Section 8- Screening
Currently in due diligence on a 18 unit that I plan to convert to section 8 rentals, how do you guys recommend screening section 8 tenants specifically?
@Cole Simpson the exact same way you screen standard tenants, with the exception being documentation of income as proof of current/future voucher, amount, and for how many bedrooms and tenants. Same rules for multiple past PM references, backgrounds on all over 18+, flexibility in accepting security deposit guarantee programs if applicants are unable to fund the full deposit themselves.
Section 8’s just another income source. To stay on the right side of housing law, ensure you have all the standard, written, formal application criteria in place and uniform before leasing out any vacancy.
Hope this helps. Tons of resources out there to assist PMs in renting their homes out to applicable voucher tenants.
I haven't heard of security deposit guarantee programs, they sound awesome. Can you share references to them?
Quote from @Rakumarudu Nijam:
I haven't heard of security deposit guarantee programs, they sound awesome. Can you share references to them?
https://nlihc.org/rental-programs