Why Section 8 is the Very best Thing Since Sliced Bread

I love section 8 housing. I don’t understand people who don’t. I think landlords that do not jump at the idea of renting their house to a section 8 tenant are the very same individuals who refuse to pay a quarter to go in the express lane, or leave plastic covers on their furniture. It just doesn’t make sense.
Section 8 tenants are wonderful for numerous reasons. The initial one is that the government is by no means late. The tenants commonly pay a couple of hundred dollars for their rent, and the housing office pays the rest. Tenants possess a lot simpler time paying a handful of hundred each and every month, as opposed to a full month of rent.
An additional reason I hear my investors, who have in no way truly had a section 8 tenant, give me for not working with the program is that section 8 tenants are supposedly the bottom in 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 use a strong incentive to not damage the house in any way – significantly additional than regular tenants. If they screw up once, they're out on the program. They also usually require to possess a job and go via an application procedure to maintain in the plan, which is one more level of screening already built into the program.
Tenants with assisted housing are also not picky – and they typically really do not care about the price. Housing vouchers also commonly 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 typically in my experience, I’ll put out some signs advertising the property, will get a number of tenants who are willing to pay the $1000, and then will have a tenant having to deal with a section 8 voucher that pays over $1200. It’s no difference for the tenant how much I’m asking for the place, as long as their voucher covers it. It’s not exactly a tough decision to pick a tenant at that point.
I feel I’ve barely begun to cover the benefits in the section 8 application. In my next entry, I will outline the couple of uncomplicated steps it takes to acquire your house to pass inspection.

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