On almost all of my section 8 contracts, section 8 pays only part of the rent and the tenant pays the rest. This is agreed upon by section 8 and is in the contract-- there is no dealing with the tenant "on the side".
Quote:
On 2008-05-21 01:07, pstabile wrote:
Yep, Im here in NC also....the negotiated rent is "it". Trying to get anything from the tenant is against S8 rules.
I was wondering if you are renting a SFH (not an apartment) when you rent to a section 8, and if you can’t get the amount of rent you want because of section 8 rules, can you rent the storage building in the back yard as an additional item. I am thinking about renting to a section 8 but don’t believe they qualify for the amount of rent I want. Believe they would be $ 50 to $ 75 short. Any thoughts on this.
pstabile: I have several RHA tenants, most pay partial amounts. Some pay more than half. RHA pays 100% only on a few of my properties. It all depends on the lease and the negotiated payment amounts.
Note that Stoddard County, Missouri is assigned the State Minimum 2-bedroom FMR for Missouri of $501
Stoddard County, MO is a non-metropolitan county under the new metropolitan area definitions used for the Final FY 2008 FMRs. As such it gets its own 2000 Census Base Rent of $359.
Stoddard County, MO Final FY 2008 FMR = $447
I still think $ 350 is not too high but the lady from the agency thinks it is. So, with me being a displaced owner, living about 250 miles away, I will go down to $325, maybe even $ 300 just to keep it rented so I don’t have to do any yard work. I’ll still make money. It was a tax sale property and counting repairs for fix up I only have about $1,200 in it. She has rented it for 4 months at $350/month but her money is getting scarce so guess she will get an early christmas. something is better than nothing when you live so far away --- not really
On almost all of my section 8 contracts, section 8 pays only part of the rent and the tenant pays the rest. This is agreed upon by section 8 and is in the contract-- there is no dealing with the tenant "on the side".
Yep, Im here in NC also....the negotiated rent is "it". Trying to get anything from the tenant is against S8 rules.
Quote:
On 2008-05-21 01:07, pstabile wrote:
Yep, Im here in NC also....the negotiated rent is "it". Trying to get anything from the tenant is against S8 rules.
I was wondering if you are renting a SFH (not an apartment) when you rent to a section 8, and if you can’t get the amount of rent you want because of section 8 rules, can you rent the storage building in the back yard as an additional item. I am thinking about renting to a section 8 but don’t believe they qualify for the amount of rent I want. Believe they would be $ 50 to $ 75 short. Any thoughts on this.
pstabile: I have several RHA tenants, most pay partial amounts. Some pay more than half. RHA pays 100% only on a few of my properties. It all depends on the lease and the negotiated payment amounts.
thanks Jim and NewKid
I was only looking at asking $ 350 month.
This is what I saw from the FMR chart
Note that Stoddard County, Missouri is assigned the State Minimum 2-bedroom FMR for Missouri of $501
Stoddard County, MO is a non-metropolitan county under the new metropolitan area definitions used for the Final FY 2008 FMRs. As such it gets its own 2000 Census Base Rent of $359.
Stoddard County, MO Final FY 2008 FMR = $447
I still think $ 350 is not too high but the lady from the agency thinks it is. So, with me being a displaced owner, living about 250 miles away, I will go down to $325, maybe even $ 300 just to keep it rented so I don’t have to do any yard work. I’ll still make money. It was a tax sale property and counting repairs for fix up I only have about $1,200 in it. She has rented it for 4 months at $350/month but her money is getting scarce so guess she will get an early christmas. something is better than nothing when you live so far away --- not really
can you demonstrate through comps that you place is worth the higher rent amount?