Posted by David Krulac on May 30, 2005 at 11:50:19:
most of the rents are above HUD reasonable rents, therefore section 8 is not a viable option unless you want to rent well below market. For one of my places HUD rents are less 40% of market. Typical section 8 rents are 335 to 66% less than market.
Section 8 ?? - Posted by Vic
Posted by Vic on May 25, 2005 at 22:25:23:
Is this Guaranteed money worth it?? Please give me your opinion…Thank You.
This is a different Vic - Posted by Vic
Posted by Vic on May 26, 2005 at 01:05:38:
Hi Vic, I am the other Vic.
There’s many pros & cons to Sec. 8. Pros are mainly that the gov’t guarantees the rent & sometimes the rent is higher than mkt. rent(sometimes it’s lower than mkt rent too). Cons are the property has to pass inspection, you have to carefully screen tenants, among others. Best thing is to try it yourself with 1 or 2 units & see how you like it.
Vic
Re: This is a different Vic - Posted by Vic (MA)
Posted by Vic (MA) on May 26, 2005 at 12:21:16:
Hi Vic, yes yet another Vic, maybe we can start a new club. I am in MA and have rented to section 8 tenants. I consider the program as having both pros and cons. I found that many people in the program know how to play the system( potential problem for eviction). The program is income based meaning you get a partial payment on the first from the program and the rest from the tenant. Where I am from one gets way below market value. Instead of a security deposit you get a promissary note that cannot be no greater than the rent from the program. There is an inspection that is fair, and on the plus side you get the condition of the property documented (JIC). All leases must be for a minimum of one year. Good luck Vic
Re: This is a different Vic - Posted by Chris-PA
Posted by Chris-PA on May 29, 2005 at 15:34:00:
I happen to love section 8 in my area ¶. the inspections aren’t that big of a deal if the house is in decent shape and the rents I get are at or above market value. My tenants are trained to mail me their share of the money order and if they don’, they have the threat of losing their HUD benefits. I wouldn’t rent to a section 8 person in nice areas but in low to moderate in come areas, for me they have worked out great.