Quick Question: I am newbie in Real Estate and planning on buying a property in PA. I have around 5K downpayment and the property Asking price is 40K. I am planning to use private money lender to get that property for the rest of the money. Will I be able to give that property to Section 8 and get a Fixed rent?
@Aziz Wali Yes, I don't see any reason why you can't get a section 8 tenant in there. How much you can get from section 8 for the property each month?
Depends on the location. I haven't bought the property yet. but looks like the average is around 800 - 1200. The reason I am trying to start with section is because I dont live in that city and I feel like it will be good to get a guaranteed rent from the GOV't rather than the tenant.
Typically with section 8 they need to come out to the property and inspect it to make sure everything is up to par and up to code for people to live in then they will allow you to rent it out to section 8.
@Aziz Wali check what the requirements are. PA is a big place, and I'm not sure if all Section 8 offices in PA are the same, but in Philly you need to attend a mandatory orientation session and get a mandatory certification before you can even list your property for rent with Section 8 availability. If you live more that 25 miles outside the city you need to have either a registered Property Manager or a certified rental agent that is local to the property for the office to work with.
@PJ M. As a section 8 Landlord. and Property Manager I think this is a good idea. It has nothing to do with section 8 but just in general landlording in low income neighborhood to low income tenants requires more hands-on involvement than a higher end rental. I have more than one management client who used to live in their houses in Virginia Beach that are not in a low income areas who called us because their tenants stoped paying and we discovered the tenants had completely trashed their houses. They ended up hiring a property manager anyways because you can only know so much when you live on the other side of the country. Trying to manage on your own from very far away can be a very expensive lesson. Sometimes people get lucky. But sometimes it bites them.
@Aziz Wali read more on sec8, pros and cons. You don't "give" them your property, you or a PM still have to manage it. Also, don't think of sec8 as guaranteed money. many times the voucher only covers a percentage of the total rent so in essence the tenant is still responsible for the other portion. in several ways sec8 is more hands on that other types of rentals.
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