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One important aspect landlords should consider is whether or not they intend to rent their properties to Section 8 tenants. Unfortunately, there are a lot of myths and misconceptions out there about what it means to offer Section 8 housing.
Here to clear the air about Section 8 housing is Al Rotiroti Sr. Al is a nationally recognized author and expert in the niche of government assisted Section 8 rentals. On today’s show, Al is sharing how the Section 8 approval process works, the truth behind common myths about Section 8 tenants, and much more! Don’t miss episode 161 of Investing in Real Estate!
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Section 8 is a government assistance program that was developed to provide quality housing for low-income individuals and families. Section 8 is qualified on a case-by-case basis. Al explains that in two identical homes that rent for $1700, one Section 8 tenant might pay $0, while another might pay $1500.
As a landlord, if you choose to provide Section 8 housing, you will be held to a higher standard than the average landlord. Each year, the government will inspect your rental property to ensure it is up to standards. You will be supplied with a list of deficiencies that you will have to address in a timely manner in order to qualify as a Section 8 housing provider.
Al explains that instead of viewing these extra steps as an annoyance, he embraces the extra requirements. He explains that if he were to pay an inspector to visit each of his properties on an annual basis, the cost would be enormous. But as a Section 8 housing provider, he receives free inspections, which keep his properties in a preventative maintenance situation.
In terms of tenants, Al offers that Section 8 tenants are no different than any other tenant; they’re just people. The only differences are that with Section 8 tenants, the landlord has to fill out additional paperwork, and the government pays a portion of the monthly rent.
On today’s show, Al is sharing even more about the world of Section 8 housing for landlords. We’ll talk about the inspection process, rent determination, and how to procure the perfect tenant. We’ll also discuss what you’ll learn in Al’s book, The Smart Section 8 Landlord!
If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.
On this episode you’ll learn:
- What can you expect from a Section 8 inspection?
- What happens to your rent if a Section 8 tenant loses their job?
- Why does Al say you shouldn’t consider a tenant who doesn’t have their moving papers?
- How can you find great Section 8 tenants?
- And much more!