Rent Increase on Section 8 home

[Candice Packard]

Hello,

I have a home that I lease out to tenants on section 8. They are set in a one year lease. However, the property taxes increases in my area and now the rent no longer covers the mortgage. I’ve asked the housing authority over my section 8 rebates if I could increase the rent and they said not until the renewal which is not until April 2025. I need to make up the difference somehow. Does anyone have any advice for this situation?

[Clayton Silva]

Not sure how much your taxes increased, but one way to cheaply and quickly drop your monthly payment is to increase your deductible on your insurance for the time being (please speak to your insurance agent about what this means for you).  However, this will typically only decrease the monthly premium by a bit.  Other options include refinancing if you can get a lower rate or bite the bullet until April.  

[Kristin Flores-Brockman]

Following for insight 💡

[Candice Packard]

Thanks for this info