Interested In Section 8 Houses
I am interested in buying section 8 homes. Can someone advise where I may look to get current info on properties available in my area. Also I was wondering where I may look to get an average rent factor based on geographics in my area. Thanks for all the help!
your local area hud rep or field office. tell them you wish to invest in HUD homes and what is the county pay out schedule in regards to 1-5 bedroom houses.
regards-pat
Any real estate agent with access to the MLS can give you current info on available properties in your area.
There is no such thing as a Section 8 property. Instead, landlords with rental properties take Section 8 tenants.
Actually there are "section 8 properties." There are two main areas of Section 8 housing: Section 8 voucher recipients and Section 8 tax credit recipients. The latter sign an agreement that says they'll take section 8 rents for so long in exchange for an amount of money to rehab/build a property. Thus, they are "Section 8 properties" for a specific time frame.
But, i've never heard of a section 8 home...Section 8 Properties are usually apartments.
I'm guessing you just want to receive section 8 vouchers.[ Edited by rmdane2000 on Date 06/25/2004 ]
As was pointed out by other posts Section 8 status attaches to the property for the period of participation in the program.
There is an agreement between the property owner and the Housing Authority that administers the Section 8 program in your area. This has components that attach to your lease agreement.
One factor you might consider is the allowance for the type of dwelling. In one area where I have properties the Section 8 allowance was up to $800/mo for a 2/1. With recent cut-backs this has been reduced to $725 for new people coming on the program. You want to be sure that the amount in your area is compatible with your expenses for the particular property.
Incidentally, within a property you can have some units on Section 8 and others not.
Hope that this is of some help.
Regards,
Ed
Thank you very much for your help. As usual, the assistance through TCI is awesome. Best wishes!