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TOPIC: Re: section 8 good or bad
#5175
mike ()
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section 8 good or bad 4 Years, 10 Months ago Karma: 0  
I have several multi units and was thinking about taking section 8 tenants. All my units are in good shape. Can someone tell me the pro's and con's with section 8. Any info would be greatly appreciated. I am in Missouri.
 
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#5176
Amy ()
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Re: section 8 good or bad 4 Years, 10 Months ago Karma: 0  
Wow, I have never met anyone from Missouri on here! I am also from MO. We are in the process of getting our single family rental home HUD approved. Alot of investors are against section 8, but I really like the idea of getting my rent check promptly on the first of every month from the gov't. You can check on the net for the fair market rent in your area, my 4br home rents for $600. HUD will also pay for my tenants security deposit. If the tenant destroys something in your home, they could get kicked out of the program, and most folks would not want to risk that since the waiting list to get HUD assistance is sometimes years long. The landlord is still able to do whatever background checks they would do for any other prospective tenant, so you screen your renters just as you would normally do. My HUD inspection is coming up next week, I will let you know how that goes. I hear they are fair, your place just has to have stove and fridge, and safe and clean atmosphere with windows that work properly with screens.

Much success to you!

Sewgifted
 
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#5177
Becky ()
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Re: section 8 good or bad 4 Years, 10 Months ago Karma: 0  
Great info! I heard conflicting comments on section 8. My realtor advised me that the system was good but got a few bad apples to ruin the reputation.

Sewgifted, how did you start/apply for HUD approval?

Becky Ng
Atlanta, GA
 
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#5178
Amy ()
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Re: section 8 good or bad 4 Years, 10 Months ago Karma: 0  
I called the office and they were eager and helpful to answer all my questions. They mailed me an informational package and an application for landlords. (I just love referring to myself as 'landlord'!!) Anyway, I also did some research on the web, searched 'section 8', HUD, fair market rent, etc. I ran across the state website for the program and it listed each county and the fair market rents available for each one. My tenant moves in on the first of August, and I will let you know how things go in the coming months.

Much success to you!
Sewgifted
 
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