All Forum Posts by: Tom Dickerson

Hey, I'm a PM in Albuquerque NM. We manage a lot of 4-plex buildings and you can definitely use a duplex or triplex for section 8. There is such a need for housing, the section 8 offices love any well cared properties. I would definitely recommend finding a PM to help you with these. 

Hi I am a PM from Albuquerque NM and here they just passed a law that we can not discriminate against source of income. So we can not say no to section 8. I would make sure that your laws where you are allow you to say yes or no to section 8. That being said, section 8 has raised their market rents as well and they always pay on time. So you should be able to charge top dollar for your property and get sure rent. I would just make sure that your screening process is top notch so that you can weed out the problem tenants. I would recommend using a professional PM to take care of the property for you. 

@John, Perfect i will get you the information this week. 

I love this! Great advice!

For buying typically. 

What part of Ohio is the rental in?

@john yoo, Yes normally it is only the dwelling unit that is inspected. I will get you the name of a PM over there this week. 

John,

I am a PM in Albuquerque NM so take what I say and vet it with your local housing authority.

1. Yes you need to notify the HA of the change in ownership so that you receive the rent payments now instead of the previous owner. 

2. Typically section has an annual inspection of the property that you will be notified of. If I were you, I would have your own inspection prior to this date and make any necessary repairs are done prior to the housing inspection. Or if you wait, Housing will send you a report of what needs to be fixed and have a follow up inspection scheduled to make sure all the items on the list are fixed. They have never stopped paying rent or lowered the rent because of repairs needing to be done. Just make sure you get the items addressed prior to the 2nd inspection. 

As far as the rent amount, If you decide to keep the tenant, I would make sure that the rent is at market rent for the area and if it is not, I would send the housing office the notice that you are going to be raising the rent and signing a new 1 year contract. In NM we have to give this notice 90days prior to the renewal to both the tenant and section 8. Check the Ohio rules to verify timing of notice and rent raises. 

3. To answer your last question about dealing with section 8, I have found section 8 great to deal with, it is the tenants that we have had struggles with. So, if this is a good tenant and takes care of the place, do what I just said about raising the rents to market and sign a one year lease. If the tenant is not good, this is the time to get the out and start fresh since it is MTM. 

I hope this was helpful! Good luck and happy investing. You might want to find a good property manger to deal with all of this. If you need a recommendation I can get you one. 

Thank you,

Tom

 Thank you so much. I have learned so much and love helping others on their journey.