Long Distance Real Estate Investing

SheReadyLLC

I was DENIED one time.

Instructions letter

Did you know that as a Housing Choice Voucher Program vendor, you can request an increase every year on the rent amount?

Well if you didn’t know. I’m here to tell you that you can request an increase in payment.

I learned this from my property manager who also rents to people in this program and has much more experience with it than I do.

What she didn’t tell me or what I didn’t ask was how to go about doing it so when I sent the email requesting an increase it was DENIED.

It was denied because I didn’t list some information shown in the picture of this article and it wasn’t mailed in with a signature.

I ended up writing a letter on paper with the information they wanted and I got approved for my increase that I requested.

Everyone is happy especially me because now I feel I’m starting to receive an adequate amount for the amount of work that was put into that property.

SheReadyLLC

The GOVERNMENT didn’t pay me!

No Check on the 1st

As a landlord for a Housing Choice Voucher Program (formally called Section 8) tenant, I never expected to hear what I heard today.

Yes, I know that we are living in days of uncertainty and overwhelming madness, but everyone knows the government pays their bills and usually on time.

So what happened…

COVID 19 happened! That’s what happened. The regional office is closed due to an outbreak and since it’s unknown how many people the person with COVID 19 came into contact with, everyone was sent home and will be returning on Monday.

I’m in shock! Not because I don’t understand the severity of COVID 19, but because I didn’t know these payments were not automated. Someone has to manually enter this information. I totally thought they had a software system to manage this. Yep, I still have some learning to do.

If this is not a wake up to people. I don’t know what it will take. Not only should we all be investing or providing services and goods to each other, but we can’t have only one thing. There needs to be multiple baskets, even if those baskets only have one egg in each of them.

As I write this post, it’s a reminder for me stay focused on my goals and to keep moving forward and I want others to do the same.

SheReadyLLC

Being A Section 8 Landord

When I decided to get into real estate in 2018, I was not expecting to be a Section 8 Landlord.  However, the day I met with my now Property Manager, she already had a tenant lined up.

After viewing the house that was still in renovation mode at the time the tenant liked it and we started signing the papers right away.

Today, I’m happy that I am a section 8 Landlord. I have not been affected by the pandemic.  I don’t have a mortgage on the property and I’ve been able to pay insurance, property taxes, and repairs with no issues since I’ve been receiving rent once a month.

A couple of months ago, I asked for an increase for the first time. It was approved and I’m so glad. Now, I’m going to be faced with a new challenge. With this increase, the tenant will have to pay me a portion of the rent. It’s not much, but it’s still something that I have yet to experience.

SheReadyLLC

The Value of a Property Manager

Earlier this week, my hometown of Meridian, MS got hit pretty hard with winter weather. It snows about 3-4 years in that area, however if 2020 wasn’t enough to put everyone on edge, the winter storm of 2021 sure did.

After checking on my immediate family, I reached out to the Property Manager I have looking after my rental property in the area to check on her and the tenant in my property. I was not surprised to hear something had happened. However, I am pleasantly pleased at how she has handled the situation.

The tenant was not at home at the time and a pipe under the second bathroom burst and she was already on it. She’s already hired someone to fix the issue and turned the water off to prevent a large bill for the tenant. She said, “I only want to involved you when I really need to”. That to me is a sign of a great Property Manager. She knows I don’t live in the state and that I have other things going on and understands the importance of her position to take care of the tenant needs and the property.

In this moment, I couldn’t be more happy that I actually pay someone 10% of the rental income to have someone to take of things like this. I’m also reminded of a book I read named Long-Distance Real Estate Investing By David M Greene that recommended hiring a property manager as well. My advice to anyone especially, if you are a long distance real estate investor is to add a Property Manager to your team. It will be better for you in the long run.