Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 5 years ago on . Most recent reply

User Stats

16
Posts
9
Votes
Josh Skyer
9
Votes |
16
Posts

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

    User Stats

    12,346
    Posts
    14,970
    Votes
    John Underwood
    #1 Short-Term & Vacation Rental Discussions Contributor
    • Investor
    • Greer, SC
    14,970
    Votes |
    12,346
    Posts
    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
  • Loading replies...