Anyone With Some Knowledge Of Section 8...
rentals? I would rather not be a landlord, but it seems that section 8 might be a way to go. Anyone with an opinion?? Thanks
rentals? I would rather not be a landlord, but it seems that section 8 might be a way to go. Anyone with an opinion?? Thanks
There are no 2 ways about it. Renting to section 8 is still renting and you are still a landlord. You certainly pick-up noramlly higher rents than you would get non section 8; but you will still get calls and be expected to maintain the rental nicer than you do your own home.
If if only reason you don't want to be a landlord is because you are afraid your carefully selected tenants might not pay their rent on time; then you might be happy with section 8. However we get just as many work orders, requests to accept the rent on the 15th (even with section 8 the tenant pays a portion directly); and we get plenty of wear and tear.
Most of my rentals right now are section 8; but that has more to do with the easy access to low interest mortgages for normal renters. As rates go up; I expect our reliance on section 8 will be reduced.
Thanks. I am a newbie, and up to now I have just renovated and flipped property. I have no problem with the wear and tear part of renting. What are the steps to becoming a section 8 landlord?
I would start by calling the County housing office and asking for a new landlord package. My experience is that those people are very helpful in discussing this possibility w/potential landlords.
I am a landlord with 3 section 8 tenants in CA. In my area, I contacted the local housing authority before I bought the building and attended a free section-8 landlord seminar which they put on free of charge. 2 of my Section 8 tenants are a dream - they pay on time and keep their unit in perfect condition. However, one just moved out and left the unit an absolute disaster. I spent much more than the tenants' security deposit to fix the unit.
It is a mixed bag - guaranteed payment on the first of the month is nice, but the inspection process has changed as well - it used to be that you had to provide a unit which was "decent" but now they are requiring MUCH MUCH MORE. They made me replace carpet in a unit because it had unraveled along a 6" area. They also made me add a tub fill spout in a bathroom where they was only a shower head previously (somehow the unit passed inspection the year before). What a joke. I think my next building will NOT be Section 8.