We have to accept that Grant’s advice is both very wrong and very right at once. It may be difficult to sell your property with Section 8 tenants later down the road. A common dilemma is when you will receive your first rental payment. Summary: In this article, you will learn what it means to rent to Section 8 tenants and the pros and cons of becoming a Section 8 landlord. Participants find their own housing to rent in the open market, and pay a portion of their income towards rent. Landlording & Rental Properties So should you accept Section 8? The Project-Based voucher is attached to a specific property. Housing Authority will conduct annual inspections of the unit, making sure the tenant is not destroying the property. We have had both good and bad experiences with Section 8 tenants. I have 2 section 8 properties in Greenville, SC. When the tenant moves, the assistance can move with them. Additionally, some states have created rules requiring notification that the landlord receives permission from the housing authority to proceed against the tenant in court. I keep a hair trap in my shower drain and a food trap in my kitchen one. ? If the landlord … The Section 8 Tenant-Based Housing Choice Voucher Rental Assistance Program is authorized by Section 8 of the U. S. Housing Act of 1937 and the Quality Work and Housing Responsibility Act of 1998. I grew up in a family of rental-property owners and have owned a couple of homes myself. We donate 10% of all profits earned through real estate transactions. Given just one check, a landlord is hard-pressed to know … Continue reading to learn more about this controversial strategy, so you can decide if it may be the right fit for you. Although, you it can be easier to find renters, you cannot be guaranteed to charge the highest rent amount or that these tenants will be the most responsible. I also have found that a big problem with subsidy is that even though the rules are that they will loose their subsidy if they do not pay and get evicted it is far too easy for them to contest and just get reinstated. They will not leave voluntarily. Once you fix all items on the list, you can schedule a re-inspection with the housing authority office. Benefits. She’s worked in digital marketing for 9 years and is knowledgeable in a wide range of real estate related topics. After the initial housing inspection, you will need to be ready for annual re-inspections by the housing authority. In the meantime, here are 11 disadvantages that to be aware of. If the landlord presents a nice, clean, habitable home that meets all Section 8 requirements, then the tenant allows the home to fall into disrepair by not caring for it properly or failing to report maintenance issues, not only is that a problem in and of itself for the landlord, but it can also lead to the tenant being dropped from the program. Subscribe today and get the Oct/Nov issue delivered to your door! There are 13 main categories of safety they look at, and it is not uncommon to fail in one of these areas (or more). The last time my rental house was available someone asked if I accept section 8 which I wasn’t familiar with so I declined. Section 8 is available to low-income, elderly, and disabled tenants to help pay their rent and utilities. Landlording & Rental Properties Section 8 renters are now responsible for damages (beyond normal wear and tear) that are caused by any family member or guest Monthly subsidy payments made on or near the first of each month THA … The basement is unfinished. If I owned the building and wanted non-stereotypical tenants, I’d do the same. If you do decide to accept Section 8 in your rentals, you will need to be sure all applicants meet all your other criteria, including rental references (do they abide by the terms of the lease, do they have good housekeeping habits, are they all-around good tenants? One of the biggest problems landlords face is getting the rent on time every month. Sometimes, though, the tenant stops paying rent, or the landlord … If a judge orders you to pay money to the court, ask the judge also to order the landlord … Considering their personal hardships, they may not be able to maintain a high standard of property upkeep and cleanliness. One of Biden’s affordable housing proposals includes more funding for Section 8 housing vouchers. The AFFH would require cities that receive money from HUD to create a plan to end housing discrimination at a local level. The tenant will pay you the rest. He may choose to issue a warning, instead. There could very possibly be an influx of renters who need government subsidized housing during and following the wake of the COVID-19 Pandemic. Perhaps this is due to the fact that (in their mind) they aren’t financially responsible for what happens, or perhaps it’s simply a correlation between low-income tenants and cleanliness. Why Do Some Landlords Not Accept Section 8 Vouchers? I get a direct deposit from the Government for all or most of the rent on each house. HQS Inspection Process - Step by Step Guide. Because Section 8 guarantees rental assistance for individuals who qualify (as long as there isn’t a big change in income or family size), most of these tenants stay longer. This is very far from Trump’s assertion that the AFFH rule was requiring rezoning of suburbs or even to build affordable housing.”