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30% of their income isnt just for rent, its the total, including utilities..
When I ran rental units and I had section 8 tenants, we always just inflated the rental rate, had the government pay the rent, and we wrote off the tenants obligation monthly.
Pretty sure you are confusing public housing, with section 8 there....
And you left money on the table you shouldn't have. You did not run them well. If they fail to pay their portion you evict them, and get section 8 tenants that do pay their portion.
Under the requirements of the program, housing voucher families must pay 30% of their monthly adjusted gross income for rent and utilities
Quote:
Originally Posted by greywar
And you left money on the table you shouldn't have. You did not run them well. If they fail to pay their portion you evict them, and get section 8 tenants that do pay their portion.
I didnt leave money on the table, I actually ended up with more sometimes. (sometimes being key, but far less headaches trying to collect rent so it was worth it even if I got less).
unit advertised for $400, section 8 tenant comes in, it would go to $550, so the govt would pay $450, with the tenant supposed to pay $100, which we never did collect. Never had to worry about late rent either, and I ended up with $50 more a month.
The Section 8 office always advertised rental reimbursement rates so we were always able to maximize the rent to stay with in limits and still make more money.
Then with a Section 8 tenant in there paying more, this increased the cap rate, and we were able to sell the properties for more money.
Under the requirements of the program, housing voucher families must pay 30% of their monthly adjusted gross income for rent and utilities
I didnt leave money on the table, I actually ended up with more sometimes. (sometimes being key, but far less headaches trying to collect rent so it was worth it even if I got less).
unit advertised for $400, section 8 tenant comes in, it would go to $550, so the govt would pay $450, with the tenant supposed to pay $100, which we never did collect. Never had to worry about late rent either, and I ended up with $50 more a month.
The Section 8 office always advertised rental reimbursement rates so we were always able to maximize the rent to stay with in limits and still make more money.
Then with a Section 8 tenant in there paying more, this increased the cap rate, and we were able to sell the properties for more money.
Are you in Pittsburgh? If so, where was all of this section 8 housing that you owned?
That being said....I see other links that also agree with you. So I am not sure you are wrong here upon reviewing them.
Look at the above link, and especially the last column, seems to indicate you are 100% wrong...but again, I see other links that support you. Any idea on the discrepancy?
Quote:
I didnt leave money on the table, I actually ended up with more sometimes. (sometimes being key, but far less headaches trying to collect rent so it was worth it even if I got less).
unit advertised for $400, section 8 tenant comes in, it would go to $550, so the govt would pay $450, with the tenant supposed to pay $100, which we never did collect. Never had to worry about late rent either, and I ended up with $50 more a month.
Ahhh so in other words...you're a criminal. Got it. (you do know that you have admitted to a crime right?
Quote:
During the HAP contract term, the rent to owner may
not exceed rent charged by the owner for comparable
unassisted units in the premises. The owner must give
the PHA any information requested by the PHA on
rents charged by the owner for other units in the
premises or elsewhere.
Quote:
The Section 8 office always advertised rental reimbursement rates so we were always able to maximize the rent to stay with in limits and still make more money.
Yes, by defrauding them
Quote:
Then with a Section 8 tenant in there paying more, this increased the cap rate, and we were able to sell the properties for more money.
Ahhh so in other words...you're a criminal. Got it. (you do know that you have admitted to a crime right?
There was nothing illegal about renting a unit out for a rate that was willing to be paid.
Quote:
Originally Posted by greywar
Yes, by defrauding them
Wrong, they told US what they were willing to pay.. The government ADVERTISE the rates and its available to ANYONE.
Quote:
Originally Posted by greywar
By defrauding the buyer as well.
Oh nonsense, purchase prices are determined for investment units by cap rates. They werent defrauded, they paid what the market rate was for investment units.
Ahhh so in other words...you're a criminal. Got it. (you do know that you have admitted to a crime right?
Yes, by defrauding them
By defrauding the buyer as well.
It's standard practice. I once looked at an apartment where the owner told me that the price listed was the section 8 price, it would have been cheaper for my rent-paying self.
It's standard practice. I once looked at an apartment where the owner told me that the price listed was the section 8 price, it would have been cheaper for my rent-paying self.
Its also illegal. shrug. Standard practice or not.
It's standard practice. I once looked at an apartment where the owner told me that the price listed was the section 8 price, it would have been cheaper for my rent-paying self.
It was a section 8 inspector that actually filled me in on what was going on.
I once bought a duplex, invested $20K into repairs, and set rental rates so I could get a 10 cap rate with a 5% vacancy rate.
When the Section 8 inspector came to look at the place, he asked me why the rent was so cheap because I had just put all of the money into the place. I asked him what he meant, because the rental rate was the market rate in the area, and he gave me a sheet with what Section 8 pays and told me to go by that, not what other units were renting for if I was going Section 8.
His justification was that Section 8 tenants usually destroy units, and had higher repair costs than normal, (since they pay such a low rental rate out of pocket and usually had more children than normal).
I rarely had an issue like that though, but I went through great lengths to screen tenants. I'd even pop into their previous rental houses unannounced to get a lease signature "I forgot" to get them to sign earlier on their applications, just to see how they lived.
No its not. They ADVERTISE how much they will pay you as a landlord.
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