Posted by Barry (FL) on April 23, 2006 at 20:23:22:
http://www.huduser.org/datasets/fmr.html
This is a guideline. You still need to do an audit of rents in the area where your property is located. A good property manager (I know, oxymoron) or landlord association should be able to help you there.
HTH
Barry (FL)
Section 8 won’t tell what they will pay! - Posted by able learner
Posted by able learner on April 23, 2006 at 19:49:24:
I can’t get the local Section 8 people to tell me how much they will pay toward a tentant’s rent for a given size building in a certain neighborhood. I said I can’t buy a property and rent it out under Section 8 unless I know the minimum rent I can charge.
They told me it’s according to the number of beds and baths and they would pay fmv (fair market value). But she said I’d have to find out fmv.
Wasn’t her job.
Is there a place on the internet where I can find the government’s version of fmv myself/
Thanks very much,
Ablelearner
Re: Section 8 won’t tell what they will pay! - Posted by j
Posted by j on April 24, 2006 at 17:56:22:
Income Limits and FMR’s for Dallas County, Texas
Dallas, TX
0BR 1BR 2BR 3BR 4BR
575 662 850 1176 1391
3 Fair Market Rents (FMR)-HUD determines the appropriate rent for every county in the country. The rent level includes utility costs. This means that the monthly rent payment and utility costs (including water, sewer, electric, heat, A/C, cooking, and garbage) may not exceed the FMR amount.
Lady was Right - Posted by Jimmy
Posted by Jimmy on April 24, 2006 at 09:51:34:
a few comments from a landlord who deals with 7 or 8 housing agencies in my region:
all the agency can tell you is the max rent they can authorize at your specific address. don’t ask them fore the max rent in Houston. you have to be more specific, because there are different prevailing rents in different areas within the same region.
and just because they are willing to pay $800 for a 3 bedroom in your area does not mean they will pay it for at your particular address. it will be up to you to show that what you ask is fair rental value.
and how much they will pay for a particular tenant depends on the tenant. some tenants are 100% subsidized (you DO NOT want these people). some of my vouchers are 20-25% of the total rent. it all depends on the tenant, their income, and other stuff.
Before you pull the trigger in this area, YOU MUST find out what FRV is for normal, non-Section 8 tenants. You MUST make your investment decision based on real market rents. There are places out there where Section 8 scale is higher than FRV. Here’s why you need to know FRV. Section 8 money ebbs and flows. I have had periods of time when more than 50% of my rent came in from HUD. Curently, it is less than 25%. YOU MUST NOT RELY on HUD, lest you become a welfare case yourself. There have been no new vouchers in my area for over a year. Just last week some new ones sprung loose.
Re: Section 8 won’t tell what they will pay! - Posted by phil fernandez
Posted by phil fernandez on April 24, 2006 at 09:28:05:
Rephrase your question and ask what are the rent limits for a 3 bedroom, 2 bath, 1,000 sq. ft. apartment in the location you are looking at. That would give you the tops that Section 8 would pay. I’ve never had a problem getting that information from them. You might have to talk to someone else in their office to get the amount.
As Barry says, also do a study of current fair market rents in the area.