I am a new investor and looking to purchase my second property. I was hoping to get opinions from investors whom own Section 8 houses and how to get qualified for the program. Thank you in advance.
The Section 8 Housing Choice Voucher program will be administered through your local housing authority.
Here in Florida, it's relatively easy to get set up to accept Section 8 - In fact, you don't even have to sign up in advance - You can find a tenant with a housing voucher first, and then enroll in the program.
They typically do a background check on the owner, and inspect the property.
There's a lot of red tape, delays, and extra accounting hassles to deal with (after all, you are agreeing to accept payments from a third party government bureaucracy), but Section 8 tenants are just people - some of them are great, stable tenants who will lovingly care for your property, and some of them are not. Tenant screening is key.
Section 8 tenants often stay in place for several years, and you then have to comply with the housing authority's policies on annual inspections, rent increases, etc.
I love SEC 8, especially in a market like today where renters income can be unstable. It’s basically rent insurance for the landlord - for free. If you search BP for SEC 8 you will find hundreds of thousands of posts. The topic comes up ALOT. My poor fingers got tired of typing the same thing over and over, so I put my tips and tricks in a blog post. Here’s a link if you want to check it out.
We love Section 8. Have a good understanding of what they look for in the inspection process (sometimes the house is just old enough that it's not worth it). Screen tenants well, which should happen anyway. Delays are part of the process for sure, but they aren't unbearable. Have a team who understands Section 8 at a high level and you'll be just fine!
I'm in the process of making a 20-episode playlist on Section 8. I JUST made the one of how to get qualified. You don't actually qualify though. A tenant comes to you with a move packet to fill out, then Section 8 comes to do the inspection. If you pass the inspection, you get the tenant. There's a lot to being a successful landlord or property manager when it comes to Section 8, thus my whole big playlist. My attached blogs have even more details too. How To Qualify to Have a Section 8 Tenant
You don't qualify for section 8 as a landlord, you need to find a section 8 tenant looking to rent your property, if you do decide to rent o the tenant there are several steps you have to take
1) Finding section 8 tenant please your property on www.gosection8.com
2) Approve the tenant, the tenant should have a paper called RFT (1-3 pages just depending on the program), you will fill this paperwork and have the tenant turn it to section 8 , if the property is built prior to 1978 make sure you have your lead certificate & also rental license, section 8 will either demand to see this at the start of the process of after inspection
3) An inspection date is scheduled for section 8 inspector to inspect the property, they all go by hud standard
4) if your unit fails the 1st time, they will give you a repair list and come back in 30days for 2nd and final inspection
5) The last step in the process, after the unit passes inspection a rent offer is made and the lease signing date is given