Allowing Section 8 Vouchers at 64 Unit
My partner and I have a 64 unit under contract in Southwest Missouri. Rents are WAY under market. So far it looks like there’s a shortage of clean rentals in the area. There’s also a shortage of section 8 rentals.
The current owners don’t accept section 8 vouchers. I’ve never had a section 8 tenants in any of my rentals to date (single family to 8 unit). I know section 8 has a stigma, but I don’t really buy it.
Are there any recommendations or stories on incorporating section 8 tenants? The fair market rent rate is well above what the units can rent for open market, so this is a large appeal. It’s a clean, quiet, slightly dated but still very safe complex.
Also, I assume there can’t be two rates for the same unit, an open market and section 8 rate? FYI it’s about $200 less open market than section 8 per door.
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@Pat Jackson not sure if he has BP or not but look up Kaleb Marti. He lives and invests in SWMO and has a Section 8 complex I think. Tell him I recommended you talk to him.