Is It As Good As I Keep Hearing?
Any input re: section 8 properties, I keep hearing what a good deal they are to guarantee your monthly positive income. Anyone out there having great success that would recommend getting into it. Also biggest pitfall associated with accepting section 8. I guess what I am looking for are some examples of pros and cons from anyone with experience.
Any and all responses are much appreciated.
Pro - guaranteed partial or full payment of rent by govt.
Cons - not the best tenants, sometimes the section 8 inspectors can be ridiculously picky, if you have to evict, they can easily get legal aid :(
After dealing with one tenant, I will try not to get anymore if I can help it. If I cannot get it rented then I will turn back to section8.
GL
la2lawoman;
ive been going thru that dilemma for the past month and finally decided against Section 8 entirely. My goal is to buy and hold properties & eventually cash in on equity. My feelings are by bringing section 8 into the neighborhood I could very well bring the stigma along with it. I know more than I should about what other landlords charge in my neighborhoods which shows me that tenants talk. I would hate for other landlords to follow suit for what could amount to $50/mon and keep the property value from growing to where it should be.
In a nutshell, I wouldnt consider it unless you cant find renters to fill the property w/o Sec.8.
Hope that helps
I have section 8 properties that have good income. I wish all my properties could be Section 8.
la2la,
Yes, Sec 8. can be an excellent source of income for your rental unit. For example in Chicago you can hardly find
an ad where sec. 8 is not wanted. One word of advice please take the time to study any and all landlord literature, take the sec 8 classes for landlords and finally and most importantly make sure your property is durable and safe. By pass the looks and invest in the mechanical functionings in the home. The inspectors are very picky and some of the tenants are as well and if they complain your rental flow will be paused while you correct the issue and wait for another inspection. good luck and screen your tenants well.
dl will
"Short Sale Master"
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