DON'T DO IT!I am thinking of pulling the trigger on two investment properties that I have been researching. My concern is that one of them is currently occupied (it is a double) with section 8 tenants. I have no real experience with how section 8 works, and from my research I seem to find both positive reviews and horror stories.
Anyone here have any experience with section 8 tenants and have anything they could share?
Thanks for the input. Anyone have any positve experiences? It does seem most of what I find on it is negative.
Thanks for the input. Anyone have any positve experiences? It does seem most of what I find on it is negative.
My experience is "indirect". When I lived in Missouri the house next door to me was bought by an investor who then decided to rent it to Section 8 tenants. A year or so later my house had to be sold when I accepted an out of state job transfer. Due to the effect of the Section 8 impact on the overall neighborhood my home value dropped by north of 50%.
But from a "positive experience" perspective. It was better than the time i got my arm caught in the meat grinder down at the sausage factory. That really sucked.....
Any type of investment in which property of some type is involved a thorough inspection should be done before making decisions. You cannot judge the condition of the property based on the tenants or who owns it. If you're not able or willing to make the arrangements, wait and inspect carefully then investing in a property might not be a smart idea - protect your bottom dollar. Never buy anything without knowing what you're getting, first.
Just because someone was in HUD or Section 8 doesn't mean they didn't care for their property or that the person responsible for maintenance didn't maintain it well.
Likewise, just because someone rents or pays a mortgage doesn't mean that they take good care of their property, either.
A previous home I rented was in poor condition because the maintenance company that our agency secured always failed to do their job when we'd call to report an issue. When they would come to do any work they would leave their trash and junk behind for me to clean up and complain when I decided I couldn't wait and had to bring in a 3rd party to do some work (like plumbing).
Yea, the property itself is actually in decent condition, all things considered. If I calculated it all right, it would be a money maker, but the horror stories of dealing with section 8 tenants (which is the majority of that area) almost makes it not even worth it potentially.
Ok, so that's one concern down - the condition of the property.
It's within your right to ask the current owner or rentor how these tenants are: Are they ontime with rent? Do they have legal issues which bring the guarantor (maybe you) into the field? Overall, have they had a lot of excessive complaints about the rentor (meaning - would they be a pain in your ass for no reason) . . and so on.
Whenever you're going to become the new keeper of a property that's already inhabited then these things are a good guage of what you're getting into. Twice in the past I actually met the soon-to-be-owner of the property we were renting. So it seems to be common practice and good for rapport.
Yea, that is all on the list of things I wanted to find out. Glad to know I am not way off base here. Thanks for all your input.
Yea, the property itself is actually in decent condition, all things considered. If I calculated it all right, it would be a money maker, but the horror stories of dealing with section 8 tenants (which is the majority of that area) almost makes it not even worth it potentially.
Just because someone was in HUD or Section 8 doesn't mean they didn't care for their property or that the person responsible for maintenance didn't maintain it well.
Likewise, just because someone rents or pays a mortgage doesn't mean that they take good care of their property, either.
I am thinking of pulling the trigger on two investment properties that I have been researching. My concern is that one of them is currently occupied (it is a double) with section 8 tenants. I have no real experience with how section 8 works, and from my research I seem to find both positive reviews and horror stories.
Anyone here have any experience with section 8 tenants and have anything they could share?
From what I understand, to receive section 8 housing grants your property has to conform to the administration's standards, whatever that may be.
That should include regular inspections, I believe they are annual property inspections (I may be wrong).
If this is your first property and you have no previous experience with section 8 housing, I suggest you not do it.
It could be the bad kind of learning experience.
From a personal standpoint, I've dealt with people from section 8 and non section 8 areas.
The section 8 recipients, generally, cause more problems than what I would want to deal with.
Yes it is yearly inspections here (it might differ between states though), and I have heard they get pretty nitpicky about it all.
It would be my first section 8 property, which is why I ask the question. It does seem to be a general belief that it is not worth it, which is obviously good for me to know and consider. I appreciate your response.
I am thinking of pulling the trigger on two investment properties that I have been researching. My concern is that one of them is currently occupied (it is a double) with section 8 tenants. I have no real experience with how section 8 works, and from my research I seem to find both positive reviews and horror stories.
Anyone here have any experience with section 8 tenants and have anything they could share?
From what I understand, to receive section 8 housing grants your property has to conform to the administration's standards, whatever that may be.
That should include regular inspections, I believe they are annual property inspections (I may be wrong).
If this is your first property and you have no previous experience with section 8 housing, I suggest you not do it.
It could be the bad kind of learning experience.
From a personal standpoint, I've dealt with people from section 8 and non section 8 areas.
The section 8 recipients, generally, cause more problems than what I would want to deal with.
I am thinking of pulling the trigger on two investment properties that I have been researching. My concern is that one of them is currently occupied (it is a double) with section 8 tenants. I have no real experience with how section 8 works, and from my research I seem to find both positive reviews and horror stories.
Anyone here have any experience with section 8 tenants and have anything they could share?
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