Sunday, March 11, 2012

Deerfield Beach Housing Authority (DBHA) Opens Their
Section 8 or Plan 8 Waiting List.

The Deerfield Beach Housing Authority (DBHA) will accept 500 preliminary Section 8 applications for the Program's Waiting List on Wednesday, March 21, 2012.

The Section 8 Wait List will only be available online at www.dbhaonline.org starting at 9:00 a.m. until 500 are submitted.

Any Section 8 submission that is not fully and accurately completed shall be void. Only one per household will be considered throughout the entire process. Anyone that submits more than ONE will be void.

NO TELEPHONE CALLS, FAXES, MAIL-INS, WALK-INS, E-MAILS, OR DROP OFF WILL BE ACCEPTED.

DBHA will only accept 500

Again, the preliminary waiting list will close once 500 applications are submitted online.

To qualify as an eligible family, the total household annual gross income must not exceed the very-low income limits, as shown below, for the household size.

Family Size:	1 Person	2 Persons	3 Persons	4 Persons
Very-Low Income	$25,100	$28,650	$32,250	$35,800

Family Size:	5 Persons	6 Persons	7 Persons	8 Persons
Very-Low Income	$38,700	$41,550	$44,400	$47,300

If you do not have computer access at home, you may go to a public library or any other place where computers are available to access this website to complete the application.

If you need reasonable accommodation for a special needs person, please contact the Center for Independent Living at 1-888-722-6400 or Deerfield Beach Housing Authority at 954-425-8449, five business days prior to the opening of the preliminary waiting list.

For the hearing impaired, please call TDD#1-800-955-8771.

Related Links, Blog Postings, Presentations or Articles:

Written by +Bob Burns.

####

No Boundaries, Baby!

Real Estate Investor
about.me/RobertKBurns
Telephone #: 305-586-5280
email: sec8@planocho.com

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Sunday, March 4, 2012

Florida's Hurricane Season and FEMA's Hurricane Preparedness Widget

Florida's Hurricane Season

One of the biggest pains being a real estate investor in Florida is getting prepared for Hurricane Season. Due to the amount of work, we wait to the last minute before placing the hurricane shutters onto our rental property's windows.

As a result of waiting, problems are going to arise like:

Going to Home Depot.
Gathering Supplies, if available like:
- Make sure you buy gloves PLEASE. I can't count the times we have been hurt just because we don't have gloves on.
- Sun Block, Hats, Sunglasses, etc. Florida SUN is brutal. I find that the weather is beautiful just before the storm arrives. Sort of like "The calm before the storm."
- Buy Wasp spray! As you are installing shutters on the second floor of your investment property you will find out why you need the spray! The EASY way or the HARD way.
- A SPEED tool that allows you to secure the screws or wing nuts onto the shutter. You will thank me later!
- Ladders of various sizes. Buy at least one that adjusts to 40 feet made out of fiberglass, NOT ALUMINUM. Why? Hint: High tension electrical cables.
- Chain Saw and gas for cutting tree branches away from the property and for use after the storm.
Waiting in long checkout lines.
Loading tools and supplies onto your vehicle. Like getting your ladders onto the truck.
Driving to the property! OK for local properties but what if the asset is in another county? At one point I had several properties in Sarasota, Broward, Miami Beach and Miami-Dade.
Traffic – People getting out of the storm's path.
Finding HELP! Try installing these shutters alone! Now try it on 15 other properties. See what I mean.

You are going to work harder than you ever did before. You' ll be so tired that you want the storm to blow away your portfolio of rental properties so you won't have to ever do this again.

At last the second, the storm veer's and never arrives.

You see how crazy it can get?

Oh, by the way, if for some reason you didn't get the shutters up on time and there is damage as a result of the storm, the insurance company will not pay. Just thought I would mention that!

FEMA Hurricane Preparedness Widget

One of the reason I was inspired to write this post, I found a little widget from FEMA that provides you information about getting prepared for the hurricane season or any other disaster. I have installed this widget on all my sites to help my readers make informed decisions. See the widget sample below.

Related Links, Blog Postings, Presentations or Articles:

See our new Section 8 or Plan 8 Miami Florida Blog. A Section 8 or Plan 8 blog for real estate investors and tenants in Miami Florida. This blog is designed to provide content for real estate investors, landlords and potential tenants who wish to participate in the HUD program.

Written by +Bob Burns.

####

Post Up!

Real Estate Investor
about.me/RobertKBurns
Telephone #: 305-586-5280
email: sec8@planocho.com

Our Internet Footprint:

Tuesday, February 21, 2012

Determining Your Investment Property Value

A good Real Estate Investor is constantly looking for motivated sellers that are offering deals they can make a substantial profit on. Investors have to determine what they are willing to pay for this asset without losing money in the process. There are several problems that can occur with this investment objective :

Finding Motivated Sellers. In order to make a substantial profit, investors must offer a purchase price substantially lower than the Seller is willing to accept. If the Seller doesn't negotiate with you on price or terms you are wasting your time. Move On!
Determining the Maximum Allowable Offer MAO. This formula allows real estate investors to determine the MAXIMUM price they can offer the seller and still make a profit.
Determining the Property's Repairs Costs. Sellers are usually motivated to sell their property because the asset or themselves are in a state of distress. As investors purchase multiple properties they get pretty good at determining the cost to bring the property back online.
What is the After Repair Value APR? What will be the property's value be after cleanup and repairs are done? You need comparables to assess the property's value. The Multiple Listing Service MLS is a fantastic source for retrieving sale and property information but:
- MLS is only available to Realtor Associations.
- You have to be a Realtor Association Member.
- Costs money to be a member:
  - Realtor License Fee.
  - Association Membership Fees.
  - Continuing Education Fees.

