Hello all,
I am thinking about purchasing a few units and putting them up for section 8. I believe you can pretty much choose and interview the families that you would to live in your units. I like the fact that the Gov't would send me the check directly and they pay pretty good as well. However, I don't know much about this sort of thing so I am at the mercey of all the members here to educate me about this and to advice me about the pros and cons. We have some very knowledgeable and some very smart people here. I would appreciate all the help I could get!
Thanks

i know a guy here who has some of those units. he complained loudly about how the people tore up the units etc etc. but the money as you note comes from the gov. i think they will pay to fix up the trashing too.

for me the proof was in this....i asked him if he would do more of the same if he had the chance and he said yes.

i decided it was not for me though.

tom w

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[SIGPIC] Diesel loving autocrossing grandpa Architect. 08 Dodge 3/4 ton with Cummins & six speed; I have had about 35 benzes. I have a 39 Studebaker Coupe Express pickup in which I have had installed a 617 turbo and a five speed manual.[SIGPIC]

..I also have a 427 Cobra replica with an aluminum chassis.

Our CFO here at work has a half dozen S 8's. About once a month he will have a new refrigerator or stove in the back of his pick up. He has been pleased with the income despite contending with some interesting clients.

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BENZ THERE DONE THAThttp://www.peachparts.com/shopforum/...c/progress.gif
15 VW Passat TDI
00 E420
98 E300 DT
97 E420 Donor Car - NEED PARTS? PM ME!
97 S500
97 E300D
86 Holden Jackaroo Turbo D
86 300SDL
(o\|/o)

Only a portion of the rent comes from the government. The balance comes from the tenant, based on ability to pay. If you rent to those folks, you have to completely remove any attachment you might have to the place, because it will, at best, be neglected. You will also have to deal with typical illogical government bureaucracy.

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1985 380SE Blue/Blue - 230,000 miles
2012 Subaru Forester 5-speed
2005 Toyota Sienna
2004 Chrysler Sebring convertible
1999 Toyota Tacoma

With Section 8 you have to figure you are getting people who have no clue about having to pay for things on their own, and they may have very little respect for your property.

Section 8 Positive: If it is fully subsidized, you get all your money every month

Section 8 Negatives:
1. You have the dregs of society living in your rental.
2. The tennants are yours, not the housing alliance cutting the check to you. If the tennants trash the place and you want to get them out, you have to go through all the steps to get them evicted. In states like NY and FL that have big time tennant's rights, that can be easier said than done.
3. You of course are responsible for the premises. If they destroy the plumbing, and you don't fix it, the housing alliance will find the housing substandard and can cut off payments to you. Then if you want to get rid of the tennants, go back to item 2.

We purchased a Section 8 house that we now live in. The last owner was sited by the housing alliance for violations that could make the house uninhabitable. The tennants caused many of the violations due to damage they caused. The housing alliance doesn't care how the violations happened, they just want them fixed or they stop paying. The former owner freaked out when she got estimates to do the work to bring the house back to standards, and put the house on the market.

That was a stroke of luck for us. Between repairs I have done, and the hyperactive Eastern Long Island real estate market, the value has almost tripled in 7 years. With the slowing of the real estate market, it is not as liquid as stocks, but I never would have made even close to that return on equities.

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Doug

1987 300TD x 3
2005 E320CDI

Tile the entire apartment .. walls, ceiling, install drains in every room, bars on the windows.. Then when they mess it up all you have to do is hose the place down

You need to PM Carleton Hughes, he knows about such matters and can advise accordingly....

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"It's normal for these things to empty your wallet and break your heart in the process."
2012 SLK 350
1987 420 SEL

Thanks!