Renting to section 8 / housing vouchers
I am new to real estate , i just purchased my 1st rental house in fort worth, and made it available for renting for about $2100 , i am getting lot of section 8 / voucher's for the house, although i am interested in renting to to section 8 , i am confused on what are the minimum income criteria should i look for ? most of the calls coming are having only child support or $1000 to $1700 income per month . should this be good base line calculation for renting to them .
First question is to ask them if they're approved today can they pay the deposit today? In cash? If they survive that hurdle the voucher is based on income so the tenant responsibility portion can change. It's 10% of income the tenant pays, I believe, so they should meet your income requirement by virtue of holding the voucher.
If you want the real deal on how your Section 8 applicant is going to be in your property stop by where they are living now and ask if they have a checklist for the inspection. See how they're living. That is how they will live in your house. That or worse. Never better. There are good ones are really bad ones.
Thank you for your reply .
Quote from @Deep Ron:
I am new to real estate , i just purchased my 1st rental house in fort worth, and made it available for renting for about $2100 , i am getting lot of section 8 / voucher's for the house, although i am interested in renting to to section 8 , i am confused on what are the minimum income criteria should i look for ? most of the calls coming are having only child support or $1000 to $1700 income per month . should this be good base line calculation for renting to them .
Is the property section 8 approved? I don't believe you can just rent to section 8 without having gone through the approval process
-
Real Estate Agent Texas (#0769458)
- 817-480-9452
- http://prestondean.kw.com
- [email protected]
First congrats on getting your first rental! Section 8 can be great for a few reasons, you get guaranteed rents, the tenants want to keep the benefits so they generally take care of your property. I would be asking if they are approved and what portion of the rent it covers. Most of the time it will be a portion of market rents but won't cover 100%.
Quote from @Preston Dean:Is the property section 8 approved? I don't believe you can just rent to section 8 without having gone through the approval process
A rental becomes Section 8 approved when the landlord accepts an applicant with a HousingChoice voucher and requests their local Housing Authority conduct an inspection. The inspection is repeated either annually or biannually (or anytime the tenant complains). Once the property passes inspection you submit your lease and the Section 8 agreement and you are in business offering government housing.