"Landlord's Obligations: The role of the landlord in the voucher program is to provide decent, safe, and sanitary housing to a tenant at a reasonable rent. The dwelling unit must pass the program's housing quality standards and be maintained up to those standards as long as the owner receives housing assistance payments. In addition, the landlord is expected to provide the services agreed to as part of the lease signed with the tenant and the contract signed with the PHA."
Unlike my colleagues, I am not an advocate of placing tenants into my rental unit if they cannot personally afford my rental rates. I am by no means a believer in big brother dictating my market rates, my repair needs or requiring me to sign a contract to dictate what I am required to do with my property. I prefer quality screening to provide me with viable tenants that fit my requirements for credit, income, and criminal background checks.
Check out one of my Blogs on Tenant Screening:
Just a little about my background so you know where I'm coming from....I'm an investor that has multiple properties and tenants in the San Antonio area. I go above and beyond to provide clean and updated rental units and have been in the game for awhile. Whatever you decide, Good Luck.
I feel you have much more security with section 8 of both getting payment on time and because is difficult to find good rentals they will appreciate having a good home and will take care of it.
I have been trying to find homes for several teachers and government employees and have a lot of difficulty as renters do not want to rent to people holding vouchers.
In my opinion it should be agains the law to not rent to them.
You'll have a few more restrictions/inspections with Section 8 but they are generally conditions that any good Landlord would want to keep up on anyway. In Howard county you have to consider Section 8. And it's a great program to assist families that are having trouble making ends meet. It is also guaranteed rent as the County/State pays most of the rent directly to you.
Downside with ANY rental is that a tenant can be hard on a property. I recommend writing in at least quarterly walk-through inspections to make sure the house is being maintained.
Section is rental just subsidized by external source. I believe Mrs. Love makes an excellent point. You can have great renters or sections8 renters as well as bad renters or section 8. As the owner of the property you have the opportunity to review all applicants and make a decision.
The decision should be made after some resources that best fit your needs. I can see you have begin to do this and it is a good step.
Pros: Guaranteed monthly rent payments! Section 8 rental income is among the most reliable. Under Section 8, tenants are responsible for approximately 30 percent of their rent, while the US government picks up the balance of the rental payment. This US government balance is paid directly to the property owner/landlord. There are cases where the US Government pays the entire monthly rent amount directly to the homeowner/landlord. Section 8 may be a great solution to generate increased rental income.
Cons: Before approving your home for Section 8 occupancy, the US Department of Housing and Urban Development (HUD) will determine your unitâ€™s Fair Market Rent (FMR). Once the FMR is determined, you are not allowed to accept outside payments that will result in a rent higher than the FMR.
In the beginning, the process is similar...a potential tenant would complete an application submit the app for processing, undergo a credit check and background investigation, checkout previous references...etc. In other words, section 8 tenants would need to be approved by you the homeowner just like anyone else.
**FYI : Find out what the 2012 Income Limits are: http://www.huduser.org/portal/datasets/il/il2012/2012summary.odn (if needed, copy and paste)
I hope this information has been useful and benefits you, however, If you need further assistance, please email, text or call me, Juanita Brown, Realtor. Serving the lovely state of Maryland since 1997.
Here is a short informative article from the Maryland Association of Realtors.
I have 20 years experience buying, selling, and as a long term investor. I have multiple long term rentals in the area. Let me know if you need more assistance.