Section 8 Real Estate rental thread

[hsm2448]

Depending on your location (local real estate markets obviously differ), this is a great way for some decent monthly cash flow. You also get the benefits of property ownership (numerous tax deductions/depreciation) as well as the possibility of future appreciation.

If you have ever considered this, feel free to ask some questions. Maybe this can be a thread for those interested as well as current landlords.

I like section 8 because:
1. Rent is automatically paid/direct deposited
2. Because the tenant doesn't want to lose their voucher, they have an incentive not to trash the property (unlike private market tenants who don't give a shit)
3. The inspection requirements make it so that you are forced to keep the property in tip top shape.

 

[richlove]

Is number 3 a big problem? I have been hearing that you have to go through a damn act of congress to get approved to be a section 8 landlord. I have really been
wanting to do a rental property. I have extra money now, but a couple of people have been talking me out of it. Don't know if they really know wtf they are talking about though.

 

[prospect]

I'm currently pursuing asset based lenders for flips. Definitely looking into buy and holds for long term.

 

[The Untouchable GDFOLKS]

Section 8 is a beautiful thing as long as you screen the tenants first.
Don't get it fucked up, a lot of them will fuck your shit up. Paying $30 for an apartment or house that usually goes for $1200-$1500 brings people that don't care about your property.

When you screen, you might see the person with voucher but once they are in, they bring a bad element to the neighborhood.

 

[southrue]

Any additional info on this, how to get funding. Are the bankers you guys deal with more concerned with Debt To Income(DTI) or having enough in the bank to cover 6 months?

 

[JTIMMY]

bump