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Updated almost 8 years ago,
Just found out one of my future tenants is Section 8- Advice?
So I have verbally agreed to a sales price pending inspections on another duplex in Cleveland. The area if pretty nice and the house is in pretty good shape. I am getting the property for 96.5K and Im pretty sure it is worth 115k now. I have good reason to believe this area will appreciate in the next couple years, in addition to earned appreciation I believe with about 20K in repairs i can boost the current market value to about $155-160K. So with this all said, I have agreed to purchase at 96.5k and I agreed I would allow both tenants who are taking good care of their properties to stay. I was under the impression the each paid $900 but just found out its actually $850 each and one of them is section 8. I don't know anything about this but need to sign a contract to buy asap before one of you find this house....lol In all seriousness, what do i need to know? Can i adjust the rents to $900? Is there any good, bad or ugly I need to know about buying a property with and existing section 8 tenant? Thanks so much for any quick assistance in this matter.