Posted by knk on March 18, 2005 at 12:35:14:
Read the section 8 guidelines for your state. Then do a quick search on section 8 in GA. You will probably find out how much they will pay an compare that to what you would want from a market tenant.
Its a crapshoot either way.
Section 8 - Posted by ME
Posted by ME on March 18, 2005 at 11:00:52:
Anyone have anything to say about renting to Section 8?
Pros/Cons?
Re: Section 8 - Posted by Mark (SDCA)
Posted by Mark (SDCA) on March 21, 2005 at 12:02:29:
Cons:
The local office has 100% total power. The inspector can write up anything he chooses. There is NO administrative appeals process.
Mark
Re: Section 8 - Posted by Sean
Posted by Sean on March 18, 2005 at 12:17:35:
Pros
The gubments part of the check is reliable.
In my town Sec 8 creates an artificial floor for rents in my area… in many areas sec 8 may not even come close to market rents.
Cons:
Your payments will fluctuate with the powers that be in washington. Right now Sec 8’s are having their fundings cut drastically (my city has had a 20% cut)… which eventually turns into lower Sec 8 payments one way or another.
Tenant quality can be pretty darn bad.
You are dealing with a government bureaucracy, headaches are bound to occur, and the employees may not be the best.
I have had good and bad tenants, and good and bad experiences with Sec 8. Frankly I in the general case prefer a Market Tenant over a Sec 8 tenant.
Re: Section 8 - Posted by knk
Posted by knk on March 18, 2005 at 12:04:18:
Pros - you get your money on time every month
Cons - you dont always get the best tenants in the world, they can be sloppy and just dont care because its not there house
If you get lucky, section 8 is a great way to go, ive had both situations and for me the good tenants i have keep me renting to section 8 tenants
Re: Section 8 - Posted by ME
Posted by ME on March 18, 2005 at 12:08:35:
Thanks for your comments… but is it difficult to get the GOV to work quickly? Time is of the essence…
Re: Section 8 - Posted by knk
Posted by knk on March 18, 2005 at 12:13:17:
It depends on what your rental market is like. Where I am, i have government agencies calling me everyday for apartments. I cant buy properties fast enough to house all the people they need to find places to live.
Re: Section 8 - Posted by ME
Posted by ME on March 18, 2005 at 12:16:02:
Thanks again!
Are there many Sec 8 renters who do not pay their portion of the rent? can it be set up so that ALL the rent can be given from the GOV?
Re: Section 8 - Posted by knk
Posted by knk on March 18, 2005 at 12:25:08:
I agree with Sean on rather having a market tenant. Just with that there is no guarantee that they will pay either and at least i know with Section 8 that i will be getting some portion of the rent each month.
Certain markets allow for section 8 to cover the whole rent while others do not. Prior to choosing a section 8 tenant, speak with case worker assigned to that tenant and find out all the particulars beforehand. Try to develop a good relationship with the case worker because in the event you do not receive the tenants portion, all it may take is a call to the caseworker and low an behold the tenants portion shows up.
What state are you dealing with?