Interested In Section 8 Houses
I am interested in buying section 8 homes. Can someone advise where I may look to get current info on properties available in my area. Also I was wondering where I may look to get an average rent factor based on geographics in my area. Thanks for all the help!
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your local area hud rep or field office. tell them you wish to invest in HUD homes and what is the county pay out schedule in regards to 1-5 bedroom houses.
regards-pat
Any real estate agent with access to the MLS can give you current info on available properties in your area.
There is no such thing as a Section 8 property. Instead, landlords with rental properties take Section 8 tenants.
Actually there are "section 8 properties." There are two main areas of Section 8 housing: Section 8 voucher recipients and Section 8 tax credit recipients. The latter sign an agreement that says they'll take section 8 rents for so long in exchange for an amount of money to rehab/build a property. Thus, they are "Section 8 properties" for a specific time frame.
But, i've never heard of a section 8 home...Section 8 Properties are usually apartments.
I'm guessing you just want to receive section 8 vouchers.[ Edited by rmdane2000 on Date 06/25/2004 ]
As was pointed out by other posts Section 8 status attaches to the property for the period of participation in the program.
There is an agreement between the property owner and the Housing Authority that administers the Section 8 program in your area. This has components that attach to your lease agreement.
One factor you might consider is the allowance for the type of dwelling. In one area where I have properties the Section 8 allowance was up to $800/mo for a 2/1. With recent cut-backs this has been reduced to $725 for new people coming on the program. You want to be sure that the amount in your area is compatible with your expenses for the particular property.
Incidentally, within a property you can have some units on Section 8 and others not.
Hope that this is of some help.
Regards,
Ed
Thank you very much for your help. As usual, the assistance through TCI is awesome. Best wishes!