Posted by Lyal on September 23, 2004 at 06:23:11:
Paul,
Federal program, locally administered. You need to talk to your local housing authority to get the info for your area (they each add their own little “twists” to it).
Lyal
Section 8 Rent Raise - Posted by Fauver
Posted by Fauver on September 22, 2004 at 18:08:20:
I just received notification that the yearly inspection will be next month, and that I need to notify them if I plan on raising rents this year.
My question is: What do you other section 8 landlords usually do at this time? What percentage do you usually raise the rent? Do you ever NOT raise the rent? Thanks!
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Re: Section 8 Rent Raise - Posted by Dave T
Posted by Dave T on September 25, 2004 at 23:01:12:
I raise the rent the same amount for Section 8 tenants that I raise it for my other tenants for the same property. The Housing Authority usually approves my increase.
Re: Section 8 Rent Raise - Posted by IB (NJ)
Posted by IB (NJ) on September 23, 2004 at 19:12:16:
I set the rents at max from the door and raise them to the max. This keeps your rental property at maximum value. Particularly if you’re dealing with apartment buildings.
Re: Section 8 Rent Raise - Posted by Tim (CT)
Posted by Tim (CT) on September 23, 2004 at 07:09:41:
Most times I’ll raise the rents. If I’m pretty close to market value, I’ll only raise it $10 or so. Currently, I have two Sec 8 Tenants that each pay $825. For them, the rent was already above market value when the lease expired. So, I didn’t raise it. It all depends on where you are and what the current rents are. In my city, if you raise the rent on a Sec 8 tenant you have to explain why. This typically is handled by saying ‘I have other tenants at X $$$ that are in like apartments’. Or, you tell them that you’ve made (or are in the process of) making improvements.
HTH
Re: Section 8 Rent Raise - Posted by Paul
Posted by Paul on September 22, 2004 at 19:48:41:
I am new to investing and was wondering if you could help me out as far what I need to do to get involved with section 8 programs. I am in Michigan and would like to get involved but havent talked to anyone who is already doing section 8’s. Any advice would help.