HUD Question
I am thinking about purchasing a property and not sure which route I am going to take. I am thinking about renting it out through HUD. There is a huge demand where I live in Ohio for HUD rentals. Has anyone ever dealt with them before?
by HUD, do you mean that you are you thinking of renting homes/apartments to Section 8; or another of HUD's programs?
There are quite a few differences, but they (to my knowledge) are very similar. Basically the government pays some or all of the rent and most of the time the tenants proove they shouldn;t be trusted in your home. However because you get to charge above market rents we as landloards put money over pride and accept section 8.
Let us know exactly which HUD program you are considering and I would be glad to let you know of my experiences, as I am sure many other landloards would be willing to share their thoughts.
steve
Hud's not that bad to deal with if you dont mind doing paperwork. Just like any other tenant be sure to check referances.
Check out the forums there is a ton of information in there about hud good and bad.
Ed
Watch out you don't lull yourself into thinking Sec 8 is easy money. The folks with their vouchers can go rent all over. Lots of competition for them.
Thank you for answering so quickly. It would renting houses to people on Section 8. The only reason I considered it was because I know people here who have been on a waiting list for a home or apartment. There doesn't seem to be enough to go around. Also, I work for the state of Ohio, so I am use to paperwork. Does anyone know if HUD helps to reimburse for damages from the tenant?
There seems to be a difference in the way the Hud office works in different areas but as far as my experience as gone they do not.
ED