Good Morning PB.. Ive been doing research on section 8 rentals and was wondering if anyone has had success with this route and the down falls of it... Any advice is welcomed!
I have just taken my first section 8 tenant this past month. My small time property manager has dealt with the local housing authority and spoke highly of the program.
The inspection failed first time because of a vent that wasn’t covered, a couple of non-grounded outlets, and some chipped paint. Next inspection everything passed. Both inspections happened w/in a week (though I’m sure timing is highly area dependent).
I have a property manager who took care of everything so all of this was very seamless to me.
Total rent is $600 for this unit. Section 8 is paying ~$450 and tenant covers ~$150.
I was reading another post from someone regarding section 8 and he was saying a tenant is a tenant. A section 8 tenant isn’t going to take better or worse care than a tenant with a similar income level that doesn’t have section 8 subsidy.
I know the tenants can lose their subsidy if they don’t pay their portion. Around here the waiting list is over a year I believe. Logically, I can’t imagine a tenant not paying or taking care of their unit... but we all know tenants aren’t always logical.
I think I’ll sit on this building a few more months and see how it goes, but I’m already thinking about getting more buildings and getting them inspected for section 8.
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