New from Philly

[Jeremy T.]

Recently joined Bigger Pockets, great podcasts! I am a buy and hold investor with two rentals in the south philly area looking to slowly expand the portfolio buying properties w or w/o tenants that are ready or need TLC/updating. I'd like to network with experienced local investors that have both section 8 and non-section 8 experience and are focused on 3 bed, 1 baths rentals in the south philly area.

If anyone has some good tips for finding a section 8 tenant, one of my rentals is now vacant and craigslist and gosection8 aren't moving things along as quick as I'd hoped.

[Kris Haskins]

Hey Jeremy, I hear you. Seems like in our area there are certain times when sec 8 tenants have voucher and are ready to move. And then there are times where they don't give out vouchers. It seems to run in cycles. go sec 8 is a great tool and we fill all our units with it, currently 7. Make sure your price is not too high as recently in our area, sec 8 has changed they amount they are paying. apparently the gov't is allowing 2 people to a room including the voucher holder so a 2bd will hold up to 4 people. this is disqualifying some tenants from even applying for 3bdrms. Sure, some of them will try to work out a deal with you to pay the difference on the side but the rent amount approved will be for a 2bdrm. if you have a 3bd, then up to 6 people could live there.

THere are a few other qualifying things such as gender of children, disabled child etc. etc. that may allow the tenent to have 1 child in his own bdrm but I'm not sure how sec 8 qualifies that. So, make sure you price is competitive and try calling the sec 8 office to see when they are issuing new voucher. Dig your heals in as jan is a tuff month to rent anything. If this info help you in any way, pls vote for this post, thnx