This has been the most financially devastating investment decision I’ve ever made. I invested over $30K in closing costs and fees for a property that was marketed as ‘rent-ready’ and cash-flowing. Unfortunately, nothing about this service was truly turnkey. I was charged $7,500 just for a referral to a sourcing company. I was connected with a partner who assured me the home would rent for around $1,550/month. Based on this promise, I closed at $90K and incurred over $30K in closing costs plus another $5K in repairs. After closing, the house remained vacant for six months. The neighborhood was filled with abandoned homes, highly competitive, and nowhere near the ‘ideal rental market’ I was sold on. When I finally got photos from a friend, the property was cluttered with trash inside and out. I seriously doubt it was shown to any potential tenants. In reality, the property might rent for only $800 per month. When I sought help, I was directed to another entity, which referred me to a property management company that had to release my property after two months due to being overwhelmed. I found myself without a property manager, a vacant home, and ongoing costs. I attempted to sell the property, but after months of no offers and no assistance, the situation worsened when the home was broken into and vandalized—costing me another $5K. After a year, the property is still empty. I bought it for $90K, spent an additional $35K, and now the best offer is around $40K. When I reached out for help covering the selling costs, I was blamed for the situation, despite being sold a property in a declining area. Their service promised guaranteed support and reliable management, but I was left to fend for myself. Attempts to find another property manager were futile, and I remain stuck with a vacant house incurring mortgage and fees. While some tried to assist, the best resolution now seems to be divesting from this property. Acknowledgment of being sold a poor investment was given, yet no further help was offered. I’m facing a significant loss and ultimately feel abandoned. What was marketed as a seamless investment turned into a year-long ordeal. I invested my time and resources into this, and the property is still vacant.
Claim your business profile now and gain access to all features and respond to customer reviews.
Section 8 Boss has been directly involved in over 100+ property acquisitions for intended use with The Section 8 Housing Choice Voucher (HCV) Program. The HCV program provides assistance to low-income families to afford decent, safe, and sanitary housing. Section 8 Boss has over 15 years of combined expertise in the sourcing, acquisitions, and management of positive cash flowing rental properties. By partnering with our team of tenured property managers, this is what you can expect. We will walk you through our streamlined online pre-approval process. Then, we will assist you in finding HUD qualified, largely rent ready, and cash flowing properties, Once the property has been identified and closed, our team will place pre-screened qualified tenants in your property. With tenants in place, we will manage rent rolls, maintenance, inspections, and any other day to day tasks related to your property.See more
