What is the procedure. I went to the HUD.gov website and could not find anything.
Also how to you protect yourself from the slip and fall type tenants, besides having it in an LLC?
Thanks, Jag :biggrin
Jagsterr,
It is VERY important to develop a personal relationship with people in your local Section 8 (metropolitan housing) office. I would suggest going to the Section 8 office and picking up a landlord packet. The packet explains all the procedures and will answer a lot of questions for you. While you are there, meet as many of the case workers as possible and have them add your name to the landlord list. You might also take an ad or business card to put on their bulletin board.
To raise rents, the landlord sends a letter to Section 8 about 60 days prior to the lease renewal date. Your local procedure could be a little different.
You protect yourself from slip and fall tenants (tenants committing fraud) by having insurance and aggressively fighting all unjust lawsuits.
Good Luck,
Mike
In Buffalo, the Sec. 8 office sends me a form automatically after a few months (during the one year tenancy) that I can fill out to request a rent increase…Takes 2 months to determine if they’ll do it or not…
can someone tell me on what grounds the Section 8 ppl decide to go with the raise or not?
From what I understand it’s just based on comparable rents in the neighborhood, the same criteria they use when they first set the rent…
Section 8 sets maximums every year based on the number of bedrooms, number of children, who pays utilities, etc. This max amount can increase every year or stay the same. The maximums “should” be what is market rent, but are not always. Some areas have a demand for Section 8 landlords, so they increase the max amts above mkt rent. You should always charge the max rent Section 8 will allow, no exceptions to this.
Example:
4 Bed - $888 Max (so you charge $888)
3 Bed - $675