How does one buy a rental occupied by a Section 8 tenant?
Hey BP community,
I have a client that is looking to buy an occupied Section 8 rental in Portsmouth, Virginia, and keep the current tenant. Does anyone know what the process is when buying a property is already occupied by a Section 8 tenant? I know that when you want to turn a property into Section 8, that there is an application process. Not sure what the process is for buying one that's already section 8. Thanks for any help!
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- Property Manager
- Virginia Beach, VA
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Hi @Joshua S.. The most important part is to make sure SEC 8 gets notified 15 days or so before closing so they can put payments on-hold and avoid a payment going to the old owner after closing. Other than that, just notify SEC of the sale. They will send a package to the new owner to identify themselves as the new payee. Easy peasy. Feel free to call me with questions.
- Patti Robertson
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