I have 2 homes on Section 8 right now. I get about 100 less than market value, but when you get a section 8 Tenant, you have them for life. Not as many landlords want to mess with it, so they find it hard to find a home to rent. I find that the repairs they require me to do are reasonable and are actually best for maintaining my property values. They do a yearly inspection at which you can request a rent increase…usually 2-3 percent…argh… Landlord pays for repairs, unless the Tenant was negligent and Utilities… I say NO NO NO. They always try to talk me into payint them… JUST SAY NO !
I have an opportunity to buy some really cheap section 8 homes that i’d be interested in holding on to for some time. The problem is that I don’t know much about section 8. If anyone has any warnings or advice to give, I’d really appreciate it. Also, who pays for general fix-up and utilities expenses? What about risk of loss?
I have heard the horror stories about renting to Section 8 individuals but I haven’t had a problem as of yet. My tenant is neat and clean. Tenant is responsible for any repairs caused by neglect and payments are sent to me monthly by the State.
With a little effort, you might be able to find a diamond in the rough as I did. Out of the “30” individuals I interviewed, only 5 were possible candidates.
Posted by Greg Scott on November 02, 1998 at 24:21:35:
I agree with Mark. HUD should rename the program “Section Loser”. I’m sure there are good tenants that benefit from Section 8. But it attracts so many slackers I’d rather avoid it.
Posted by Mark Vidales on November 01, 1998 at 22:36:21:
Ben:
I have 9 rentals I sublease from my father. I had two Sec. 8 tenants that were total losers, didn’t pay rent, one had a Methamphetamine lab the other let a bunch of junkies move in while she was being evicted.
My new rule is this. I would rather rent to a hard working family and receive a lesser rent actually it is closer to market value than an inflated rent that attracts in most cases losers, people who can’t or won’t pay $30.00 of a $600.00 rent payment. I also made this decision on my political principles of big
Government takink from those that produce to supplement those who don’t.