Lostchild3343, Renter in Philadelphia, PA

Is Section 8 worth it?

Asked by Lostchild3343, Philadelphia, PA Mon Jun 24, 2013

I have a tenant occupied property that is barely making ends meet. The tenants have been there for a while and are "ok" with paying the rent on time. My question is, should I open for Section 8?

It is a 4 bedroom 1800 sq ft house in pretty good condition. It will pass all of the Housing Standards. My area is not currently accepting new vouchers for tenants, but I was told the list is way over full of people on the list waiting.

I can go from $900 a month (current rent) to probably around $1400 for a 4 bedroom. I'm apprehensive about it for some reason.....I've looked into this for quite a while and have seen positives and negatives. It seems the positives have been outweighing the negatives.

IS THIS WORTH DOING....? Thanks!

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Answers

4
Section 8 can sometimes be ideal. You know the rent will always be paid. Just make sure you go through the motions of ensuring the tenants are a good fit.
Web Reference: http://BobbyDaddis.com
0 votes Thank Flag Link Sat Feb 21, 2015
Thank you guys very much. I have done quite a bit of research and probably bothered the Housing Authority to death with my questions. I just passed a Norristown Code inspection and from what I read on the HQS, besides screens in every window, I should be good. I was just worried with a long time tenant if it was worth trying to "find" a descent and respectable tenant again. However, $900 just isn't cutting it for a 4 bedroom house in great condition. Thanks again for your experiences.
0 votes Thank Flag Link Tue Jun 25, 2013
Lostchild3343,

Using the section 8 progam is no different than finding tenants outside ot the program. You still must screen your tenants carefully. The good thing about the section 8 progarm is that you have the agency also to help you mediate issues with a tenant. Using this program does not necessarly get you higher than normal rent. They will inspect your property and then if it passes they will let you know what they are willing to pay. I have had some section 8 tenants for over 10 years. It's worth checking out the program. I wish you all the best.
0 votes Thank Flag Link Tue Jun 25, 2013
I want to start off by saying that my primary experience with the Housing Voucher Program (Section 8) has been in Montgomery County.

The biggest benefit of the program is that you essentially have 12 months of guaranteed rent (the county portion). Most landlords don't accept Section 8 because a) they don't take the time to understand the program and b) they don't have the energy to go through the process.

I recommend speaking with the Housing Authority in depth to find out if enrolling in the program is up your alley as a landlord.

Joshua B. Stein, REALTOR®;
Coldwell Banker Preferred - Conshohocken
Cell: (215) 866-8030 * Office: (610) 828-9558
jstein@cbpref.com
0 votes Thank Flag Link Tue Jun 25, 2013
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