Any other Section 8 landlords here? I'm ready to give this headache up.

[Lola]

I own a duplex and I decided to make it Section 8. My renter I personally know, so my problem is not so much with her, but with the Section 8 system. I did my taxes, (my husband and I file married separately) and getting a measly 6,000 a year from Section 8 for that property caused me to lose my unearned income tax relief. Not to mention that I pay the gas and water for the house, because the renter can't afford to pay the gas--she's a 60 year old widowed lady who is unemployed right now, so really I don't benefit at all from this house.

My other unit is rented by my cousin who has a new baby and makes about 9.00 an hour, so I only charge her 375.00/month, which the fucking IRS will not know about. I'm sure they would try to tax my ass on that too.

Anyhow, any thoughts on being a Section 8 landlord? Do you think it's worth it? I might try to find investors to buy the property if I can. I'm sick of the hassle.

 

[kmillz]

section 8 is all bullshit. i know, cuz i used to work for them. See if you can sell the property and get out.

 

[moblack]

Damn your cousin is paying a grip for rent making 9 bucks a hour.

 

[MYSTIC]

if you do go section 8 i suggest you do research on how much the other properties are renting for to see if it's worth it. then you might have to make some repairs to meet their quality standards, then you have to find a tenant that won't fuck your shit up. good luck. it can be worth it if you apply your self properly and most importantly find a good tenant.

 

[forcesteeler]

Here in NY. They are not accepting applications for section 8 anymore.

 

[Lola]

section 8 is all bullshit. i know, cuz i used to work for them. See if you can sell the property and get out.

I know I'm pissed it fucked up my taxes. I went from getting $3,500 a year in refund to now $800.00 because of Section 8 "investment income" as they call it. If you make 2,900 or more from "investment income" you lose your unearned income tax credit. Trust me, getting that 6,000 a year is not making me rich. I pay out a LOT for that house in utilities and upkeep.

 

[LSN]

Yo I know someone who said she owns three of them shits...how does that go...do you buy property and then have it "declared" as section 8...or is it already section 8 property you are already buying...who pays you the tenant or the government...I'm assuming the latter cause the tenant doesn't pay much for section 8 housing...from what I am hearing from you it doesn't seem like it generates much of a profit...anyway...appreciate anything you can drop...damn life is funny...just heard about this shit a few days ago and wanted to get some info on it...

 

[Lola]

Yo I know someone who said she owns three of them shits...how does that go...do you buy property and then have it "declared" as section 8...or is it already section 8 property you are already buying...who pays you the tenant or the government...I'm assuming the latter cause the tenant doesn't pay much for section 8 housing...from what I am hearing from you it doesn't seem like it generates much of a profit...anyway...appreciate anything you can drop...damn life is funny...just heard about this shit a few days ago and wanted to get some info on it...

You have a property, you can sign up for Section 8. They come out and inspect it and if you pass, people on their list can pick your property. In my case, my tenant wanted to live at my duplex and she was already on Section 8, so she moved to my property after it passed inspection.

 

[Lola]

Damn your cousin is paying a grip for rent making 9 bucks a hour.

She has a boyfriend who helps her. Trust me, she's doing alright.

 

[bellsbreaker]

incoprorate a property manage company and metter out the profit and deduct your exspenses....

biz is biz... not charity.

 

[LSN]

You have a property, you can sign up for Section 8. They come out and inspect it and if you pass, people on their list can pick your property. In my case, my tenant wanted to live at my duplex and she was already on Section 8, so she moved to my property after it passed inspection.

Thanks...what's the advantage of that...why would you settle for lower rent fees from people who probably won't take care of your house as opposed to renting to folks who can afford a higher rent and more likely to take care of it...does the local/city government give you some kind of incentive or additional funds for signing up for section 8...

 

[LSN]

Thanks...what's the advantage of that...why would you settle for lower rent fees from people who probably won't take care of your house as opposed to renting to folks who can afford a higher rent and more likely to take care of it...does the local/city government give you some kind of incentive or additional funds for signing up for section 8...

