Davis Motor Sales banner ad

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 2015 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 on social media.

Posted on 2/2/14
springhour
3/13 - 16
3/13 - 16

Most Read This Week

March 02, 2015 9211

Madisonville Teen Faces Numerous Drug Charges

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Detention Center
February 25, 2015 8466

Multi-Agency Investigation Nets Large-Scale Meth…

in Top News For All Sites by Trooper Stu Recke
February 24, 2015 8260

Two Charged in Central City Meth Bust

in Local (Muhlenberg) Top News by Trooper Stu Recke
February 25, 2015 6352

New Asian Restaurant Coming to Madisonville

in Local (Hopkins) Top News by Gary Gates, SurfKY News
February 24, 2015 5588

School Board Holding Special Called Meeting

in Muhlenberg News by Sherri Miller
March 03, 2015 5317

Three Arrested during Traffic Stop

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Detention Center

Most Read This Month

February 12, 2015

UPDATE: Name of Pennyrile Fatality Officially…

in Top News For All Sites Touching Hopkins by Doreen Dennis, SurfKY News
February 09, 2015

Police Pursue Man after Fight at Taco Bell

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Detention Center

Stories Trending Today

March 03, 2015 5317

Three Arrested during Traffic Stop

in Local (Hopkins) Top News by Madisonville Police Department/Hopkins County Detention Center
March 03, 2015 3350

Sacramento Man Charged with Rape, Sodomy

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
March 03, 2015 2335

Madisonville Man Charged for Robbery in Greenville

in Top News For All Sites Touching Hopkins by Greenville Police Department
March 03, 2015 2317

Superintendent: Spring Break Won't be Touched…

in Hopkins News by Tammy Holloway, SurfKY News
March 03, 2015 1498

Madisonville Police Arrest Reports - March 3, 2015

in Hopkins News by Madisonville Police Department
March 03, 2015 1324

Baptist Health Madisonville Now Offering…

in Hopkins News by Kristy Quinn
March 03, 2015 1316

SHMS Dance Team Places in State Championship

in Hopkins News by South Hopkins Middle School
March 03, 2015 1285

Militant Crazy Religion, Avoid the Damage

in General News For All Sites by Dr. Glenn Mollette
March 03, 2015 1261

Local Students Place in Stanley Lewis Cultural…

in Hopkins News by Joyce Riggs
March 03, 2015 1210

SurfKY News Exclusive: John Conlee Talks of 40…

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News