patrick.net

Great! Let's securitize food stamps next!

I am wondering if I had a rental, would I want to rent it out as a section 8? What are the pros and cons for a landlord? One of my friends rents out his properties to section 8 tenants. He says it is good income because those that qualify for assistance, the gov't check is drafted to him, which more than covers the mortgage. On top of that, he charges the tenants 200 on the side. The downside is that the property is more frequently subject to inspections, and inspectors can complicate your business... Anyone with experience with section8 housing?

ChapulinColorado says

The downside is that the property is more frequently subject to inspections, and
inspectors can complicate your business...

I have a former employee that does sect 8 prop maint now, and he's had to scramble recently against the dropping temps to fix some concrete steps so that the government's check flow will continue.
Most sect 8 rentals are shitty with a high turnover, and nearly constant maintenance from the turnover and tenant that that system attracts. If you divide out the excess hours of not only dealing with the government, but with maintenance, repairs, and cleanup along with the never ending new tenant screening it is time consuming. I haven't even touched on collecting the (minimal)cash end of their rent at all, or the tenants not paying utilities or if YOU pay them, the tenants running up the bills more than normal.
Every sect 8/slumlord will brag about how much money that they make but will never tell you about how much time that they put into their shacks to get that money.

Buy a decent place(or make it that way) that attracts decent people with decent and stable incomes and cash their rent checks, and when they call about a problem fix it fast and coddle them because they won't want to move if you solve problems fast. Of course, the rental must have a good value to them or they too will move on.