Denver, CO · Member since 2017 · 23 posts · 4 votes
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
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.
@Tracie J. I love SEC 8, especially in a market like today where renters income can be unstable. It’s basically rent insurance for the landlord - for free. If you search BP for SEC 8 you will find hundreds of thousands of posts. The topic comes up ALOT. My poor fingers got tired of typing the same thing over and over, so I put my tips and tricks in a blog post. Here’s a link if you want to check it out.
Section 8 is just a program. It's about vetting the people, regardless of the program.
I had 3 tenants on Section 8. One worked her way off the program and she's still in my rental. The other two are pretty boring tenants, they pay their rent and take care of their units. I personally like boring tenants.