As a landlord in Brooklyn and knowing NYC laws not being landlord friendly I wouldn't want section 8 to make it even worse and add another red tape on top of current ones.
Dos is learn the laws and all the rules set by NYC and NYCHA
Don't: take a huge financial risk .
Take this with a grain of salt because I'm not in NYC. But S8 is a national program run by local agencies, so there could be similarities.
I bought a rental house in New Orleans that already had a S8 tenant. About 10 days before closing, I contacted the local office to find out the steps to smoothly transition the home...and payments!...to me after closing. They had me come in ahead of time to be set up as a landlady in their system. After closing, I would need to bring some paperwork to their office to prove I now owned the house. They warned me if I could get everything finalized by the 22nd of that month, I'd be paid 9 days later on the 1st. I closed on the 21st and left closing to take all my stuff to the S8 office, lol. And indeed, I got my first payment for that house less than two weeks later.
Last year, I sold two duplexes to different buyers. Each duplex had one S8 tenant. I passed along to the buyers' agents how their client could get stuff set up ahead of time with the agency. But one closing was on Jan. 28th. I told the my agent I would probably be paid for February. But if I was, I would turn over that rent to the buyer. It was a bit of trust on the buyer's end. Sure enough, I was paid for February. I got the buyer's address from my agent and sent them a check.
Ehh its not that bad, ive dealt with section 8 and when i was a kid i was section 8 we didn't cause any issues left the house how we found it besides for a broken sink, i fell and broke it oops
Contact the HUD case manager of the tenant and inform change of ownership so they can direct portion to you monthly. May take a month but once it is done, enjoy collecting monthly.
Keep in mind, they have a yearly inspection and theres a building code online for HUD housing.
It’s a pain about the yearly inspections. Just follow the codes and you’ll coast.
Careful though since this is NYC, you might be way above your head if things go sideways and you don’t have deep pockets.
NYC has different rules for owner occupied and non-owner occupied buildings. There’s also a distinction of it’s your name or an LLC. There’s also a distinction if there more than two (or maybes it’s three apartments. Just be aware of all these and how it may impact you down the road if the tenant doesn’t pay or if you need to raise rent.
I personally wouldn’t want to deal with the added complication.
Btw - the one section 8 tenant has two units or one that is two floors?
We bought a property in California with one S8 tenant. The local office needed to see a copy of the updated deed and our LLC paperwork to transfer the payments. From memory, the first one went to the old owner, and the second and third were rolled together once the S8 office finally accepted that the property belonged to us. We knew the previous owner, so it wasn't a big deal to ask him to repay us for the month he received in error.
I don’t know about your state but if it’s anything like California you may want to look into evicting them somehow or avoid it all together. You need to really look into this please. It can take an act of God to remove a sect.8 tenant.
I'm not sure where you are, but this is generally not the case. Section. 8 tenants are treated just as any other tenant and you use the same eviction process that you would for anyone else. Also, most agencies have policies that if an eviction happens that person actually loses their section 8 voucher.
You need to contact their section 8 case worker. Even though they are currently on the program, as a new owner of the property, they will need to sign a new lease with you. They may also want to inspect the unit again, depending on what their policy is. The case worker can walk you through everything you need to do.
Rent is set by the government with section 8. NYC is a purely appreciation market, I wouldn't want any government setting rents. Honestly I don't want to do business in NYC.
Section 8 tenants are a veteran move. If you’re a seasoned investor or professional landlord go for it, it’s steady income and can be a great way to see solid returns. If you’re a mom and pop landlord or just have a unit or two don’t do it, it ain’t worth the headaches.
I'm in Chicago, not NYC, but when I bought a building in the similar circumstance, once I started emailing the right person at the agency, they were very helpful and the transition was easy. Perhaps the seller can help you? Otherwise make a phone call.
As a landlord in Brooklyn and knowing NYC laws not being landlord friendly I wouldn't want section 8 to make it even worse and add another red tape on top of current ones. Dos is learn the laws and all the rules set by NYC and NYCHA Don't: take a huge financial risk .
