Question for people with rental properties
 

have you ever done section 8? what are the pros and cons? i know the $ is guaranteed on time, so thats a good. ive heard both that the people destroy stuff, and that they dont destroy stuff because they will lose their assistance.

any feedback is appreciated.

just like everything, there will be good and there will be bad

From my experience, they destroy everything.

For years my grandmother would not rent to anyone on assistance of any kind, but when the market had gotten tight, she rented to two in a row. They destroyed two apartments to the tune of $15k.

My business partner has 30+ properties, and he also will not rent to section 8 for the same reason. Luckily most of the time they do not pass the reference check. So they/he can be picky.

The best policy for anyone doing property is to spend the extra money, and time screening your tenants, and have some money saved to wait it out. $500 a few months is better than $15k in damages.

:2 cents:

Beemk the slumlord. This is perfecto.

I watch section 8 cases on Judge Judy and the Peoples Court all the time,lol. I have rental property in Calgary Canada. I won't rent to a person unless they have had there job for at least 2 years, no smoking and NO drinking. In my experience alot of renter Drink ,and that is usaully the root of all there problems.

They destroy everything:2 cents:

Section 8 can be a good or a bad thing. Some section 8 tenants are great and you are guaranteed your money but you have to put up with the section 8 BS. Some section 8 tenants are terrible. I don't think its much different from your average renter in general. Once you get past the initial setup of section 8 just keep up with the inspections and all is good.

For the record even considering the fact that a potential renter is on section 8 as a factor for renting or not renting to them is completely illegal. Always rent to the first qualified applicant and you will stay out of trouble.

Hence the background, and reference check ace. Which is why I mentioned it in the first place.

Most will not pass it.


:2 cents:

every good things...has a bad thing in common

get a good property management company and rent it out to regular tenants, unless it's in the ghetto or something. If it is, sell the motherfucker for whatever you can get and move on.