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...

Two Men Arrested on Multiple Drug Charges

OWENSBORO, Ky. (10/1/14) — Two people were arrested on multiple drug charges Tuesday, Sept. 30 on U.S. 60 Bypass near… Read More

English Park Boat Ramp Schedule for This Weekend's Air Show

OWENSBORO, Ky. (9/30/14) — The following closings will be in effect at the English Park Boat Ramp and Courtesy Dock: 11… Read More

Most Read This Week (Site-Wide)

September 27, 2014 3976

Hopkins County Grand Jury Misdemeanor Indictments

in News by Karen McKnight
September 29, 2014 3594

Endless Road Strings Bring Orchestra Mix to…

in Top Stories by Paul McRee, SurfKY News
September 27, 2014 2984

Sinister on Center Takes Haunted Manor to Whole…

in Top Stories by Charles W. Riley II, SurfKY News
September 29, 2014 2547

One Injured in Single-Vehicle Collision on…

in Top Stories by Rita Dukes Smith, SurfKY News Director
September 28, 2014 2439

Community Shows Support to Muhlenberg Humane…

in Top Stories by Charles W. Riley II, SurfKY News
September 29, 2014 2438

Man, Woman Charged with Violating EPO Against…

in Top Stories by Madisonville Police Department
September 28, 2014 2187

Marching Mustangs Take Third in Ohio Competition

in Top Stories by Information provided by Shawna Hendrix
September 29, 2014 2134

Man Charged with PI, Drugs, After Allegedly…

in Top Stories by Madisonville Police Department
September 27, 2014 1942

Hopkins/Webster Counties Native, Paducah Writer…

in Top Stories by Amber Averitt, SurfKY News
September 29, 2014 1927

Traffic Accident on Brown Road

in News by Madisonville Police Department
September 27, 2014 1884

Happenings and Meetings - Hopkins County

in News by Amber Averitt, SurfKY News

Most Read Stories from Hopkins County

September 29, 2014 2547

One Injured in Single-Vehicle Collision…

in Top Stories by Rita Dukes Smith, SurfKY News Director
September 29, 2014 2438

Man, Woman Charged with Violating EPO…

in Top Stories by Madisonville Police Department
September 29, 2014 2134

Man Charged with PI, Drugs, After…

in Top Stories by Madisonville Police Department
September 29, 2014 1605

Man Arrested for DUI, Marijuana Possession

in Top Stories by Madisonville Police Department
September 28, 2014 1427

Angel Garden Dedicated at Baptist…

in Top Stories by Tammy Holloway, SurfKY News

Most Read Stories from Muhlenberg County

September 29, 2014 3594

Endless Road Strings Bring Orchestra Mix…

in Top Stories by Paul McRee, SurfKY News
September 28, 2014 2439

Community Shows Support to Muhlenberg…

in Top Stories by Charles W. Riley II, SurfKY News
September 28, 2014 2187

Marching Mustangs Take Third in Ohio…

in Top Stories by Information provided by Shawna Hendrix
September 29, 2014 1632

Fourteen Year Old Parker Hastings Wins…

in Top Stories by Paul McRee, SurfKY News
September 29, 2014 1604

One Injured in Two-Vehicle Collision

in Top Stories by Trooper Stu Recke

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