Coronavirus impact on Section 8 for Buy and Hold
Hello, I hope everyone is navigating this unfortunate coronavirus madness! While unfortunate, I see great opportunity. I have flipped in the past, but would like to transition to buy and hold. Here is my hesitation and I would like your advice.
1. I think I want to rent to section 8 tenants, but do you think that tenants will avoid moving during this time? Will inspections be able proceed? I don’t want to get the property and have it sit. Section 8 already takes longer to rent based on requirements from my understanding. Has anyone received input from the housing authorities they work with particularly in the Dallas/Forth Worth Metroplex.
2. The govt is basically giving a green light for folks not to pay rent. Do you think that the housing authority would pick up the rest of the rent? How are you dealing with your section 8 tenants in light of this?
3. Have you noticed contractors slowing down or not working through this crisis? I don’t want to buy and not be able to get it fixed timely.
4. Do you think that the BRRRR method might be difficult moving forward given home values may drop.
Your insight is greatly appreciated before proceeding. Thank you!