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Wow, I can't believe you are going to trash a 2004 home... I have seen Section 8 renters and I have yet to see one that has a "clean" home... I suppose since it is technically, not their home, they treat it as such... Just be forewarned, you may get 24k a year but they may damage your home 50k a year or maybe even torch the place on accident or steal your copper and appliances when they are evicted... that $900 security won't even pay for the new fridge or the mold infestation everywhere... but its your choice... I just hope it doesn't turn out bad but I am not holding my breath...
Wow....so this is how PROFESSIONAL LANDLORDS talk of their tenants, you know its no one elses fault but yours that you choose to rent your home to disgusting human beings, everyone who are section 8 holders do not steal, torch, or abuse property, I totally disagree with you saying that because the home doesnt belong to them so they trash it, why??? I myself come from a very clean home, not everyone is that fortunate, you do as you see. At the end of the day you choose the dirty tenants that torched and stole your property so dont try to scare others to not renting to section 8 tenants
This thread is 2yrs old so replies wont benefit the OP, but for anyone considering renting to section 8...I'll add my thoughts.......
I've worked in rental housing complexes that accept section 8 and know of someone who bought properties and rented them to section 8 applicants.
You most likely wont have a problem with section 8 accepting you, but they split hairs with inspections before the renter actually takes possesion. On the plus side, you know your rental payments guaranteed each month, but you don't have a full security deposit to equal the monthly rent and when section 8 does their renewal and they're are damages, here again they're going to split hairs at your expense. One thing you can use in your favor during screening of your applicants, are credit checks and background checks and set your standards, this isn't discriminatory.
Quote:
Originally Posted by atlcharm
Yes my home is renting for above the median value, I know. Which is why I veered toward section 8. Many of the projects in atlanta are being torn down which has resulted in about 50,000 people being displaced, so I thought I'd have a good chance of being accepted into the program. Average rental rates on my side of town is about $1400 to $1500. My mortage plus taxes on a $200k loan is $1764. I live in the home alone and have never missed a payment, but I struggle to make ends meet due to this high mortgage. I thought about roommates, but figured I'd have my privacy if I just move into a smaller place and rent the entire home out. If the section 8 plan falls through then my plan is to stay here and just get roommates. I have a 4 bedroom/2.5 bath craftsman style home. Fairly new, built in 2004.
So to answer your question, desperation is what has me looking at the section 8 program, oh and guaranteed rent. At first I intially thought I'd rent the home to students, but felt that section 8 tenants would be a little more responsible than students or am I wrong?
I agree with most of the other posts, desperate decisions made when your backed into a corner are never good.
You really should think about this landlord thing. First off I think your assuming you can rent your place for more than you really can.
Secondly section 8 is very risky, as others have stated very possible you will have to wind up evicting someone or at the end of the lease damage si 10x what you have collected in profit.
Finally, being on a shoestring budget what are you going to do if the A/c goes out or stove goes out? I believe section 8 is pretty strict about you fixing things for tenants. How are you going to pay for that?
Decisions made from desperation are rarely sound. A sec 8 tenant can easily do more damage to your home that the above-market rent will cover. In fact, I'd be surprised if that didn't happen. If you want more info, call around Atlanta and talk to some property managers who handle good, quality properties. Ask if they accept sec 8 tenants, and take note of what you are told after they tell you "no, we don't".
If you are living on a tight budget, becoming a landlord is an extremely risky financial move. Very, very risky. You can get hit at any time with unexpected vacancy and/or expensive repairs. Worse, your house could be trashed and you don't have the money to fix it up and rent it out again. If such circumstances would bring financial disaster to your life, do not become a landlord, and especially do not become a section 8 landlord.
Finding a roommate sounds like your least risky move if you have extra space in your house and are looking for additional income.
Good Luck
I totally agree with you. What will the OP do when his first tenant moves out, he has to shell out $$ to fix the damage the Section 8 tenant did, PLUS the full mortgage payment, PLUS his own rent?
If he can kinda sorta afford the current mortgage payment he is far better staying in the home and getting a roomate to defray his costs. The house will sustain much less damage and any month that he does not have a roomate will only put him on the hook for the full mortgage payment.
I have been renting a home to a lovely couple who is on section 8, I do a regular interview, meet with their families, and have diner; if all is well I move to the next step. I have no reason to discriminate against anyone who is trying to better their lives and do not have the funds as others. In my experience you have some good and some bad tenants. Weather you are renting to a section 8 tenant or a regular tenant it's based on your judgement. I would never put someone down because they have section 8, it's guaranteed money and I am willing to help those who help me take care of my properties.
Yes my home is renting for above the median value, I know. Which is why I veered toward section 8. Many of the projects in atlanta are being torn down which has resulted in about 50,000 people being displaced, so I thought I'd have a good chance of being accepted into the program. Average rental rates on my side of town is about $1400 to $1500. My mortage plus taxes on a $200k loan is $1764. I live in the home alone and have never missed a payment, but I struggle to make ends meet due to this high mortgage. I thought about roommates, but figured I'd have my privacy if I just move into a smaller place and rent the entire home out. If the section 8 plan falls through then my plan is to stay here and just get roommates. I have a 4 bedroom/2.5 bath craftsman style home. Fairly new, built in 2004.
So to answer your question, desperation is what has me looking at the section 8 program, oh and guaranteed rent. At first I intially thought I'd rent the home to students, but felt that section 8 tenants would be a little more responsible than students or am I wrong?
Your Home will be Destroyed.
Your Investment Devastated.
Your peace of mind Gone.
I am a section 8 renter,I have 3 kids, keep my home very clean,Not all section 8 recipients are horrible.My landlord ask us to stay and she says we are the best tenants that she's had....
I'm still floored at the $2000/mo - section 8? Good grief!
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