jwilsoncolum…, Home Buyer in Tucson, AZ

how do i invest in a section 8 property?

Asked by jwilsoncolumbia, Tucson, AZ Sat Mar 2, 2013

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One doesn't actually invest in Section 8 Housing. The federal government offers rental assistance to certain individuals who qualify. They then find a rental property in which the owner/ property management is willing to rent to them with the assistance of the Section 8 program. A standard lease is signed and an addendum for the Section 8 program is added to the lease.

Some applicants received full reimbursement, but most are required to pay a small portion of the rents on top of the governmenet assistance. If the rents were $750, the government might pay $725 and the tenant would be required to pay the balance of $25.00 each month.

There are many other factors to consider. Besides the government check arriving every month on time, there are conditions placed on the owner/ property management co. The property has to meet the basic standards of habitability, rents are hard to raise later especially if there are no funds for the increase. Also expect in many cases, the small portion the tenant is supposed to pay is sometimes the hardest monies to collect.

Then there is the possibility of damages from the tenant's tenancy. Collecting on damages can be a challenge at the very least and in some cases, the property must remain vacant until the government decides if and how much they may pay towards the damages.

Just some things to consider.
1 vote Thank Flag Link Sat Mar 2, 2013
Once you find an investment property you would make a call to the local section 8 housing department. You would put your home on their list for rent. An inspector would come out to the home and make sure it is a suitable home for their standards. If not, they would give you a list of repairs or items to complete.
0 votes Thank Flag Link Sat Mar 2, 2013
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0 votes Thank Flag Link Sat Mar 2, 2013
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