1st Time Rental

Comments(9)

• 
  steady289th December, 2004

  Hey if you are going to be using Section 8 for this Rental you have to ask yourself
  How much is Section 8 going to cover?
  
  Because if Section 8 covers the full Rent than What does credit matter they are not paying you! That just my opinon because I've lived in Section 8 housing most of all my life but the landlord never did a Credit Check because Govt. paid him on time every month

• 
  getgoing9th December, 2004

  I would still check there credit for sure... And as the other posted said find out whos paying what..
  
  Good Luck,
  
  Scott

• 
  karensilver9th December, 2004

  i would check their credit to see if they own anything to former landlords.

• 
  kasm9th December, 2004

  Section 8 pays 70%, they pay 30%.
  
  We went with them because we heard decent things about sec. 8. people dont want to loose their vouters so they are decent renters. I know there are bad apples everywhere, but this money is guaranteed. And if they are late with their portion they can loose their vouters so they try to avoid that problem.
  
  There was only a $40 difference bewteen what sec 8 will pay and what we would want from a non sec 8 tenant so we figured guaranteed money was worth it.
  
  Thanks for input.
  
  Kim

• 
  cl3129th December, 2004

  I think the biggest concern with Section 8 is not the payment. They may not take good care of your property and you won't have any remedy against them beyond the security deposit. Even if you take them to court, they have very low income.
  
  Alla

• 
  ray_higdon11th December, 2004

  If they are on section8, they are low income. It is pointless to do a credit check on low income indivuduals as they will most likely have no or low credit.
  
  For low income you want to do a sexual predator, criminal and small claims check (eviction)
  
  GL
  [addsig]

• 
  LadyGrey13th December, 2004

  I thought part of Section 8 was a case worker came in once a month to inspect the property to make sure both the tenant and landlord are upholding their agreement.

• 
  MTINVGRP13th December, 2004

  I have section 8 in one of my properties. The first thing I would do is look over their application well, study it like a private investigator. The second thing is make phone calls to their former landlords. Don’t rely on the most recent one. That person might be trying to get rid of them. Get more than one reference.......Up to this point it’s all free. Now you can do the credit check. If you do decide to go with someone, don’t be bashful about asking for a large amount in security deposit. This will give you a better feeling about this person when you guys sign that doted line. If they are worth their weight in gold they will come up with the money. Remember, this is your investment and if look after it know one else will. Keep that money for a rainy day because with section 8 the clouds are always above.
  
  [ Edited by MTINVGRP on Date 12/13/2004 ]

• 
  ray_higdon13th December, 2004

  LadyGrey, that hasn't been my experience but it may be different elsewhere, I've only seen section8 when the lease is up and they come to make sure the property is up to snuff.
  [addsig]