Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Henderson | Lakes | McCracken | Webster

Dave Says - October 27, 2013

dave says2 300KENTUCKY (10/27/13) – This week Dave discusses 'Housing dilemma' and 'Brother’s bad deal'

Dear Dave,
I have some rental properties, and the government would like to turn a couple into low-income housing. Is this a good idea, or should I find my own tenant? - Marvin

Dear Marvin,
In these types of situations you’re generally talking about Section 8 housing. This means government-subsidized rent, and the person living there is in a lower income bracket. I put of few of my properties on Section 8 years ago, when I first started out in the real estate business. I can tell you from personal experience, it’s a good news/bad news scenario.

If you own a property in a lower-income neighborhood, and you put it into the Section 8 subsidized housing program, the good news is that you’ll always get paid. This is because the federal government sends you your money. Unfortunately, the good news pretty well ends right there.

The bad news is that some Section 8 folks have a real entitlement mentality, and can be unreasonable to deal with on some issues. It’s also really hard to get them out of the property once they’ve taken up residence. Of course, not all people who participate in this program are like this. But you’ll run across your share of rough folks, irrespective of their race or the area of the country. More than anything, it’s the impact of the economic situations surrounding their lives.

Another piece of bad news is that the government puts lots of stringent conditions on the property. That wasn’t so difficult for me, because I always kept my places in really good shape. But if you go this route, I promise you’ll come across all kinds of guidelines and regulations, some of which are silly and not very realistic.

I got tired of the Section 8 experience pretty quickly, and I don’t own any property in that program today. If it were me, I’d just go find my own tenants. I know some things have probably changed since my time in the program. But if it’s like most things that are government managed, the change hasn’t been for the better! - Dave
 
Dear Dave,
My husband and I hired my brother as our real estate agent. He’s just starting out in the business and working two jobs, but it’s been five or six months and he hasn’t helped us find a house. On top of this, we signed an exclusive buyer’s agreement with him. We’re worried about the agreement, how he’ll react and our family’s reaction if we fire him. Do you have any advice? - Andrea

Dear Andrea,
I think you’ve given him a fair chance. Under the circumstances, he should be willing to release you from the exclusive buyer’s contract. I know he’s your brother, and that makes things kind of emotional. You might get some flak from the rest of your family, too. But guess what? It’s none of their business. What are you supposed to do, stay in a bad deal just because you’re related? I don’t think so!

No, you and your husband need to sit down with your brother and let him know in a gentle way that things aren’t working. Ask to be released from the exclusive buyer’s agreement, and wish him the best with his new career. Make sure to let him know you love and respect him, but that the situation with his multiple jobs, and the fact that you’ve made no progress in all this time, means you need to go in another direction.

Hopefully, he’ll understand. Maybe your family will be reasonable, too. But those are things you can’t really control. Whether they want to behave like mature adults, or little kids pitching a fit, is up to them! - Dave

*Dave Ramsey is America’s trusted voice on money and business. He’s authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com.

 
Disclaimer: The content supplied by columnists and letters to the Editor on this site does not in any way, shape or form, implied or otherwise, necessarily express or suggest endorsement or support of any of such content, statement, or opinions therein. SurfKY News does not necessarily adhere to or endorse content provided by outside non-staff sources.

© Copyright 2014 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story by using one of the social media links below.

In Other News...

KSP To Partner with DEA for the National 'Take Back' Initiative

HENDERSON, Ky. (9/17/14) — The Kentucky State Police will partner with the Drug Enforcement Administration Saturday,… Read More

Closure on Kentucky 2678 in Henderson County Today

HENDERSON, Ky. (9/18/14) — The Kentucky Transportation Cabinet plans to close Kentucky 2678 in Henderson County today.… Read More

Most Read This Week (Site-Wide)

September 15, 2014 5028

Man Accused of Stealing Rural King…

in Top Stories by MCSO PIO Alex Piper
September 15, 2014 4785

Man Accused of Stalking Woman During Her…

in Top Stories by GPD PIO Wes Miller
September 16, 2014 3677

Postal Worker Arrested for Terroristic…

in Top Stories by GPD PIO Wes Miller
September 17, 2014 2516

Wanted Man Leads Troopers on Chase…

in Top Stories by Trooper Stu Recke
September 17, 2014 2361

Two Arrested for Meth After Traffic Stop

in Top Stories by Alex Piper

Most Read Stories from Hopkins County

September 17, 2014 2516

Wanted Man Leads Troopers on Chase…

in Top Stories by Trooper Stu Recke
September 15, 2014 2317

Man Arrested for DUI, Carrying Concealed…

in Top Stories by Madisonville Police Department
September 15, 2014 2185

Man Arrested for Being Under Influence of…

in Top Stories by Madisonville Police Department
September 17, 2014 1725

Three Injured in Two-Vehicle Accident

in Top Stories by Kyle Pharris
September 18, 2014 991

Manitou Man Charged with DUI

in Top Stories by Madisonville Police Department

Most Read Stories from Owensboro

September 15, 2014 1379

Owensboro Convention Center Announces…

in News by Madison Strobel
September 15, 2014 1057

Marian Retreat Oct. 18-19

in News by Jennifer Kaminski
September 14, 2014 999

Come and Explore at Sister Trek 2014

in News by Jennifer Kaminski
September 15, 2014 936

Parking Committee Meeting Location Change

in News by Beth Cecil
September 15, 2014 463

Owensboro Man Charged With Burglary,…

in Top Stories by Dennis Beard, SurfKY News

Most Read Stories from Muhlenberg County

September 15, 2014 5028

Man Accused of Stealing Rural King…

in Top Stories by MCSO PIO Alex Piper
September 15, 2014 4785

Man Accused of Stalking Woman During Her…

in Top Stories by GPD PIO Wes Miller
September 16, 2014 3677

Postal Worker Arrested for Terroristic…

in Top Stories by GPD PIO Wes Miller
September 17, 2014 2361

Two Arrested for Meth After Traffic Stop

in Top Stories by Alex Piper
September 14, 2014 2160

Three Injured in Single-Car Collision

in Top Stories by Robert LIttlepage

SurfKY News Group, Inc. Central Office & Printing Division
1125 Nebo Rd.  •  Madisonville, KY 42431  •  270.452.2249 (fax)
Main Number: 270.452.2727 (phone)  •  Printing Division Direct Line: 270.821.8600 (phone)


Contact a member of our staff: www.surfky.com/contact
Copyright © 2014 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social 03social 04social 22social 21social 06