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Updated 9 months ago on . Most recent reply

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Stepan Fedetskiy
  • Rental Property Investor
  • Chicago
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Looking to get into section 8.

Stepan Fedetskiy
  • Rental Property Investor
  • Chicago
Posted

Hello,

Does anyone have any information or knowledge how a section 8 or house vouchers work. What the process is? How to get started in it. 

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Drew Sygit
#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
6,143
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Drew Sygit
#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
Replied

@Stepan Fedetskiy STOP.

S8 is NOT the cureall for nonpaying tenants!

In our24 years of experience, managing almost 100 S8 leases currently, the average S8 tenant has a FICO under 580, numerous collections from utility & cell phone companies, doesn't want to pay a security deposit, much less an application fee and claims they don't know how to fill out their S8 paperwork despite being in the program for several years - hint: they want YOU to do it for them.

Most, not all, are eligible for government assistance due to a funeral-march of bad choices.

REALITY: you are trust trading one set of problems for another.

You can succeed with S8, but you need to understand the challenges and plan accordingly.

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Logical Property Management.
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