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Old February 1st, 2017, 01:06 PM #1
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Does anyone have any experience owning a section 8 rental?

Hey all,

I'm really considering buying a rental property, and from the research that I've done, it seems that a house that could utilize the section 8 program would suit my scenario best. That said, this is all theoretical, in that I have no experience with the program. I'd love the opportunity to pick the brain of some people who is currently, or has in the past rented their home using section 8.

Thought from all are welcome.

Thanks guys
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Old February 1st, 2017, 01:13 PM #2
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many yrs experience with residential rentals. PM me.
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Old February 1st, 2017, 02:19 PM #3
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I have a few rentals and could get more money section 8, I WILL NOT rent section 8. I do not believe in the program and am doing my part not to support it. You may do as you choose and I harbor no ill will to you, just practicing what I preach.

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Old February 1st, 2017, 02:24 PM #4
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Not sure about section 8 but a friend had some rental properties in the city and got hit up with the lead paint deal (Peter T. Nicholl's). The suit was finally dropped but cost him about $50K in attorney fees. Be careful.
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Old February 1st, 2017, 02:36 PM #5
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Good luck!





You will get a very pessimistic view of humanity as a section 8 landlord.
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Old February 1st, 2017, 02:46 PM #6
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Are you really good at replacing dry wall on a routine basis?
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Old February 1st, 2017, 03:07 PM #7
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My buddy has three. He cannot keep up chasing down the money and keeping up repairs.
Another two other friends have two and pretty sure they want to slice their wrists as well.
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Old February 1st, 2017, 03:33 PM #8
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Quote:
Originally Posted by K31 View Post
Are you really good at replacing dry wall on a routine basis?
not to mention kitchen cabinets, appliances, carpet, doors - you name it.... and then there is the filth and cockroaches...
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Old February 1st, 2017, 03:44 PM #9
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Quote:
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My buddy has three. He cannot keep up chasing down the money and keeping up repairs.
Another two other friends have two and pretty sure they want to slice their wrists as well.
These comments best sum up my feelings. I owned investment properties from 1987 to 1999 and would not recommended that you enter the local rental market in any form.

If, however, you have time on your hands, are good at chasing down the rent and fixing the place up after a tenant has moved out or torn it up, then being a landlord is for you.

There are a ton of deadbeats in the Corridor and they prey on individual property owners. Don't subject yourself to the rental game.

My properties were in LaurHell, Merriland. I was a licensed Realtor at the time and still got taken. I ended up making a profit on the sale of each property, but it was not worth anywhere near the time, energy or expense I had invested. And I sold in 1999 and before the huge jump in prices that everyone saw up until the crash in '07-'08.

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Old February 1st, 2017, 03:48 PM #10
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I have 6 units. It is very difficult to get a return in a non-appreciating economy. Regardless, I believe it is impossible to turn a profit if you buy a rental at market price and repair using licensed and bonded maintenance personal. You have to be willing to essentially pay yourself. Rarely do you get even a minimum wage equivalent. And the court won't pay you when calculating damages, So, you fix it yourself, or run the risk of not getting paid if you outsource. I should also state that laws for landlord tenant relationships favor the tenant. A simple screw up from the landlord like failing to provide a receipt, or failing to give a damage letter at the conclusion of the rental period will result in treble damages. Three times the deposit back to the tenant. As for Section 8, I have had one. She always paid on time, but the section 8 housing vouchers were often late. Even though the housing office had late fees in their contract with the landlord, they don't pay them. People say, just get a lawyer and go to court to get them, you have a contract. Maryland courts don't seem to recognize leases as valid contracts and it's not worth the effort. I used to enjoy being a landlord. I had good tenants and they paid in time. Only recently has this exercise changed to being a PITA.
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