Posted by JB on April 17, 2007 at 21:39:43:
Is Hals landlording secrets still current and up to date with todays market and HUD? Are those 3 sections IE: Manuals and cds still worth buying today and is anyone here have a review or opinion of them? Thank you all for your help.
Sincerely,
JB
Hal Roark Course Opinion - Posted by JB
Posted by JB on April 15, 2007 at 22:20:54:
Im thinking of getting into real estate and am looking for positive cashflow. Anyone try the course and if so what is your opinion? Section 8 seems like the perfect cashflow source for a newbie assuming the course covers all the pitfalls. Thanks for your time. Please post positive and negative reviews.
JB
Re: Hal Roark Course Opinion - Posted by David Krulac
Posted by David Krulac on April 16, 2007 at 06:06:54:
I’ve met Hal several times, he’s knowledgable, approachable and easy going. I bought his course and it is the most thorough course on the subject that I have seen. He does live in New Orleans and is very busy with rebuilding projects there.
There are certain things that are local that are not in the course. You should contact the agency that manages the program in your area, its usually a county office or if you’re in a bigger city a city office.
Some counties have waiting lists of clients/renters for the program, one county that I’m familar with has a 3 year waiting list; other counties have no waiting list.
Look at wahat the rents are for section 8 on the web at http://www.huduser.org/datasets/fmr.html
If you put in your ad that you accept section 8 your phone will ring off the hook even when the general market is slow.
Your property will be subject to a yearly inspection and must be kept in good repair.
Section 8 doesn’t work everywhere. it depends on their rent schedule versus the market rent. In some areas they are lower than market rent, and some they are lower. Before you start you need to know what your area is. It could be that the market rent is higher than the section 8 allowance, then it wouldn’t make much sence to do section 8.
Re: Hal Roark Course Opinion - Posted by JB
Posted by JB on April 16, 2007 at 12:02:27:
Thank you so much for the info David. I live in Louisiana so I know the laws here are different from most states, I assume I should have no problems with his course in this state then. Does his course cover how to find and purchase good rental property? Or just how to section 8 it? I looked @ the hud site and I think the rent from section 8 runs for 1 bd 500 2 bd 587 and up so that would be great, especially if you buy some real cheap houses.
JB
Re: Hal Roark Course Opinion - Posted by Levi
Posted by Levi on April 16, 2007 at 08:33:48:
The HUD rents are gross living costs, so if the monthly rent for a 3-bedroom is $1,000, that means that amount includes all utilities. If you have a house for rent and your tenants will be paying all their own utilities, you can figure your net rent will probably be around $850-$900. In my area, (Des Moines) market rents are higher than HUD for average quality properties, therefore Section 8 isn’t very attractive.
Re: Hal Roark Course Opinion - Posted by David Krulac
Posted by David Krulac on April 16, 2007 at 18:53:03:
there is not much on the buying of the property. section 8 is a Federal program so most si the same everywhere though there are some differences from area to area.
In some areas the rent figure includes the utility costs as well as the rent. Suggest you call the local office.
Re: Hal Roark Course Opinion - Posted by Eric (MI)
Posted by Eric (MI) on April 16, 2007 at 09:55:13:
I definitely need to check into going Section-8 with some rentals. They are paying quite a bit more for a 3 bedroom than you could get on the rental market. For example, a 3 bedroom house (varies depending on size and whatnot but not much) in the area I would want to hold rentals is $600. Hud is paying $805. I guess that makes it worth checking into anyway.
Re: Hal Roark Course Opinion - Posted by Dave T
Posted by Dave T on April 19, 2007 at 22:55:42:
You need to check with the local housing authority that administers the section 8 program for your county. In one area where I have Section 8 renters, the housing authority does a rental market survey every year, and their maximum allowable rent does not exceed the market rental rate.
It is a differeent story once you have a Section 8 tenant in place. While your initial rent may have been determined by a market survey, modest rent increases are often allowed even though a soft rental market may have forced a decline in the prevailing market rents.