I guess one advantage is if you get a dirt cheap house in an undesirable neighborhood it'd be easier to get a section 8 tenant over a regular tenant that way you make something off the property until the neighborhood rises...

 

[moblack]

375 where I live would be the slums.

 

[bellsbreaker]

Thanks...what's the advantage of that...why would you settle for lower rent fees from people who probably won't take care of your house as opposed to renting to folks who can afford a higher rent and more likely to take care of it...does the local/city government give you some kind of incentive or additional funds for signing up for section 8...

NO... section 8 isonly good for ghetto property in low income areas that you cant rent at market value... it keeps the poor poor

 

[gameboy]

i was thinking about going the section 8 route, but had somone who owns multiple section 8 properties advise against it.

she said it was cool back in the day, but now section 8 doesn't pay as much, so you'll just end up becoming a slum lord.

btw,,, friends and family are the worst people to rent to,,, they usually expect the hook up & will take their time paying you rent. then if you kick them out,,, they'll have a life long beef with you.

 

[LSN]

NO... section 8 isonly good for ghetto property in low income areas that you cant rent at market value... it keeps the poor poor

Yeah I just peeped game...it's a way to hold onto "ghetto property" as you said that you may have copped on the low and get something for it (rather than having it sit there) until the neighborhood changes...sounds like a big risk though especially if you have to pay utilities and the rent that they pay can barely cover the mortgage on the house...

 

[LSN]

i was thinking about going the section 8 route, but had somone who owns multiple section 8 properties advise against it.

she said it was cool back in the day, but now section 8 doesn't pay as much, so you'll just end up becoming a slum lord.

btw,,, friends and family are the worst people to rent to,,, they usually expect the hook up & will take their time paying you rent. then if you kick them out,,, they'll have a life long beef with you.

Cosign on that friends/family shit...I wouldn't be too excited about renting out property to Shaqueese and her bad ass kids an'em either...

 

[Muddy Waters]

Honestly, it sounds like the problem may be you, not Section 8. First rule with investment properties...NEVER RENT TO FRIENDS AND FAMILY. Are you charging them market rate for rent? Second rule...always determine the tax consequences before you invest in a property. Third...it's worth it to get a management company to properly manage the property, so you don't have to be the one knocking on the door trying to collect the late rental payments and taking them to court. The majority of the legal liability also shifts to the management company. (worth the 10% management fee) My advice would be to get rid of the tenants you have, hire a management company, and smile when you get your monthly proceeds check. Take yourself out of the mix. Don't sell the property. Remember this: Ownership in Real Property is the way, the majority of Americans build wealth.

 

[gameboy]

NO... section 8 isonly good for ghetto property in low income areas that you cant rent at market value... it keeps the poor poor

can fuck up a decent neighboorhood & bring property values down also,,,

majority of people on my block are homeowners,,, years ago, a single mother moved across the street with 6 TEENAGE GIRLS,,, fights, gun shots, drug deals, police calls almost daily, wanna be thugs hanging on the block 24/7 trying to get some ass (which most of them did),,,

they only lasted 1 (very exciting) year,,, the block is back tranquil now that they got the boot,,, wild how 1 house can fuck up a neighborhood tho

 

[LSN]

can fuck up a decent neighboorhood & bring property values down also,,,

majority of people on my block are homeowners,,, years ago, a single mother moved across the street with 6 TEENAGE GIRLS,,, fights, gun shots, drug deals, police calls almost daily, wanna be thugs hanging on the block 24/7 trying to get some ass (which most of them did),,,

they only lasted 1 (very exciting) year,,, the block is back tranquil now that they got the boot.

Yeah my neighborhood that I am in now is not rundown...but I seen some chics that moved into a house around here on the strength of section 8...I only talked to them once...basically same story as yours...they have some teenage daughters always dancing in the middle of the street got young niggas over all the time...like 5 houses have went up for sale since they moved into the neighborhood...

