Easy Guide For Renting Out Your Property To Section 8 Tenants

Posted on: May 25, 2011

Categories: Procedures, Profit

Author: lbuen

27614078 84b6405e24 m Easy Guide For Renting Out Your Property To Section 8 Tenants

Section 8 Image by ryarwood via Flickr

Many posts ago, we discussed the merits of taking in Section 8 tenants. Many landlords are lured to rent out their properties to these tenants because HUD’s Section 8 has made things easier for them in terms of minimizing late rental payments; property protection; minimizing turn-over; and shortening vacancy periods. If you want to your rental property business to be virtually stress-free, then follow these steps:

Prepping The Rental Property For Section 8 Tenants

Getting the rental property ready for inspection by interested Section 8 tenants would obviously be the first thing to do. Stage the home to make it more appealing and do not forget about curb appeal to lure them inside. When renovating properties for these type of tenants, go for durability over grandeur. Remember that there is a mandatory Section 8 inspection, so forget about doing superficial cover-ups, but instead fix what needs to be fixed to ensure that your property passes the minimum criteria.

Informing The Local Housing Authority That Your Property Is Available For Section 8 Tenants

Let them know that you are making your rental units available for the program. Get in touch with the Board in your local Housing Authority, whichever state your property is located to ensure of its appearance on the local list. Listing the property online through Go Section 8 is not an assurance that your rental unit will be listed locally, so make sure to reach the Board.

Accomplishing The Landlord Packet

To pass as a Section 8 landlord, you have to furnish information substantiating your right to rent out the property, document showing that the property has insurance, and others. Make sure that you submit all the requirements to avoid rental payments from being withheld from you. You can also take this chance to check on the particular landlord information that you cannot find on the Go Section 8 site.

Making A Property Profile

Request for a copy of the list provided by the Section 8 program to potential tenants, and look for properties located within two miles of your property. To come up with a profile of your property, compare your property with these in terms of location, price, square footage, and upgrades.

Marketing Your Rental Unit(s) To Lure Section 8 Tenants

One of the reasons why some landlords are catering to this niche is because there is a great demand for properties that can take in Section 8 tenants. This means that marketing your property would be easy. The Section 8 program listing, where your property must be listed, goes directly to your target market, tenants who are eligible for the program. Marketing to private tenants is not this simple.

Vetting Your Potential Section 8 Tenants

The screening process for this type of tenants is similar to screening other kinds of tenants, so do the process before drafting the lease contract. Although Section 8 authorities would already screen the candidates for particular felonies, you must also do your own research especially for possible recent misdemeanors, or other issues that may later have a huge impact on your rental property.

Checking Out Property Management

Property management could tug at your revenues, but it could also ease off stress due to problem tenants, property maintenance, and compliance issues. Although the rules of the Section 8 program could help to make tenants think twice about vandalism, and delayed payments, causing you less problems. If you think your cash flow can accommodate property management fees, then ask other property investors to recommend property managers to you and hand over the reins of running your property to one of them.

With the demand for this type of property  still high, the provisions of Section 8 protecting your property from delayed payments and vandalism by tenants, and your property manager running the show for you, you can lean back and put your feet up as you wait for Section 8 checks to arrive month after month.

 Easy Guide For Renting Out Your Property To Section 8 Tenants
pixel Easy Guide For Renting Out Your Property To Section 8 Tenants

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