A question owners often ask property managers: “Would you consider doing Section 8?”
A question often asked by potential tenants: “Do you take Section 8?”
My answer to both? No.
What is Section 8? Basically it is a housing voucher program that provides rental assistance for qualified applicants – in other words, ½ of the rent is guaranteed to be paid.
Whether or not you decide to accept Section 8 housing – is completely a business or personal decision – but make sure to know the facts ahead of time.
Here are some (not all - just some!) things to know about Section 8:
Your home has to qualify and pass inspections to be approved for Section 8.
The program does not screen tenants - you have to do everything you would usually do as a landlord, ie., screen tenants, maintain the home, etc., PLUS you have to fill out Section 8 paperwork, follow their guidelines, etc.
Section 8 does not pay for security deposits or damages to the home.
If a tenant doesn’t pay rent – and you have to evict – you get no assistance from the Section 8 program. And this is the number one reason why I do not take Section 8. In Arizona, if a portion of the rent is paid – it’s considered good faith and part payment. In order to begin eviction – a tenant has to have not paid any rent – at all. Can you see the issue here?
Should you, would you, could you take Section 8? It depends on a lot of things – just make sure you do your homework and know what you are getting into before saying “yes”.
This blog is written with my opinions and my opinions are presented with accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions. Gabrielle Kamahele Rhind - 2014. If you want to reprint parts of this - just email me for my permission: KGCProperties@gmail.com .