Section 8 — Tips for the Landlord Wanted
I recently posted an ad on Zillow, Craigslist, and Facebook for my 3-bed, 2-bath SFR. I received numerous inquiries, 75% of which asked if I accepted Section 8. I am trying to learn more about the pros/cons of considering Section 8 (I would not plan to lower my rent, my standards for selecting a tenant, or my expectations for the tenant to follow the stipulations of the signed lease).
P.S. I’d like to keep this discussion non-judgmental please. ;)
Most Popular Reply
I want on a 4-hr master class with Dr. Joe Asamoah earlier today. He does the BRRRR strategy in D.C. on $700K homes catering to Section 8. I will be implementing that strategy ..... but more than anything else it proves that you can rent to section 8 as you do any other tenants. You don't have to lower your rent, actually its possible you might get above-market rent ... depending on where the property is. Use this link to find out what HUD fair market value rent is for your county's housing authority https://www.huduser.gov/portal/datasets/fmr.html.
Also, don't lower your standards because based on what I have uncovered in my research, its a huge reason why many have a disfavorable view of the section 8 program. Screening ALL your tenants rigorously, the same way is the best bet for success with a market tenant or section 8 tenant. Dr. Joe's Bigger Pocket podcast 356 appearance https://www.biggerpockets.com/blog/biggerpockets-podcast-356-joe-asamoah
Others can input more on the pros and cons of their experiences. I currently have a property up for rent and I'm specifically targeting Section 8.