section 8 hud rental info.?
Written By: admin on August 10, 2009
One Comment
myself and my brother co-own a duplex presently we live in it, myself on one side and my bother on the other….. my question is.. if i wanted to go and rent my side while my brother still resides on the other can i work through the section 8 HUD program to get renters in? any info on this will be helpful anyone have excellent or terrible luck working with this program? who decides how much rent you’ll get? thanks. can we still get homestead being that one of the owners still resides there?
i just thought rent might be more garanteed this way and if i had to evict they would help… maybe im not right.
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My parents do a lot of HUD rentals. The rent is set by HUD so a lot of times you do have to take a small less than you want but you are guaranteed a check as long as the person is there and on HUD. HUD will send an inspector once a year. They check to see if the outlets work and make sure there aren’t any repairs needed. I guess where you live might make a difference whether you want to go through HUD or just rent it outright. If you are in a excellent neighborhood then you might get a excellent tenant. My parents problem is that most of their rentals are not in the classiest neighborhood so if someone is not on HUD they come up with enough money to go in but then don’t pay anymore rent and my parents have to evict them. With HUD they know they will get their rent money every month. HUD used to send out checks but I reckon they are doing direct deposit now. If the person does have to be evicted for some reason it would be up to you to do it. HUD doesn’t help with that. You have to file an eviction in magistrate court and they set a court date for about a week later. The eviction process would be the same whether it’s a HUD tenant or not. Usually you don’t have to evict HUD tenants though because HUD is paying their rent. Sometimes HUD only pays part of the rent and the tenant has to pay the rest, it depends on the tenant’s income.