If you are a landlord, you have probably hear the horror stories about Section 8 tenants who do not care about a place an trash it. You have probably heard about tenants who leave the rental property looking like a war zone when they vacate.
However, there are also some great stories about tenants who really appreciate the opportunity to live in a clean, safe, sanitary and decent place. If your rental property is already a mess, you cannot expect low income tenants to do much with it since they have such scarce resources.
Being a Section 8 Voucher holder does not mean that you are a property destroyer or that you cannot appreciate good living conditions. Section 8 is a rent subsidy provided to low income families to help them try to get on their fee and on their way to not being Section 8 Voucher recipients.
As a landlord, you have every right to screen and interview the people who will be renting your apartment and to decide whether you should rent to them. By the same token, the Section 8 Voucher holder is in no way obligated to rent your property. Conduct a thorough screening and interview, and you may end up with some great tenants who would really appreciate it if you were to offer them a decent place to live.
If you are considering trying to qualify as a Section 8 landlord, you have to go to the Housing Authority in your particular area. Let them know that you are going to making property available to Section 8 Voucher holders. If advertise as part of your marketing strategy, then you should place a statement in your ads which welcome Section 8 Voucher holders.
The rent that you will be able to charge must be equal to or lower than the average rent for modest properties in your area. If modest homes in your area are renting for $750, you cannot expect to get Section 8 Voucher holders. On the other hand, if your rent is lower and your tenant's income is low, the government may pay the entire amount of the rent. This might be something you would want to consider.
It would be a great advantage to have the government guarantee the entire amount of the rent and for you to receive the income punctually. You would never again have to worry about renters being late with you money, renters missing a month, or maybe even having renters skip out on you owing back rent. The government is not going to go anywhere anytime soon, and you will have that security.
In addition, since there is usually a waiting list of people looking to get Section 8 rent subsidy, you will always have a supply of prospective renters. This means that it is more likely that your property will be vacant for any significant period of time, and there are not too many landlords who can say that.
Once you are renting to Section 8 Voucher holders, you might even be able to stop advertising, cutting down on your costs. This all means that you could possibly see a much healthier bottom line than you have been seeing recently.
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