Why Section 8 is the Ideal Thing Since Sliced Bread

I love section 8 housing. I do not understand people who really don't. I believe landlords that don’t jump at the idea of renting their house to a section 8 tenant are the exact same individuals who refuse to pay a quarter to go within the express lane, or leave plastic covers on their furniture. It just doesn’t make sense.
Section 8 tenants are good for many reasons. The first one is that the government is by no means late. The tenants commonly pay a few hundred dollars for their rent, as well as the housing office pays the rest. Tenants use a lot simpler time paying a handful of hundred each month, as opposed to a full month of rent.
A different reason I hear my investors, who have never actually had a section 8 tenant, give me for not working with the program is that section 8 tenants are supposedly the bottom on the barrel for tenants. They all give me the exact same line about not wanting the tenants to tear their newly rehabbed foreclosure apart. I strongly disagree. These tenants have a strong incentive to not damage the house in any way – very much additional than regular tenants. If they screw up once, they're out with the plan. They also generally need to possess a job and go via an application process to get in to program, which is yet another level of screening already built into the system.
Tenants with assisted housing are also not picky – and they usually do not care about the price. Housing vouchers also generally are good for people with rental property in rougher areas – where the majority of foreclosures are. Let’s say you bought a short sale or an REO, fixed it up, and estimated that you could rent it out for $1000 per month. Quite generally in my experience, I’ll put out some signs advertising the property, will get a couple of tenants who are willing to pay the $1000, and then will have a tenant show up with a section 8 voucher that pays over $1200. It’s no difference towards the tenant how much I’m asking for the place, as long as their voucher covers it. It is not exactly a tough decision to pick a tenant at that point.
I believe I’ve barely begun to cover the benefits with the section 8 plan. In my next entry, I will outline the few easy steps it takes to acquire your house to pass inspection.

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