i know people who have done Section 8 and have been very happy with it. it's all about your attitude. if you are a member of a REI club, you probably have investors there who do Section 8. it can be very lucrative. you can get information from your city housing authority. in Tulsa, it's the Tulsa Housing Authority. in different cities it may go by different names. in Fort Wayne it's the Fort Wayne Housing Authority. when i called their office, they sent me all the information i need for inspections, rents, etc. you get your check the 01st of every month and tenants can be kicked off the list if they wreck your property. it is worth looking into in my opinion.
I had a house in Atlanta - got all the docs from HUD - went to required landlord training. Did all the required improvements to the house (my deceased aunt's house). Ran ad - had 300 calls to rent it - all HUD SEC. 8 applicants.
EVERY potential tenant that came had a better car and clothes than I did! The women were claiming kids living with their ex-boyfriends/husbands/family. These were women who were supposed to be without means. One came with a man and 2 kids all wearing NIKE designer clothing and gold jewelery. The man said he was going to park HIS boat and RV in the back yard. When I said- no there was a septic tank there- he was rude. They were living Section 8 for YEARS. Every two years they must change counties to get new funding. The tenants take care of property first year- second year- they don't care. They move to next county and start over. You need GOOD references on whoever you put in your house. The tenant I got did great. Second year- she and husband stole my mower, freezer, ruined my refrigerator. Left house open and moved. Cost me two months rent to repair the damages. Yup- you get your check every month. Be sure you go daily and see if people are doing drugs and keeping place up!
What an amazing account of some people who have learned "the system"! Our government has created this problem, I am so grateful that I have not had to be the recipient of this money. Not all tenants are like this some are truly down on their luck and need help. Some NEVER get off, their parents were on it, they feel this is a god given right that they must be taken care of! I know many of these people!!! Please the statement in ademarco1's entire post that is totally, without fail the best advice is his very last sentence! Please do your due diligence before turning the keys of your property over to anyone! Run credit checks, background checks, call the last landlord - if they fail to provide who the last landlord was you will know why...I hope that this information helps!
__________________
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Thats why I have a property manager who is experienced with sec 8 housing. He knows the ins and outs and has some rentals himself. As he put , why would I rent your home to someone bad when I have to deal with it. I told him if I need to be vacant another month to get the right people in then so be it.
You can get bad renters just the same that are not sec 8. But they will squat and not pay you. Atleast with sec 8 you will get paid.
JMO
Jeremy and I have 2 sec 8 renters in 2 different properties. 1 renter knows the system well and plays it to her advantage, I just evicted her for having a live in boyfriend (against sec 8 rules)
the other tenant is as good as gold. She came on hard times and is real happy to have a place she can call home.
You can get good tenants or bad ones with or without sec 8. It is up to you to screen them also. Go with your gut feeling...Jan
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i know people who have done Section 8 and have been very happy with it. it's all about your attitude. if you are a member of a REI club, you probably have investors there who do Section 8. it can be very lucrative. you can get information from your city housing authority. in Tulsa, it's the Tulsa Housing Authority. in different cities it may go by different names. in Fort Wayne it's the Fort Wayne Housing Authority. when i called their office, they sent me all the information i need for inspections, rents, etc. you get your check the 01st of every month and tenants can be kicked off the list if they wreck your property. it is worth looking into in my opinion.
Linda, Army EOD Mom
you can follow my journal at http://www.deangraziosi.com/real-estate-forums/investing-journals/45351/...
IT'S ALL GOOD AND EVERYTHING IS WORKING OUT PERFECTLY FOR ME!
Fear equals:
False
Evidence
Appearing
Real
I had a house in Atlanta - got all the docs from HUD - went to required landlord training. Did all the required improvements to the house (my deceased aunt's house). Ran ad - had 300 calls to rent it - all HUD SEC. 8 applicants.
EVERY potential tenant that came had a better car and clothes than I did! The women were claiming kids living with their ex-boyfriends/husbands/family. These were women who were supposed to be without means. One came with a man and 2 kids all wearing NIKE designer clothing and gold jewelery. The man said he was going to park HIS boat and RV in the back yard. When I said- no there was a septic tank there- he was rude. They were living Section 8 for YEARS. Every two years they must change counties to get new funding. The tenants take care of property first year- second year- they don't care. They move to next county and start over. You need GOOD references on whoever you put in your house. The tenant I got did great. Second year- she and husband stole my mower, freezer, ruined my refrigerator. Left house open and moved. Cost me two months rent to repair the damages. Yup- you get your check every month. Be sure you go daily and see if people are doing drugs and keeping place up!
God Bless-
ademarco1
What an amazing account of some people who have learned "the system"! Our government has created this problem, I am so grateful that I have not had to be the recipient of this money. Not all tenants are like this some are truly down on their luck and need help. Some NEVER get off, their parents were on it, they feel this is a god given right that they must be taken care of! I know many of these people!!! Please the statement in ademarco1's entire post that is totally, without fail the best advice is his very last sentence! Please do your due diligence before turning the keys of your property over to anyone! Run credit checks, background checks, call the last landlord - if they fail to provide who the last landlord was you will know why...I hope that this information helps!
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Thats why I have a property manager who is experienced with sec 8 housing. He knows the ins and outs and has some rentals himself. As he put , why would I rent your home to someone bad when I have to deal with it. I told him if I need to be vacant another month to get the right people in then so be it.
You can get bad renters just the same that are not sec 8. But they will squat and not pay you. Atleast with sec 8 you will get paid.
JMO
Jeremy and I have 2 sec 8 renters in 2 different properties. 1 renter knows the system well and plays it to her advantage, I just evicted her for having a live in boyfriend (against sec 8 rules)
the other tenant is as good as gold. She came on hard times and is real happy to have a place she can call home.
You can get good tenants or bad ones with or without sec 8. It is up to you to screen them also. Go with your gut feeling...Jan