retire to nature
Recycles dryer sheets
- Joined
- Aug 10, 2018
- Messages
- 383
Hi, this is my second post.
My first post was about inherited rental property.
After the post, I realized I was doing well, so I was gonna keep the houses.
But one of house is a problem.
My sister was illegal status, so she needed a house in IL for address to get a driver license.
the 2000sqft house value is about 120k to 130k.
Zillow rental estimate comes at $1450/month, but I get $990 from section 8 and $10 extra from the tenant.
Also, IL property tax is much higher than MO. For the house it is 4K.
So I think it is ridiculous profit rate. profit per year 12k and tax 4k and I pay insurance and repair.
I have other house in MO, 1500sqft, rent 1500, tax 2000 or less(much lower rate for tax).
And now there is section 8 tenant. A single mom with 6 kid and she takes care of other ppl's kid.
I guess she is doing a cash job like day care. The house floor are terrible, of course.
She knows my situation that I took over my sister's property. I am not sure if she paid my sister more money than section 8. She advertise rent @1500 and somehow got @990 with section 8.
Now she is offering me extra 450/month behind section 8. She said get 3k from SS and make extra. so make 6200/month.
I told her I really have no reason to keep a IL house like my sister reason. I have citizenship here.
All other houses are more than 10% profit rate.
Would you sell or just accept her offer and keep it?
My first post was about inherited rental property.
After the post, I realized I was doing well, so I was gonna keep the houses.
But one of house is a problem.
My sister was illegal status, so she needed a house in IL for address to get a driver license.
the 2000sqft house value is about 120k to 130k.
Zillow rental estimate comes at $1450/month, but I get $990 from section 8 and $10 extra from the tenant.
Also, IL property tax is much higher than MO. For the house it is 4K.
So I think it is ridiculous profit rate. profit per year 12k and tax 4k and I pay insurance and repair.
I have other house in MO, 1500sqft, rent 1500, tax 2000 or less(much lower rate for tax).
And now there is section 8 tenant. A single mom with 6 kid and she takes care of other ppl's kid.
I guess she is doing a cash job like day care. The house floor are terrible, of course.
She knows my situation that I took over my sister's property. I am not sure if she paid my sister more money than section 8. She advertise rent @1500 and somehow got @990 with section 8.
Now she is offering me extra 450/month behind section 8. She said get 3k from SS and make extra. so make 6200/month.
I told her I really have no reason to keep a IL house like my sister reason. I have citizenship here.
All other houses are more than 10% profit rate.
Would you sell or just accept her offer and keep it?