Posted by Jack on September 19, 2006 at 18:16:09:
I apprecite your thanks and I am happy to give advice based on my experience. Some, but usually a small amount of advise you get on this site is biased and has little substance. You can usually tell if you read enough of it and who it is from whether it is reasonable or not. I hope and appreciate that you may think mine is.
Advise for Section 8 Housing? - Posted by nic
Posted by nic on September 18, 2006 at 14:19:15:
Hi Guys!
I just purchased my first rental property seven weeks ago and am having a really hard time finding tenants. However, yesterday, I received a call wanting to know if I would be interested in a tenant with Section 8 housing.
Being I am soo new to this, any advise on Section 8? Should I stay away?
Re: Advise for Section 8 Housing? - THANKS!! - Posted by Nicole
Posted by Nicole on September 19, 2006 at 08:00:41:
Thanks so much for your advise. I appreciate your time!!!
Re: Advise for Section 8 Housing? - Posted by Mark (SDCA)
Posted by Mark (SDCA) on September 18, 2006 at 16:04:09:
Up to you to decide… Here is my experience:
Pros:
The government pays. On time.
Tenants mostly pay as well since they lose their benefits if they get evicted.
Rental payments “may” be above market. Or not. Depends on the local housing office.
Cons:
The inspectors have 100% power to say anything- true or not- about the property. Administrative appeals process does NOT apply.
Tenants are typically below average. Screening is a must.
One year lease required. Lease my be rejected. The local office may refuse to provide an acceptable lease.
This is a Federal program but administered locally. So call your local office and feel them out. If the people in the local office are bad (eg Peoria AZ) then no amount of money is worth dealing with them.
The initial process (lease approval and signing, inspection, other paperwork etc) can be slow so if you are considering it I would get the ball rolling.
GL,
Mark
Re: Advise for Section 8 Housing? - Posted by Jimmy
Posted by Jimmy on September 19, 2006 at 07:34:39:
I have had wonderful Section 8’ers, and horrible ones. But the same goes for my working stiff tenants. Generally speaking, assisted tenants are no better or no worse than working class tenants.
However… I have noticed a few things over the years with many, many tenants:
Tenants who are on 100% vouchers (or close to 100%) are THE MOST IRRESPONSIBLE tenants. There’s a reason they get 100% of their rent paid, and it is not because they are victims of poverty. they will have a long history of poor judgment, poor decisions, and will have welfare mentality that will drive you nuts.
Elderly Section 8’ers are the best. hard to find, but tend to be very good tenants.
90% of my Section 8’ers are single moms. surprise, surprise. kids will trash your unit faster than a herd of muddy hogs. count on it. and a 25 year old single mom with 3 kids, and one on the way, On a 100% voucher…JUST SAY NO. This is a loser tenant. bigtime loser. no self-control. no discipline. will bea nightmare. trust me
You need to retain the right to enter the unit every 30 days to inspect. You may be able to correct a big problem before it gets out of hand.
Don’t get dependent on Section 8 for tenants or rents. You cannot control the number of vouchers or the size of the vouchers. I have seen my Section 8 rents go from 55% of my gross to less that 13%, in a span of 3 years. I just have not seen as many vouchers as I used to.
Re: Advise for Section 8 Housing?- Great! - Posted by Jack
Posted by Jack on September 18, 2006 at 17:33:03:
Mark has uncharteristly povided very good advise. I use Section 8 forseveral years, mainly because I like the guaranteed checks every month. I finaly got so tired of the inspectors, when they cited a ant hill in the back yard, I could no longer put up with the stupid government control. I now find with a little close review on my part, I can do much better.
Re: Advise for Section 8 Housing?- Great! - Posted by nicole
Posted by nicole on September 19, 2006 at 07:58:53:
Thanks so much for your advise!!! I appreciate your time!!!