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Old 02-23-2011, 10:03 AM
 
Location: Out of this world
277 posts, read 791,670 times
Reputation: 147

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I'm not sure if this post should be in "rent" or "Baltimore" section. Well anyway here goes.

I need to rent my place in Baltimore City and was wondering if anyone could suggest a good rental program? These days it's difficult to find a working person or couple who could afford to pay the rent on their own. I know times are hard and I am willing to use good programs that provide decent tenants.
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Old 02-23-2011, 10:09 AM
 
Location: Out of this world
277 posts, read 791,670 times
Reputation: 147
Oh, I forgot to mention my place is on McCulloh Street (about 2 blocks from the Bolton Hill area).Not sure if it makes a difference.

Thanks.
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Old 02-23-2011, 10:43 AM
 
Location: Baltimore
1,607 posts, read 2,345,290 times
Reputation: 999
Are you looking for a Section 8 program specifically or a real estate company to rent your property? I believe Section 8 will assist in finding tenants but you may want to speak with them directly. The property can also be advertised via a Realtor on the MLS and advertise it to both Section 8 and traditional renters. The fee is generally the first month's rent but in my experience as both a landlord and an agent finding housing for tenants, the service is worth its weight in gold.
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Old 02-23-2011, 07:57 PM
 
Location: Maryland
17,361 posts, read 7,761,549 times
Reputation: 5465
Quote:
Originally Posted by Dbatiste View Post
I'm not sure if this post should be in "rent" or "Baltimore" section. Well anyway here goes.

I need to rent my place in Baltimore City and was wondering if anyone could suggest a good rental program? These days it's difficult to find a working person or couple who could afford to pay the rent on their own. I know times are hard and I am willing to use good programs that provide decent tenants.
I shudder to think what kind of tenants a Section 8 rental in the city would attract but that's your best best.
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Old 03-09-2011, 09:09 AM
 
Location: Out of this world
277 posts, read 791,670 times
Reputation: 147
Thanks Davecj. I will look into a property manager. Your right, they should know more about this sort of stuff.

To EdwardA - I don't believe ALL section 8 tenants are bad. In fact, there was a time when I was homeless on welfare and section 8. Now I earn a decent living and own small apartment buildings.

Never judge a book by it's cover.
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Old 03-09-2011, 09:18 AM
(-)
 
690 posts, read 1,000,819 times
Reputation: 445
Quote:
Originally Posted by Dbatiste View Post
Thanks Davecj. I will look into a property manager. Your right, they should know more about this sort of stuff.

To EdwardA - I don't believe ALL section 8 tenants are bad. In fact, there was a time when I was homeless on welfare and section 8. Now I earn a decent living and own small apartment buildings.

Never judge a book by it's cover.
agreed. never judge a book by its cover.

you can post on cl if you are looking for a private renter (non public assistance)

section 8 won't find renters for you. that's your job. you have to find and screen for good section 8 renters. also keep in mind that section 8 doesn't cover the entire cost of the rental unit so you need to make sure that if you go this route, the tenant has a guaranteed source of income to cover the remainder.

also baltimore city is a bit heavy handed when it comes to section 8 rentals. you get paid based off of two things, # of bedrooms and zip+ postal code. doesn't matter if you have granite counters, recessed lights, luxury carpet, whatever, you get paid off of those two things so you might actually end up getting a lower rent amount from them than you would if you rented out to the public. just some things to consider.

i've been doing this for a while.
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Old 03-09-2011, 10:26 AM
 
Location: Maryland - Howard County
195 posts, read 496,338 times
Reputation: 55
Many real estate brokerages assist Landlords with finding tenants, as someone mentioned above. Not only do they market it but they also assist you in finding a client that is suitable for you. For instance, when someone puts an application in on one of our listings our leasing service department runs their credit, rental history, employment history, verify current employment, judgments, etc. As a Rent by Owner, you really only have the ability to pull their credit. It would be quite difficult for you to find out if they had any rental judgments against them or to find out any information from their previous landlord if they did not provide it.
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Old 03-24-2011, 01:39 PM
 
Location: Out of this world
277 posts, read 791,670 times
Reputation: 147
Thanks (-) and AlicynD for the information. I am meeting with 2 property managers this weekend. One of them is very familiar with programs however, the other recommends I lower the rent significantly to draw cash paying tenants. He recommends I advertise $595 for one bedrooms and $659 for two bedrooms. Which is baffling to me, because section 8 is paying approximately $800 to $1,100 for one and two bedrooms in my zip code (21217) . We are also looking at MBQ tenants. I never heard of this program before, but willing to check it out.
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Old 03-24-2011, 02:00 PM
 
206 posts, read 224,786 times
Reputation: 131
Consider that difference the extra maintenance needed on average to cover a Section 8 tenant. And if you just have a single apartment building instead of a portfolio you maybe can't afford the risk of major damage so going for a cash tenant might be the safe move. Some Section 8 tenants will work out great, but they'd tend to be staying in place and not looking for a new apartment. You've got massive adverse selection issues, basically (like with health insurance).

I'm kind of surprised MBQ would consider your place if they're looking for "opportunity" areas. Their tenants should be better than Section 8 given the counseling but it is still former public housing. I also keep hearing that it's getting quite hard to find Section 8 tenants given the voucher shortage. Which might just be another reason for you to be looking at the cash market.
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Old 03-28-2011, 04:37 AM
 
393 posts, read 378,361 times
Reputation: 59
hlbaltimore.com

I too am trying to see if any of the rentals they have are livable. Check out the properties and tell me which areas are better than which area. Rent starts at $350 to qualified person! I knew of this site before and wanted to ask which neighborhood is safe enough.
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