. The rule was eliminated by Trump not too long ago. Below is an outline of how to qualify as a landlord in the Housing Choice Voucher Program. The Section 8 program has several advantages. Why or why not? There is one small piece of leverage we do use with tenants getting out of line: we place them on Probation, letting them know how they have defaulted on their lease, and telling them-in writing-that if there are any further issues we will proceed to evict, which will cause them to loose their S8 voucher for 5 years. S8 and the HO are a funding source only: they make you work as a landlord but ask nothing of the tenant, which supports what Brandon stated about a lack of accountability on the part of the tenant. Find local real estate meetups and events in your area. Most of our problems are either criminal activity and/or unauthorized occupants so we have agreement with the local PD for enhanced access and surveillance as well as permission to write citations for criminal trespass. Many landlords are wary of Section 8 tenants. It’s up to the landlord to screen every applicant correctly and thoroughly and only accept those who meet their minimum standards. Trump Budget Deeply Cuts Health, Housing, Other Assistance for Low- and Moderate-Income Families –, How to Become a Section 8 Housing Landlord – Requirements, Pros & Cons –, Common Questions About Section 8 Housing –, The Advantages of Renting to Section 8 Tenants –, Should You Accept Section 8 As A Landlord? The security in real estate and of affordable housing opportunity for all is always a balancing act. While there is considerable profit to be made from the housing program in lower income areas, there are some risks to be aware of, including: Tenants must comply with many HUD restrictions. Although your rental rate may stay the same, the amount paid to you by the government may fluctuate depending on the Section 8 tenant income. But there are other factors to consider relating to the quality of tenant and the complications involved in separating from the problem … Through Section 8 we have had our share of good and bad tenants, but “screen and be mean” is my approach: check them out well, have a tight lease, go over it with them completely, and enforce your lease when it is broken, otherwise they’ll drive you to the poor house. If the Democrats aren’t able to win these seats and take control of the Senate, then it will be a lot harder for Biden to pass his plans for housing. She assists with research, content creation, SEO strategy, graphic design, and social media. Home » Learning » Is Section 8 Good For Landlords or Not? There may be properties that are currently rented and simultaneously for sale. Quickly analyze a property address or ZIP Code to compare your rent in your neighborhood. In some more expensive metropolitan areas Fair Market rent is set at the 50th percentile. If a section 8 inspection failed, you as the landlord have time to make the fix before a re-inspection date. In order to qualify as a Section 8 landlord, your 1+ bedroom units will need to match the dollar value of these vouchers. This will vary according to your specific county. Never send funds directly to a seller but instead, use the services of professional title and escrow companies. If you do fail the inspection, you will be given a list of items that need to be fixed. The funds for this program are provided by the Department of Housing … When they have no “skin in the game” they don’t concern themselves with the property. The Section 8 Program offers tenant-based assistance. You will be providing valuable information that may help GoSection8, HUD, and housing authorities offer better service and information to families as they search for new housing… However, like any renter, a Section 8 tenant can cause problems for the landlord. We’ve typically found that Section 8 tenants cause more damage to the property and often allow more garbage and junk to pile up than our other tenants. However, once you receive the first payment, you should expect consistent payment each month. Laws for landlords accepting tenants receiving rental assistance can vary greatly by city. This Section 8 benefit goes hand in hand with the one above. This situation could probably have been avoided altogether had the property manager who placed the tenant screened correctly, but that's one of the risks you take when buying properties with existing tenants. More work to evict comes into play as you will need to send copies of documentation throughout the eviction process to your local housing authority office. There are never any guarantees with real estate or government assistance, such as in the housing program. Finally, in our experience, Section 8 tenants can be more difficult to manage than their unsubsidized counterparts. I wouldn’t have a problem with these but for the fact that the housing office (HO) does not-at the end of the contract , when the tenant is moving out-make the tenant show all municipal utilities are paid up, nor do they complete a move-out inspection that requires the tenant to return the property to the landlord the same as they got it. Currently, there have been substantial cuts and According to Center on Budget and Policy Center, “Among these are substantial cuts in low-income housing programs that would affect a broad swath of low-income households, including several million working families with children, seniors, and people with disabilities.” 