I love section 8 housing. I do not understand people who really do not. I feel landlords that don’t jump at the idea of renting their house to a section 8 tenant are the very same people who refuse to pay a quarter to go in the express lane, or leave plastic covers on their furniture. It just doesn’t make sense.
Section 8 tenants are fantastic for several reasons. The initial one is that the government is in no way late. The tenants generally pay a handful of hundred dollars for their rent, and also the housing office pays the rest. Tenants have a lot simpler time paying a few hundred each month, as opposed to a full month of rent.
Yet another reason I hear my investors, who have never in fact had a section 8 tenant, give me for not working with the program is that section 8 tenants are supposedly the bottom of the barrel for tenants. They all give me the very 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 – significantly much more than regular tenants. If they screw up once, they're out on the plan. They also commonly require to possess a job and go via an application process to maintain in the system, which is another level of screening already built into the program.
Tenants with assisted housing are also not picky – and they generally really do not care about the price. Housing vouchers also typically are good 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 usually in my experience, I’ll put out some signs advertising the property, will get a few 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’s 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 hard decision to pick a tenant at that point.
I feel I’ve barely begun to cover the advantages of the section 8 application. In my next entry, I will outline the couple of easy steps it takes to obtain your house to pass inspection.
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