Section 8?

Question

I have gotten 3 calls on an apartment I posted via Postlets asking if I take Section 8. The unit rents for $925. Should I look into Section 8? Is it a good program or am i opening Pandora's box? Is it relatively easy to get into? If so, where do I begin?

Tyrus Shivers · Answer

@Jason Stone

You can contact your local housing authority or whomever administers your Section 8 Program for instructions. Here in Maryland it starts with a Section 8 applicant calling the landlord. If the applicant like the property and the application submission goes well, no eviction, criminal history, etc., then you will fill out what is called a RFTA (in Maryland). This then goes to the county office and the process to establish your accounts is underway. Next the inspection is scheduled and occurs. If you pass then congratulations you are on the way to having your first Section 8 tenant. They will determine the Fair Market Rent for your area based on HUD guidelines and other criteria.

The program varies and the tenants vary. Proper screening will reduce the headaches and some offices are more painful to deal with than others.

Dick Rosen · Answer

I accept Section 8 at all of my properties (40+), that's not to say that they are all occupied by Section 8 tenants, I've only had a handful over the years because I still require they meet my criteria which includes 3 times the rent in verifiable income. I do include their Section 8 voucher as a portion of their income but some still can't qualify. I certainly wouldn't recommend you avoid it, it can be beneficial to you and I make the Section 8 tenant do all the leg work, I just show up for the inspection and thank them for pointing out anything that may need repair.

Dick Rosen · Answer

In my experience Section 8 is a decent program for you, where people go wrong is thinking that they don't need to screen the tenants. I take the application and start my screening process while the tenant works with their case worker to arrange an inspection. And I welcome these annual inspections because they simply keep your property inspected and safe.

Chuy Gonzalez · Answer

Hmmm...I am currently not section 8...but a good chunk of prospective tenants ask If i will accept it...I usually say no...but who knows.

Paul S. · Answer

@Dick Rosen how many properties do you have with section 8? Would you recommend this for a first time investor or would you recommend they get a few under their belt before they delve into section 8?

Paul

Section 8?

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