1 Having that said, there may be fewer vouchers or added regulations that will trickle down making things more difficult for Section 8 landlords. Biden’s overarching plans include expanding affordable housing, particularly for low-income American’s. A place to begin your search is the U.S. Department of Housing and Urban Development. Kate lives in Salt Lake City and enjoys skiing, golfing, hiking with her two Airedale Terriers and going to Utah Jazz games. Here’s how to ensure you rent your properties to the right prospects. Some landlords believe that the Section 8 program is an administrative burden or has other disadvantages. Kate previously worked part-time for RealWealth in 2012, but her passion for real estate brought her back to rejoin our marketing team in 2018. A foreclosure and eviction moratorium was declared by the President for the COVID-19 National Emergency. Nov 28, 2020. At RealWealth we also offer Section 8 inventory through property teams in our network. Finally, we have a third guy who insists on making sure bathroom sinks have stoppers, or if there is an old water stain on a ceiling tile that it get painted. This moratorium includes all FHA-insured, single-family mortgages for a 60-day period. – Should I run a Background check on the S8 tenant living in the Second-Unit? This may change the dynamic of the Housing Choice Voucher Program and tenants’ ability to keep up with their portion of rent. What is Section 8 and how does it work? The HO here does nothing to get tenants to behave: they have told us that if we have a problem with the tenant we need to take them to the magistrate and evict them: they are only a funding source. Whether you’re a brand new landlord looking to rent your very first income property or an experienced one with a massive portfolio to rent out, chances are you’ve at least considered renting to Section 8 tenants. Landlords cannot decline a tenant based on the … Prior to being approved as a Section 8 landlord, units must be inspected and approved by the local housing authority and the rental amount must be at or below the Fair Market Rent set by HUD. If Democrats can win the majority of the Senate this January, it will be a lot easier for the Biden administration to push their plans for affordable housing through congress. If the Section 8 neighbor is violating the terms of his lease, not maintaining the property or inflicting intentional or accidental damage to common areas, you must report this to the landlord. In this case, the landlord must qualify for the voucher and then qualify tenants independently (the tenant does not have to work through HUD directly). It is very discouraging to see our tax dollars at work like this. The federal program, run by Housing and Urban Development (HUD), is carried out by the local Public Housing Authority of each state. In perverse government logic, I can push my renter out, she can go to another landlord and Section 8 will pay current market value. Many landlords think the better aspects of the program outweigh the bad, but it is up to you to decide. As Matt T. suggests, oversight of the S8 program is quite poor. However, if they move the program benefits stay with the property, benefiting the next resident of that home. While there are a variety of benefits of becoming a Section 8 landlord, one of the biggest is being able to help someone in need. This is mostly due to the administrative process, which can be quite slow initially. Damages and lost rent will almost certainly exceed the amount of the security deposit. Housing Authority Waiting List; Section 8 Payment Standards; Section 8 Vouchers; Public Housing; Project Based Section 8; Section 42 Tax Credit; VASH Vouchers; Property Owners & Managers. Membership is always 100% free. Hundreds of landlords have been fined and/or debarred from doing business with the federal government as a result of failing to provide safe and decent housing for the poor, while enriching themselves on taxpayer-funded subsidies. I think I’m a good tenant but don’t a bit blame landlords for being fearful. This makes sense, because Section 8 tenants want to keep their Section 8 vouchers so they can continue enjoying the benefits that this program offers. As such, plans to expand affordable housing may be stymied. Kate has a diverse background in marketing and education, with a bachelors degree in Communications and a Masters in Education. – What should I put in my lease contract? Cory, the agency does NOT pay the security deposit; the renter does. Should I Accept Section 8 Tenants — Or Run the Other Way? They also may require more safety features and assistance throughout their rental period. This means no income, no rent, and no reimbursement for forthcoming damages. It is going to be my first time dealing with S8 people. A property manager’s job is to have a plan in place ahead of issues arising. On July 31, 2018, the San Diego City Council amended City law to add Section 8 Housing Choice Voucher rental assistance as a protected source of income. Step 1: To rent to a government-subsidized tenant who is under the Housing Choice Voucher or Section 8 program, you and