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SECTION 8 RENTALS |
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When
renting to a Section 8 Tenant, be advised that
any of the following may occur during the
process:
The process may take up to three months for
Public Housing Authority ("PHA") to process the
Application, complete the property inspection,
execute the Contract, approve the tenant to move
in and begin actual rent payments. The exact
amount of the rent you will receive may NOT be
determined until the Contract is executed, which
is toward the END of the process.
AFTER the Application has been turned in, AFTER
the expense of the property inspection has been
spent and AFTER the property inspection has
passed. At that time, if you are not happy with
the amount of rent granted and decline that
amount, the entire process of finding a tenant
will have to start all over again.
The
time-frame between the property passing
inspection and the Contract being executed can
be a month or longer. This means it could be
another month or longer before the Tenant will
be allowed to move in and when rent will begin
being paid, even after the unit passes the
inspection. While the Tenant is living in the
unit, the Tenant’s Voucher can be revoked by
PHA, at any time, for reasons that will not be
disclosed by PHA, rent payments will stop and it
will then be your responsibility to get the
Tenant out of the unit. This process is the
normal Eviction process and can take up to three
months to complete.
If the Tenant does not pay their portion of the
rent, PHA will not offer any assistance with
convincing the tenant to pay the rent. If you
wish to remove the tenant for non payment of
rent, you will need to go through the normal
Eviction process in the City where the property
is located and can take up to three months to
complete. Even after a Judgment is obtained
against the Tenant for non-payment of rent, PHA
may still move them into another Section 8
assisted unit. If the Tenant completely destroys
your unit, PHA will still allow them to move
into another Section 8 assisted unit.
PHA has no interest in Tenant damages at all! As
the Owner, be advised any of the above
circumstances may occur and be prepared to
accept any of these circumstances.
While offering Section 8 housing has its
challenges, there are some benefits: |
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Guaranteed Rent
Receive guaranteed payment from the Government when
you rent to a section 8 voucher holder. Most Housing
Authorities even deposit the rent directly into your
account. No need on waiting for a check to clear.
Rent Stability
You are also protected from financial loss if your
tenant suffers unexpected financial hardship. If
this occurs, the subsidy payment is increased to
compensate for your tenant's lower income.
Decrease Turnover
Section 8 tenants have a tendency to stay in the
same unit longer.
Government Screening
Each voucher must adhere to strict guidelines to be
part of the section 8 program.
Immediate pool of potential Tenants.
GoSection8 has hundreds of thousands of registered
tenants looking for housing.
If you
still want to move forward with a placement of a
Section 8 Tenant, let Stamar Management Corp help. |
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CONTACT US TODAY |
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If you're
looking for a company to fill your property management
needs in the Greater Dallas / Fort Worth area,
give Stamar Management Corp a call. Thanks for visiting this online residential and commercial real estate property management source.
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