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Author Topic: Thoughts on Section 8  (Read 2577 times)

Offline gibbstobyj

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Thoughts on Section 8
« on: April 16, 2007, 10:57:12 am »
I've not dealt with Section 8 assistance yet.  Any opinions or experiences out there?  Up sides, down sides.  How is gov't to deal with?

I'm trying to determine if I want to rent to a lady with 3 kids who's going to be taking classes.  Has Section 8 voucher.

Offline Rich_in_CT

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Re: Thoughts on Section 8
« Reply #1 on: April 16, 2007, 11:05:10 am »
Click Search at the top and search for section 8, there are plenty of discussions here on the pros and cons.

Offline melrealtor

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Re: Thoughts on Section 8
« Reply #2 on: April 17, 2007, 11:47:22 pm »
I CURRENTLY HAVE TWO PROPERTIES RENTED TO SECTION 8 TENANTS, ONE THING IS FOR SURE YOU WILL DEFINATELY GET YOUR $$ THE 1ST OF THE MONTH. TRY INCREASING THE RENT AND YOUR BEATING A DEAD HORSE. NO BAD EXPERIENCE WITH MY TENANTS OF TWO YEARS. THEY ARE GREAT FOR WEALTH BUILDING.

Offline propertymanager

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Re: Thoughts on Section 8
« Reply #3 on: April 18, 2007, 07:59:51 am »
Section 8 tenants are exactly like other tenants.  They are just as likely to do drugs, be drunks, criminals, fail to pay their portion of the rent, have fights with other tenants, etc.  You will get the rent from Section 8 each month, provided the tenant lives up to their responsibilities with Section 8. 

The inspections are a pain in the rear, especially if there are children under 6 years old.

I have a bunch of Section 8 tenants and a bunch of non-Section 8 tenants.  They're all the same!

Mike
www.1MinuteToRentalPropertyRichs.com 
This No-Hype, No-Nonsense Book is a step by step course in making money and building wealth with rental properties!  Everything from buying properties at a discount to dealing with terrible tenants.  Now In Paperback!

Offline zeekerette

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Re: Thoughts on Section 8
« Reply #4 on: April 18, 2007, 12:19:32 pm »
Section 8 tenants are exactly like other tenants.  They are just as likely to do drugs, be drunks, criminals, fail to pay their portion of the rent, have fights with other tenants, etc.  You will get the rent from Section 8 each month, provided the tenant lives up to their responsibilities with Section 8. 

The inspections are a pain in the rear, especially if there are children under 6 years old.

I have a bunch of Section 8 tenants and a bunch of non-Section 8 tenants.  They're all the same!

Mike

I agree.  All tenants are the same.  Just do your due diligence in the screening process.  The benefit to Section 8 is that you get you are guaranteed your rent on the 1st of the month. 


Offline Iron Range

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Re: Thoughts on Section 8
« Reply #5 on: April 18, 2007, 01:30:21 pm »
I have Section 8 and I never get my checks on the 1st.  They mail them out on the 1st which means I get them on the 3rd or 4th of the month.  Other then that the other posters are correct. You need to screen all tenants carefully no matter if they are Section 8 or not. 
Great Tenants are an Investors Greatest Asset

Offline RP

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Re: Thoughts on Section 8
« Reply #6 on: April 18, 2007, 02:35:55 pm »
i've never rented to a section 8 tenant.  i know people who have and it's  a mixed bag.  some love it. some hate it.  i suppose that means it depends on your objectives whether section 8 is the best alternative.  there are lots of government rules and regulations but it doesn't stink knowing you'll get the rent every month either.
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Offline priceguncowboy

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Re: Thoughts on Section 8
« Reply #7 on: May 15, 2007, 06:47:57 am »
I've worked in property management for several years now, and remember a tip that was given by a long-time property manager of subsidized housing. 

"Find the tenants who have been on Sect. 8 (housing choice vouchers) for several years, know the value of having that voucher, and REALLY don't want to lose it by being a dumb tenant."

The HCV program around here has a multi-year waiting list, and I'm going to guess that 20-25% (if not more) of the people granted the vouchers lose them in the first year for doing stupid stuff.  Find the people who have been on the program for years, and they will treat you well.

Of course, all other due diligence still applies.

Offline bdub

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Re: Thoughts on Section 8
« Reply #8 on: May 15, 2007, 09:59:33 am »
Quote
Find the people who have been on the program for years, and they will treat you well.
Pretty much, yep.

I don't have any Sec 8, but my uncle has had a few for many many years...  good experience for him.

I have a FEMA rental - works well when the money isn't "lost" which happens, too...

 




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