Section 8 - Duplex in Cleveland, OH
I'm in escrow to purchase a Section 8 duplex that is fully occupied. I'm trying to understand the process of transferring the Section 8 Designation once I close. I've gone through the Section 8 Training presented by the CMHA and using my network I understand that I need to set up an LLC to transfer the property into so the CMHA recognizes that asset. If anyone has been through this process and can comment on the approach that I'm taking and can add some advice or pitfalls to avoid...it would be greatly appreciated. Thanks!
#4 Multi-Family and Apartment Investing Contributor
- Cincinnati, OH
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#4 Multi-Family and Apartment Investing Contributor
- Cincinnati, OH
@Matt Koblick, have you called the CMHA office directly? While I don't invest in Cleveland, I used to have about 6 section 8 rentals in Cincinnati many years ago. I found the representatives at the office, while hard to get ahold of, were always very helpful in helping me work through the process.
Granted, I bought mine vacant then got them enrolled in the program, so slightly different, but I believe I just had to submit closing statement showing transfer of ownership from seller to me (at the time the county website could take a long while to update), and there were some basic forms with owner name address and phone number, management company name address and phone, direct deposit forms, etc.
But back to my initial point, I always find calling and talking to someone gets me the best information.
Quote from @Matt Koblick:
I'm in escrow to purchase a Section 8 duplex that is fully occupied. I'm trying to understand the process of transferring the Section 8 Designation once I close. I've gone through the Section 8 Training presented by the CMHA and using my network I understand that I need to set up an LLC to transfer the property into so the CMHA recognizes that asset. If anyone has been through this process and can comment on the approach that I'm taking and can add some advice or pitfalls to avoid...it would be greatly appreciated. Thanks!
You just fill out a transfer ownership application and that's it. LLC or personal doesn't matter to them.
