Rental Property Investor · Chesapeake, VA · Member since 2017 · 100 posts · 75 votes
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!
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.
I have done this and still have the same tenant. The hard part is getting the house and tenant approved. All you have to do is fill out some nominal paperwork. Like where to deposit your rent. If rents are below market it is easy to request a rent increase.
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.
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.