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Should You, Would You, Could You Take Section 8?

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”.

Buying or selling Tucson real estate, Mt Lemmon, Tucson bank-owned homes, Tucson rental homes, or Tucson lease option homes? Visit www.KGCPropertiesLLC.com .

                                                 

 

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 .

 

Comment balloon 2 commentsGabrielle Kamahele Rhind • January 20 2014 04:56AM
Should You, Would You, Could You Take Section 8?
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