My Section 8 tenants have been the biggest headaches. Also, dealing with the Section 8 office can be a pain. The housing office in my hometown is inept.
The only nice thing is if you sue a Section 8 tenant and get a judgement the Section 8 office doesn't let the tenant move into a new unit (as long as you let them know about the judgement prior to them moving into a new Section 8-approved apartment - their voucher is frozen until you get your money).
@Tracie J. — check out BP’s podcast #356 — I just listened to it the other day and it offered a fabulous spin on Section 8.
@Ned J. We have a few sec. 8 tenants in multifamily buildings in Denver. It took a few weeks to get set up with HUD, and the first months rent was delayed by a few weeks until the paperwork was cleared, but no big deal at all. Once it's set up the rent is as consistent as it gets for a class C asset. @Tracie J. we have had only good experiences renting to Sec. 8 tenants here in Denver and Lakewood/Edgewater. IME They're mostly single mothers with young children. Just make sure the deadbeat dad is completely out of the picture, the few times we've had minor issues is when the ex gets out of prison and moves in, or sometimes a son or cousin, but generally those on Sec. 8 are very careful not to do anything that would cause them to lose their rental assistance.
So there are Pro's and there are Con's to this subject. Hope that you can decide on who you want in your property. You can get tenants that will live in your unit, and won't work at all. They can put your water bill high to the sky or maybe not. Maybe not, but at the end of the day, you make the final decision. Good luck!
@Tracie J. listen to podcast episode 356
I have a few section 8 tenants. Some are fantastic and some are terrible, but I could say the same with non section 8 tenants. You can still require a security deposit and background and credit check. It’s up to you. If your building is not approved you need a tenant who is a section 8 voucher holder that wants to rent your property and then the process can begin. Lots of paper and an inspection must be conducted. Go to www.hud.gov/sites/documents/52...
They will also review your lease. They will conduct an evaluation and calculate how much the tenant is responsible for their portion of the rent.
@Tracie J. you get your rent money automatically !
I used to feel the same way. But I have properties in an area that there are high evictions and couldn't figure out how to control it. I accepted 1 section 8 tenant and released that they weren't any worse than the market rent tenant. There are a couple of things that you have over a section 8 tenant. You do your inspection once every 3 months or once every 6 months however you feel comfortable with. If their not taken care of the property, dirty destructive you give them 10 days to clean it up or fix what they did. You notify section 8 by sending them the letter and in 10 days if not cleaned up you evict them per your lease. The apartment will be cleaned up because section 8 tenants if evicted, will lose their voucher.
Also section 8 tenants live in their units longer and that means fewer vacancies. After getting more section 8 tenants, we went from being in court with a couple of tenants a month to maybe 1 every 4 or 5 months. And when you take a section 8 tenant to court, they usually will pay or take care of the violation and not need to be locked out. We have a few hundred units now and have the majority of them filled up with section 8.
I hope this helps. Any questions feel free to reach out to me.
@Account Closed Thanks for opening my eyes to this.
Ah I understand. It's still something to look into I suppose.