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Updated almost 5 years ago on . Most recent reply

User Stats

22
Posts
9
Votes
Maria Marrero
  • Real Estate Agent
  • Port Jefferson Station, NY
9
Votes |
22
Posts

Section 8 tenant analysis

Maria Marrero
  • Real Estate Agent
  • Port Jefferson Station, NY
Posted

So I am trying to help out a single mom not to lose her section 8 but at the same time, I dont want to lose money.

She makes only $13,824 A YEAR [or at least thats what she reported on smartmove.com]  The rent is $1750 plus utilities, section 8 will cover $1310, she will pay $305 and then she said her boyfriend will help with the other $135 [which I am not sure is allowed but we are seeing].  My think is if she is only making $1152 a month, has a car payment, car insurance plus food & then all this, do you think I should rent to her? I know that section 8 is sure money but its only a portion of it.  Her credit is also only 549 but she has been paying her car faithfully since November [I see this on the credit report].  She has a collection debt of $3,017 

As much as I want to help her & feel section 8 is a 'sure thing' I am not sure... Thoughts? ideas? I am requiring 2 security deposits plus 1st months rent

Most Popular Reply

User Stats

22
Posts
9
Votes
Maria Marrero
  • Real Estate Agent
  • Port Jefferson Station, NY
9
Votes |
22
Posts
Maria Marrero
  • Real Estate Agent
  • Port Jefferson Station, NY
Replied

@Greg M. I do not run a charity but I do relate to certain people being a single Hispanic mom so I practice COMPASSION while also making a profit, something that the world is lacking a lot of.  So while I would not be losing money by renting to her, I could be making maybe a few more dollars a month.

@Mario Am she's currently living with her mom because she just got her S8 approved back in May so I dont think I would be able to surprise her considering its her mom's house I guess.  

When she did the screening I noticed she has paid a car note on time since November so I am guessing she is trying to build her credit.  She also told me that if she cant find a home in July she'll lose her voucher and go back to the back of the line [which is years long] but I dont know if thats true or not since I dont know that much about section 8

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