Becoming a section 8 landlord
I'm not looking for legal advice here and I won't take any comments as legal advice; I just came across a property here in Philadelphia for about 30k where a tenant is in place paying 900 a month Section 8. My question is because I am not currently an approved Section 8 landlord will I be able to buy this property and collect rent? If I have to get some sort of approval first how long and drawn out is the process? I know nobody is giving advice here so I guess I'm just asking everyone to speculate for me.
Most Popular Reply
Donnell,
I bought my duplex a year ago with an existing section 8 tenant and the process was pretty simple. I believe the main concern for the housing authority is the property and not the owner. I simply called and ask them what I need to do to have the account transferred to my name and it was as simple as a W9, direct deposit form, and an addendum to update the lease agreement (or a new one if tenant is month to month). I found out later on that it was trickier to raise the rent since it has to be requested 3 months in advance. This is in WA, so the process might be a little different. Hope that helps.