Why Section 8 is the Ideal Thing Since Sliced Bread

I love section 8 housing. I really do not understand individuals who do not. I feel landlords that really do not 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 inside the express lane, or leave plastic covers on their furniture. It just doesn’t make sense.
Section 8 tenants are great for many reasons. The first one is that the government is never late. The tenants normally pay a number of hundred dollars for their rent, and also the housing office pays the rest. Tenants use a lot easier time paying a couple of hundred every single month, as opposed to a full month of rent.
One more reason I hear my investors, who have by no means really had a section 8 tenant, give me for not working with the program is that section 8 tenants are supposedly the bottom with the barrel for tenants. They all give me the 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 – very much more than regular tenants. If they screw up once, they are out on the program. They also commonly need to use a job and go via an application procedure in the plan, which is a different level of screening already built into the program.
Tenants with assisted housing are also not picky – and they generally don’t care about the price. Housing vouchers also generally are very 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 handful of 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 is 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 consider I’ve barely begun to cover the benefits from the section 8 plan. In my next entry, I will outline the handful of basic steps it takes to have your house to pass inspection.

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