Posted by ANN on July 21, 2003 at 09:56:58:
If I were to do Rentals, Section 8 would be the only way for me to go… I don’t have to chase anyone for rent, and if the person loses their job, Section 8 may pay ALL OF THE RENT.
I know people on Section 8, and it works for the tenant and the landlord, provided all the rules are followed by everyone.
Good Luck,
Ann
Section 8 questions - Posted by Gillian - NY
Posted by Gillian - NY on July 20, 2003 at 08:13:38:
Hi all.
I’m considering buying a single family home designated as Section 8. The tenant has lived there 10 years and would stay, if I were to buy.
This would be my first Section 8 rental. I am assuming if the house is changing hands that it would need to be inspected by the authorities…I am pretty sure that currently it would not pass code…Would I need to qualify also?
How does their monetary contribution work? What is it based on? The tenant’s income? Market rents?
Thanks,
Gillian
Re: Section 8 questions - Posted by G_invest
Posted by G_invest on July 20, 2003 at 08:56:46:
Well I currently have a property that is under section 8 and it is good. As far as the land lord goes all you have to do is provide a safe, clean and healthy living environment. If the tenant has been in the property for 10 year then the building should have passed inspection. As far as payment goes it depends on the status of the tenant. Their voucher will let you know up to what size house they are eligible for and how much they will pay. The property I have in AZ I am getting 936 per month from the department of housing and 59 from the tenant. This is great because I am guaranteed that 936 per month.
Re: Section 8 questions - Posted by Brian,WI
Posted by Brian,WI on July 20, 2003 at 19:43:35:
Do you have any other Section 8’s?
Are they all as rosie?
I’m starting to look into Section 8 as an option for rentals I acquire.
About an hour ago I got off the phone with a fellow apartment association member who said they actually do the screening for Section 8 for the CITY of Milwaukee (not county or suburbs), and this persons take on Section 8 is…You have to realize you are dealing with a “lower” end renter, someone that for the most part will not follow the rules, someone that usually keeps a messy house, and lets others (boyfriend, etc.) stay there as well. Also mentioned as well was is if tenants are screened properly, Section 8 or not, then you will be a step ahead and may not have as many of the problems metioned above.
I guess after owning week-to-week rooming houses, it’s still a step or two up!
Hope Hal chimes in on this.
Brian,WI