Motivated new member from Va interested in Section 8 investing.

[Charlsi Brooker]

Greetings BiggerPockets Community!

My name is Charlsi Brooker, a recent college grad who is diligently studying how to best start a REI career. I am new to BP and thought now would be a good time to introduce myself.

I am already an entrepreneur, so I guess you could say I have a strong desire for independence, which is the reason REI appeals to me so much. It is my ambition to build as many morally acquired streams of income as possible, allowing my money to work for me without me being confined to an office for hours a day.

I am definitely most intrigued by Buy and Hold investing, which seems to be a trend around here. I am leaning towards buying properties (single family, multifamily, condos . . .whichever I can get for a good deal) that are in foreclosure and valued between $50,000 to $200,000. I would then rent these homes to Section 8 tenants. 

I have done extensive research and know I will be ready to dive in after a few more months of saving for my first property purchase. My studies have lead me to believe avoiding super cheap home purchases, such as around the $10,000 range, and thoroughly screening my tenants can help me to mitigate many pitfalls. I would love experienced Section 8 landlords' opinions on that assumption.

While I am relishing the potential personal rewards of being a RE investor I also look forward to the opportunities of building up neighborhoods by investing in and rehabilitating once rundown residences. 

From what I understand, the ease of working with Section 8 varies by location. I continue to study the pros and cons and have contacted the local housing authority so I could ask some questions, but I would really appreciate it if any Section 8 landlords in the Virginia area could give me some idea of what to expect of the locally run program.

The following are some of the inquiries that are most intriguing to me:

1. How are the timetables of the program? Is it true that finding a good Section 8 tenant can be a fast process? Can it really take months to evict a bad tenant?

2. How are the annual inspections? Do the inspections only benefit the tenant or will the inspector also demand the tenant fix unreasonable damages they have inflicted on the property?

3.I have heard some investors say they will do an unannounced drop by to prospective tenants' homes to evaluate how they care for their current residence. Can't this be dangerous, especially for a young woman? What is your process for screening tenants?  

4. Is the cashflow really as good as they say? It almost sounds too good to be true and I'd love some realistic figures.

Any answers and advice from experienced landlords is greatly appreciated! Thank you BP Community for your help, time and expertise, I'm so glad to be part of such an inspirational network and am so excited to get started!!