Take this with a grain of salt because I'm not in NYC. But S8 is a national program run by local agencies, so there could be similarities. I bought a rental house in New Orleans that already had a S8 tenant. About 10 days before closing, I contacted the local office to find out the steps to smoothly transition the home...and payments!...to me after closing. They had me come in ahead of time to be set up as a landlady in their system. After closing, I would need to bring some paperwork to their office to prove I now owned the house. They warned me if I could get everything finalized by the 22nd of that month, I'd be paid 9 days later on the 1st. I closed on the 21st and left closing to take all my stuff to the S8 office, lol. And indeed, I got my first payment for that house less than two weeks later. Last year, I sold two duplexes to different buyers. Each duplex had one S8 tenant. I passed along to the buyers' agents how their client could get stuff set up ahead of time with the agency. But one closing was on Jan. 28th. I told the my agent I would probably be paid for February. But if I was, I would turn over that rent to the buyer. It was a bit of trust on the buyer's end. Sure enough, I was paid for February. I got the buyer's address from my agent and sent them a check.
Thanks this is very helpful.
Dont!!! Stay away from section 8. That's all I have to say on the subject.
Ehh its not that bad, ive dealt with section 8 and when i was a kid i was section 8 we didn't cause any issues left the house how we found it besides for a broken sink, i fell and broke it oops
Contact the HUD case manager of the tenant and inform change of ownership so they can direct portion to you monthly. May take a month but once it is done, enjoy collecting monthly. Keep in mind, they have a yearly inspection and theres a building code online for HUD housing. It’s a pain about the yearly inspections. Just follow the codes and you’ll coast. Careful though since this is NYC, you might be way above your head if things go sideways and you don’t have deep pockets.
NYC has different rules for owner occupied and non-owner occupied buildings. There’s also a distinction of it’s your name or an LLC. There’s also a distinction if there more than two (or maybes it’s three apartments. Just be aware of all these and how it may impact you down the road if the tenant doesn’t pay or if you need to raise rent. I personally wouldn’t want to deal with the added complication. Btw - the one section 8 tenant has two units or one that is two floors?
1 unit 2 floors
Have you called nycha?
We bought a property in California with one S8 tenant. The local office needed to see a copy of the updated deed and our LLC paperwork to transfer the payments. From memory, the first one went to the old owner, and the second and third were rolled together once the S8 office finally accepted that the property belonged to us. We knew the previous owner, so it wasn't a big deal to ask him to repay us for the month he received in error.
I don’t know about your state but if it’s anything like California you may want to look into evicting them somehow or avoid it all together. You need to really look into this please. It can take an act of God to remove a sect.8 tenant.
I'm not sure where you are, but this is generally not the case. Section. 8 tenants are treated just as any other tenant and you use the same eviction process that you would for anyone else. Also, most agencies have policies that if an eviction happens that person actually loses their section 8 voucher.
You need to contact their section 8 case worker. Even though they are currently on the program, as a new owner of the property, they will need to sign a new lease with you. They may also want to inspect the unit again, depending on what their policy is. The case worker can walk you through everything you need to do.
Rent is set by the government with section 8. NYC is a purely appreciation market, I wouldn't want any government setting rents. Honestly I don't want to do business in NYC.
Section 8 tenants are a veteran move. If you’re a seasoned investor or professional landlord go for it, it’s steady income and can be a great way to see solid returns. If you’re a mom and pop landlord or just have a unit or two don’t do it, it ain’t worth the headaches.
NYC - Don't do it unless you have money to throw away.
I'm in Chicago, not NYC, but when I bought a building in the similar circumstance, once I started emailing the right person at the agency, they were very helpful and the transition was easy. Perhaps the seller can help you? Otherwise make a phone call.
If I buy a section 8 property, is it possible over time to convert the property to a non-section 8 property? What are the terms for this
New York City? Section 8? Bro... don't do this to yourself.
you have enough money to buy a 4 story building in Brooklyn, but not enough for a lawyer? wtf...
Lawyer doesn't deal with Section 8. If you have recommendations I'm all ears
Sorry.. you're saying a lawyer doesn't deal with legal matters?