The advantages of renting to Tenants who are on section 8

[DeAnthony Heath]

Good Day to those of you who would stop by and read this.   Recently the city of Detroit has taken quite a few hits on the investment front.   A lot of the stories and threads out there, have depicted the industry here as a bunch of dishonest crooks running it like the wild west.   I am here to tell you that regardless of what you hear, honest people are here looking and seeking out people who have been wronged and mislead.   The fact of the matter is,if we don't seek out these investors and put a resolution to these homes only the city suffers.   I have been in real estate for over 15 years now.   I started out as a young kid with a dream and good credit.   So if anyone knows how hard it is to find the right people it's me.   Some landlords have concerns about renting to Section 8 tenants!  They worry that the tenants will destroy their property.   Also, many landlords have heard horror stories about constant Section 8 inspections.   While there can be some drama when dealing with Section 8, which is also referred to as the Housing Choice Voucher Program, there are many advantages as well.   The Public Housing Authority is responsible for paying the tenant’s housing voucher directly to the landlord each month.  Renting to a Section 8 tenant, therefore, provides the advantage of receiving the rental payment consistently each month.  The Public Housing Authority will either mail you a check, or they will deposit the amount directly into your account.  Sometimes a tenant is still responsible for a percentage of the rent and must pay this portion directly to you.   Section 8 tenants know that any violation of the terms of the lease agreement, including paying rent, could result in the loss of their Section 8 voucher.   Therefore, they have a strong incentive to pay their portion of the rent each month.  Online: If you choose to advertise, not only can you advertise the property on traditional sites such as Trulia and Craigslist, but Section 8 has a website that is dedicated specifically to Section 8 tenants.    Once registered, you are free to post any Section 8 friendly listings you have on the site.   It is a great resource as it allows you to target the Section 8 market specifically.  Another advantage of allowing Section 8 tenants in your property is that you are opening up to a previously untapped tenant base. Not only are your broadening your tenant base, but you are also opening your property to a consistent tenant base.  There is high demand for Section 8 vouchers across the country. Many areas have wait lists thousands of people long to be on the program. Therefore, you do not have to worry that there will be a shortage of Section 8 tenants.  Even if your market does not have a large number of tenants on Section 8, by accepting these tenants, you are not relying on them as the only way to fill your vacancy, but rather are just increasing your prospective tenant pool.  The final advantage of renting to Section 8 tenants is that they have been pre-screened.   To qualify for Section 8 housing, tenants must meet certain requirements. The Section 8 office focuses their screening on the tenant’s income. However, they often uncover other issues while conducting this income screening, such as a criminal history. Public Housing Authorities will not provide Housing Choice Vouchers to those who have been evicted due to drug-related activities within the last three years. screening.   

If you are looking for help and haven't found anyone to turn to and think the best course of action is to let the property go to taxes STOP! 

[Thomas S.]

Are you soliciting to purchase depressed properties.