What if you don't have access to the MLS to determine property comparables or COMPS? How are you going to determine a property's value if you don't have access to information about the neighborhood?

Don't Worry!

There is plenty of information on the internet. Most counties in the United States provide free data concerning all the properties they currently have on their tax rolls. We provide a page on our web site that lists Property Information and Clerk of the Court data for each of Florida's counties.

Once you have determined the following items:

Repair Costs.
If you are financing the deal, Principle and Interest or P&I and closing costs.
Monthly Fees like:
- Electricity and Water Access.
- Insurance.
- Taxes.
Determine the After Repair Value APR.

you will need to plug in these numbers into the MAO formula to determine your MAXIMUM Offer Price.

YOU MUST never, never, never, ever go beyond that price or you will lose money and the MAO price is only good for 90 days! It is based on a three month window.

Related Links, Blog Postings, Presentations or Articles:

In the very near future we will provided a short video below this blog posting that will help determine a property's After Repair Value APR in Miami-Dade County, Florida.

Written by +Bob Burns.

####

Never Quit!

Real Estate Investor
about.me/RobertKBurns
Telephone #: 305-586-5280
email: sec8@planocho.com

Our Internet Footprint:

Wednesday, February 15, 2012

Did You Know a Section 8 or Plan Ocho
Voucher is Portable?

While interviewing April Johnson from Miami-Dade Public Housing Agency MDPHA I heard the term "Portability" being used in our conversation. I was familiar with transferring vouchers but I never heard the term portability being used. I decided to ask her what exactly did this term mean.

April mentioned that any tenant that had a Section 8 Voucher in good standing, could live in the jurisdiction of a housing authority anywhere in the United States that is administering a tenant-based (Section 8 Voucher) program including Puerto Rico and the Virgin Islands.

But there are certain guidelines and facts that you must be aware of:

Don't take for granted that the rules are the same for each housing authority. Each PHA has its own rules, regulations and deadlines that you must follow.
Fair Market Rent limits or payment standards may be different for each Public Housing Office PHA. Remember they are calculated by Zip codes.
The utility allowance may be different and may affect the rent amount you pay. Florida utility bills are much higher than Puerto Rico. I know because I lived in both places.
Rental subsidy standards may be different. I can recall the differences in subsidy payments from Miami-Dade to Homestead Offices. These offices are in the same county.
The new housing authority will issue you a different voucher, which may change the size (number of bedrooms) that you maybe eligible for. I can't tell you how many times this issue would come up while discussing voucher transfers.
If you decided to transfer you have to re-verify your income and do a background check. One of my tenants was kick out of the program because her son, not her, was caught dealing drugs. You may open a can of worms for yourself.
If you are new to the Housing Choice Voucher Program, you may have a waiting period before you can transfer to another jurisdiction of a housing authority.
If you decide to use the portability option of your voucher, make sure you contact your home office to start the paper work. This may take a while so give yourself some time.
Oh yeah, you better have an idea of where you want to go! Your home office can't do much if you can't tell them where you are going. You may want to visit the new housing offices so you can get an idea what will be involved and GET contact information to present to your current HOME jurisdiction.
By moving you are going to incur changes in your cash flows; security deposit, rental down payment, different tax structure, cost of living changes, insurances, education, transportation...on and on and on.

What does "Portability" have to do with real estate investing you ask? Miami-Dade Florida is a popular destination for voucher transfers and can be another channel in your marketing efforts to get tenants into your rental properties.

Do you have any experience with Section 8 voucher transfers? If so, tell us about it in the comments area below!

Related Links, Blog Postings, Presentations or Articles:

Written by +Bob Burns.

####

No Fear Baby!

Real Estate Investor
about.me/RobertKBurns
Telephone #: 305-586-5280
email: rkburns@investmentpropertiesmiamiflorida.com

Our Internet Footprint:

Monday, January 23, 2012

Do You need FUNDING to be a Real Estate Investor?

Eventually a Real Estate Investor will hear about a deal that is too good to pass up but their CASH is all tied up in another deal. There are no funds to purchase or repair! Time to borrow money!

But before the phone call is made, Investors need to:

Act Quickly before the deal is sold to another investor.
Ask questions about:
- Will the owner accept "No Money Down?" If not, what is the minimum down payment?
- Can the down payment be something other than cash?
- Will the owner hold paper? If so, up to what percentage?
- What are the monthly carrying charges? (Insurance, utilities...)
Determine the properties Maximum Allowable Offer MAO so you can make an offer that is going to make you money quickly.
Make sure you have multiple exit strategies.

Once you feel comfortable about the terms of the deal, time to dial your Lender's number! Good Real Estate Investors always have funds available 24/7 to take advantage of transactions that magically appear.

Lenders are adverse to risk so here are some questions you should ask the funding entity:

What states are they licensed to lend money?
Will they fund the deal based on the After Repair Value ARV (good) or the contracted price on the Purchase Agreement (bad)?
Will they fund the repair costs?
Is there a Prepayment Penalty?
How long can the investor borrow the money for?
Up to what percentage will they fund? If your contracted price is $150K and they will only fund 70% what is the total amount that they will lend? Answer:$105K. That means you have to come up with $45K. OUCH!
If needed, can the investor get more time?
What are the repayment terms? Are these terms negotiable?
Are there any Closing Costs, Points, Etc.?
What are the Minimum and Maximum amounts I can borrow?
Are there funds available 24/7 to take advantage of NEW investment opportunities?

Every real estate transaction is unique so there are different type of loans you can use for each deal depending on the parameters. Here are a few names you have probably heard of: