Establishing Section 8 Status On A Property

Comments(6)

• 
  who_me2nd April, 2004

  SG,
  
  Contact your local housing authority and they will have a handbook that they can send to you.
  
  Here in IL, its pretty straight forward. You advertise and actually find the renter first. The renter will have a voucher indicating the max amounts avail to them. Get an agreement down, prepare the lease (but don't sign), contact housing dept., and they will arrange the inspections. If it passes, your good to go.
  
  Hope this helps
  
  Dave

• 
  Giovanini_22nd April, 2004

  Thanks Dave, I'll do that right away.
  
  But, I'm still interested in hearing from others that may hold or have held Section 8 properties, about the positives and negatives. For example, pertaining to maintenance, and their experience with what is an acceptable condition of property.
  
  Particularly anyone in Florida.
  
  Thanks,
  SG

• 
  Taiyo4th April, 2004

  I have been using Section 8 Tenants since 1990. I have had no problems with any of them. I require three background checks before I will rent to anyone, a credit check, unlawful detainer and bouncing check. When the prospective tenant gives me a Application to Rent, I also get a check for these three background checks (approximately $45).
  
  I require the applicant’s income to be three times the monthly rent (same as open market).

• 
  Giovanini_24th April, 2004

  Thanks alot Taiyo! That's what I was looking for, some other things to keep in mind when proceeding with this and a first hand experience.
  Thanks again,
  SG

• 
  64Ford4th April, 2004

  I was ust trying to locate SEction 8 info for you in your community. Instead I found this local article. I don't know how big Coconut Creek is, but there don't appear to be a lot of Section 8 holders in the area.
  
  http://www.kansascity.com/mld/miamiherald/news/local/states/florida/counties/broward_county/8288284.htm?1c

• 
  Giovanini_24th April, 2004

  I appreciate that 64Ford. It's really not too difficult to dig up information on the "how to" part. I have found most of what I need since I originally posted. Except for more of the Personal experiences with the process.
  
  As you noted, there aren't many in my immediate area....
  
  Although I am looking to invest even up to 1-2 hours out of my area. That puts me anywhere from S. Miami, N. to Vero, and W. to Ft. Myers.
  
  There is GREAT demand here in S.FL for affordable housing. AT times there are literally Thousands of people waiting in line outside the Gov. building to apply. I have read many articles where it takes sometimes three years to clear the applicant list of only 2,000 when as many as 6-8,000 have actually applied.
  
  Now combine this with the fact that there are still many pockets investor friendly (in terms of acquisition costs) underdeveloped and/or unmaintained properties in S. FL. And as we are all looking for a reliable monthly cash flow on rentals, it only seems sensible to look to Section 8 as a potentially profitable avenue of investing. Not to mention socially responsible. (don't worry I wont get weepy on you)
  
  If this concept has reason to be less than attractive, profit wise, someone else please chime in and let me know. I may have just been deceived by the local media and statistical "experts" once again...
  
  SG