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Updated about 8 years ago, 10/27/2016
Section 8 in Hartford CT.
Hi,
I'm in the process of purchasing my 2nd property. It's a 3 family, 4BR ea. Rent is 1150ea, numbers look very good. All tenants are section8. The property need minor TLC and I am willing to do the repairs.
I was in the process of obtaining a mortgage, when I received an email from the seller informing that there was a water leak on the 3rd floor which effected all tenants. All tenants had to be temporary relocated.
Few weeks later i received another email stating that 2 out of the three tenants are moving out! I'm in a panic now. I know i will not be able to rent this property to anyone other then section8.
I have minimal experience with section8.
how hard is it to obtain new s8 tenants?
Can i add a clause to the contract that all units are to be occupied?
Should I try to back out of the contract?
Any advice would be helpful.
Thank you.