Re: Section 8 with lease options - Posted by Bert G
Posted by Bert G on December 18, 1999 at 11:00:51:
Let’s see, you’re lease-optioning from the owner, and want to sublease to a sec 8, is that it?
There have been some recent changes in the Sec 8 program regarding how the landlord is paid, (Going all vouchers now instead of certificates)so you might want to consider how that might affect you. Looks like it will make it a little easier on the landlords as far as paperwork.
Just about nobody outside the RE business knows what a lease option is. “Rent to Own” is easier to understand. You might explain it as “I’m in the process of buying this property, and have an arrangement with the owner that allows me to rent it out to a third party.”
HUD deals with property managers all the time. When I worked for a large mgt co with over 1,000 units, about a quarter were sec 8. Didn’t matter who the owner is. You’ll have to provide your SSN and sign a contract, and will have to use HUD’s lease provisions.
One more thing. I haven’t done any lease-options yet, but my understanding is that the strategy is to find a subtenant who will eventually buy the house. How many section 8 recipients would be able to do that?