Some facts about renting to SEC 8 vs assumptions.

[Bob Stevens]

Hey folks, so this morning one of my colleagues posted (from another person) some reasons why Sec 8 can be very difficult. Well you will see my responses in bold that show the facts vs some guy sitting on the internet thinking he/she knows what they are talking about. I felt this would be great info to share for those that are thinking about renting to govt tenants.

You are aware of the hazards of getting involved in S8 housing as a landlord, right?

I’m still researching this. Someone I know owns section 8 properties, he doesn’t have any issues and the rent gets deposited directly to his account. What are the hazards I should be aware of if you don’t mind telling me please?

He's lucky. Only a portion of the rent is covered. And any quick search will give you the info you need. Below is a cut/paste from a site I found. But better yet, do a deep search on this very Forum and see what actual S8 Landlords have said about this.

1. whomever wrote this " cut and paste " is clueless. This person probably sites on the internet and thinks they know what they are talking about but again 100% clueless.
2. Rental Pricing Regulations 99% of the time HUD pays MORE than cash.in OH anyway.
3. Risk of Renting in Lower Income Areas SEC 8 prop can be anywhere, NOT just low income, I have props in the best areas in Cleveland. Even in the worst areas cash tenants are IMO worse than HUD tenants.
4. Restrictions of Section 8 Tenants There are unlimited, everywhere.
5. Don’t Receive Voucher Payment Until Tenant Moves In SO? its guaranteed. 100% irrelevant
6. HUD Does Not Pay Security Deposits Those that do not have the SD you are not renting to, it's all about screening. Also, in many cases HUD or other program pays their SD. But again, if they can't afford it, you do not rent to them. In 10 years doing 100s and 100s and 100s of sec 8, not one ever asked me, please rent to me even though I do not have a SD, NEVER happens. EVERYONE of my govt tenants has to have income of at least 1 month rent.
7. Annual Property Inspections THIS is a GOOD thing, it keeps the prop in good condition. They usually just find minor items, under 200 bux. I just had one last week, it was a broken smoke detector. 40 bux.
8. Potential for Difficult Tenants JUST like cash tenants, screening is the key.
9. Property Damage Issues JUST like cash tenants, screening is the key.
10. 
    Harder to Evict Difficult Tenants NO it's not, in OH anyway.
11. Full-Paying Tenants May Turn Away NOT sure what this means?
12. Difficulty Selling Properties to Free Market again, NOT correct. most investors want sec 8 tenants in. This means, the property is in great shape, (do to inspections) and guaranteed rent.

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