After renting to section 8 tenants for years I have learned a few lessons. In this video I will be covering why you should never rent to section 8 tenants. Section 8 is a program that allows private landlords to rent apartments and homes at fair market rates to tenants who will have their rent paid for them, either partially or entirely by the government through a rental subsidy. The rent gets Paid directly to the landlord.
It sounds pretty good, but after years renting my own real estate to section 8 tenants I have discovered some major reasons why you might want to think twice before considering renting your property out to section 8 tenants.
I initially started out exclusively renting to Section 8 tenants. The rents section 8 paid were really decent, and in many cases even slightly above market value. Properties would rent quickly as there seems to be more people looking for section 8 rentals than available units. And each month rent checks would show up as expected, on time and hassle free. I was sure I had cracked the code to infinite wealth through a repeatable process by leveraging section 8. So It was my goal to keep buying real estate and continue renting it out to Section 8 tenants. But like anything that seems to good to be true, it probably is and this was no exception. It wasn’t long until I started noticing some things I really didn’t like about the section 8 program and I am going to be sharing what I’ve learned through experience with you here. I feel like I should though that there are certainly some good things about the Section 8 program, It’s just that the good things are not what THIS particular video is going be about. Also I don’t want anything thinking I am suggesting that ALL section 8 tenants are bad tenants. I know some of you have had very good luck with long term section 8 tenants. It’s just not been my experience. All I can do is share with you my experience, for whatever it’s worth, and then you can take that have more information to make your own decisions.
