Section 8 House Hack???
So I've come across a potential deal: A duplex with one side vacant and one occupied with a Section 8 tenant. The numbers look better than average - the rent from the occupied side would completely cover the mortgage (PITI) with an additional $90 remaining. I know there are tons of expenses to factor in, but it's not a bad start. When I move out, the numbers would look even better.
My concern isn't so much about the Section 8 program itself, but more so the prospect of inheriting a tenant I know nothing about, and living next door. I'd rather start fresh with screening a new tenant myself.
Anybody house hacked with a Section 8 tenant? I know it's irrelevant that they're in the program (people can be good or bad tenants, no matter their income) but you hear so many stories, just makes you wonder.
Thoughts?
- Mark Douglas
Most Popular Reply
Mark Douglas I have had some experience with a similar situation. The main problem is if your planning to self manage. Self management complicates the arrangement exponentially and needs careful consideration/structure. You will either become friends or enemies and neither is good for business. If I was going to do it I would hide the fact that I'm the owner and would instead be the onsite manager that answers to a higher power, this is easy to do if it's in a LLC.