Possible dilemma on section 8 with duplex we are purchasing

[Chris Sukala]

Question for you folks,

We just had our offer accepted to purchase a duplex. Our realtor just informed us that the upper tenant applied for section 8 voucher and was approved. His rental is 650 and the housing authority is paying 575.00. However the neighborhood average rent is 775. Our plan was to raise the rent little by little  to get up to the neighborhood average but now this throws a wrench into it. Do we move forward? How do we get the housing authority to raise their amount? Then the biggest question is do we now have to take section 8 for lower unit? How should we proceed?

[Thomas S.]

I do not understand you reasoning, you invest to make money not to provide affordable housing to tenants. There is no dilemma raise the rent to market otherwise why are you wasting your time and effort investing, charity?

Also the length of time a tenant has been in place is irrelevant. Good tenants are a dime a dozen, all you have to do is advertise and screen a new one. The only reason to keep an old tenant is laziness. You are in business to make a profit so get rid of your tenant and find a better one. Do what you invested in the first place to do and forget about charity and subsidising tenants rent. They never thank a landlord that is  financially challenged.