To Section 8 or Not To Section 8...?!?! That is the question (Pros/cons of Section 8 in 2020)
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Real estate investor Jennifer Love shares her experience managing Section 8 properties. She initially had reservations about managing Section 8 properties due to their negative reputation, but after buying a package of properties with Section 8 tenants, she found that the guaranteed rent was a huge benefit. She also likes having the Housing Authority involved because they act as a neutral third party that can help with issues like lease violations or tenant needs.
Jennifer's properties with Section 8 tenants are able to get more rent than market tenants due to the way HUD sets their fair market rents. She is still working on determining how to get higher rents for her Section 8 properties. She renews her Section 8 leases every year and submits for a rent increase 60 to 120 days before the renewal.
Jennifer conducts a thorough screening process for Section 8 tenants, including asking open-ended questions about their voucher and eviction history, checking references from previous landlords, and checking credit. She also conducts a home visit to verify that the tenant takes reasonable and normal care of their current home.
Jennifer's strategy is to have the nicest house on the block, which allows her to have her pick of tenants. She takes professional photos of the properties and posts them on gosection8.com, which is a nationwide website that is also used by Housing Authority caseworkers to direct tenants and landlords.
Jennifer primarily communicates with her tenants and the Section 8 office through email. She advises being kind and patient when working with them and believes that being respectful and understanding can go a long way in building a good relationship with the Section 8 office.
Real estate investor Jennifer Love shares her experience managing Section 8 properties. She initiall