the tenant will have to complete a Request for Tenancy Approval RTA form together. Hi Schumway, Our new landlord intends, I suspect, to tart this place up and get the going rate for the apartments. Half my renters are S8. RealWealth has been on the Inc. 5000 list of America’s Fastest Growing Companies... for three years in a row! The PHA provides a family with the housing assistance that enables the family to seek out suitable housing and the PHA enters into a contract with the landlord to provide housing assistance payments on behalf of the family. But whatever the reasons, whether financial or socio-economic, Section 8 tenants are often harder on a property, which is the number one reason why we don’t jump to rent to Section 8 unless a weak rental market makes it advantageous. Subsidized Housing. – Should I finish the basement and add a bedroom so that the first unit becomes 3 bed/1Bath for more money? I screen my tenants and have declined to rent to some based on their background check. Also, tenants will typically pay their portion on time, because failure to do so can cost them their housing voucher. Fortunately, if a Section 8 tenant loses their job, the government will pay 100% of the rent. Another risk of renting to a Section 8 tenant is the belief that Section 8 tenants are very destructive. Brandon began buying rental properties and flipping houses at age 21, discovering he didn’t need to work 40 years at a corporate job to have “the good life.” Today, Brandon is the managing member at. Below, is list of the top 5 benefits of renting to tenants with housing vouchers. So, effective communication is crucial if you want to be successful. Put simply, this means that 40% of homes in the area rent for less than this amount and 60% rent for more than this amount. The Property Teams we work with at RealWealth often report that tenants using Section 8 vouchers have fewer delinquencies than non-Section 8 tenants. seriously! I don’t blame him: Although we are “out” on Staten Island, this is an incredible location two blocks from the beach with a Walk Score of 80. thank you for sharing your experience. This screening process may provide extra protection for your rental, as tenants have to pass both your tenant screening process and the housing authority’s. HUD sets Fair Market Rent at a level that is in the 40th percentile for the rents in the area. Thank you. We have it stated clearly in our lease five times about this type of lease violation, but I guess some folks still think they can get one by us. To learn more, check out our CEO, Kathy Fettke’s predictions for how Biden’s presidency might impact the housing market in 2021-2024 and potentially longer if he wins a second term. However, the opposite could be said because tenants have more incentive to stay in good status with the landlord’s policies to avoid losing their voucher. I would like some advices on: What’s the Best Way to Communicate With Tenants—Text, Email, or Phone? ), credit (do they pay their bills? The government has been releasing plans to help those who are now out of a job, but who knows how long some people won’t be able to work. If you live near a Section 8 tenant and have complaints … During the screening process, tenants are approved by HUD for a voucher covering a 1-bedroom or greater unit, depending on their family size. According to Forbes, Green explains, “The 2015 AFFH rule offers guidance, not a particular solution. One guy has to ensure all doors latch, even closet doors-really? The Housing Choice vouchers are accepted by landlords and property managers. With the long list of folks waiting to get a voucher here, you think they could set their own idiotic rules aside and inspect for truly code and safety issues. Not a single subsidized tenant that we have evicted has lost their subsidy. The Housing Choice Voucher program, commonly known as Section 8 because it is part of the larger Section 8 program, is a federal housing assistance program that subsidizes part of a tenant’s rent payment in order to help low-income renters access safe, clean housing. Finally, I have to agree with Tom Geier when he mentioned unwanted guests. Frequent Yearly Inspections. Renting out your property in general has its advantages and disadvantages; but when considering becoming a Section 8 landlord, you will want to weigh-out the additional pros and cons. Related: Should I Accept Section 8 Tenants — Or Run the Other Way? Grant Cardone Is Both Very Right and Very Wrong: Let’s Pick Apart His Advice, You Can Avoid After-Hours Phone Calls From Tenants—Here’s How. Full-paying tenants may be turned off by your property if you have Section 8 tenants, because of the negative stereotypes associated with low income individuals. If passed, this would mean that all landlords would have to accept Section 8 tenants. The Section 8 Housing Choice Voucher (HCV) program is a federally-funded HUD program that provides rental assistance for quality units chosen by the voucher holder in the private rental market. 