Posted by HR on January 30, 2001 at 19:22:23:
Tim,
My (limited) experience mirrors yours exactly.
HR
Section 8 - Posted by Bob (Md)
Posted by Bob (Md) on January 30, 2001 at 24:53:36:
Could someone point me to a FAQ or give me some info about how Section 8 works? I want to understand it better, and haven’t found anything that clearly explains it step-by-step. Lessons from the trenches would be quite valuable, also. Thanks.
Re: Section 8 - Posted by evelyn
Posted by evelyn on January 30, 2001 at 10:09:59:
Hi Bob,
I know about section 8 from the tenant’s prospective. They DO SCREEN to some degree. In Florida, they check for prior drug convictions, and all the major stuff. Things like that makes you ineligible for the program immediately. Housekeeping is another matter. You can be a bad housekeeper, but don’t trash the place, or tenant doesn’t get their security deposit back. I am in a nice 3/2/2 two-story home. She rents it to me for $750.00 I pay $118. My portion has been higher and lower; however my landlord gets her $750 EVERY month from Section 8 and me. I’m sure her payment is only about 550.00 so she has a nice little cash flow. When I get off the Section 8 program and get started in real estate, guess who I am renting to? The availability of owners willing to rent to Secion 8 tenants is quickly decreasing; why do people turn down GUARANTEED MONEY. The goverment really dosen’t requre a lot of paperwork. I know. All the paperwork that my landlord was required to sign I brought to her because she ignores her mail. So I know first hand, four to five forms, and that’s it. If you need to know more, e-mail me. I will be glad to tell you what I know from a tenant’ view.
Evelyn
Re: Section 8 - Posted by Shenesa
Posted by Shenesa on January 30, 2001 at 09:18:12:
Hi Bob,
My tenant was on Section 8 when I first purchased the house and the moment her finances changed, she immediately got off the program. She was an excellent tenant who paid on time and kept the place immaculate. Sad to say, last year she found another place closer to her family with more room for her growing teenagers.
I have now contracted with Section 8 and listed my property for $750 for rent. I have a young lady who is very interested and is a good candidate. Section 8 called me yesterday to let me know that they cannot pay the $750 but if I was to lower the rent by $27 then the young lady can qualify. Hey my mortgage is only $425 a month do you think I would pass up an opportunity to have a very nice cash flow because of $27! I don’t think so.
Give them a try but remember you would still need to screen the applicants very carefully, Section 8 doesn’t.
Shenesa, NY
Re: Section 8 - Posted by Tim Jensen
Posted by Tim Jensen on January 30, 2001 at 08:14:00:
Bob,
I would contact your local housing authority. They will have a landlord package they can send you out. It gives a good explination on what needs to be done to get a place to pass section 8 and how the program works.
I use section 8 somewhat. I have found that in lower income areas they pay better than market rent, however you need to do a SURPRISE home visit on this type of tenant to make sure they are good housekeepers. I have found that if you have a nice rental you can have the pick of the litter in regards to tenants. I have been fixing up my lower income places real nice and when I do, I have tenants crawling over themselves to get it.
One last note, I do not generally put section 8 tenants in my better located properties, I find that in thoses areas section 8 does not pay as well.
Good Luck,
Tim