Buying HUD/Section 8
I have talked with a guy about buying his HUD Duplex. It's in a pretty good neighborhood and needs only cosmetic work. He is willing to take 10k less than the value. If I were to buy it right now, I would stand to Net about $300.00 per month if I pay a property manager to manage it for me.
Can anyone tell me if the fact that it is a HUD property effects anything in the deal?
I have never bought HUD properties and I have no knowledge on the subject. Please help.
PS The guy also tells me, he has a 6unit apartment complex that he may want to sell as well. I happen to know that it's in a "war zone", but it makes him about $700/mo positive cashflow.
other than the extra paperwork, and usually they leave the place a mess, there really isnt anything weird about it. I would offer to buy all of his properties and have hime give you a better discount though.
Good Luck,
Kyle