Greetings, I see many people talk about the benefits and misfortunes of using section 8 as a way to get renters in their home. I hear horror stories, but I also hear about scenarios where there are no problems.
One strategy with Section 8 I heard is that you can specify the age demographic of your tenants as 55 and older in order to hopefully get less at risk tenants. It was a statement in passing at an overpriced seminar that I do not recommend attending.
The question I have is, are there any books on the different kind of government strategies there are available to use to get tenants? Section 8 is the most commonly talked about. I know there must be so many. Woman abuse centers, Rehabilitation centers, Witness Protection, etc. I'm sure there's a lot that exist. I just don't know the best way to find out and research them. I'm based in NY, I'm sure there are plenty that are local as well.
Any suggestion on resources on how to discover what I don't know that I don't know about government programs?
Thanks In Advance
I don't know of a book, but look into tax properties. I'm in my second one - subsidized senior housing for 55+. Some are 62+. There are also some that are open to families, or just developmentally disabled, etc.
Often, a city is trying to revitalize it's downtown area, and they partially fund, and get additional funding from the county, state, and even the feds. Then they refurbish an old building downtown, and rent out the units. Often there are different units under different types of funding. A percentage of the building might be funded by the city, the state, etc. Some units will be at a higher funding rate than others, and they will usually also accept Section 8.
This is the case in the two subsidized senior buildings I've been in so far in CA. The owners/developers get a tax break of some sort. These buildings always have a waiting list. They require management familiar with managing tax properties.
I just did a quick google search and found this article:
I don't completely understand how these properties work from the owner/investor side of things. I can tell you from a tenant's perspective, that they are in high demand and have waiting lists.
I would start with the section 8 Bible.
I would pickup the phone and call your local CDC (community development center). They have sec 8, low income, etc. Not an expert but have worked with them on a remodel, since they give home improvement loans for low income. Here are some links that are on my locality. Free and customized information is your best shot, give them a call.
I would recommend focusing on housing programs where the tenant has a counselor or mentor of some sort, because they often do inspections of the unit to make sure they are following the rules of the program, and are another resource to resolve issues that come up.
We don't participate in Section 8, but were looking at the vets program, and do participate in the local safety net non-profit. Finding out about them can be word of mouth, researching programs in the local area, or just advertising that you will consider voucher programs and see what comes your way.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing