OfflineCan someone please explain to me what it means if u "Section 8 a house", or if a house is Section 8?
I tried to read the definition on a few websites, but I need it explained better?
Does it mean the house is in a poor neighborhood?
Does it mean the house in bad condition?
Does it have to do with the house or the tenant?
Does it have to do with renting or buying?
Is it that the government pays the landlord its full amount while the tenant only needs to pay a portion of it? If so, why?
Someone explain please. Thank you.
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I haven't had any experience with Section 8 myself, but I'm sure someone will come along and explain it better. From what I understand, Section 8 was designed for low income households. The program pays up to $1300 a month, if I recall correctly.
Sometimes Section 8 housing gets a bad rep, since many people associate it with less than favorable neighborhoods, and many people shy away from it, but that's not always the case. Other people love it, since they know the rent is always going to get paid on time and don't have to worry about late rent payments.
In Christ alone, I place my trust.
Sec 8 is for people who are on disability,ssi or financial assistance from a state or county agency. A portion of their rent is paid for by county or state agencies and the balance is picked up by the renter. In a nut shell, this program is for people who can't pay the whole rental amount by themselves so they get assistance from a goverment agency. My partner and I have had only 2 sec 8 renters. One of them I evicted due to a breach in the lease and the other renter is like gold on her rental payments.It all boils down to screening your renters at the start of the process. There are good sec 8 renters and bad ones also, but in the big picture it is all about the screening process. Hey, there are bad renters out there without rental assistance programs also. Just make sure you ask the right questions during the process. Hope this helps....Jan
PS. Sec 8 has nothing to do where your prop is located or the condition it is in or the value of the prop. In fact sec 8 is quite strict on their inspections before you can even get approved. Just an added note.