Norfolk, VA Section 8 Rental Property
Investor · Washington, DC · Member since 2014 · 57 posts · 13 votes
Dear BP community -
Does anyone have a Section 8 rental property in Norfolk, VA or know of the general Section 8 rental market there? I am looking into acquiring a property which promise (at least on paper) positive cash flow with cash-on-cash ROE of 17%. However, I live in DC suburbs and don't know the Norfolk, VA rental community. In particular, I don't know if the Section 8 community is large and vibrant enough to sustain continous occupancy. Any guidance and observations are much appreciated, friends.
Well the debate on section 8 or not is very heated. I have both excellent and down right awful experiences with section 8, but I have learned some tips and tricks that I will pass on to you guys.
If someone wants to rent a property from me that is section 8 regardless of what city, I am blunt and straight to the point.
After your tenant is already in the property I do the following.
Even through my little process, I still find the nicest "professional tenant" that knows how to play the game and I still get burned....
All I am saying that section 8 is not the greatest, if you can avoid section 8 I would do it. Right now I am currently managing 6 section 8 units out of 200.