Section 8 tenant for a Newbie
Hi all!
I'm new to BP, but am loving all the info and comments here.
My husband and I are looking into our first rental property purchase (SFR in Texas), where the long-term tenant of 7+ years is under Section 8. Section 8 pays about 80% subsidy on the market rent. I'm wondering if we should steer clear of a Section 8 tenant for our first property. I know there are more rules and paperwork, and not that I'm not willing to learn the ropes, but I have a feeling it might be a bit too much to chew off for our first deal.
Thoughts? Steer clear on this for our first property?
Most Popular Reply
If the numbers work and the tenant has not trashed the place, he/she is an asset-at least in my view. Month to month is better than a lease anyway, it is easier to replace than evict, and way more pleasant. All investments carry some risk; but it would seem two of your main bases are covered. Let us know how you are making out.