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Updated about 5 years ago on . Most recent reply

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Josh Skyer
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Section 8 resident -- Can not come up with security deposit?

Josh Skyer
Posted

Paperwork has been approved and we have passed inspection.  She has 1 week to move in and informed us she wont have enough cash to cover the security deposit due to her lay-off from the Corona epidemic. 

If she does not move in by the end of the week we loose the subsidy and the 1 year of guaranteed rent ( and months we spent getting to this point)  Any ideas?  I was considering letting her move in without it or perhaps increasing her portion of the monthly rent.  Thoughts? 

  • Josh Skyer
  • Most Popular Reply

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    John Underwood
    #1 Short-Term & Vacation Rental Discussions Contributor
    • Investor
    • Greer, SC
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    John Underwood
    #1 Short-Term & Vacation Rental Discussions Contributor
    • Investor
    • Greer, SC
    Replied
    Is her rent paid 100% by government? If so let her in!
    Get as much of the deposit as possible and work out a payment plan for the rest.

    Having rent guaranteed by the government with what is going on in the world is huge.
    My section 8 tenants have been in  my houses for 5 years or longer. They tend to stay a long time, rent increases are easy.
    Don't think twice about this, get her in your property and do what you need to do to make it happen.
  • John Underwood
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