any section 8 landlords here?

[Fatty Matty]

We're buying a bigger house.

Instead of attempting to sell it, I'm thinking of going section 8 on it and renting it out. Not entirely sure about it, but it's an idea at this time. I live in a beautiful neighborhood with zero rentals in it, I'm thinking that would give me an edge over the 8's in the shitty hoods. On the downside, the people that live here may track me down and kill me. I'm not entirely sure I want to do that to my neighbors. I know I wouldn't want it, but these are strange times in the housing market.

According to the FMR's for my county, I can rent it out and get enough to cover the payment and non-homestead taxes and have $100 extra every month. Yeah, I know that $100 will go to maintenance, and over time I will be operating at a very small loss, but it's better than selling it for a $15k loss for now.

I have a friend that section 8's a handful of houses, but I haven't heard from him today.

anybody here do this?

[03hemisilver]

http://www.investorsloungeonline.com...-Tenants-.html

Had my house up for rent for two months now, I've turned down at least 6 that wanted it section 8. G/F sent me the link above and just talked to my realtor who said it may be time to go that route. I'll keep ya posted what I find out.

[Fatty Matty]

You're thinking the same thing I am.

I could rent it out without 8'ing it, but I'm worried about flaky tenants. with the market the way it is, they could buy a house cheaper than they could rent. they usually don't buy because their credit is shitty, which is often because they are shitty with money.

[03hemisilver]

I had one person with 8 yr employment history but lied about how recent their foreclosure was, luckily my realtor was in good with a title company and could get me specifics on the dates. They also couldn't provide any 'references' So if they seem 'fishy' trust your gut feeling. This person wasn't section 8. I'm told section 8 you can still check background, of course credit history isn't the best, but your somewhat guaranteed the rent by the gub'ment.

[Fatty Matty]

That's what I'm liking about it. If they get flaky, you contact their case worker. Plus you can still choose who you rent to. Granted, most of them are probably going to have less than ideal credit, that just comes with the crowd. The whole Idea of getting my money directly from the government is what is so appealing about it.

[03hemisilver]

My G/F works with guys that are buying up houses as fast as they can right now to section 8 them. Granted they have to get them in condition to pass inspection but.....

[mtnbikinbryno]

Careful with that one. From the little I know of it you don't get your rent if the house is damaged in any way. In other words, take down the ceiling fans and replace the windows with plexiglas.

[itchy]

Originally Posted by Fatty Matty

You're thinking the same thing I am.

I could rent it out without 8'ing it, but I'm worried about flaky tenants. with the market the way it is, they could buy a house cheaper than they could rent. they usually don't buy because their credit is shitty, which is often because they are shitty with money.

You know not everyone that has to rely on secton 8, or any other form of govt. housing are scum bags, or irresponsable with there money. You ever been handicapped, or unable to perform a job because of a medical condition? You shouldnt be so quick to judge those that arent as fortunate as you and I. And when I say judge, I mean "Shitty with money". Do you realize that most people that rely on Govt. assistance arent allowed to even have money in a savings acct. ? Without it affecting there insurance, or the funds they will recieve for food?

Sorry for the rant, but the ignorance that some people have of other's that rely on govt. assistance makes me sick. I grew up as a child on welfare, and some of the other govt. assistance programs. Not because my parents were, as you say "shitty with there money", but because they were handicapped, and un-able to work, because of medical reasons. My mother has no hip socket in her left hip, and no left leg. Doesnt mean she doesnt want to work, and have nice things. Or to be able to own her own home, or be able to pay her own rent. But she cant. Next time your standing there showing your rental to a potential "section 8 scum bag" stop and think to yourself, maybe there are forces unknown to you why they are in this position. God for bid you ever have to live like some of these people do.

You should thank God everynight for your health, and what you have. Most arent as fortunate.

[Dirty Ridin 1]

Perfect a party house near me. You leavin T-town?

[Stan]

Originally Posted by itchy

You know not everyone that has to rely on secton 8, or any other form of govt. housing are scum bags, or irresponsable with there money. You ever been handicapped, or unable to perform a job because of a medical condition? You shouldnt be so quick to judge those that arent as fortunate as you and I. And when I say judge, I mean "Shitty with money". Do you realize that most people that rely on Govt. assistance arent allowed to even have money in a savings acct. ? Without it affecting there insurance, or the funds they will recieve for food?

Sorry for the rant, but the ignorance that some people have of other's that rely on govt. assistance makes me sick. I grew up as a child on welfare, and some of the other govt. assistance programs. Not because my parents were, as you say "shitty with there money", but because they were handicapped, and un-able to work, because of medical reasons. My mother has no hip socket in her left hip, and no left leg. Doesnt mean she doesnt want to work, and have nice things. Or to be able to own her own home, or be able to pay her own rent. But she cant. Next time your standing there showing your rental to a potential "section 8 scum bag" stop and think to yourself, maybe there are forces unknown to you why they are in this position. God for bid you ever have to live like some of these people do.

You should thank God everynight for your health, and what you have. Most arent as fortunate.

This situation is the exception, not the rule.
I've been a landlord for 20+ years and can tell you MOST of the people on section 8 are lowlife baby factories.
You may have a reliable check every month, but be prepared for a trashed house when they move out.

I have not had a section8 tenant in 10 years so I have no idea of changes that have been made in the system.
You will have to have yearly inspections of the home. Most of the time the violations they find are minor bullshit stuff. Provided the house is not a dump to begin with.

If $100.00 is the profit, count on losing money. If by selling your only looking at a 10 to 15k loss and can swing it to buy something you really like, you may want to consider taking it.
One bad renter can cause you that much damage. Ask me how I know.

P.S. If any of you want a Donald Trump starter kit, I have a two family duplex that needs about 10-15k worth of work (windows, roof) I will sell for about 2k.

[NSmist]

Originally Posted by mtnbikinbryno

Careful with that one. From the little I know of it you don't get your rent if the house is damaged in any way. In other words, take down the ceiling fans and replace the windows with plexiglas.

^ True that.

Watch what you do with appliances too. Had a couple move out of the house at the end of my block and rent it out. Had a stove, fridge, etc. at the house as part of the deal. I have no idea what payment they received, but the guy only lived there a month, didn't pay his next rent, got evicted, and ended up loading up a pickup with all the provided appliances and a few other choice items and took off.

They sold off the house and the new guy moved in and installed a new furnace and gas water heater. He didn't change the locks. Whoever had the old keys decided to "uninstall" the 5gs worth of stuff and take that too.

[03hemisilver]

Any advice on the inspection, basically no holes in the walls, doors open/close. My concern is I've read need GFI's on all outlets near water, house is older and I don't have those. Will I need to do that or can I "get by" without if house if fairly decent at audit time otherwise?

[Just a Spouse]

We belong to an real estate investors group in Alabama, and we've had gov't section 8 agent give our group a presentation on how great section 8 rentals CAN be...

but once people who rent section 8 (landlords) starting telling their stories of torn up houses and damages...the agent admitted there are issues... The gov't will take someone off the program if they destroy the house, but the landlord is typically left holding the bill for repairs. Suing a tenant that has no money is a no-win situation.