All Forum Posts by: Stephen Solum
Stephen Solum has started 2 posts and replied 2 times.
Post: Section 8 payments as HUD lowers the rate yearly (Joliet)
- Naperville, IL
- Posts 2
- Votes 2
Hello BP.
I am looking into section 8 in Illinois in Will county (Joliet). As I was looking up the HUD advertised rates I have noticed in 2016 through 2018 the amount has been dropping. (Example 2 bed rents in 2016=$1176, 2017=$1142, 2018= $1110). Say you started renting a 2 bed room at the max in 2016 at $1176. In 2017 when you renew the lease do you have to lower it to $1142? Can you keep it the same, can you raise it? From 2016 to 2018 that is a $66 drop a month or $792 a year. I assume it will go down again in 2019.
Some one with more experience than me please educate me. I realize that what I am asking may be stupid or common knowledge, I just could not find anything trying my search words.
Also if anyone in Joliet IL has rented to Sec 8, is it worth your time or not? Thanks.
Post: Stephen Form Naperville Illinois
- Naperville, IL
- Posts 2
- Votes 2
Hello. My Name is Stephen and I am from Naperville Illinois. I bought my first home about 6 months ago, it is my primary residence. I now want to buy a rental property in this area. Right now I am trying to get educated and find a mentor. I work in Healthcare and hate winters, but love fall. I am originally from California and have been here for a few years. That is about it for now, looking forward to the forums.