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OH landlord
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| Joined: | Wed Sep 12th, 2007 |
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| Posts: | 506 |
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Posted: Mon Jun 16th, 2008 11:24 am |
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I have done section 8. The paperwork is terrible. You do have to fill out many forms for the HA and some HAs require that you use their lease (don't do it!). Their lease is written for the tenant since the tenant is their client. Insist on using your own lease if you accept this program.
If you are a new LL, I would not suggest S8 for you. There is much paperwork, inspections, waiting for approval and checks, you must sign a year's lease with the tenant, you cannot enforce clauses of a normal lease (like for extra occupants or fines for failure of obligations), these tenants know the system well, and the tenants are not collectible should they leave damages to your unit. S8 will not cover any damages their tenant does. They tell you to pursue the uncollectible tenant. Check with local LLs about the S8 personnel in the office. Some are completely unresponsive. The office here is only open 3 1/2 days a week and no one answers the phones on those days. I had to fax everything in just to get a response.
I have had good tenants on this program. Some took excellent care of the unit and I would rent to them again in a minute. One in particular was one of my best tenants ever. She'd still be there if she didn't have to go into a nursing hiome.
I have had some terrible tenants on this program that I wouldn't rent to again if they paid me double the going rate. One had a drug raid in the house that caused $100's of dollars of damages that I didn't recover. If you attempt to evict an S8 tenant, remember that they qualify for free legal aide attorneys to fight the eviction in court. They seem to move in extra people into their reduced price units and there is little you can do about it. Keep this in mind if you pay any of the utilities there. They will be higher than you expect!
In the end, the process of approval, the staff in the office, and the majority of tenants who just didn't care for the place or follow the lease made up my mind for me. I no longer accept this program. But that is my experience and yours may vary. Do as Yolanda suggests and read other posts on S8 here and on other websites. Then make up your own mind . You may have to continue to accept S8 until the end of that tenant's lease if you buy with an S8 tenant in place, but you could refuse to accept it after the lease ends. You would have to give notice of this at least 60 days prior to the end of the lease. Best of luck.
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Yolanda
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| Joined: | Wed Mar 1st, 2006 |
| Location: | Texas USA |
| Posts: | 293 |
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Posted: Wed Jun 11th, 2008 09:16 pm |
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| I do not have experience and have never rented to Sec 8 tenants. I have heard good and bad. Some take care of the property better than others. You can go back and read prior posts in this forum. With the ever-changing government guidelines, I would call the city or department that handles Sec 8 and ask for a brochure, inquire, and research before buying the property. You do not necessarily have to rent to Sec 8. You can also read state statutes and local law. Click the legal resources link above and click your state. Good luck in your new venture!
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jfoste1
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| Joined: | Wed Jun 11th, 2008 |
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Posted: Wed Jun 11th, 2008 03:59 pm |
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Hi everyone, just got back from a showing of a section 8 two-flat that is in pre-forclosure. There are currently tenants in one unit who want to stay, and the other unit will be vacant. We could possibly get such a good deal that just the one occupied unit would allow us to break even. My main question is what are the pitfalls with investing in section 8? Anyone have any experience with it, good or bad? thanks a lot.
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