You may not want to be a Section 8 landlord, but today we’re talking about why, as a property owner, you may want to consider it.
What is Section 8?
Section 8 is a housing program funded by the Department of Housing and Urban Development. It provides vouchers to individuals who require help paying for housing. There is currently a housing crunch in the bay area, and the Section 8 program is willing to pay landlords up to 20 or 30 percent over market rent for their properties.
Screening Section 8 Tenants
A lot of property owners are apprehensive about accepting Section 8 tenants into their properties. The good news is that the process to pick a tenant with a Section 8 voucher is the same as if you were picking a regular tenant. You can screen these tenants just as thoroughly as you would screen any tenant who wanted to rent your home. You can verify income, talk to past landlords, run a criminal background check, and make sure there isn’t a history of evictions or property damage in their past.
As a property investor interested in renting out your property quickly, Section 8 tenants are not people that you will want to write off immediately. They can be a reliable source of rental income, and it may make more sense for the financial goals associated with your rental property.