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.

button coupons
button classifieds

In Other News...

Owensboro Innovation Academy to Open in Fall 2015

OWENSBORO, Ky. (11/22/14) — The Owensboro Public Schools are finalizing negotiations with the City of Owensboro to… Read More

Most Read This Week

November 21, 2014 5529

Man Accused of Assaulting Coach During Basketball…

in Local (Muhlenberg) Top News by Rita Dukes Smith, SurfKY News Director
November 18, 2014 5169

Couple Charged for Concealing Food in Infant Car…

in Local (Hopkins) Top News by Madisonville Police Department
November 17, 2014 4647

Police Charge Woman for Drug Possession After…

in Local (Hopkins) Top News by Madisonville Police Department
November 17, 2014 3930

Bremen Woman Ejected From Vehicle During Kentucky…

in Local (Muhlenberg) Top News by Trooper S.C. Recke
November 19, 2014 3540

Two Killed When Vehicle Becomes Airborne, Strikes…

in Local (Owensboro) Top News by Daviess County Sheriff's Office
November 21, 2014 3353

Crashing Dump Trucks in Work Zone Cause Pennyrile…

in Top News For All Sites Touching Hopkins by Trooper Stu Recke
November 18, 2014 3260

Area Talent to Film Music Video at Merle Travis…

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News
November 19, 2014 3104

Is Bankruptcy Your Best Option?

in General News For All Sites by SurfKY News
November 19, 2014 3073

Three Injured in Two-Vehicle Collision on South…

in Local (Hopkins) Top News by Gwen Smith
November 22, 2014 2984

One Injured in Two Vehicle Collion in Greenville

in Local (Muhlenberg) Top News by Miria Thomas

Stories Trending Today

November 22, 2014 2984

One Injured in Two Vehicle Collion in Greenville

in Local (Muhlenberg) Top News by Miria Thomas
November 21, 2014 1616

KSP Announces 'Cram the Cruiser' to Feed the…

in Top News For All Sites Touching Hopkins by Stu Recke
November 22, 2014 1582

Greenville Representatives Taking Part in Austin,…

in Local (Muhlenberg) Top News by Paul McRee, SurfKY News
November 22, 2014 1538

SAR Planning 'Triple' Revolutionary War Patriot…

in Local (Muhlenberg) Top News by Geoff Baggett
November 21, 2014 1526

Kentucky Employers to Save About $112 million

in General News For All Sites by Cathy Lindsey
November 22, 2014 1442

Pennyrile Dulcimer Players Demonstrate Unique…

in Top News For All Sites by Ron Sanders
November 22, 2014 1426

Carve a Turkey Like a Pro

in General News For All Sites by SurfKY News
November 22, 2014 1373

Prevent Fires at Home This Winter

in General News For All Sites by SurfKY News
November 22, 2014 1364

Happenings and Meetings - Hopkins County

in Hopkins News by Amber Averitt, SurfKY News
November 22, 2014 1294

P'Pool Among Top Performing Child Support…

in Hopkins News by Cabinet for Health and Family Services

SurfKY News Group, Inc.
Corporate Office & Studio
1125 Nebo Rd.  •  Madisonville, KY 42431
270.452.2727 (phone)
  •  270.452.2249 (fax)


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

social fbsocial twsocial yt
social gpsocial flrsocial rss