Section 8 Eviction
I have a property that Section 8 pays 70% and the tenant pays 30% of the rent. The tenant is 2 weeks late with her 30%. If I evict the tenant, will section 8 continue to pay their 70% until I find a new tenant?
Thanks :-?
I believe they will pay the 70% until the eviction is finalized. Have you notified the section 8 office that the rent is late? They will often times contact the renter at that time and work something out with them... This is my experience with Section 8.
Good Luck!
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Good Advice. Section 8 office will be notifed by property manager in the morning.
Thanks
Sean - If you end up doing a lease option, and document on-time payments for 12 or 24 months, you should have no problem finding a lender that would refinance your friend into the property, even with challenged credit, since they would have shown the ability to repay. Of course, structure the deal as if this is not your friend, document, document and document everything. The lender page is a great resource. Hope that helps, this website is a great resource on Lease Options.
First, welcome to TCI,
What is the best way to educate yourself on preforeclosure/foreclosure (books, tape, video..purchase off a website)?
Yes you can go to: http://www.thecreativeinvestor.com/Product300-The_Art_Of_Foreclosure_Investing.html
A few articles that may be of help:
Know Your Stressed Out Seller
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=725
The Value of Foreclosed Property:
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=723
Foreclosure Empathy
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=717
Your Key As A Successful Investor Is Simply Self-Knowledge
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&articleid=675
You will find a great deal of information on this subject posted in this forum and the marketing forum. Using the TCI, search tools can be of great help to you on your research. Spend a few hours researching on TCI about your subject matter and you will be amazed at what you will find.
You will find that TCI to one of the best sites for research in this area
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