 

[TRUFICTION]

SOUNDS TO ME LIKE YOU HAVE MADE BAD DECISIONS
SECTION 8 IS PROFITABLE IF YOU DO YOUR HOMEWORK.
NEVER RENT TO FRIENDS AND FAMILY.
HEAVILY SCREEN THE POTENTIAL RESIDENTS BEFORE YOU RENT TO THEM
AS A RULE TAUGHT TO ME BY MY HOMEBOY CHRIS
(OWNER OF THE CHOPERBOX CHICAGO )...R.I.P...OWNER OF 33 SINGLE FAMILY PROPERTIES AND 11 MULTI RES. BUILDINGS

HE ALWAYS WOULD GO AND VISIT THEM AT THEIR PRESENT RESIDENCE UNANNOUNCED TO SEE HOW THEY ARE LIVIN BEFORE HE WOULD RENT HIS PROPERTY TO THEM.THAT CUTS DOWN ON POTENTIAL DAMAGE AND BULLSHIT ANTICS FROM THE RENTER.
THAT WAS JUST ONE THING THERE ARE MANY

THE PROFIT IS NOT ALWAYS SEEN IMMEDIATELY DEPENDING ON WHAT TYPE OF DEAL YOU MADE ON THE PROPERTY DURING THE PURCHASE.
REMEMBER YOU ARE BUILDING EQUITY IN REAL PROPERTY.
RENT AT MARKET VALUE AND RESEARCH HOW MUCH YOU CAN GET FOR A PROPERTY
IN A PARTICULAR AREA ACCORDING TO THE SEC.8 GUIDELINES AND CHARGE THE MAX.
TRUST IT WORKS WELL IF YOU DO IT RIGHT.

EVERYTHING ISNT FOR EVERYBODY.

 

[KiloGram01]

I own 31 properties, and 24 of them are rented Section 8. I live and die by them. I'll take the above market rents and guaranteed money over a non-Section 8 tenant any day. I'd rather even sit on a vacancy for a while, than go the non-Sec 8 route.

You probably should have screened your tenant a little better. I NEVER pay utilites for tenants, especially here in Detroit. They'd leave the windows open during the winter, and pump the furnace up to 80 degrees 'round the clock. Depending on your mortgage situation, you should probably have sat on that vacancy a lttle while longer until you found a tenant that would pay the premium rent plus her own utilities.

Also, like every other poster said, business is business. When you're trying to maximize your cash flow, you can't rent to family. You can't gouge them for money, and you can't evict them when things go belly-up.

 

[LSN]

...MY HOMEBOY CHRIS
(OWNER OF THE CHOPERBOX CHICAGO )...R.I.P...OWNER OF 33 SINGLE FAMILY PROPERTIES AND 11 MULTI RES. BUILDINGS...

That's a lot of effin real estate!

 

[gameboy]

Yeah my neighborhood that I am in now is not rundown...but I seen some chics that moved into a house around here on the strength of section 8...I only talked to them once...basically same story as yours...they have some teenage daughters always dancing in the middle of the street got young niggas over all the time...like 5 houses have went up for sale since they moved into the neighborhood...

why are the loudest & rowdiest people in the neighborhood, always out on the fucking front porch & the sidewalk 24/7?,,, live your life how you want, but take that bullshit indoors.

 

[LSN]

why are the loudest & rowdiest people in the neighborhood, always out on the fucking front porch & the sidewalk 24/7?,,, live your life how you want, but take that bullshit indoors.

LOL...I'm not in a major city so the locals out here even the ones on section 8 usually go inside pretty early...me being from the city I am the only one still hanging out in the front or chilling at the corner past a certain time...

 

[TRUFICTION]

why are the loudest & rowdiest people in the neighborhood, always out on the fucking front porch & the sidewalk 24/7?,,, live your life how you want, but take that bullshit indoors.

