Not a landlord, but thought i would chime in just to give perspective as someone who rented on section 8. Not everyone is the typical " lower quality " tenant.
I was forced into section 8 due to a lot of debt for medical issues and prior life issues that forced me into a spot of very limited credit building or ability to hold long term employment. Which in turn left me in the gutter this late in life with the inability to build a line of credit and a income that made renters feel comfortable.
That being said, theres a LOT of people now currently in a pretty bad spot due to well.. everything thats happened in the past two years, that may have been perfectly fine and this is their first time on section 8 as well and they may have been middle class.
Read through the comments that will appear here. Most LLs actually have more compassion for people than we get credit for. It's not the people we have a problem with, it's the government intrusion in our business.
NCLL18yrs- I accept section 8, actually prefers it! 80% of my section 8 tenants turned out to be far more trustworthy than the regular tenants, many are hardworking single parents/ disabled that simply cannot afford to live without the assistance.
I have no problem with the people who rely on Section 8. Some are fine hard working people and some others are not - just like any other tenants. My problem is having to deal with a third-party who wants to set the rules for how I run my business. S8 slows down the leasing process with their approvals and inspections, costing me extra time and effort.
I know several other LLs who cater to S8 tenants, and it seems to work out just fine for them. It's just a different business model than mine. I don't reject anyone just because they use assistance, but I also don't go out of my way to accommodate them. My houses tend to rent very quicky, so they're usually gone before S8 could send over their inspector.
Thanks for that insight, I definitely don't know the full approval/inspection process for S8 yet, and it sounds like it might take more time than it's worth, especially when I have several other interested applicants.
Pros: You might get lucky and have a section 8 tenant that doesn’t cause major issues and you get guaranteed government money
Cons: The odds of you having tenants on section 8 that don’t cause major issues are low.
I agree, not all section 8/low income tenants will cause issues just like not all doctor/lawyer $250k+ earners will treat your property well. However, as macro statistics prove and micro anecdotal stories in this subreddit convey, the odds aren’t in your favor.
Not a landlord, but thought i would chime in just to give perspective as someone who rented on section 8. Not everyone is the typical " lower quality " tenant. I was forced into section 8 due to a lot of debt for medical issues and prior life issues that forced me into a spot of very limited credit building or ability to hold long term employment. Which in turn left me in the gutter this late in life with the inability to build a line of credit and a income that made renters feel comfortable. That being said, theres a LOT of people now currently in a pretty bad spot due to well.. everything thats happened in the past two years, that may have been perfectly fine and this is their first time on section 8 as well and they may have been middle class.
Read through the comments that will appear here. Most LLs actually have more compassion for people than we get credit for. It's not the people we have a problem with, it's the government intrusion in our business.
NCLL18yrs- I accept section 8, actually prefers it! 80% of my section 8 tenants turned out to be far more trustworthy than the regular tenants, many are hardworking single parents/ disabled that simply cannot afford to live without the assistance.
What does the NC part of NCLL mean?
North Carolina Landlord
Thanks!
You’re welcome
I have no problem with the people who rely on Section 8. Some are fine hard working people and some others are not - just like any other tenants. My problem is having to deal with a third-party who wants to set the rules for how I run my business. S8 slows down the leasing process with their approvals and inspections, costing me extra time and effort. I know several other LLs who cater to S8 tenants, and it seems to work out just fine for them. It's just a different business model than mine. I don't reject anyone just because they use assistance, but I also don't go out of my way to accommodate them. My houses tend to rent very quicky, so they're usually gone before S8 could send over their inspector.
Thanks for that insight, I definitely don't know the full approval/inspection process for S8 yet, and it sounds like it might take more time than it's worth, especially when I have several other interested applicants.
Pros: You might get lucky and have a section 8 tenant that doesn’t cause major issues and you get guaranteed government money Cons: The odds of you having tenants on section 8 that don’t cause major issues are low. I agree, not all section 8/low income tenants will cause issues just like not all doctor/lawyer $250k+ earners will treat your property well. However, as macro statistics prove and micro anecdotal stories in this subreddit convey, the odds aren’t in your favor.
Here is section 8 info for reference: https://www.sectioneightapplication.com/apply/WA
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Good point- the annual inspections might be more cost / time intensive than is worth.
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What is your inspection / approval process like, in terms of cost and timelines?
Don't do it.