The Money Mustache Community
Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: Drifterrider on April 04, 2016, 05:19:40 AM
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Who takes Section 8 tenants. Stories?
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I do.
Whether or not I would depends on the area. Section 8 is very local, and some offices/programs are quite poor.
I think you can get better tenants--if they know they'll lose their voucher for lease violations, they'll make sure to take care of the place, always pay their portion of the rent (if any) on time, etc.
In some places though, you can get worse--if they know no matter what they do, they'll still have free housing (some areas don't take away vouchers), they can do whatever they want, and if you have to evict, they just move onto the next place.
It's definitely something to talk to the investors in the area you're interested in about (and talk to several--everyone has their biases, so hearing from just one you may not get the full picture).
Some offices can also be more picky with inspections (requiring you to fix ticky-tack stuff), and much more odeous with paperwork than others.
I'm typically around 20% Section 8 tenants / 80% regular tenants. I love my Section 8 tenants, and wish I had more.
But that can definitely vary. I've heard some horror stories. But keep in mind--I've heard (and had) some horror stories from non-section 8 tenants, too.
Make sure your section 8 tenants pass your screening standards, the same as you'd require of any tenant. At that point, why would you care that the government is paying part of their rent? If anything, that should be a good thing. They meet your requirements, they're in, and have the added bonus of more likely guaranteed rent, and possibly much better behavior.
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I absolutely love section 8......
I posted about it in here somewhere but don't want to type it all out again....
http://forum.mrmoneymustache.com/real-estate-and-landlording/my-strategy/
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--if they know they'll lose their voucher for lease violations, they'll make sure to take care of the place, always pay their portion of the rent (if any) on time, etc.
My agent says they would lose their voucher for lease violations and the local office says they have a three to four year backlog of people wanting to get in the program.
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I absolutely love section 8......
I posted about it in here somewhere but don't want to type it all out again....
http://forum.mrmoneymustache.com/real-estate-and-landlording/my-strategy/
I see you use "gut feeling" too :)
Someone here thinks that is a bad idea :)
YMMV
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I do.
Whether or not I would depends on the area. Section 8 is very local, and some offices/programs are quite poor.
Are all of your rentals in the same market and if so, where?