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A creative way to increase Section8 RENT? - Posted by jonMD
Posted by jonMD on June 22, 2004 at 12:23:39:
Can I increase rent and use reimbursement method with Section 8 government assisted tenants as well? This would obviously create an incentive for early rent payment and at the same time we can get a much higher rent.
The comparable rents are $1500 ~ $1600 in my area for a 1 car Garage, fireplace, 3bd 2.5ba townhouse with finished basement. (College Park, Maryland PG County)
I’m currently charging $1350 which is about $150 ~ $200 below market.Section 8 pays about $1000, and the tenant pays the rest, $350.
If I increase rent to $1650 next year, (a $300 increase)
S8 will pay about $1220.00 and tenant would have to pay $430.00
This would be $220 increase for Section8 and for tenant, a $80 increase.
In order to ease the tenant’s burden, I am thinking of setting up an early payment incentive of $50.
If tenant pays money-order or cash by the 1st of each month this rent increase is only going to be a $30 rent increase for the entire amount of tenant’s portion.
Bottom line, I would get an on-time punctual $1600 rent payment each month which is a $280 increase from this years’s $1350 rent… all this without strangling the tenant’s pockets.
Is anyone successfuly doing this kind of rent-increase,incentive package with Section8 in the Maryland P.G.County Area?
Re: A creative way to increase Section8 RENT? - Posted by Steve
Posted by Steve on June 23, 2004 at 08:42:30:
I have a section 8 in Mo Co. I just raised the rent from $1,750 to $1,950 and it only increased tennat portin $50. I still can’t get the tennant portion before the 15th. One idea is to put a late payment penalty which can be deducted from the deposit. This increases your return.
PS
I am looking in PG for property, how are they to work with?
reimbursement, incentive, etc. - Posted by JonMD
Posted by JonMD on June 22, 2004 at 12:26:06:
Is it better to just tell the tenant that if his check arrives to me by the 1st he can give himself a $50 discount but not otherwise?
Or is it better to use reimbursement method for “book-keepings sake”, etc… and cut a check to the tenant at the end of the year?
Re: A creative way to increase Section8 RENT? - Posted by Jeff
Posted by Jeff on June 25, 2004 at 20:08:40:
Not sure if the Section 8 program up there is the same as the ‘Housing choice voucher’ program here (formerly known as Section 8) but if the tenant screws up their Section 8 lease by not paying on time and getting evicted or trashing the place, they lose their voucher FOREVER. That means no assistance. Money talks to these people, and a gentle reminder of the fact that you plan to evict if the payment is not received by X day and as a result of that eviction they will lose their voucher and their ability to get assisted payments in the future, I’m betting your checks will come in a lot sooner.
Jeff
PG dept of housing = incompetent - Posted by JonMD
Posted by JonMD on June 24, 2004 at 24:07:53:
PG housing folks take so much time it isn’t even funny. I had to end up doing 2 house inspections for the same rental contract. You may need to become a monk so that you can develop patience to work with those dept-of-housing people in pg county.
After the first hurdle, things seem quite peaceful though…
BTW, what did you mean by you can’t get tenat’s portion by the 15th?
Is your tenant consistantly paying late
or did you just have your contract set up so that it’s due on the 15th?
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