Home Buying in 20120>Question Details

Lori Moran, Home Buyer in Washington, DC

I am interested in investing in section 8 properties in the 20120 zip code or thereabouts. What is the process for going about this?

Asked by Lori Moran, Washington, DC Thu Apr 25, 2013

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6
Thai Hung Nguyen’s answer
I don't understand your question completely. Section 8 Housing Program is to help promote affordable housing, not for investment purpose. Yet, here is a good resource that you can explore more:
http://www.fairfaxcounty.gov/rha/
0 votes Thank Flag Link Fri Apr 26, 2013
Lori, there is a big misconception about the section 8 program and that is that a specific property is "labeled" or "designated" as a section 8 property. In fact, any property is elligible for the section 8 program. The person or family that is enrolled in the program is given a voucher for a certain amount of housing assistance and then that individual is responsible for finding a home and a landlord that will accept them as a tenant. All of the normal landlord due diligence applies with regards to credit and background checks. If you decide to accept the person as a tenant, you will have a normal lease in place but you will also have a contract with the section 8 program that sets up the direct deposit of rent into your designated account.

Its a great program and when I got involved with it, I was surprised at how high the rental assistance is. I've had tenants getting as much as $2,000 and living in newer 3 level colonials. The subsides go even higher than $2k as it is based on each cities rental rates.

If you are looking for an investment property, the important thing to keep in mind is that the numbers should still work as a rental, regardless if its a section 8 tenant or otherwise. There are certain criteria to follow that will tell you if its a good investment or not. I'd be happy to tell you more about that if you'd like. You can call or email any time. Good luck.
1 vote Thank Flag Link Fri Apr 26, 2013
Lori, I have investment clients that have participated in the section 8 program. One Client went to Family Services so he understood the program completely then purchased the housing best suited for the program. Others have simply purchased a home and then solicited family services for a tenant.

You may wish to start here: http://www.fairfaxcounty.gov/dfs/

If you would like to speak in more detail please contact me via phone 703-946-4844.

Thanks for your inquiry.

Tom Shipe
Associate Broker
Graduate Real Estate Institute
Long & Foster, Realtors
8227 Old Courthouse Road
Vienna, VA 22182
Licenses, Virginia
Cell: (703) 946-4844
Office: (703) 556-8600
http://www.tomshipe.lnf.com
0 votes Thank Flag Link Fri Apr 26, 2013
Hello Lori,
NVRE is a local real estate company with great experience in helping 1st time home buyers and Investors, we have the knowledge and the patience and work hard to find the clients the property that fits their needs. I understand that you want investment property in Centerville that could be rented to Section 8 tenants.
The answer to your question is that this is a choice the landlord makes to accept section 8 tenants, but at our meeting you will find that you will have options or different ways to accomplish the same goal ...
Please give us a call or email to set an appointment; you have nothing to lose, but lots of information to gain.
Email: alkurd@nvre.net
Phone: (703)628-9343
website: http://www.nvreRealty.com
0 votes Thank Flag Link Fri Apr 26, 2013
Chris, that was an EXCELLANT repsonse!

Lori, as Chris stated, the issue is the landlord must "have a contract with the section 8 Program that sets up the direct deposit of rent..." there are a few other things involved with this contract also.

Do the math.
The numbers HAVE to work or you can become a broke landlord.
Support your data. You will find this to be a good investment strategy.
It is very likely you have recongnized the growing need.
You are about to come face to face with the challenges of decreasing inventory of homes available.
You will find it truly benefical to work very closely with, and commit to, a real estate professional.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Fri Apr 26, 2013
The county has no Section 8 properties; it is a housing voucher program for renters who receive an allotment for their monthly rent. To identify investment properties, you may create a free account at my website: http://www.livinginfairfaxcounty.co I will send you daily listings of homes that you can purchase and lease to recipients of the housing vouchers. There are several homes which you can buy as investment properties in the 20120 zip code and all you need to do is identify which homes meet your criteria. I will be happy to show you these homes and help you present an offer to the Sellers.
0 votes Thank Flag Link Fri Apr 26, 2013
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