I Need Tenants who have Subsidies for Rent

[Lakesha Miller]

Hello All!!

I just purchased my first multi-unit property (duplex) in Sacramento, just near American River College. I'm a bit nervous about being a landlord and am looking for ways to ensure rent is paid by tenants. Specifically by leasing to tenants who are a part of programs that would help subsidize their rents (that way I can ensure payment). 

I know there is section 8, but I'm looking for similar programs that subsidize rents for tenants so that I can list my property on their sites, or inform that my property is available. Also, I've been hearing that often insurance companies will pay to place tenants in properties after natural disasters. 

Any websites or business and/or phone numbers where you think I should list my property for this type of thing? Any help is greatly appreciated!

[Greg M.]

Sounds like you're looking for an easy way out. There are no easy ways in this business. Subsidized tenants still don't pay their portion of the rent, they still trash the place, they still break the rules. You need to screen subsidized tenants the same way you'd screen anyone else. 

Do you know what S8 rents are in your area? They could be well under market for your level rental. What about inspections? Will your units pass and get approved for S8?

Renting to insurance companies appears to be great. They frequently pay above top dollar. Downside is that the rentals can be short and the insurance company will find you, not the other way around. Unless you're in an area with a recent disaster, you're probably never going to be called by an insurance company for a rental. 

Don't look for the easy way out. Learn to screen. Since you're near a college, advertise to students and get their parents to cosign. 

Having said all that, you're in California. Learn the laws. They are awful and stacked so against you that if you screw up it will cost you horribly.