joan McIntosh

Sounds scary. Should I buy one of those lead test kits?

Well, what do you plan on doing to the house? If I were just doing the old TSP and paint job, with no repairs necessary, I wouldn't worry about it. The contract said no problems had been noted.

-- Make up your mind to act decidedly and take the consequences. No good is ever done in this world by hesitation. -- Thomas H. Huxley

It may be a demonstration. This is what eating lead paint looks like 50 years later

No. Just sand and repaint the walls and woodwork, clean all the dust up, and wash the floors. Unless this house has not been repainted since

And to be legalistic, in the above, it's only "if leadbased paint is known to exist" that one needs to hire a licenced abatement company. The key phrase is "known to exist", and no legal requirement to test is mentioned.

Joe Gwinn

As I said earlier, the plural of anecdote is not data. However, as a landlord, and not renting to section 8 ( not for any political reason, just never had a need to) I can attest that all tenants can cost money to evict if they stop paying, and all tenants can trash a place, and few tenants have any incentive besides personal pride to keep up their places. Regular inspections, and a close working relationship with the section 8 officials are the ways that my friends who do section 8 use to keep their properties from getting trashed. Just FWIW, the worst damage I ever saw done to a property was done by a guy with a law degree...

No, apparently unlike you, my parents taught me manners.

Thanks, Rich

And apparently 'suck thinks that somehow it's _NOT_ necessary to teach your children.

No wonder we've got so many damn socialists.

Cheers! Rich

Where you get into trouble is when you get into commercial property and do your own repairs. This also include a rental property.

John

I would say:

1. Do NOT test unless you are required to do so. There is nothing to gain and MUCH to lose.

1. As far as the authorities are concerned, you are fixing it up as a wedding present for your kid, or as a bachelor pad for when your wife tosses you out, not to be a rental property. You might change our mind later...

2. Do not disturb old painted areas where possible, scrape rather than sand, do a good clean-up with a bag type shop-vac, and use respirator or dust masks when you disturb painted areas.

1. If you make dust, use wet collection rather than sweeping. Mop, mist... etc.

2. Keep your kid out of the area if you are making dusts.

1. A nice new layer of Latex paint will seal any lead paint and make it safer.

2. The exterior has similar concerns, be cautious digging around the foundation, lead dust and asbestos dusts might have accumulated there.

Stuart

By the way, the neighbor is a female version of one of the popular posters here. Her yard is full of plastic buckets. I thought that I had too many buckets, until I saw her yard.