Welcome
I’m often asked about the pros and cons of being a Section 8 Landlord – my answer is thousands of successful landlords have made fortunes in real estate by participating in the section 8 (Housing Choice Voucher) program. It is my experience that there is no better way to fill your vacant rental units than with section 8 participants. The concerns often associated with the section 8 program (Note: The Section 8 Program is also known as the Housing Choice Voucher Program) are most often the result of inexperience, erroneous misconceptions, or from apprehension resulting from lack of information.
The truth is… The section 8 program offers real estate investors guarantees and safeguards unmatched by the private sector rental market. With my Section 8 tenants I’m far more certain I’ll get paid, there is very little chance I’ll have to worry about an eviction, the lease is more likely to be renewed, and I always get my checks at the beginning of each month!
Section 8 landlords also benefit from rent stability… You may be protected from financial loss if your tenant suffers unexpected financial hardship. In other words, if your tenant loses their job the subsidy payment (HUD’s portion of the rent) is increased to compensate for your tenant’s lower income.
The Public Housing Authority (PHA) pays a large portion of the rent on behalf of the tenant, (typically 2/3rds) at the beginning of each month (usually sent via first class mail, while many states/counties have recently instituted a direct deposit program when the funds are deposited into your bank account) and the Section 8 tenant is responsible for the remainder. The tenants are aware that if the rent is not paid their voucher will be rescinded and they will be evicted. http://www.GOsection8.com provides an advanced database system that allows the landlord to list available properties and locate potential Section 8 tenants.
May 23, 2007 at 5:05 pm
I just found out about and listed my property online with GOsection8.com. I is thorough, convenient, and easy to use. Great work! Now I hope it used by prospective tenants and provides the desired result.
May 25, 2007 at 12:32 am
I’d just like to thank the landlords that take our vouchers. Its wonderful to have a decent place for myself and my family
August 22, 2007 at 8:03 pm
I am a tenant with my present landlord for two years now. Upon signing my lease there was a section in there that stated that all repairs needed in the house would be taken care of by the homeowners insurance but would require me to pay a $75 charge each occurance. Given that I had ceased my search for housing and paid a non-refundable deposit on this home, I signed. Always questioning myself whether this was ok. In the past two years I have paid this fee twice. Once for a plumbing issue and the other for a broken refrigerator. Just wanted to know if this sounded fair and if this is something that is common with Landlords.
October 5, 2007 at 12:38 am
Brandy, it’s hard to answer…each state has it’s own restrictions/regulations for Landlords and Tenants. We always handled our repair issues on a case by case basis - if the refrigerator dies of old age or catastrophic failure, we replace it at our expense, however if the freezer gets punctured or the doors comes unhinged, we would bill the tenant. Same with the plumbing…it would depend on the incident. I doubt that your Landlord is using his homeowner’s insurance to cover these items. I would suggest that you check into getting Renter’s Insurance to cover your liability and losses. And check with your local PHA re areas of responsibility between Landlord and Tenant. It sounds like your landlord is lucky to have you for a tenant. Take care