575: Killer Cash Flow with This “Tenant-First” Section 8 Rental Strategy w/Joe Asamoah
BiggerPockets Real Estate Podcast
BiggerPockets
4.8 • 16.5K Ratings
🗓️ 24 February 2022
⏱️ 64 minutes
🧾️ Download transcript
Summary
Section 8 BRRRR investing seems like a niche within a niche. To start, you have your classic BRRRR strategy (buy, rehab, rent, refinance repeat), a method that many real estate investors have used to gain vast amounts of equity in short amounts of time. Then, on top of the BRRRR, you have section 8 rentals, which many investors stray away from. Both of these investment strategies can be thought of as “advanced” rental property investing methods, but combining them can almost automatically guarantee you phenomenal rent, for years (if not decades) to come.
One investor known for his expertise in both section 8 rentals and BRRRR investing is Dr. Joe Asamoah. Regularly, Dr. Joe may be the smartest person in the room and he really shines when speaking about the often forgotten benefits of section 8 rentals. While many investors simply think of D-class houses and D-class tenants when accepting section 8 vouchers, Dr. Joe disagrees.
His theory is simple—Find C or D-class properties in B-class neighborhoods, and rent to A-class section 8 tenants. The payoff? Very long-term tenants with guaranteed rent whose lives you can benefit directly. And Dr. Joe isn't just hypothesizing about this—he’s been doing this for decades and may be why he has tenants who have stayed with him for over twenty years, paying rent every month, on time.
In This Episode We Cover:
Before and after photos of Dr. Joe’s most recent section 8 BRRRR rental
Renovation hiccups when doing large renovations/BRRRR deals
The “bedroom-to-cash-flow” ratio that makes section 8 a lucrative choice for investors
How to find the highest quality, long-term tenants in your investing area
Building multiple exit strategies out of one property for maximum cash flow and equity gain
The most common BRRRR risks and how to mitigate appraisal and tenant headaches
And So Much More!
Links from the Show:
BiggerPockets Podcast 498: Real Deal: BRRRR Deep Dive w/ Joe Asamoah (Pt 1)
AffordableHousing.com (formerly GoSection8.com)
David Greene's Instagram David
David Greene Real Estate YouTube Channel
Robert Abasolo's Robuilt YouTube Channel
Check the full show notes here: https://biggerpockets.com/show575
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Transcript
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| 0:00.0 | This is the bigger Puckers Podcast. |
| 0:02.0 | SHOW! |
| 0:03.0 | 575! |
| 0:05.0 | All those calculations are ROI, cash on cash return, and so on. |
| 0:09.0 | All those comes to zero if you don't have a turn it's going to pay you. |
| 0:12.0 | If you don't have a tenant who's going to take care. |
| 0:14.0 | If you have a tenant who's going to trash your property, destroy your property, |
| 0:16.0 | not pay you, give you drama, and you have that revolving door where they stay for a year, and then they're gone. |
| 0:22.0 | And so all your calculations goes to naught. |
| 0:26.0 | You don't do this pot well. |
| 0:33.0 | What's going on everyone? |
| 0:35.0 | It is David Green, your host of the bigger Puckers Real Estate Podcast. |
| 0:38.0 | Here today with a phenomenal episode with our returning guest, Joe Asama. |
| 0:44.0 | Now, Joe is a section 8 expert. |
| 0:46.0 | So if this is your first time listening to bigger pockets, I just want to let you know you're in the right place. |
| 0:51.0 | This is the show where you can come to learn how to find financial freedom through real estate. |
| 0:56.0 | We do that by bringing on different guests, highlighting different topics, and explaining different strategies |
| 1:01.0 | from people that have done this well so you can learn from them and achieve the same success that they have. |
| 1:06.0 | Today's guest, Dr. Joe, is a repeat guest, and he's going to be explaining the specifics of a property that he bought, |
| 1:14.0 | rehabbed, rented out, refinanced, and is now in the process of repeating, but he's doing this specifically with section 8 tenants. |
| 1:21.0 | He gets rent that's guaranteed. |
| 1:23.0 | He can't have his pick of the litter when he wants to choose who he wants to rent to. |
... |
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