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Updated about 5 years ago on . Most recent reply
How easy is to terminate a Section 8 (housing) lease?
I want to buy a multi-plex property, but it has 5 lease contracts under section 8 of housing in Texas with rents well below the market value. Is it possible to terminate the lease contract once the term expires? With this I would search for new tenants who pay the rent at market value. Does someone has been doing this recently?
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There is no section 8 contract. There is a contract between a tenant and landlord. In this case the tenant happens to receive financial support from the government. Meaning, the process to end a contract is the same whether the tenant pays rent from W2 income or receives support from the government. In most cases that means once the current lease time frame is up you need to give at least 30 days notice. You will want to check into your local laws, to be sure.