Posted by Scott s on July 26, 2001 at 14:23:45:
Bravo Leo,
I couldn’t agree more.
Section 8 rentals - Posted by Leo
Posted by Leo on July 26, 2001 at 11:19:20:
Can any New Jersey investors, or anyone else for that matter explain to me section 8 rentals? Are they a good idea?
Thanks,
Leo
In addition to downsides in the posts below… - Posted by Akbar - CA
Posted by Akbar - CA on July 27, 2001 at 01:58:42:
…in a non Section 8 rentals you do not have to give a reason to have the tenant vacate your property on a 30 day notice. With Section 8 you have to have a good cause to terminate the Lease or even not to renew the lease.
Happy investing -> -> -> -> -> -> Akbar
Re: Section 8 rentals - Posted by Paul
Posted by Paul on July 26, 2001 at 13:38:00:
I own eight properties in Hawaii, seven which are rented to Section 8 and they are my best tenants. I’ve read the post provided to you and I hear some people talking about having your unit inspected is a bad thing, those are the same people that probable have trouble with Section 8 tenants. I look forward to having my units inspected. I keep my units clean and safe and provide them to someone that can’t afford their own clean safe home. My Section 8 teants are by far the best tenants I have and appreciate a clean safe home. I get my rents on time and some of them even send me thank you notes/cards for giving them a place to live. I even have one of my Section 8 tenants bringing cakes and pies by when they pay their rent. I once heard someone say that poor people may not have a lot of money but they do have a lot of pride, provide them with a nice home and chances are they will take care of it. Provide them with a home that your afraid to have inspected and I imagine they won’t take very good care of it. Hoped this helped, Aloha.
Re: Section 8 rentals - Posted by Lor
Posted by Lor on July 26, 2001 at 13:15:27:
Here are a few advantages.
- Property is inspected yearly which helps me keep repairs etc. up to date.
- Rent comes in every month and on time.
- It’s an easy way to find long term tenants for low end properties.
- When my tenant died they paid for all cleanup and repairs and paid rent for the next month. (by this time I had cultivated a good relationship with the local county office).
My only bad experience was when I rented to a tenant whose low life cousin moved and turned the kitchen in to a meth lab and the house was surrounded by a swat team, made the evening news etc. etc. etc.
Re: Section 8 rentals - Posted by Dave
Posted by Dave on July 26, 2001 at 12:20:18:
Go to the board at www.mrlandlord.com and do a search on this topic. You will find most landlords on that site are against it. One problem is the inspections that could cause the rent to be withheld. The second is that if the tenants damage your rental, Section 8 won’t pay to have it fixed and the tenants themselves have no money.
Re: Section 8 rentals - Posted by Scott s
Posted by Scott s on July 26, 2001 at 12:02:05:
I have 2 soon to be 3 section 8 tenants and so far they take better care of my units then the others. If you have any further questions you can email me direct if you would like.
Re: Section 8 rentals - Posted by Mord-NJ
Posted by Mord-NJ on July 26, 2001 at 11:45:43:
Make sure you do a thorough criminal search. You don`t want to be stuck with the wrong elements.
Re: Section 8 rentals - Posted by Mike
Posted by Mike on July 26, 2001 at 11:43:17:
Section 8 can be great simply because the check is sent straight to you, on time, and in the mail. The only down side is that the agency requires that the property be inspected every year. Good luck!!