Scenario: If a prospective tenant was evicted due to not paying rent, but now they are on a Section 8 housing voucher, do you make an exception or look at this any different than a normal eviction?
I would look at any eviction as a HUGE red flag. Not only did he fall into a situation where he couldn’t pay rent, but he couldn’t work through the issue with his landlord. It went on for however long, went to court, and was EVICTED.
I don’t have as much concern with someone who was late on some loan payments, realized it, fixed it - and was upfront about it. Shows that they take responsibility for the issues they got themselves into.
I agree @Mike McCarthy . He was still evicted. Speak with the Landlord that evicted them and see what condition the home was in when they got finally got out. I have a strict no evictions in the last five year policy and no previous landlords in collections policy period.
Section 8 or not all applicants are screened by the same standards. If they are evicted prior to being on section 8 it is highly likely they will do the same on section 8.
Irresponsible is irresponsible.
@Mike McCarthy I completely agree.
@Stephen Haynes would you treat an eviction and foreclosure the exact same?
@Thomas S. I do agree that an eviction is more of a character issue than anything. This is all hypothetical, however, let's say prior to them being on Section 8, they were evicted for being unable to pay a $1300 rent. But now being on Section 8, their portion they will be responsible for is $100. They are still the same person, but financially the situation is completely different.
@Dan Shelhamer I would not treat them the same the foreclosure affects there credit score and as long as they still met my minimum credit score I would rent to them. If the eviction was over five years ago I would also rent to them as long as they have no prior landlords in collections.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing