Moving out of PA and debating over selling rowhouse or renting...landlords, what are your thoughts? (Philadelphia: section 8)

[captainrm83]

Hello,

We plan on moving out of state and haven't decided if we are going to sell or rent our rowhouse. Both can have benefits. If we rent it will probably be to Section 8. For landlords in Philadelphia who do this, do you feel the benefits outweigh the cons?

I currently have another rental property out of state (in SC) so I do undertsand what it is like to do this from a distance. We plan on moving to CO so we will not be within driving distance to check on our PA house. Instead we will rely on local handymen, a home warranty, and neighbors to keep us updated...all of which we currently use for ourselves.

If it matters, our rowhouse is in the northwest section of the city. It is a 3 bedroom, 2 bathroom house with a small fenced in backyard, finished basement, and front porch. We are located on a quiet one way street with no houses across the street (a church and daycare instead).

Thanks

[orrmobl]

Section 8 is bad news no matter what way you slice it.

I have never been a landlord but I lived next to Section 8 people and it was a nightmare.

I would sell rather than have to deal with the nonsense...

[lititzman2003]

SELL! It's not worth the hassle. I rented out a house in Torresdale years ago and I never thought I'd live to 30 with all the issues that resulted. People will take advantage of you, knowing you're out of state.

[captainrm83]

I have rented my SC house for approx. 4 years now and the first couple of years was a major headache. I was to the point of letting the house just go to foreclosure and forget about it. I was loosing money left and right on it. But I wouldn't let my renters defeat me.

The first set fought me on everything and they occupied the house for a year (had to evict as well because they stopped paying after their 1 year lease ended and wouldn't move out). The second lady lasted 6 months and moved out because she could no longer afford it. The third set of tenants was the worse. The wife went to jail, the father neglected his kids and pets (no electric, young kids home alone, etc). All three looked good on paper but proved not to be in person.

My last set of tenants is section 8. They maintain the house, I get my payment every month, and the last year has been good for me. The benefit of section 8 is they do inspections annually (sometimes every 6 months) so both landlord and tenant must keep the house liveable.

I would hope PA would inspect their houses at least annually as well. No renter is going to keep a house the way a homeowner does. Just want to hear of some landlord experiences to section 8 renters inside Philadelphia.

[kimrocktherealtor]

I have a home I rent out in NE Philly. The demand for rental is very good, so you will easily find a tenant. I would not bother with section 8, the tenants honestly do not treat the home as well in my experience. You can find a good tenant if you price it correctly. Do some background research as well (credit/criminal). I would rent if you can, you'll build more equity and get a good tax write off in the meantime.