I'm currently in escrow of my first rental property. While I've heard many horror stories from landlords doing section 8, this program will provide more cash flow and I like the idea of helping the local community where there is a need.
I welcome any advice from anyone who has done or is currently doing section 8 rentals. What steps can I take to mitigate problems in the future? When screening a potential tenant what are some things I should look for that most section 8 landlords forget to do
In my limited experience and research into section 8, the landlording experience is more based on your local housing authority (which implements the program for HUD) than the federal regulations. Each municipality has its own process, and some interface better than others with your business model and management style. Tenants are tenants, and there are good ones and bad ones - so do your screening as you would any other.
Your best bet is to reach out to other landlords in your market that participate in Section 8 housing and ask them the pros and cons. What people tell you on the forums here will usually be varied and highly specific to their own market. Good luck!
I have had section 8 tenants in a tough city and it's been working out really well. Over in my market, section 8 is no longer accepting applicants. The tenants know this. If they screw up, they could lose their voucher and not get it back for a long time. It's just enough leverage to keep them in check. You could call your local sec 8 dept. and feel them out. Try and find out if they are quick to kick people out of the program. If so, go for it! Otherwise, screen screen screen.
Thank you for your reply! Great advise by reaching it to local landlords. This was very helpful!
Awesome insight. I know obtaining a voucher is difficult in my state/ city so hopefully I can find a good tenant.
Great idea regarding reaching out to my local PHA!
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing