Rental Property Investor · Brooklyn, NY · Member since 2019 · 45 posts · 5 votes
How do I know if there are enough section and tenants with vouchers in need before I build a 3 family for rental. How do i basically test the rental market that is not saturated.
I am thinking calling a few agents but in this locations might be word of mouth. What steps works here and how do you get good section 8 tenants?
Rental Property Investor · Malvern, PA · Member since 2016 · 1k+ posts · 935 votes
7y
There is always someone looking for a place to live. I recommend you don't limit yourself to Section 8 as a good tenant is a good tenant, regardless of any assistance they get. It will likely be hard for a Section 8 tenant to afford a new build, but not impossible. Check the Section 8 rents for your town to be sure they pay what you are thinking of charging if you are intent on going with Section 8.
Rental Property Investor · Malvern, PA · Member since 2016 · 1k+ posts · 935 votes
7y
There is always someone looking for a place to live. I recommend you don't limit yourself to Section 8 as a good tenant is a good tenant, regardless of any assistance they get. It will likely be hard for a Section 8 tenant to afford a new build, but not impossible. Check the Section 8 rents for your town to be sure they pay what you are thinking of charging if you are intent on going with Section 8.
Rental Property Investor · Long Island, NY · Member since 2015 · 490 posts · 301 votes
7y
@Kenneth Moerschel For new construction there's a good chance you will be pricing out section 8 tenants as those units command a real premium in the area. Rental demand is incredibly high in Newark but you need to do really good and careful screening to place tenants who won't give you problems. I would just look for the best tenant regardless of wether or not they have a voucher. If you insist on going section 8 you can contact the housing department because they have other programs for which they are trying to place tenants. I know the VA has a program for housing veterans for example.
Rental Property Investor · Jersey City, NJ · Member since 2017 · 104 posts · 53 votes
7y
@Kenneth Moerschel I would add on to what @Allan Szlafrok , if you're absolutely intent on finding a section 8 tenant then call the Section 8 department of the NHA. There are also a couple of websites devoted to this very tenant base--gosection8.com comes to mind. Again, I'd agree with the above comments that you should go w/ the best tenant regardless of voucher/no voucher.