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- Guaranteed Payments
- Stability
- Maintenance of the property
- Accepting Section 8 renters can greatly boost your pool of potential tenants
- Increased profitability
on the 1st of every month electronically deposited creating effortless rent collection paid out to you like clockwork every month. No more evictions
regardless of economic conditions or work situation, payments will arrive on the first. No more evictions or chasing after rent. Other tenants, without vouchers, who lose their jobs can fall behind quickly. Soon, they will either dissappear, break the lease or get evicted.
Section 8 tenants will maintain the property because they cannot run the risk of having a landlord complaint that will put their voucher in jeopardy. They tend to disturb the landlord much less than one would expect.
Section 8 makes it easier to find your dream tenant who most importantly will maintain the property and always pay on time
The more often the rent money comes in one time the better cash flow for the owner. Much less stress worrying about the rent.
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Myth 1: Section 8 tenants will destroy the property. The myth is that Section 8 tenants will destroy the property or leave it in disarray. This couldn’t be farther from the truth. Although you will get the occasional rogue tenant, the vast majority will keep the place as they found it. They do not want landlords complaining to Section 8, because they will quickly lose their voucher. Screen your tenants by completing nationwide background and rental history checks, as you would with any other tenant.
Myth 2: Tenants with good credit and steady employment are a better risk. Consider this scenario and think to yourself which tenant would you rather have. All things equal, including clean background and good rental history, your tenant looses their job after 3 months. Non-Section 8 tenant has to look for job, more than likely earning less than previously employed. They begin to fall behind in rent and eventually have to be evicted. This is the single greatest benefit and advantage of owning Section 8 rentals – Guaranteed and effortless rent collection paid out to you like clockwork every month on the first. Stability from a failing economy has boosted the Section 8 landlord pool.
Myth 3: Tenant with great credit trumps all. I had a client with an 808 beacon score and the landlord could only see that they would be the best tenant ever. The landlord never looked at the job stability. Has this person been working in his chosen field for a steady amount of time? Unfortunately, 2 days before move-in tenant lost his job, moved back in with his mother and cancelled the deal. Great credit means they pay their Macy’s bill on time. Most rent history is not reported to the credit bureaus at all. The best measure of a solid tenant is rental history. Does a credit card company check rental history before issuing a card? Does it make sense to put so much emphasis on credit when it’s rental history that should be most important? Section 8 clients will likely have great rental history, always paid on time.
Myth 4: Section 8 tenants are lazy. Section 8 tenants take pride in their home just like any other tenant. Many families getting help from Section 8 are single mothers and fathers with children. These tenants usually work hard take care of their family and just need assistance. Insist on an interview with the prospective tenants prior to signing a lease and you will have less headaches.
Myth 5: Section 8 tenants make lousy neighbors. Again, Section 8 tenants cannot take the chance of creating disturbances and problems for the landlord. Many go out of their way to be very nice to everyone, as they feel fortunate to be in the area or school zone they were hoping for.
Section 8 Tenant Guarantee keeps paying regardless of employment and in many cases a voucher is adjusted upwards. There is no lapse in rental amount or collection from landlord. Checks arrive with direct deposit on the first without interruption for the term of the lease.
You can accept Section 8 vouchers less than the amount of rent. For instance, if the rent is $3250 and the voucher is $3000, the client will be responsible for the remaining $250. Their ability to pay will depend on the income of the tenant and their previous payment history.
Accepting Section 8 renters can greatly boost your pool of potential tenants. Section 8 makes it easier to find your dream tenant so you can enjoy a bump-free ride as his landlord. Contact Us to get more information.
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Also FYI
Realtors® in Miami-Dade and Broward Counties should be aware that their county’s Fair Housing protected classes
extend beyond those created under federal law. The federal Fair Housing Act protects against discrimination based on the following seven categories:
•race
•color
•religion
•national origin
•sex
•disability
•familial status
Broward County’s ordinances include the seven listed above. The following categories have been added to a local ordinance located in Section 16½-2 of the Broward County Code of Ordinances:
•age
•marital status
•political affiliation
•sexual orientation
•pregnancy
•gender identity or expression,
•veteran or service member status
•lawful source of income, (SECTION 8 VOUCHERS)
•victims of dating violence, domestic violence, or stalking