I'm trying to decide on Section 8 rentals, yes or no?
Hi there, I'm just starting to get into small multi family. Should I do section 8? Sure, the state does autopay $1200 per month. My concern is what if the tenant trashes the property, I have no recourse. I wouldn't be able to get money from the tenant for repairs as they are section 8 and don't have the monetary to begin with. Thank you for sharing your opinion...Tracie
Most Popular Reply
Hi Tracie, You're assuming Section 8 tenants are low lifes. My research shows Section 8 tenants can be great tenants. There are lots of people who find themselves in a situation where they qualify for Section 8 assistance. This doesn't mean they won't be great tenants. Most will be great! It takes time to make it through the Section 8 process and those who qualify won't want to do anything that would jeopardize their assistance. Just be sure they meet all your standards; background checks, can afford 3x their portion of the rent, etc.
Let us know what you end up doing!