PEOPLE THAT HAVE TO PAY WHAT THEY WEIGH
DONT HAVE TIME TO DO ALL THAT SHIT
AND THEY DONT WANT ANYBODY FUCKIN UP THE SHIT THAT THEY ARE PAYING FOR.
ITS NO DIFFERENT THAT CATS CLAIMING NEIGHBORHOODS AND
BLOCKS THAT THEY ARENT PAYING ONE DIME OF TAXES ON.
BROKE MUTHAFUKAS HAVE THE BIGGEST MOUTHS

 

[afroyale]

She has a boyfriend who helps her. Trust me, she's doing alright.

The power of pussy is amazing.

 

[QueEx]

Yo I know someone who said she owns three of them shits...how does that go...do you buy property and then have it "declared" as section 8...or is it already section 8 property you are already buying...

(1) If you own it or you're purchasing or control the property through a long term lease, you can offer to lease the property to a tenant who has a Housing Choice Voucher, "HCV" (Section 8 Voucher).

(2) You may advise your local public housing authority, ("PHA") that you have a property that you would like to lease to a HCV tenant. As someone else stated, the PHA will inspect the property and, if it meets HQS (housing quality standards), it can be leased to someone holding an HCV.

(3) Some landlords prefer to lease their properties to non-HCV tenants at Fair Market Rent ("FMR"). Of course, if the property is of such quality and in an area where it demands a higher rent, it will price itself out of the Section 8 market (limitations are touched on below).

who pays you the tenant or the government...I'm assuming the latter cause the tenant doesn't pay much for section 8 housing...from what I am hearing from you it doesn't seem like it generates much of a profit...

The PHA establishes what is FMR for your particular property. HUD (the Department of Housing and Urban Development) issues the vouchers to the PHA's and sets the amount a PHA may pay on an HCV in your location. The PHA will pay what the government (HUD) allows and the tenant pays the remainder of the rent. The tenants share of the rent, as determined by the PHA, is based upon his/her income.

If you decide to rent to the Section 8 tenant, you will sign a HAP Contract (Housing Assistance Payment Contract) with the PHA which contains stipulations and expectations betweem you as the landlord and the PHA; you will also sign a lease between you and the tenant. The lease cannot violate local law and cannot be inconsistent with the HAP Contract, unless authorized by the PHA.

While a lot of the properties Section 8 tenants tend to lease are of lesser quality; they are not bound to such properties. A Section 8 tenant can lease a mansion, if he/she can afford it. In other words, no matter what rent the landlord desires to charge, the Section 8 tenant is limited by the amount of money she has and what HUD will authorize the PHA to pay in the tenants behalf. Obviously, if the tenant earns enough to rent the mansion, LOL, she probably earns too much to get government assistance.

QueEx

 

[gameboy]

SOUNDS TO ME LIKE YOU HAVE MADE BAD DECISIONS
SECTION 8 IS PROFITABLE IF YOU DO YOUR HOMEWORK.
NEVER RENT TO FRIENDS AND FAMILY.
HEAVILY SCREEN THE POTENTIAL RESIDENTS BEFORE YOU RENT TO THEM
AS A RULE TAUGHT TO ME BY MY HOMEBOY CHRIS
(OWNER OF THE CHOPERBOX CHICAGO )...R.I.P...OWNER OF 33 SINGLE FAMILY PROPERTIES AND 11 MULTI RES. BUILDINGS

HE ALWAYS WOULD GO AND VISIT THEM AT THEIR PRESENT RESIDENCE UNANNOUNCED TO SEE HOW THEY ARE LIVIN BEFORE HE WOULD RENT HIS PROPERTY TO THEM.THAT CUTS DOWN ON POTENTIAL DAMAGE AND BULLSHIT ANTICS FROM THE RENTER.
THAT WAS JUST ONE THING THERE ARE MANY

THE PROFIT IS NOT ALWAYS SEEN IMMEDIATELY DEPENDING ON WHAT TYPE OF DEAL YOU MADE ON THE PROPERTY DURING THE PURCHASE.
REMEMBER YOU ARE BUILDING EQUITY IN REAL PROPERTY.
RENT AT MARKET VALUE AND RESEARCH HOW MUCH YOU CAN GET FOR A PROPERTY
IN A PARTICULAR AREA ACCORDING TO THE SEC.8 GUIDELINES AND CHARGE THE MAX.
TRUST IT WORKS WELL IF YOU DO IT RIGHT.

