Anybody try Section 8 Tenants?

[vlocci]

red 930. I''m shocked I havent seen you in the 944.

I'll keep an eye out form now on;

[Tishabet]

What year 930? My 944 is gaurds red, my commute is Mass ave to porter, then somerville ave to East Cambridge.

So do you Section 8 guys get to reject people, or is it a luck of the draw kind of thing?

[Por_sha911]

Originally posted by motion
It might be profitable, but...leaking, broken-down cars,

They drive British cars?

[Dantilla]

I have had a few section 8 residents, but no longer accept them. I had no problems with the people. They still had to go through our rigorous screening proccess. The problem is that the housing agency has their own "addendum" to our rental agreement, that I don't like. Dealing with the enormous stack of paper is stupid, too. Every year all the same stuff had to be signed all over again, and different people were responsible for different pages. No horror stories, but not worth the extra effort.

I use a simple monthly rental agreement, and don't like yearly leases. If I have a trouble-maker, I'm not going to wait until the end of a lease to say good bye.

[Wrecked944]

Well, you guys have, as per usual, provided extremely excellent advice. Am I the only person here who doesn't make a move unless he clears it with the Pelicanheads first?

I clicked on the link provided by vlocci and followed it through to the page that indicated what HUD would pay for rent. And in my city, they claim to offer just about $1000 for a three bedroom unit. Well, I am currently renting a two bedroom unit for $975. I guess, if I were a slumlord, I could offer some low quality, barely functional three bedroom crash pads for $1000 per month. But I won't do that. I'd really like to be able to offer some high quality units to folks in need. But I'd be losing money every month before I encountered any problem tenants or beaurocratic hassles.

Oh well.

[Groesbeck Hurricane]

What about apartments dedicated to the elderly? Could you still do the Section 8 elderly and be profitable?

I note that very few of us (me included) seem to make major moves without going through this board first. Yall are fabulous!!!

[turbo6bar]

Originally posted by Groesbeck Hurricane
What about apartments dedicated to the elderly? Could you still do the Section 8 elderly and be profitable?

Would this not be bordering on age discrimination?

The landlords that make the best returns buy cheap fixers in so-so parts of town. I might net $800/month rent after buying a $60k suburban fixer. A fellow doing Section 8 will go for the $25k junker in a worse neighborhood, likely inner city. That $25k junker, after repairs, will fetch around $725-750/month via Section 8.

I view Section 8 as a bridge making mediocre properties cash flow cows. Since my rentals are priced slightly above Fair Market Rents, my exposure to Section 8 has been limited to inquiries.

[legion]

I thought you couldn't discriminate against the elderly...it's perfectly legal to discriminate in their favor.

Aren't voting ages, drinking laws, and driver's licence requirements all forms of age discrimination?

[Groesbeck Hurricane]

We've seen many communities/complexes in Texas that are limited to the elderly. I know adult only complexes are not legal. I would think that adult only complexes would be able to root out the little old ladies family taking advantage of her Section 8. But again, I've not done too much research as the money requried to get going on this is out of my range at this time.

[Dantilla]

In Washington state, it's legal to have "55 and over" communities.