Posted by evelyn on July 01, 2004 at 18:51:40:
Houston area…haven’t moved there yet…will be looking around there in about two weeks to see what I can find. Have relatives there so they have already warned me of the rough spots in Houston.
Can this be done …especially in Texas? - Posted by Evelyn
Posted by Evelyn on June 30, 2004 at 20:55:00:
If someone receives Section 8 rental assistance, finds a house they really like…not for rent, but for sale, owner NEEDS to be relieved of payments of $527 per month, can Section 8 pay their portion of the “Rent”, tenant pays their share of the rent (owner wants $650 per month) until tenant can obtain traditional financing?
Owner does not want to actually “rent” the house but willing to owner-finance, if you will.
Yes, I know, seems unlikely, but I had to ask.
Evelyn
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Posted by katie price on October 17, 2005 at 19:20:29:
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Sure - Why not? - Posted by John Katitus
Posted by John Katitus on July 02, 2004 at 02:29:01:
All you are saying is you want to rent the house until you can buy it. That’s certainly easy.
Sounds like the stumbling block is the owner wanting the house sold. You could sign a lease/option with him, saying, in effect, you will rent the house for a period in which you will buy it. I have both my lease and the standard Section 8 lease with my Section 8 tenants. That would cover the lease aspect. Then you just sign an Option Agreement with the Seller. Nothing there violates the Section 8 agreement.
Also, if you are receiving Section 8 already, you know that it’s not that big of a deal for a property to go through the Section 8 approval process.
Re: Can this be done …especially in Texas? - Posted by Randy (SD)
Posted by Randy (SD) on July 01, 2004 at 08:50:15:
The owner would have to sign a rental agreement and meet stringent guidelines for section 8 so scenario as you have described it would not work. If the owner is willing to owner finance, why don’t you buy with owner financing and then rent out on section 8? Or are you this section 8 tenant?
Re: Sure - Why not? - Posted by evelyn
Posted by evelyn on July 02, 2004 at 06:48:30:
Wow!!! Why didn’t I, MYSELF, think of that. John, that’s an ingenious idea! You are the greatest( no offense to Mohammed Ali)!!!
so you are saying, two separate lease agreements would have to be signed between me and the owner? what about any repairs while I am “buying”?
And wouldn’t the Section 8 office have a cow if they found out? … of course, I AIN’T TELLING.
Again, an ingenious idea, John. I take it you have done this before?
Evelyn
Re: Can this be done …especially in Texas? - Posted by Evelyn
Posted by Evelyn on July 01, 2004 at 11:08:21:
you got it…I’m the tenant.
Oh, well, it was a thought anyway.
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Re: Can this be done …especially in Texas? - Posted by Ben (TX)
Posted by Ben (TX) on July 01, 2004 at 11:51:19:
Evelyn:
Don’t give up quite yet… where are you in Texas? There’s probably an investor near you who would love to buy a rental property that comes with a built-in tenant!