How To Rent Section 8?
I am in the process of taking over a house subject to. It's in a low end neighborhood. I'm getting it for 30k and it's appraised by the tax accessor for 53k.
How do I rent it to a section 8 tenant? Does the house need to meet specific requirements? Who do I need to contact, what office?
Thanks!!!!
Talk to your local city housing department and they can point you in the right area.
Do what I did... Read all posts on Section 8 in this group. That should tell you 80% of what you need to know. You can ask specific questions after that.
Good Luck
I looked into Section 8. I called my local housing office and she had me stop in. they have packets of info prepared to hand out. I then found this forum and read the posts. what I learned here is that it's done differently in different areas although I suppose it's got some common basis somewhere since it's a federal program. in my case, Section 8 wasn't willing to pay close to what I was planning on asking in rent.
Do you really want to own the place long term? If not consider other options so you can more easily exit later and cash out the original lender.
If you do want to own it long term be prepared to have to refinance at some point.
If you have no experience as a landlord Section 8 might not be the best place to start. Not a bad program but rather detailed in what you need to do. Keep some cash handy for repairs so that you can make sure the place passes the inspection. Know the rules for managing the place so you do not get in trouble.
John
[addsig]