Bought in not the best area so contemplating just renting to section 8 so I don't have to stress about rent.
Anyone who has done it, what are the steps
Anyone who has done section 8 tenants, what are the steps
byu/Forward-Craft-4718 inrealestateinvesting
Posted by Forward-Craft-4718
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Call your local house authority. They will know the steps for the city you’re renting
Lots of resources online about this.
You’ll need to know if your building/units pass your local housing authority’s ‘housing quality standards.’ you can give them a call and mention you’re interesting in renting to folks with a housing voucher and ask for a preinspection. An inspector with schedule an appointment. If you pass, you can list and advertise specifically stating that you accept housing vouchers/section 8. If it doesn’t pass, the inspector will give you a list of what needs to be done.
The voucher usually covers about 2/3 of the market rate rent (it’s different for each tenant based on their income). You can screen tenants as you normally would. Once you find an acceptable tenant, you’ll fill out their housing voucher and hand that into the HA. There will be an actual inspection for the unit, sign a lease and send a copy to the HA. There are annual inspections (per unit) and occasionally rent adjustments as the tenant’s income changes (tenant must report income changes). You can raise rents annually, but if you go above market rate (set by your state authority) the tenant is responsible for the difference (some states don’t allow you to do this). In most jurisdictions there are notice requirements for lease/rent changes ranging from 30 to 90 days.
Thats the high-level stuff. Talk to your local housing authority. In my experience they are more than happy to help guide you through the process. (My HA used to have quarterly meetings for landlords to ask questions or raise concerns but stopped during covid.)