Section 8 Tenants
I am looking at a property that is currently rented to section 8 tenants. I have never dealt with this type of tenant. How does this work? Does the rent get paid directly to the landlord? Also, is there a limit on the amount of rent you can charge a section 8 tenant.
Any information will be appreciated,
thanks
Lee
Thanks for the information and the places to go look for more info. Are there any downsides to this type of tenant?
thanks again
No more than with any other tenant. Section 8 lets you select your tenants. If they are in the program, they will get a list of available properties that are suited for their situation and financial ability and you get to decide if you want them or not. Since you are buying a property with the tenant in place, you would have to keep them until their lease expires---EB
Good feedback. What area of the country do you have section 8 renters? I am looking at some properties in western NY. Properties are really reasonable there and seems like a lot of people are renters. Not much in the way of appreciation, but right now I need some cash flow properties. Also, I am from western NY orginally so am familiar with the area, but open to other possibilites.
thanks again for your response