I have sec 8 tenants.
sec 8 tenants are usually lower quality tenants, if you have a nice property, don't, but if your house is older but still up to code, go for it.
you have to sign a contract with local sec 8 housing authority, usually the rent is slightly below market when you sign on, but you can request it be increase the second year.
you also need to keep the premise update and meet your local code, yearly inspection is required.
you will guarantee to get paid every month on the spot from HuD, sometimes tenants are responsible for portion of the rent, you make sure you on top of that, because again, these are lower quality tenants.
you will have more responsibility than renting to market, you will need to report move in/ move out, repair must be done within 10 days after report.
so, it depends on how your local rental market go, you have to think about is it worth the extra time you spend on paper work.
I once had 13 Hud voucher, now I still have 9.
Exp 2.
You need to check with her case worker to be sure that she has been approved, and your rent is within the limit of the type of dwelling she has been approved for.
Also you need to make sure she is a good tenant, clean, no illegal activities.
If you lease to her, the city will send someone for an inspection (mostly safety issues, no broken windows, no peeling paint, proper illumination, fire alarms, etc.) The city will send you payment record to report taxes.
The downside is it is not easy to terminate the lease with Sec. 8. So if you plan to flip the house in the near future, better go with someone else on month to month lease.
Also you need to make sure she is a good tenant, clean, no illegal activities.
If you lease to her, the city will send someone for an inspection (mostly safety issues, no broken windows, no peeling paint, proper illumination, fire alarms, etc.) The city will send you payment record to report taxes.
The downside is it is not easy to terminate the lease with Sec. 8. So if you plan to flip the house in the near future, better go with someone else on month to month lease.
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