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Updated over 4 years ago on . Most recent reply
SECTION 8 - allow these tenants? Pros and Cons?
Has anyone worked with tenants like this? Pro's and con's? Things to look out for?
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
Originally posted by @Amanda Dehaas:
Has anyone worked with tenants like this? Pro's and con's? Things to look out for?
I've had about 20% sec8 for years. I screen them like I would anyone else except I basically reduce my income requirement to 2x or 2.3x rent from 3x since the bulk is covered.
I also find them and HUD-VASH (Veterans) more stable in this virus and eviction moratorium environment.
I've heard a lot of one's experience with the program will hinge on your local HUD office. I have a great relationship with mine and they are very responsive via e-mail, just closed on Fridays.
Because of our good relationship, I was able to place a new sec8 tenant April 1 while their offices were closed and without an inspection. 'We trust you and your properties. We'll inspect when we can". A new landlord to the program will need to be inspected. Ask when that can happen before you get too far into it.