Jay, as I understand it you wish to lease a property with an option to buy and then sublet the property to section 8…?
We only had one property that we rented to section 8 (has since been sold) but I remember there was a considerable amount of paperwork and an inspection, and we had to be the owners of the property. I do not think any section 8 program will allow you to participate if you do not own the property.
Also, if you anticipate subletting on any level make sure it is allowed in the lease.
There is no big secret here. You simply lease the property to your Section 8 tenant. On the landlord information form provided by Section 8, list the owner of the property as the owner and list youself as the agent/manager. In the section asking who to send the check to, obviously that’s you or your company.
Sorry about the misinformation, on review the section 8 home we owned was located in an incorporated village which had it’s own program, and I believe this is why they had an ownership requirement.
I do not know whether or not the township in which this village was located in, which had a program of it’s own, allowed a lease option sublet. But I am assuming they did based on additonal information posted here.
Property manager hit it on the nail…You will need to be a agent of the property,but you will need the deed from the owner and maybe a few other documents,the owner of the property will have to agree to what your trying to do as well.
You will need to be a agent of the property,but you will need the deed from the owner and maybe a few other documents,the owner of the property will have to agree to what your trying to do as well.
That is incorrect. You don’t need the deed from the owner. That is not a required part of the Section 8 documentation. Also, the owner of the property does not have to agree to anything. If you are lease-optioning the property from an owner for the purpose of renting the property a residential tenant, the owner doesn’t get to say who the tenant is. If you want to rent to a Section 8 tenant, you can.
All that is required is that you fill out the landlord information form provided by Section 8.
Well Im the agent for my fiance’s property in Philadelphia,I had to send in either the settlement sheet or deeds for a new tenant,so here in philly the owner has to agree to give you the deeds to send to section 8. Matter of fact i just did this Monday,so I know what im talking about,maybe its different in each state
That’s probably an additional requirement in lefto land. HUD is a federal program and should be administered the same throughout the United States. However, the socialists in lefto land like to control everything and they may have added additional requirements.
so is it safe to say that I would need the deed? lol im so confused…lol I am in chicago so I will poke around and see what is required from the owners side. But do you guys have any suggestions on how i can acquire the deed through an lease/option? should i arrange his or her permission to do so in the L/O contract to be safe?
Call your local Section 8 office and get a landlord packet. You will not need the deed. That doesn’t even make sense. Getting the deed doesn’t prove that you have the owner’s permission to sub-lease. In fact, the deed doesn’t have anything to do with this situation. You can print a copy of the deed directly off the internet. I could print a copy of the deed for YOUR home right now and even a copy of your mortgage if I had your name. The deed is absolutely meaningless.
I have several dozen rentals and have NEVER had to produce a deed for Section 8, whether I owned the property outright or had a lease-option. When you lease a property, you are legally in control of it, just as if you owned it. It might make sense for Section 8 to require a power of attorney to prove that you are the agent for the property or controlling the property (they don’t), but a deed makes absolutely no sense.
Umm Property manager, just because you know how things work in your area does not mean you know how the rest of the country works.Just like Some states require you to have a business license and rental license to rent properties and other states dont. The purpose of the deed is to prove ownership,if thats the case anyone can rent out anyones property without their permission.What if the owner of the property goes into forclosure,Jay at that point will be in breach of contract with section 8. Its always best for everyone to be on the same page,Jay I sugesst contacting section 8 and explaining to them your situation and take it from there.
I don’t do Section 8, so I don’t have a definative answer, but it would not make any sense for the HA to just start sending rent checks to anyone who claimed to be the landlord for the property.
If that were the case, anyone could arrange to have the rent mailed to them for a few months, while the owner complained that he had never received his Section 8 rent.
Section 8 is going to require all sorts of identification and your SS number, so they can make sure your rent income is reported for taxes. They are also going to require some sort of proof that you own or control the house and aren’t just some loon who broke into a vacant building and decided to fill it with Section 8 and collect government checks.
If no proof of ownershp were required, your Section 8 tenant could just have their cousin call and claim that they now own the building and put in a change of address and get the rent mailed to them.
Section 8 is going to require all sorts of identification and your SS number, so they can make sure your rent income is reported for taxes. They are also going to require some sort of proof that you own or control the house and aren't just some loon who broke into a vacant building and decided to fill it with Section 8 and collect government checks.
Why are you commenting on something that you obviously know NOTHING about? They do NOT require any identification. They do require a SS# or EIN on the landlord information form as I said earlier. They do NOT require proof that you own or control the house, other than the forms you fill out. As I said earlier, the deed can be printed off the internet. Anyone can commit a fraud, which is a CRIME. Section 8 does not send the CIA out to determine who owns the property!
I deal with Section 8 nearly EVERY DAY! I have never produced an ID and never produced a deed - NEVER! This is a federal program with the same basic requirements throughout the United States.