Looking for some advice on Section 8 investing in SC?

[Michael Bishay]

Hello all, 

New to the forum and looking for some insight. =) 

Looking to start investing in Section 8 and was wondering if anyone had any horror stories, success stories or advice on where to start. 

Or if anyone has a better place to start. 

Much appreciated my friends!! 

[Andrew Postell]

@Michael Bishay ok, so this is a question that won't be too much different than other "non-section 8" questions.  

Generally speaking, we would encourage you to screen your tenants - whether they are section 8 or not.

We would encourage you to collect a deposit - whether they are section 8 or not.

A tenant can certainly be a "good" tenant or a "bad" tenant - whether they are section 8 or not.

Now, if you are targeting lower valued homes...there are "pros" and "cons" to doing that - whether you are renting to section 8 or not.  

So some of these things are universal questions.  The TRUE differences to know about renting to section 8:

1. Your home has to pass an inspection - the inspection isn't difficult and you can reach out to The Housing Authority of the City of Charleston to see the specifics on it.

2. Your rents are always on time - at least, the portion that is covered by Section 8.  Section 8 can provide someone with a "partial" amount.  So they would cover part and then your tenant would cover the rest.  The portion covered by Section 8 is always on time.

3. Higher Rents? - Sometimes you can even charge MORE for this type of rent. The more bedrooms, the more you can charge. Check out this HUD website HERE for more information on it.

Now some people might say "Section 8 tenants are more risky"...but that is NOT the case.  An UNSCREENED tenant is more risky.  For Section 8, if they damage your property they will LOSE their Section 8 money.  And Section 8 isn't really bringing out more vouchers right now.  So there is a big incentive to make sure that they are good tenants with you - or else they are out entirely.

I hope all of this makes sense how I am describing it.  Feel free to ask anything additional if you need.  Thanks!