If we could all be half as morally righteous as you think you are, this would truly be heaven on Earth. Make sure to actually look up the phone number they give you and research it, do some stalking and look for red flags. Michelle, Rules applying to eviction etc. I've been a section 8 LL for 30 years. One of them is the risk of rent defaults; even the Federal Reserve reluctantly concedes that there’s a correlation between income level and credit history. So, housing sent me that last letter. Can’t wait to read more. Always seek the services of licensed third party appraisers and inspectors to verify the value and condition of any property you intend to purchase. Lets go for 5 or 10. The author himself asks for statistics in responses while providing very little himself. Has anyone else found this to be the case? Brian, your posts are usually great but this one was a bit weird. From the lender’s perspective, these loans involve more work, less revenue, and higher risk. I then got pecked to death by inspectors, ever more stringent anti-landlord laws, and activists calling me a slumlord, even as I lost more and more money from break-ins, turnovers, mandatory inspections, and registration fees. Regardless, you can’t count on those higher rents. Only issues I’ve ever had with section 8 are with the agencies running them. Having rented Section 8 in Chicago, it is not always as bad as the article makes it sound. They have they full force and power of the city behind them and think they can do anything they want and get away with it. Make sure you get there early to get a seat cause we're serving cool aid!!! By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions. So I don't necessarily agree with this article. Once this and the other resident moved out I realized how many things they "expected" me to do for them on a continuous basis and decided it really wasn't worth the constant letters from housing and headaches. This is the kind of record I intend on keeping. I don’t blame them. The Los Angeles County Development Authority (LACDA) subsidizes the balance of the monthly rent in direct payments … Mar 01, 2021. You should consider writing for the Huffington Post. Sure Mike, I'd love to. I feel for you regarding stealing the copper from the AC. I never minded the additional paperwork or annual inspections. You can also learn more about what’s happening in these markets due to COVID-19 on Red Stag Fulfillment’s State-By-State Guide. Plus, some have baby after baby since that will increases their house size. … In your example, the employee is given a salary in the form of currency which can be spent as he or she pleases. Having been born and raised in the inner city, I know that there are good respectable people that live in C neighborhoods, just as there are nasty idiots who live in better neighborhoods. Welcome to HelloSection8.com. Being simply unable to imagine or empathize tells of one’s tunnel vision and lack of varied experience. What kind of mother would I have been? Longer tenancies - Section 8 makes the moving process tough on the tenant so give them the best unit they can find and they're stay a long time I saved 15 years and paid cash some years ago to gut and remodel my home. My properties are taken care of, my rents are paid (all of them including the tenant portion - seriously, I'm owed $0 in rent right now) and my tenants are easy to work with. Yes there are nice sec 8 people. Section 8 of the Housing Act of 1937 ... tenants' incentive to take good care of the property (PHAs require that tenants not damage rental properties. I think it's unproductive to bring politics into an investment decision. List Your Property; Housing Search Services LACDA COVID-19 PANDEMIC UPDATES ABOUT THE SECTION 8 PROGRAM. How do you verify that the previous landlord reference is the actual landlord and not a buddy? A S8 tenant can improve your property. And let me add....I have heard from many section 8 renters as well. You will need to contact the housing authority where you want to live to get on a Section 8 Voucher waiting list (should one of the waiting lists be open). 1. annual inspections... we've never had a $2,000 inspection bill, sometimes the inspection item is something like tenant has poor housekeeping, which is a tenant action item not the LL and if your state is not listed check with your state. ), it's a wealth transfer from tax payers to property owners. Mr. Free, thank you for granting me freedom to debate the merits of the program, and by way of "the saying" entitling me to my own opinion. We went back to court a second time. Realizing that everyone's experiences are slightly different, and dependant on the areas too, I personally have never had any issues with Section 8. Love it Ronald. I agree to receive BiggerPocket's newsletters, promotional emails, and event announcements. In my portfolio I have tenants where housing pays the majority, and tenants where housing pays $25, it probably averages to housing paying roughly half across the board. I’ve had excellent low-income tenants living in a rough neighborhood, and do you know what they did? We will see how my experience compares with yours and other experienced Sec 8 investors. Thanks for the feedback it will help me as I will be venturing into Section 8 Land Lording. Agreed its just as much work for the lender to lend $30,000 as $300,000, and obviously they want to lend more. The HUD Section 8 voucher you receive is the document used to prove you are enrolled in this program. So they end up living several months free I guess and move on to the next one? There are some things I'd like to add. What can be done? Just make sure you protect yourself better than I did by following these tips. But this one, mine is the devil incarnate. And 80% is direct deposit into my account on the 1st of the month like clock work. Keep up with your properties, determine if a tenant needs to be on probation for the 1st few months (just like in a job) and dont assume anything. We also only have i selections 0nce every 2 years and they have always been reasonable. BUT, I encourage all investors to develop a strategy and then build expertise. And he calls at least twice a year to tell me that I remain his best tenant ever! Check in with RealWealth, All content herein is the Copyright ©2020 Real Wealth Network, LLC, Section 8 Properties for Sale & Why Buy Now Due To COVID-19. 3- the residents in the surrounding area will vandalize your property and you will have to spend extra money on burglar alarms and other defensive measures. Here’s an outline of how to qualify as a landlord in the Housing Choice Voucher Program. Getting your buddy to pose as your landlord is an old trick, and one that applicants have tried on me before in lower-income neighborhoods. Real Wealth Network, LLC is an educational company and is not acting as a real estate broker. Kept my attention until the end. If you subscribe, you will receive an electronic Invitation to Bid on each project as it is advertised for sale. This works well when rents have doubled in the last ten years and there is NO issue to deliver the rent increase and of course rents are direct deposit on the 1st. When the inspectors come, they know me and they love me. We live in South Florida and in a nice neighborhood. I don't want to be looked down on like I'm low class and will search for property that I can be proud to live in, I love yard work and flowers. Less repairs, better cash flow, helping people who work hard and save their money. This whole article is balderdash. So I was stuck there in a yucky neighborhood. In housing. that among other things, will REQUIRE landlords in the city to accept vouchers. Almost NONE will qualify. Even the conversation about the value of different neighborhoods has a racial component to it. It’s a unique niche, and one that most investors find they don’t have the stomach for. Where else do you get that. The neighborhood is probably C-class, it has it’s rough areas, but the house is in a great, quiet area. Being a landlord is a people business. So far she's been with me for 3 years, and it's been going reasonably well. Disagree? Our lessons learned: review your rules; add new ones; determine what we missed. I went through a period where I lived in low income/disability housing. Sometimes they want something done and sometimes they don't, but when they do the cost of the repairs is in the hundreds, not thousands. Why???. 2. eviction delays... we've never had section 8 delay an eviction If you signed up for BiggerPockets via Facebook, you can log in with just one click! 5. low income tenants are greater risks.... agreed, but that applies to section 8 as well as non-section 8. One of the houses was a section 8. I must preface I live in Los Angeles, CA. The previous Section 8 was nicknamed Black Demon. And yes, being that my neighborhood sucked for years, i saw first hand how BOTH the landlord and tenants destroyed the properties.