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I want to invest in section 8 homes and Duplexes and wanted to know about the process and requirements

I want to invest on section 8 homes and Duplexes. I wanted to know what paperwork I needed to fill out, requirments, locations of the section 8 tenants, and what requirements would I need to process a loan or grant.
Fri May 9 2008, 13:40 - 48224 - Home Buying - 3 answers
 
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Charmione Tu…
Buyer & Seller
in 48224
Charmione Tu…, Buyer & Seller in 48224 in 48224
Answers (3)
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Gary Smith was FIRST TO ANSWER
Hi Charmione, I have two rental units in Pontiac. I had a tennant ask me if I would consider sec. 8. I knew nothing about it. She had already applied and been approved to receive sec. 8 so I contacted her counceler, filled out the paperwork, had an inspection on the property. I only had to install hardwired smoke alarms to pass. I also had to register the house with the city of pontiac. She has been in the house 2 years, we receive our rent check from the government every month without fail. I keep the house up to code , fill out the paperwork that sec. 8 and the city requires, she keeps the house very clean and everyone is happy. Contact HUD.com and your local government. Also, make sure the rentals meet the requirements and are upto code.

Sat May 10 2008, 04:34
 
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Hello,
Many of your questions can be answered quickly on HUD.org. I think this will help.

Fri May 9 2008, 18:45
 
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FIRST ANSWER
Charmione, I'm definately not an expert but will help bump your question back to the top. I do suggest joining an Investment Association, that may give you access to experts.

The City of Detroit website may have some of the answers you need about buying, section 8 landlord requirements, and grants. Make sure you read up on blight ordinances, I heard they now require a dumpster for any evictions.
http://www.safeguardproperties.com/content/view/1085/106/
http://www.ci.detroit.mi.us/Departments/PlanningDevelopmentD…

Fri May 9 2008, 18:41
Web Reference: http://activerain.com/smith3gary
 
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if rents are 900, taxes 300, insurance50. how much house can i buy?
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