2627 O’Shaughnessy is UNDER CONTRACT

This one did not take long to go under contract as it was priced to sell.  I had it built in 2oo3 by Charter Construction, and it was a great rental from the get go. I never had any problems renting it in the nine years of owning it.  It’s also held up well with minimal maintenance required.  It is bitter-sweet because I kind of hate to let it go.

Duplex For Sale – 2627 O’Shaughnessy

I recently listed this duplex, which is conveniently located in Hellgate Meadows, just behind Four Paws & Home Depot, close to Reserve.  This listing is owned by me (a licensed real estate agent in the state of Montana).  It has been a great, low maintenance, rental the past eight years.  For more details click on the “showcase listing” tab.  If you want to see one of the units while it is still vacant, please me call soon while it’s easy to show, because it usually rents pretty quickly.  406.360.7835.

Section 8

Under Section 8 of the US Housing Act there is something called the Housing Choice Voucher program – a program that subsidizes rents for low income individuals and families who qualify.  This voucher program, amended in the early 80′s, is now the main program within Section 8.  Nowadays, when people use the term “Section 8″, it is usually in reference to this particular voucher program.

Qualifying voucher recipients pay up to thirty percent of their income towards rent, and the difference is subsidized by the government.  Vouchers are usually managed through local housing authorities who are regulated by the Fed.  Those having trouble affording rent might consider applying for the voucher assistance program.

There are project-based vouchers reserved for public housing (usually apartment type complexes) managed by the housing authority.  And then there are tenant-based vouchers that can be used anywhere in the private sector.  Voucher holders need to apply for a private rental like any other potential tenant, and private landlords are not obligated to take tenants just because they are in the program.

If landlords want get on the housing authority list of Section 8 approved rentals, they must submit an application form, pass a property inspection and agree to offer fair market rent set by the local housing authority (ie. Missoula Housing Authority).  The rental rates are typically at the lower end of the fair market scale to keep it affordable.  Some landlords are advocates of the program because they know they can rely on a good portion of the rent being paid every month.

For information about Section 8 housing and the voucher program, contact your local housing authority.

Missoula Housing Authority

 

IS THERE A SAFE HAVEN?

YIKES!  I’m getting this uneasy feeling… with all the heaviness around us – Irish & Greek banks going bankrupt,  skyrocketing oil prices, ongoing political turmoil in Lybia & Egypt, the earthquake that has devastated Japan, a very weak US dollar, our daunting astronomical debt to China, and now… the US government is on the verge of a complete shutdown over budget cuts.  All signals point to — What?  Inflation?  A bursting commodities bubble?  Maybe a double dip (bite my tongue)?  I just don’t understand what is propping this market up.

IF it all comes tumbling down, it’s a tough call to know where to be.  It seems like there is no real safe haven these days.  Maybe… just maybe, buying a rental could be a route to consider.  Rates are still unbelievably low and average Missoula home prices have fallen 9% since 2007.  This could be an opportunity to pull some of your profits out of the petering stock market rally, and invest in a rental property.  Thanks to the University, the Missoula rental market is nearly recession proof here.