Rental Property Investor · Plano, TX · Member since 2015 · 80 posts · 14 votes
Hi Guys,
I am closing on a multi family property in Fort Worth shortly and just found out that the tenants in place are section 8. Do I have to do something special or different than if they were regular tenants? How do I get the government to start sending the rent checks to me going forward? Anything else I should know about. Thanks for your help.
You’ll have yearly inspections done by the housing authority I believe. Also not sure how to switch over the payments from the government but you may want to figure that out.
I’ve read stories on BP about landlords who buy section 8 rentals and then lose rent to the former owner. If this happens it’s going to be difficult to get back
Government will likely screw up first months rent and send it to old landlord. Make sure in your purchase agreement to hold back the equilivant of a couple of months rent in the event old landlord receives rent and refuses to pass it along.
Once you take ownership you can likely non renew the welfare tenant and get in better quality tenants unless the area is C/D class exclusively welfare tenant base.