I’m currently in college studying Business Economics and Real Estate. For the past several years I have had a special interest in real estate investment, particularly Section 8 rentals. I won’t be able to begin investing until after college (several more years) but when I start I would like to hit the ground running. I’m trying to surround myself with solid information.
I would like to know if anyone can direct me to reliable resources on doing Section 8 rentals. I don’t want to be a “slumlord,” but I know Section 8 rentals to be a pretty solid investment seeing as the government is thankfully competent enough to send out their checks on time.
Also, I would like to be able to do any necessary repairs myself during the first year or so of investing. What is the best way to learn? How can I get started? Should I take a building construction science class? I am very eager and motivated to learn all that I can.
Thank you all for your time,
You can contact your local housing authority to find out how they do business. There are certain requirements in order to have a house eligible to rent to a section 8 tenant. You have to be willing to put your property in that condition, deal with the inspections, etc in order to be on the program. If they run a good program, they’ll make sure the rental properties all meet a certain standard. Be aware that not all section 8 tenants have their entire rent paid by HUD. We have one tenant who pays >80% of her rent out of her own pocket because she works full time. We still have to meet HUD requirements on that property even though they only pay a small portion of the rent.
You can probably learn basic repairs from a local LL where you are. There also might be a vocational class you can take. Certain repairs will have to be completed by a licensed technician, but you can do the basic stuff yourself. I think there’s also a Time / Life book series about home repairs. You might want to check that out too.