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Who has Section 8 housing experience?

By John Cashion

Mortgage and Lending with Academy Mortgage NMLS#329710

May 19, 2008 02:21 PM

I have a client who wants to branch into sec 8 rentals.

So im looking for some feedback to pro's and con's

He seems to think there is alot of people with vouchers and

not enough properties to fill the local needs.

What is Section 8?
Section 8 is a federally funded housing subsidy program that provides low-income families the opportunity to choose and lease safe, decent and affordable privately owned rental housing by supplementing what they could afford on their own. Public Housing Authorities apply to the U.S. Department of Housing and Urban Development (HUD) for Section 8 funds, which are then provided to eligible families in accordance with HUD rules and regulations.

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Karen Monsour

Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL

REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

It's guaranteed $$$ from the government. Lot's of paperwork, and if they do anything wrong while they are renting from you they lose their voucher's. It's a good thing. There are plenty properties who will accept Section 8 and I have a few rentals just like that.

May 19, 2008 02:37 PM

DALIA KIBBY

One Sothebys International Realty - Cooper City, FL

Selling Florida Homes with Passion!

I've had only one deal with a section 8 tenant; the government paid, I believe, $800, & the tenant agreed to pay another $400 for total rent of $1200+/-. It didn't go well. She was late with her share of the rent numerous times & when she left the property, it was in awful condition (the townhome had been pristine when rented to her). Lots of paperwork, I recall. I'm not eager to go through that again. My listing customers haven't been either, at least, not yet.

May 19, 2008 02:57 PM

Gary L. Waters Broker Associate, Bucci Realty

Bucci Realty, Inc. - Melbourne, FL

Eighteen Years Experience in Brevard County

I have had a couple of experiences and they have been positive.I think sometimes we paint all section 8 beneficiaries with the same brush - a bad move.

May 19, 2008 03:12 PM