I love section 8 housing. I really don't understand people who don’t. I believe landlords that really don't jump at the idea of renting their house to a section 8 tenant are the same individuals who refuse to pay a quarter to go within the express lane, or leave plastic covers on their furniture. It just doesn’t make sense.
Section 8 tenants are great for many reasons. The very first one is that the government is never late. The tenants commonly pay a few hundred dollars for their rent, as well as the housing office pays the rest. Tenants have a lot simpler time paying a handful of hundred each and every month, as opposed to a full month of rent.
One more reason I hear my investors, who have by no means really had a section 8 tenant, give me for not working with the program is that section 8 tenants are supposedly the bottom on the barrel for tenants. They all give me the exact same line about not wanting the tenants to tear their newly rehabbed foreclosure apart. I strongly disagree. These tenants possess a strong incentive to not damage the house in any way – a great deal much more than regular tenants. If they screw up once, they're out on the application. They also commonly require to use a job and go via an application procedure in the program, which is a different level of screening already built into the plan.
Tenants with assisted housing are also not picky – and they normally don’t care about the price. Housing vouchers also typically are very good for folks with rental property in rougher areas – where the majority of foreclosures are. Let’s say you bought a short sale or an REO, fixed it up, and estimated that you could rent it out for $1000 per month. Quite generally in my experience, I’ll put out some signs advertising the property, will get a number of tenants who are willing to pay the $1000, and then will have a tenant having to deal with a section 8 voucher that pays over $1200. It’s no difference towards the tenant how much I’m asking for the place, as long as their voucher covers it. It’s not exactly a hard decision to pick a tenant at that point.
I believe I’ve barely begun to cover the advantages in the section 8 software. In my next entry, I will outline the couple of basic steps it takes to get your house to pass inspection.
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