How do I get my property approved for section 8/ HUD?
I have a 3 bedroom 1 1/2 bath house. I am looking to buy a second home sometime 2007 or 2008 and I want to keep my current house and rent it out. I was told that if I take section 8 I will be nearly guaranteed to have a tenant and I won't have to worry about people not paying rent because the govt. pays it anyway. I was worried about people not taking care of the property but I was told that section 8 will also pay any hurts the tenants cause. How do I go about getting my house approved to take section 8? I sent HUD an email last week and they didn't respond. Also is there a cap on the rent I can charge? I want to charge between 0 and 0 for rent.
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You'll have to check with your local housing authority, and they will help you along and let you know what you can do.
Section 8 DOES NOT pay for hurts caused by the tenants, they are still the ones responsible for that.
The government will help them pay for the rent, but depending on what you charge they may not pay it all, only a part based on the income that the prospective tenant makes.
I would suggest that you really look into this as there can be quite a few headaches that come along with renting with section 8..also with just being a landlord, but once you involve the government there are alot more laws that you need to know.