Do you have to compete to get a Section 8 tenant, or are they asssigned to you by the government, or how does that work? I am going to buy a rental house and as a plan B I might want to get a Section 8 Tenant if I cant get the house rented..or is that a better plan than renting it to somebody not on Section 8? I guess my main question is, is it easy or hard to fill your vacancy with a section 8 tenant, and how do you do it?
Thanks!
2007-12-19 16:45:42 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Section 8 tenants are people that have completed the necessary paperwork and have a section 8 voucher. you advertise normally, but will want to also mention that section 8 is acceptable at your rental. you'll get calls and some may have the voucher. if they do, you show the property to them. if they want it and you want to rent to them, you have to have the local housing authority inspect the unit and approve it for rental. once that is done, you can rent to the person and start collecting money.
i personally do not do section 8 because the rental market in my local community is very strong and the price premium for section 8 isn't worth the hassle of complying with section 8 requirements and section 8 tenants, but thats me and my area.
the government doesn't assign anything. the people still have to want the place and be a part of the program.
2007-12-19 16:53:38 · answer #1 · answered by f1scrilla 2 · 1⤊ 0⤋
You have to agree to participate in Sec 8 program and abide by some requirements like annual inspections. You must accept whatever family they send unless they dont check out for employment, background, credit. There are more Section 8 people on the waitlist than subsidies available for them. The funds come from the feds, and is given out by the county which sends you a check each month. Tenant pays 1/3 of their income as their portion.
2014-09-21 20:28:02 · answer #2 · answered by Kini 7 · 0⤊ 0⤋
Go to your County Housing Authority and ask this question. I believe that the term Section 8 has been replaced? A inspector might have to go out and look at your property and at that time it might be determined what the rent will be. My experience has been that the renter will pay a small percentage of what the approved rent might be and the government entity picks up the rest.
2007-12-20 00:57:20 · answer #3 · answered by tampabaycreditdoctor 3 · 1⤊ 0⤋
Just send me your name and address, and I will refer to you all the Sec 8 tenants I deny (which is all of them). When it became not mandatory to accept Sec 8, I stopped immediately. My experience with Sec 8 tenants was not good. As another posted, the checks from the housing authority arrived on time, but the portion from the tenant rarely did. Eviction under Sec 8 is more complicated, and when I was finally successful, I generally found the rental a total mess, with heavy expense to return it to decent shape.
You can always take the tenant to small claims court for a judgment, but it's tough to get blood out of a turnip, if you get my drift.
2007-12-20 06:23:35 · answer #4 · answered by acermill 7 · 3⤊ 2⤋
I don't know about "easier to fill", but the rental money is easier to collect......THat's a plus.
The down side. VERY often these people are totally unrelaiable and trash the apartment....
Good luck.
2007-12-20 00:50:53 · answer #5 · answered by Anonymous · 1⤊ 2⤋