Can You Make More Off Of Section 8 Than Open Market?
We purchased our duplex in September and the tenants we inherited bought a house and are moving out at the end of the month, so we are just beginning our 1st run of finding tenants and filling the space. We placed ads in the local papers that came out yesterday stating that rent is $700 a month. One woman that called yesterday is a single mother with three kids and two dogs, and she asked if we accept Section 8 tenants. I told her that I have to find out more about Section 8, but in the meantime she could come and at least look at the place tonight. I have been reading all morning on this site about Section 8 and I have a question as to whether you can actually get more from the government than your initial asking price. In our area of the county, I think $700 is about right for a 3 bdrm apartment....I was just looking at the Fair Market Rent History for our county on the HUD user website and it states that a 3 bdrm rents for about $853. I am wondering if I could actually make more money by renting to the Section 8 tenant than I could if I rented to someone else???
You need to call the local section 8 government office in your county. They can tell you the fair market rents in your area for your unit. They can also provide you with a lot of info. on section 8. Be sure to read it ALL before you jump in on this. I experienced the same thing that you did when I first started - almost the same facts. After reading up on it more, I declined to participate in Sec. 8 because my rental market was pretty healthy and there were more qualified applicants to choose from for a tenant. Good luck!
The sec8 offices seem to be run by the same quailty of people as the sec 8 tenanats. When you have a good one it is great but after 10 years I also am getting away from it after last 2 homes need 6K in repairs after move out