Sec 8 Experience
What has been your experience w/sec 8 tenants?
I have props I'm considering for sec 8 that are in mint condition. Do you visit their current residence (w/adequate notice, but not too much lead time) as part of the screening process?
Good Day to you:
I have yet to enter the world of section 8, but from all of the local investors that I have spoken with tell me that; in most cases your property will be fine. Sect 8 tenants get reviewed every year by HUD and if they have caused damage then they will loose the money from HUD, so they tend to take care of the property, and your money comes in like clockwork. I have two rentals up right now and they too are in great shape. I will go for sect 8 if requested.
Good Luck and make $$$
Tom
I have been renting to Section 8 tenants since 1992, SFHs. I have the following reports run on both Section 8 and Non-Section 8 tenant applicants. Credit Reports, Bouncing Checks and unlawful detainer. The applicant pays for this reports.
I require three times income vs monthly rent. My rents are currently $1,100 for a three bedroom. Security Deposit is $1,500.
When I first started, inspections were on a yearly basis. Now it is every six months.
My Security Deposit has been sufficient (rug cleaning, painting and minor repairs) to bring the SFH up to standards to rent to the next tenant.
I do drive-bys on a monthly basis. How it looks on the outside is an indication of what the inside may look like.
Hope this helps.
Thanks alot. That does help. As for the reports you get, what company (ies) do you use? Cost?
I know each state is different, just curious to know how much is your tenant's portion?
I belong to the Apartment Association of Greater Los Angeles. I own SFHs, not apartments, for rent.
I run what is called a Quad Check. Credit (Experian and Trans Union) $10 for both, Equifax Check Services $4.50 – Bouncing Checks and Unlawful Detainer Check (Eviction) $6.50. Additional charge of $5 for each report for Out-Of-State history.
When the applicant fills out the Rental Application, I get a check to cover all the above charges. If they object, I do not consider their application.
Thx alot!