Did you know property investment is one of the safest investments you can make?
However, there are some challenges that come with being a landlord. One of them is renters not paying on time. If you want to have peace of mind, consider investing in section 8 housing.
If you aren't sure what Section 8 is or if it's right for you, don't worry. Keep reading, we are going to tell you everything you need to know.
As a Section 8 landlord, you'll be providing livable and decent housing to low-income families and individuals.
Tenants are responsible for paying 30% to 40% of the rent and the Public Housing Agencies (PHA) will cover the rest. There are specific requirements that tenants much meet. Their income level, past renter's history, citizenship, and current living situation are all taken into account.
There are many benefits of becoming a landlord for a Section 8 property. First, you'll have reliable monthly payments coming in. PHA will pay you directly as they receive funding from the Department of Housing and Urban Development (HUD).
Many people sit on the waiting list for a long time before they get housing through the section 8 program so they are also motivated to pay because they could lose their housing if they don't. Since they've waited a long time they're likely looking for a long-term rental.
This means you don't have to worry about finding new tenants frequently. You will also have support and resources when it comes to screening the tenants.
PHA will provide you with their findings from their screening process. Affordable housing is in such high demand that vacancy rates are low when you're a Section 8 property. The more your property is occupied the more profit you'll make.
Section 8 housing does have specific requirements and your property has to be approved before tenants can move in. First, you're going to contact your local PHA in Salt Lake City, they will be able to advise you on the process and answer any questions you have. You can then start the application process.
You'll need to know the address of the property and the amount of rent you want to charge. Once the PHA approves your application you'll step up a time for an inspector to come to the property. A few items they will be looking for are proper plumbing systems, smoke detectors, and locks on the door.
Once your property passes the inspection you'll be ready to move in tenants. The PHA will give you approved tenants from the waiting list and you'll be able to screen the tenants. After the contract is signed it's important that both parties comply with it.
There is a constant need for affordable and safe housing. If you want to make a profit and help others in your community Section 8 is a great option. Having multiple Section 8 properties will increase your profits too.
If you're ready to get started click here. We can help you get started on the process and help you manage your properties.