60% on subsidy and in Western Mass typically market rents are higher than Section 8. In many places, there’s up to a two year wait for housing assistance because the program is so underfunded. Worse yet, local housing departments often require extra steps in the eviction process, delaying … Something else to keep in mind is that if the tenant is dropped from the program, *you’ll* need to evict them, not the agency. HUD has also recently enacted a change in Fair Market Rent calculations. The LACDA administers Section 8 … Become a member of RealWealth® to watch the replay and to View Sample Section 8 Properties in Baltimore and other markets. As such, rents are slightly lower than the median rental price for that area. To view sample Section 8 properties, visit the Investor Portal. For example, large property management companies can easily handle the extra work that accompanies Section 8 rentals, while private landlords may not have the time to invest in the program. Qualifying properties also tend to have long waiting lists. We have become so accustomed to this trick that as soon as a single mom with a newborn (or young child) applies, the first question we ask ourselves is “where’s the Daddy?”, because we anticipate him showing up. Connect with 1,000,000+ real estate investors! I am in the process of closing on a Multi-Family Home in Austin, IL. Control of the Senate will be determined by two runoff elections in Georgia on January 5, 2021. For example, if HUD says that the FMR in your county/community for a 2-bedroom is $900 dollars, you will be asked to keep your rental rates at $900 or less. If vouchers were eliminated, would you have a difficult time renting your unit to full-paying tenants? Therefore, if you are a landlord with a property in a higher-rent neighborhood wanting to receive market value, it may be near impossible to find renters of Section 8. Emergency maintenance doesn’t happen often—on average, maybe once a year per unit. Start analyzing real estate properties, we do the math for you. COVID-19; List a Property & View Your Listings; Affirmative Marketing Toolkit; Homes for Veterans; Landlord … Tenants who uses GoSection 8. Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing. [This article is an excerpt from Brandon Turner’s The Book on Managing Rental Properties.]. We are already seeing huge financial impacts from the outbreak of the Coronavirus. And it’s on your dime. In some cases, this process can take longer, however. If you are consistently doing your own inspections and fixing issues as needed, these inspections can go smoothly. $513,755.12 dollars donated and counting. Continue reading to learn more! From there, the landlord will determine whether the violation is severe enough to evict the tenant. When tenants move into a property that participates in the Project-Based Section 8 Program, they receive the same type of financial assistance as tenants with a voucher. There can be more red tape to jump through. According to HUD, about 75% of households that are eligible for Section 8 vouchers do not receive them. I own and can use a plunger and all kinds of hand and small power tools. We are all aware that government leaders and the financial stability of our country are always changing. What I’ll do as a non-stereotypical Section 8 tenant is find a rental agent who works with Section 8. In addition, it would be wise to only accept vouchers from tenants with a good standing rent history. The risk of property damage may or may not increase with tenants in the program. The biggest perk of accepting Section 8 subsidies is that a substantial part of the rent money you are owed will show up on time each month via direct deposit or a mailed check. If you do not think that the landlord is handling the situation with the neighbor correctly, or if the tenant continues damaging common areas or other property, you have the right to co… Landlording & Rental Properties When the renter moves in, the market value rent might be fine, but after two, three, or 5 years your rent allowed by Section 8 may be far below market value. Chief Ben Carson of the Department of Housing and Urban Development (HUD) is known to oppose aspects of the housing assistance program. For example, a household of 3 people will qualify for a two-bedroom voucher; therefore, the tenants will be looking for units only with two bedrooms. At the outset, landlords are required to show all taxes and municipal utilities are paid in full, and submit to an inspection. Let’s look at some of the pros and cons to help you decide. Grant Cardone loves to offer advice that folks shouldn’t mess with houses and small multifamily and should go to the big stuff right away. The amount of rent not covered by the voucher, will need to be paid by the tenants. One of the issues with Section 8 is the list of allowed occupants. The big con not listed is the difficulty/impossibility of getting annual rent increases. We accept our fate, but we strive to get better at our part, and hope S8 can improve their end with some oversight and better interaction with landlords. Looking to purchase pre-existing Section 8 rental properties? This is another big contributing factor to the lower vacancy rates Section 8 landlords usually enjoy. Expertise: Landlording & Rental Properties, Personal Development, Real Estate News & Commentary, Business Management, Flipping Houses, Mortgages & Creative Financing, Real Estate Deal Analysis & Advice, Real Estate Wholesaling, Personal Finance, Real Estate Marketing, AskBP, Real Estate Investing Basics. 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