How to Have Your Rental Property Section 8 Approved
Renting to Section 8 Voucher Tenants
The Con’s of Renting to Section 8 Voucher Tenants
There are several Pro’s of Renting to Section 8 Voucher Tenants. As I mentioned earlier in the article series, I avoided Section 8 housing when I first became a Real Estate Investor. I did not like that stigma associated with it. I have since learned the Section 8 Program is an excellent tool to fill a vacancy.
I do not focus on Section 8 houses; however, the ability to rent to Section 8 Voucher Tenants has opened a few of my rental properties to a new tenant pool and improves my ability to fill my vacant properties.
First and foremost, the Housing Choice Voucher Program payments are guaranteed each month as long as you, the landlord, and the tenant remain in good standing with and qualify for the Section 8 Program. Yes, both of you have requirements that are to be met on a continuous basis.
To name a few: you, as the landlord, must properly maintain the home when repairs are necessary, and the tenant must maintain their financial obligations, if any, on the home. Both of the requirements ultimately benefit you. There are a few more specifics, so check with your local Section 8 authority.
Tenant Readiness Program
My local Section 8 authority has a Tenant Readiness Program, and it is mandatory for all Section 8 Voucher applicants to be considered for the Section 8 Program. The Tenant Readiness Program is “intended to prepare and give assisted housing families the tools and skill that will help them in becoming more responsible tenants and neighbors in their communities.” That quote is straight from my local Section 8 authority handout.
How great is that? Although the Section 8 Program does not qualify the applicants based on rental criteria, the Program does attempt to make them better tenants. Sounds great to me!!
Landlord Outreach Seminars
Your local Section 8 authority will help you and your home become approved for the Housing Choice Voucher Program. My local Section 8 authority offers a seminar once a year to teach landlords how to become approved to rent to Section 8 Voucher Tenants.
My local Section 8 authority wants to help me succeed, because that means the Section 8 Program will have quality homes for the families they assist.
That is a win-win situation!!
Yes, that is right. The Housing Choice Voucher Program offers home buying assistance to Section 8 Voucher Tenants. Once the tenant has been in the home for a year, the tenant is eligible to inquire about the home buying assistance program.
None of my Section 8 Voucher Tenants have utilized this program yet, but I have a tenant that is interested in the program and is approaching the one year mark.
Not only does the Section 8 Program help find me renters, the Section 8 Program also helps find me buyers!!
If you cannot tell by now, I am a Housing Choice Voucher Program convert. There are too many positives for a landlord to not include the Housing Choice Voucher Program as a tool in your landlord tool box.