Angela Sells DFW

Journey with me through my real estate, motherhood and Texas adventures

Archive for the tag “dallas”

Flipping Grandview: Week 4 & 5

A new week, a new unexpected expense.  Upon further inspection, the water heater that we thought serviced the whole home did not.  The one that does is in need of repair.  Instead of waiting for it to flag on the future buyer’s inspection report, we will go ahead and replace it to ensure it’s up to code before construction is complete.  That will be an additional $1,000 bringing our unexpected total up to $1,500.

Our contractor did see some other unusual items and is going to get them repaired within the original bid which is great!  We are already over budget since we purchased all of the appliances, fixtures, lights, faucets, etc.  We know we will have some electrical work to do once the renovation is done as well so we are really trying to limit our costs.  The holding costs definitely add up quickly, too.  We are getting ready to make our first mortgage payment.

This week, we got the colors right and additional coats of paint on went on.  The progress is visible and that’s exciting.  The contractors believe they will be done around March 23 so our plan is to have the home on the market by the end of the month!

 

Top 5 Home Sales in Mansfield, Burleson and Arlington, Texas

Top 5 Sold Homes in Burleson, Mansfield and Arlington, Texas

This month, our top 5 sold homes has yielded 6 homes as two were tied for 5th place!  Here they are, in random order:

415 Shenandoah Drive Burleson, Texas 76028

Listed for $364,900

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2310 Wakeforest Court Arlington, Texas 76012

Listed for $395,000

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6023 Lakehurst Court  Arlington, Texas 76016

Listed for $615,000

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1110 Lake Hudson Dr Mansfield, Texas 76063

Listed for $424,900

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1071 N Day Miar Mansfield, Texas 76063

Listed for $549,900

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1121 Blue Lake Arlington, Texas 76005

Listed at $374,900

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There you have it, folks!  The top 5 (6) sales from the past month in Burleson, Mansfield and Arlington.  Don’t forget that if you’re looking to buy or sell a house in these areas, I am your local area expert!  Find out what my clients are saying about working with me here.

What is Section 8 Housing?

What is Section 8 Housing?

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This is a question that I have been asked by a lot of young, up & coming real estate investors lately.  Almost like a HUD home, the term itself seems to have a negative connotation in people’s minds.  I would disagree on both.

Section 8 housing is housing that’s provided by the government for very low income families.  The qualification income requirements differ by county in Texas.   Tenants would need to contact their county and go through their qualifying process.  Once they’re approved, they find housing in the area that they want or need to live in within the price that the government is offering to help them with.

Once they find a place to live, the home has do be deemed acceptable by the agency.  The local authority for HUD will sign the lease along with the tenant as there are three parties bound by the agreement: landlord, tenant and Section 8 authority.

The benefit as a landlord is that the rent is typically covered 100% by the Section 8 voucher which is automatically paid each month.  You don’t have the same risk with other tenants as the rent is almost guaranteed so long as the tenants remain at the property.  Landlords can attend local meetings on marketing their properties for free through the local Section 8 housing authority so long as their properties are deemed qualified for the program through the authority.

If you’re thinking about purchasing investment properties, give me a call or email.  I would be happy to help you weigh the different options of leasing them out, flipping or building. (817) 771-0998  AngelaSellsDFW@gmail.com

Here are some informational links & additional information for the Dallas/ Fort Worth area:

What is Section 8 housing?
On how tenants qualify for a Section 8 voucher:
How to get all units Section 8 approved:
Important Things to Know:
Roles – the tenant, the landlord, the housing agency and HUD
Once a PHA approves an eligible family’s housing unit, the family and the landlord sign a lease and, at the same time, the landlord and the PHA sign a housing assistance payments contract that runs for the same term as the lease. This means that everyone — tenant, landlord and PHA — has obligations and responsibilities under the voucher program.

Landlord’s Obligations: The role of the landlord in the voucher program is to provide decent, safe, and sanitary housing to a tenant at a reasonable rent. The dwelling unit must pass the program’s housing quality standards and be maintained up to those standards as long as the owner receives housing assistance payments. In addition, the landlord is expected to provide the services agreed to as part of the lease signed with the tenant and the contract signed with the PHA.

Housing Authority’s Obligations: The PHA administers the voucher program locally. The PHA provides a family with the housing assistance that enables the family to seek out suitable housing and the PHA enters into a contract with the landlord to provide housing assistance payments on behalf of the family. If the landlord fails to meet the owner’s obligations under the lease, the PHA has the right to terminate assistance payments. The PHA must reexamine the family’s income and composition at least annually and must inspect each unit at least annually to ensure that it meets minimum housing quality standards.

HUD’s Role: To cover the cost of the program, HUD provides funds to allow PHAs to make housing assistance payments on behalf of the families. HUD also pays the PHA a fee for the costs of administering the program. When additional funds become available to assist new families, HUD invites PHAs to submit applications for funds for additional housing vouchers. Applications are then reviewed and funds awarded to the selected PHAs on a competitive basis. HUD monitors PHA administration of the program to ensure program rules are properly followed.

 

 

Inaugral Post

Thanks for reading my blog!  I am so excited about continuing my career here in Texas!  I have chosen my brokerage, Keller Williams Realty Arlington, which is an exciting step.  The company is so refreshing and I anticipate that we’re going to make a great match for the remainder of my career.

My business cards came in today, my listing signs and open house signs came in yesterday, my social networking is set up (but not published yet).  I am still waiting on the great state of Texas to send my license to my Broker which means I can hit the ground running!

In the mean time, I may direct my posts in a direction other than real estate while I wait impatiently (my subconscious is vigorously tapping her foot in the corner of my mind).  If you happen to come across this post and care to know something about the area, I’d love to hear it!  Otherwise, you will succumb to my blog posts about things that interest me! 🙂

 

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