Posted by Mark - IL on February 13, 2001 at 17:19:01:
It’s not that complicated. When you advertise for renters just put in your ad. Section 8 welcomed. When you start to get the calls from prospective renters ask them if thet are approved to be on section 8 and for how many bedrooms. They will tell you they have a cert to prove what they are approved for. If they don’t know have them go down to the housing auth. in the county and they will get them signed up if they can be approved.
After you make a list and SCREEN your calls. Set a appointment with the person or family at the place you want to rent. When they show up show them the place ask to have a copy of the cert. If they like the place ask them what Section 8 worker they are working with. They should tell you so you can follow up and see that they are for real. After this they will sechedule a inspection and the officer will come out. what they are looking for is “life threating” situations. it is pretty standard. Example covers for your elec outlets. Also smoke det. At first this can be a little stressful. If they find anything wrong they will make a list of the nessary repairs. They will either reschdule (SP! ) or have you call them after the repairs are done.
Just a couple notes to keep in mind. I have been doing section 8 for about 3 years now. The key is to get to know the inspectors. How is that done is by the shape of your properties. The inspectors know me as a good landlord and that I always take care of any problems that arise, Right away.
Some people do not like Section 8. Tenents, inspections done yearly, etc. But this helps keeps the property in shape and does let it get in too bad of shape. I have one tenent that has been in the same house for 16 years. I get a check at the first of the month.
The rents are usally higher. I am in the works of buying a 5 bedroom house. I can easilly at 2 more bedrooms. This will bring in $900.00 in rent. The cost for the house was $15,000.00 and I figure I will have to put in $5,000.00 worth or repairs. You can see why I like Section 8. Even though you have to put up with a little work. How many houses like this would you need to do real estate full time. This house is a rare case i relize and I got lucky with this one.
Hope this helps and gives some insight. If you have any other questions please e-mail.
Mark - IL