Section 8

[Edward Rife]

What can u guys tell me about section 8 how does it work and what r the pros and cons I'm about to get my first multifamily under contract but it has poor people like single parents but once I renovate it and raise rents I don't want the current tenants to be without a home this building is located in southern illinois

[David Chwaszczewski]

I would be concerned that if your current tenants are NOT S8 and you chose to go that way you may loose tenants who do not want to live with S8. Also if you have to have the tenants who are there now apply for S8 it may take a LONG time for them to get on list and get approved. And last you need to know what S8 rents are in your area. You don't want to over improve and find out that you may not be able to get what you were thinking from an S8 qualified tenant.

Good luck and let us know how it goes!