Real Estate Agent · Myrtle Beach · Member since 2019 · 14 posts · 6 votes
Hello Bigger Pockets Community,
I am closing on my first rental property on Friday in Myrtle Beach, South Carolina! It is a 4 unit building with 1/4 being section 8. I've done a great deal in research on the ins and outs of Sec. 8 but the internet and books can only teach so much. If there were any similar investors in the area, I'd love to treat you to lunch and pick you're brain if willing. Let me know! Thanks in advance guys!
Investor · College Point, NY · Member since 2016 · 14 posts · 6 votes
5y
Congratulations on your first purchase. Although i am not in your area i would take time to look up the section 8 videos on You Tube. They have some real estate section 8 landlords who give you real good insight on section 8 tenants, there lease addendums, and amenities to include or exclude. Pay close attention to tenant screening and yearly inspections like the videos say and watch the video with the section 8 landlord with 70 rentals!! GET GOOD HOW TO BE AN EFFECTIVE LANDLORD BOOK! AND DO THINGS BY THE BOOK NO EXCEPTIONS NO COMPROMISE. GOOD LUCK. GW
Investor · College Point, NY · Member since 2016 · 14 posts · 6 votes
5y
Congratulations on your first purchase. Although i am not in your area i would take time to look up the section 8 videos on You Tube. They have some real estate section 8 landlords who give you real good insight on section 8 tenants, there lease addendums, and amenities to include or exclude. Pay close attention to tenant screening and yearly inspections like the videos say and watch the video with the section 8 landlord with 70 rentals!! GET GOOD HOW TO BE AN EFFECTIVE LANDLORD BOOK! AND DO THINGS BY THE BOOK NO EXCEPTIONS NO COMPROMISE. GOOD LUCK. GW
Real Estate Broker · Charleston, SC · Member since 2013 · 794 posts · 454 votes
5y
@Eric Brust I assume you'll have a PM since you're out of state. Just make sure your PM is familiar with Sect 8. It's not really that difficult in SC. There's just a process to get into their system as a new landlord and a separate HAP contract to sign with the housing authority. Just make sure you have the contact info of the tenants' case worker at the appropriate housing authority so you can reach out directly to the source if you have any questions about her tenancy. They're also pretty receptive to increasing to market rents, but they are usually a little behind the private pay market. If they're below market rent at the moment, I would reach out to that case worker when the current lease expires and request it be increased to market rents to maximize that cash flow.
@Eric Brust I assume you'll have a PM since you're out of state. Just make sure your PM is familiar with Sect 8. It's not really that difficult in SC. There's just a process to get into their system as a new landlord and a separate HAP contract to sign with the housing authority. Just make sure you have the contact info of the tenants' case worker at the appropriate housing authority so you can reach out directly to the source if you have any questions about her tenancy. They're also pretty receptive to increasing to market rents, but they are usually a little behind the private pay market. If they're below market rent at the moment, I would reach out to that case worker when the current lease expires and request it be increased to market rents to maximize that cash flow.
Investor · SC NC, VA · Member since 2020 · 1k+ posts · 756 votes
5y
Good morning, Eric. I have short term rentals in North Myrtle Beach and though I don’t have section 8 there I’ve had dozens in my apartments here in Burlington, Vt.
It’s just more management intensive. Many, though not all, do not have jobs so they’re home all the time. Wear and tear is accelerated.
The benefit is having the housing resource office as your advocate. I only discuss things once with the tenant and if there are any further repeated issues I go straight to the section 8 advocate for that tenant.
Make sure you have clearly stated rules in to your lease - tenant changes smoke alarms batteries, no pulling down smoke detectors, dogs on leash, no unauthorized overnight stays more that three days, where to park, etc...
Finally, any rules for the section 8 tenant must be enforced for all tenants.