I love section 8 housing. I really don't understand people who do not. I consider landlords that really do not jump at the idea of renting their house to a section 8 tenant are the exact same people who refuse to pay a quarter to go inside the express lane, or leave plastic covers on their furniture. It just doesn’t make sense.
Section 8 tenants are fantastic for quite a few reasons. The initial one is that the government is in no way late. The tenants commonly pay a number of hundred dollars for their rent, and the housing office pays the rest. Tenants use a lot easier time paying a couple of hundred every month, as opposed to a full month of rent.
One more reason I hear my investors, who have in no way truly had a section 8 tenant, give me for not working with the program is that section 8 tenants are supposedly the bottom from the barrel for tenants. They all give me the 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 additional than regular tenants. If they screw up once, they're out in the program. They also typically require to possess a job and go through an application procedure in to system, which is another level of screening already built into the plan.
Tenants with assisted housing are also not picky – and they usually don’t care about the price. Housing vouchers also usually are great for people 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 often in my experience, I’ll put out some signs advertising the property, will get a handful of tenants who are willing to pay the $1000, and then will have a tenant show up with a section 8 voucher that pays over $1200. It is no difference to the tenant how much I’m asking for the place, as long as their voucher covers it. It’s not exactly a tough decision to pick a tenant at that point.
I consider I’ve barely begun to cover the advantages on the section 8 program. In my next entry, I will outline the couple of simple steps it takes to have your house to pass inspection.
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