Investor · Gardner, MA · Member since 2014 · 10 posts · 1 vote
I am an out of state investor from MA investing in OH. I own 1 SFH in Cleveland that is not Section 8. What are some of the best areas in OH to rent to section 8 tenants? I find the idea of consistent payment and a long term tenant very appealing. Is this a good strategy?
@Nicholas Abramo. Section 8 is great in that the tenants do tend to stay a little longer and getting paid each month on schedule is great. The downsides are that it takes a few extra weeks to move your tenant into the home due to the initial contracting & inspection process and the program inspects the home once per year requiring repairs each time. Locally, the program tends to overpay in the city and underpay in the suburbs. Given the tradeoffs we are indifferent to renting to a Section 8 tenant.
I am an out of state investor from MA investing in OH. I own 1 SFH in Cleveland that is not Section 8. What are some of the best areas in OH to rent to section 8 tenants? I find the idea of consistent payment and a long term tenant very appealing. Is this a good strategy?
I am not really a fan of section 8 rentals. Dealing with the company to get the initial inspections going is time consuming and can feel very bureaucratic. The annual inspections are a pain as they always site cosmetic issues inside of the property that were caused by the tenant but the responsibility to fix them falls on the landlord. On top of that your tenant generally doesn't have much, if any monthly income. I prefer to rent to tenants who pay their own way. No red tape to deal with and the people you place in your properties have an income.
I am an out of state investor from MA investing in OH. I own 1 SFH in Cleveland that is not Section 8. What are some of the best areas in OH to rent to section 8 tenants? I find the idea of consistent payment and a long term tenant very appealing. Is this a good strategy?
Are you sure you want to get into that market? It could be hard to deal with it. By that I mean all the other people you have to deal with just in order to get paid and make sure the utilities are taken care of.
Thank you @David Terbeek and @James Wise for your insight. I appreciate your responses. Section 8 sounds really good in theory but I wasn't aware how strict they are regarding inspection. I'm personally trying to find a niche to invest in and being an out of state investor Im looking to learn more about the market.