Although this matter can cause a great deal of depressing emotions, not everyone should feel ultimately bad, especially the rental specialists and investors. If you cannot sell your property because of the bad economy, then consider renting your house under Section 8. Great idea, isn’t it?
The Housing Choice Vouchers Program (more often referred to as “Section 8”) is a financial housing assistance program by the U.S. Department of Housing and Urban Development together with the local housing authorities or Public Housing Agencies, to help “very low income” families, the elderly and the disabled avail housing. Generally, American families who qualify for this program has an income of below 50% the median income for the area. The goal then is to provide for these qualifying families the assistance they need in paying the monthly rental fee for homes and apartments that are located anywhere.
As a landlord for these qualifying families, there are a number of advantages to participating in the Section 8 housing assistance program. For starters, renting your unit to families under Section 8 has a lower turnover rate and shorter vacancy periods compared to other tenants. Moreover, since the rental payments are subsidized by the government, you are guaranteed of a more timely payment scheme.
To rent your unit under this program, you will need to visit your local PHA and complete some paperwork. Information such as property size and monthly fee are questions mostly asked by these forms. If after a quick PHA inspection your property meets the necessary requirements and approval, you can now become a Section 8 landlord. Occasionally, minor to major improvements of the to-be rented unit are to be taken such as improving the plumbing, electrical, and exterior appearance. Although this can be cumbersome, these are quite essential in order to qualify.
With the increase in the number of families in the U.S. having money troubles, it is wise for Real Estate Investors to cater to these families and offer them an affordable refuge to call home.