Posted by Michael P. on January 01, 2003 at 20:51:34:
What do inspectors look for? Do you have a web site with this information? How long does it take to get inspected?
Section 8 Program tenant - Posted by Michael P.
Posted by Michael P. on January 01, 2003 at 19:48:57:
I purchased my first rental property last week. Currently I have a potential tenant that is with the Section 8 Program. Can anyone provide me the advantages and disadvantages to lease to indivuduals who will be paying monthly rents via the HUD section 8 program. Any advise would be greatly be apprciated!
Thanks in advance,
- Michael -
Landlord meetings… - Posted by ScottFL
Posted by ScottFL on January 03, 2003 at 10:14:29:
In the Jacksonville area, FHA has at least 1 meeting per month for landlords interested in participating with the Section 8 program. All of your questions can be answered along with a large packet of info to take home with you. I leave a packet in the truck and one in the office for review…
Hope this helps,
Scott
Section 8 pros and cons… - Posted by Hal Roark
Posted by Hal Roark on January 02, 2003 at 08:02:05:
Michael,
I’ve thought about writing an article for creonline about this topic. I think it would help folks make an informed decision about the topic. Since I haven’t gotten around to it yet, though, here are some quick thoughts:
Cons:
Have to deal with a government agency;
tenants have lots of kids;
hud paperwork is slower to get processed than most landlords would like;
annual property inspections with mandatory improvements of infractions to remain in the program;
Pros:
Low advertising costs, since hud advertises apartment for you;
low/no tenant turnover/vacancy with the right properties (tenants don’t leave);
fewer repair costs since tenants supply own appliances;
rent wired into one’s bank account each month on time (no rent chasing or failure to collect rent);
safe, secure rent payer: the US federal government!;
government agencey: if you play your cards right, the agency becomes a partner in your success rather than another hurdle;
high demand, low supply for the right properties and landlords;
HUGE cashflow profits when done right.
I still have commercial and upper class rentals (and will buy anything with good numbers and that makes me money) but I love section 8 and would prefer that above most else.
Good luck,
Hal
PS. Search the archives
Govt pamphlet re Sec.8 - Posted by John Merchant
Posted by John Merchant on January 01, 2003 at 22:10:22:
FHA offices and other housing agencies usually have a little Section 8 pamphlet (giveaway) that tells the requirements of legal Section 8 rentals…what must be in & on the property…how many electrical fixtures, room lighting, windows, condition of bldg, etc.
Get and read the little pamphlet. It’ll answer most of your questions.
Re: Section 8 Program tenant - Posted by Shaun (NJ)
Posted by Shaun (NJ) on January 01, 2003 at 21:55:48:
Micheal,
I have several unit rented to section 8 tenants and have had very few problems. As for the inspections in NJ I have found they are about as hard to pass as the CO inspection. Some fresh paint and clean carpet and have the inspection. They do require a working stove and a refrig. (unless your tenant has one)
The check from the government is usually mailed around the 27 (state and local section 8 very a little)and I usually have it before the first.
Don’t be afraid of section 8 tenants. I am more afraid to rent to none section 8. As Mark posted if the tenant doesn’t pay their share you can start eviction proceedings. If the tenant gets evicted they loose the Section 8 so they will usually pay. It is my understanding that the way the tenant portion of the rent is determind is a certain percentage of the tenants pay so they CAN afford the rent. I just had a tenant quit her job to home school her kids and the social worker bumped the Sec. 8 payment up to 100%.
Good luck,
Shaun
Re: Section 8 Program tenant - Posted by Robert W
Posted by Robert W on January 01, 2003 at 20:20:54:
Getting the tenant is just the first step. Has your property been “inspected”? If not, you could be in for a surprise. I have some Sect. 8 property and love it once its up and running. However, dealing with Govt inspectors can be grim.
Re: Section 8 pros and cons… - Posted by Shaun
Posted by Shaun on January 02, 2003 at 16:15:40:
Very well said!!
Shaun
PS (and will buy anything with good numbers and that makes me money)–yeah me too!