EVERYTHING ISNT FOR EVERYBODY.

excellent advise,,, you can tell a lot about a persons lifestyle by just sitting in their front room for 5 min

 

[yallfakin]

$9 A Hour....$350 A Month For Rent????
Where The Hell Is This Going On In America...i Need To Relocate If Rent Is Only $350
Cheapest My Rent Ever Been Is $950 And That Cause I Live In A Coop So Thats Really Just Maintainance Fees.

 

[LSN]

Yeah I was just reading some stuff I googled up...thanks for the concise breakdown though...

(1) If you own it or you're purchasing or control the property through a long term lease, you can offer to lease the property to a tenant who has a Housing Choice Voucher, "HCV" (Section 8 Voucher).

(2) You may advise your local public housing authority, ("PHA") that you have a property that you would like to lease to a HCV tenant. As someone else stated, the PHA will inspect the property and, if it meets HQS (housing quality standards), it can be leased to someone holding an HCV.

(3) Some landlords prefer to lease their properties to non-HCV tenants at Fair Market Rent ("FMR"). Of course, if the property is of such quality and in an area where it demands a higher rent, it will price itself out of the Section 8 market (limitations are touched on below).



The PHA establishes what is FMR for your particular property. HUD (the Department of Housing and Urban Development) issues the vouchers to the PHA's and sets the amount a PHA may pay on an HCV in your location. The PHA will pay what the government (HUD) allows and the tenant pays the remainder of the rent. The tenants share of the rent, as determined by the PHA, is based upon his/her income.

If you decide to rent to the Section 8 tenant, you will sign a HAP Contract (Housing Assistance Payment Contract) with the PHA which contains stipulations and expectations betweem you as the landlord and the PHA; you will also sign a lease between you and the tenant. The lease cannot violate local law and cannot be inconsistent with the HAP Contract, unless authorized by the PHA.

While a lot of the properties Section 8 tenants tend to lease are of lesser quality; they are not bound to such properties. A Section 8 tenant can lease a mansion, if he/she can afford it. In other words, no matter what rent the landlord desires to charge, the Section 8 tenant is limited by the amount of money she has and what HUD will authorize the PHA to pay in the tenants behalf. Obviously, if the tenant earns enough to rent the mansion, LOL, she probably earns too much to get government assistance.

QueEx

 

[QueEx]

Cool. I represent 3 PHA's. And, don't overlook: a voucher can be used to purchase a home, as well.

 

[LSN]

I own 31 properties, and 24 of them are rented Section 8. I live and die by them. I'll take the above market rents and guaranteed money over a non-Section 8 tenant any day. I'd rather even sit on a vacancy for a while, than go the non-Sec 8 route.

You probably should have screened your tenant a little better. I NEVER pay utilites for tenants, especially here in Detroit. They'd leave the windows open during the winter, and pump the furnace up to 80 degrees 'round the clock. Depending on your mortgage situation, you should probably have sat on that vacancy a lttle while longer until you found a tenant that would pay the premium rent plus her own utilities.

Also, like every other poster said, business is business. When you're trying to maximize your cash flow, you can't rent to family. You can't gouge them for money, and you can't evict them when things go belly-up.

Shit I would rather sit on a vacancy than rent it out to a section 8 family...I work in a neighborhood filled with these houses and see how these folks live and abuse "their" property...but like brother Tru said not everything is for everybody but you have definitely made it work for you...

 

[NoJusticeNoPeace]

The power of pussy is amazing.

He be supportin that 9 doller an hour ass

 

[LSN]

Cool. I represent 3 PHA's.

Hey man I take the L's in June...wish me luck...hoping/studying/praying for at least 165...