Posted by Carey_PA on January 27, 2001 at 16:46:25:
thanks for the response. I noticed these houses while going to see a few houses with a realtor. My intentions are to buy 'em cheap and rent 'em Section 8.
As far as being able to get tenants…in this area, people will rent like crazy, but they won’t buy. (mostly credit issues, etc.) And obviously in this area, as well as many other areas in the country I’m sure, there is a list for people needing and “wanting” Section 8. So, I have no doubt that I will be able to rent these homes (which are mostly 3br, but could be turned into 4 br) for $1,039 plus a month.
The realtor did however tell me like you had mentioned that they are becoming more stricter about lead based paint…so I’m sure I’d probably have to have all the houses scrapped and re-painted…now I’m not sure how much that costs or if anything else would have to be done.
For now, I’ll try to do my homework and try to find the owners of these properties.
ohhh and one more thing I forgot to mention, I could probably get these homes for nothing up to 25k…(well the boarded up ones obviously I could probably get cheaper and put most of the money into fixing it up), and these homes fixed up could sell for about $50k-$60k…(but like I said this isn’t the type of area where people buy, they usually just rent.)