Thoughts on buying section 8 rental property as first rental property?

[Duarte Marques]

What do you think about buying section 8 rentals, already section 8 approved and turnkey (I know it is basically the same, the property has to be in incredible conditions all the time because of the yearly inspections ), with tenants already placed, preferably?  In class C neighbours, depending on crime rate and some other factors. 

I would be considering 8% for maint+repairs and 5% for CapEx, so 13% for maintenance which I think is a good budget to keep the house in good conditions for the inspections. (the house to be section 8 approved and a tenant there, probably isn't in such bad condition)

[Andrew Postell]

@Duarte Marques I love my section 8 rentals.  The thing that takes most people by surprise is how few section 8 tenants there are out there.  Just keep your rental property open to ALL types of renters and that will help.  Section 8 is a shrinking program in most markets.  The few vouchers that actually exist very rarely move and while the idea of collecting more rent than the regular market would provide is of course intriguing it just doesn't work that way.  Certainly purchase and keep your property open to it but I would certainly encourage you to run numbers based on the standard rent method.

Hope all of that makes sense.