I have had many Section 8 tenants over the past 5 years. I find them no better or worse than other lower-income, working class folks. With one exception: The ones who are 100% vouchers tend to be totaly worthless, irresponsible garbage. I will not take these anymore. I want my tenants to pay at least 40% of the rent out of their own pocket. This means they have a job and a small amount of responsibility.
Understand this: You are dealing with welfare cases, and you inherit their welfare mentality and entitlement attitudes. DON’T GET YOURSELF DEPENDENT ON SECTION 8 RENT, lest you become a welfare case yourself.
I have had my Section 8 rents as high as 50% of my total rent. not healthy. currentlly about 24%, and falling.
My husband and I are considering getting into real estate investment. But, before we get in over our heads we need advice from the pros. There are many properties in phila,pa which we can purchase and rehab, these are all inner city properties that we will offer for section 8. The properties are very low priced like less than 15,000, and the city will give 15,000 each in grant funds to rehab. Some properties are free. Our questions;1) would it be better to offer the homes as Section 8 rentals(our monies are guaranteed by the govt) or should we offer the properties for purchase via Section 8 and get and get out. 2) What are the pitfalls of section 8 if any?