Inner-city -- section 8 - Posted by gmcdonald


#1

Posted by Cesar on December 10, 1998 at 12:45:27:

Yes, but my experience only has to do with the South Florida Section 8 Department. I cannot tell you that it’s great, because it does have its downfalls, but I also would not say it’s bad.

The challenge we have down here with Section 8 is that it takes them about three months on average to put you in their system and cut you a check. Which means you better have enough funds to cover the mortgage for three months or more, just in case. Also, they have inspections of the home to make sure that it is under code and that everything is functioning properly. Sometimes they are picky, sometimes they are not. Again, I am not sure what they would be like in New York.

Now for the good part, is that as long as the inspections are okay and the tenant does not trash your place (you should still interview the tenant and get a deposit from them) you will be paid every month without fail from the Department. It is a guaranteed paycheck from them. Sometimes, however, they do not pay for ALL the rent, and the tenant is responsible for some of it. In that case, you have to make sure that they can afford it(and not spend it on drugs). I just evicted someone on Tuesday (after 2 months of work) because they were selling drugs and raising pit bulls and selling them. It’s a little more difficult to evict a Section 8 than it is a “regular” person.

Another benefit, though, is I get a little more rent from them than I would get from a “regular” person.

Hope any of this helps, but the best thing to do is to contact someone who has experience w/New York Section 8. You can find them in the “Rent” Section of Real Estate with a line such as “Section 8 OK” or something like that.


#2

Inner-city – section 8 - Posted by gmcdonald

Posted by gmcdonald on December 10, 1998 at 10:14:16:

I am considering the purchase of a building in Harlem, NY. The building has been recently renovated and is in good shape. It is across the street for the local police precinct and a large development project is going up two blocks away (mall and movies). Question: Does anyone have experience with section 8 and/or inner-city housing? All ideas and comments are appreciated