Starting with section 8

[Mike Harvey]

Hello all!

I've been renting out a couple properties for a few years, and recently have turned my attention towards the idea of section 8 housing. I am curious if any of you have some good intel on getting started with section 8 in the indianapolis area. I consider myself day 0 total noob on section 8. Is it worth it? What are the best kind of properties for section 8? Tell me anything and everything you can please! Thanks!

[Travis Biziorek]

Hey Mike, I have 12-doors in Detroit and 3 of them are Section 8. 

The quick good/bad of Section 8:

• - S8 tenants tend to be rougher on the property (but not always)
• - Paperwork/inspections/etc. can be burdensome and tough to navigate (especially initially)
• - People often think FMR rates are guarantee rental rates but that's not the case
• - Usually the rent isn't 100% subsidized and a lot of people don't realize this
• - S8 tenants tend to stay a lot longer than cash tenants
• - Obviously, the guaranteed rent portion

Overall, I'm neutral on the program. If the tenant makes sense, the rent is there, and it all works for the particular property, I'll go with S8.

But I'm not the type to turn down a well qualified cash paying tenant simply because I only want S8.