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Getting burned by a Section 8 tenant fix up, was it worth $4,200?
Gutted a duplex on Gratiot in Detroit and put $4,200 into a flip I thought would rent fast. Now I'm arguing with myself on whether fixing up places for Section 8 is a smart move or just a money pit. Anybody else been through this and want to tell me I'm wrong?
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sam_thomas15d ago
How long did you hold it before you knew it was a loss? The thing with Section 8 is the inspection list can eat you alive if you don't know it going in. I've done a few and the trick is to fix what the inspector actually flags, not what you think looks nice. Paint, floors, and working outlets get you passed, fancy stuff does not. $4,200 on a duplex is not bad if the rent is coming in steady, but if you're chasing repairs every few months then yeah, that's a money pit.
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