Advantages of Renting Out a Home for Section 8
Renting out your home often involves fears regarding how to find renters, how to minimize potential damage to your home and how to ensure you receive rental payments. Section 8, a housing assistance program, provides many advantages to you as a landlord and helps to reduce or eliminate fears and concerns.
Guaranteed Rent
Section 8 tenants generally pay 30 percent of their income, with the rest of the rent coming from the United States Government. The tenant will pay his portion of the rent directly to you, and the government will send you a check for the rest. So even if a tenant pays his portion of the rent late, you will have a large portion of the rent paid on time.
Many Available Applicants
The Section 8 program has a large waiting list in most areas of the country, which means there isn't a lack of applicants waiting for qualified housing. By opening your home to Section 8 tenants, you will not have periods of time without a tenant, ensuring continuous monthly rental payments.
Yearly Inspections
Your home must be inspected yearly by the government. This provides you the security of knowing that your current tenant is not causing damage to the property. The Section 8 program covers damage caused by Section 8 tenants. The inspection is also in place to ensure you are providing a safe environment for the tenant.
Tenants
You are allowed to pick the tenant who you want to reside in your home; the Section 8 program does not place a tenant in your home. This gives you the ability to screen and select a tenant who you feel will be best. You are not allowed to discriminate in your selection, but you may choose a tenant with a good rental history or good job history versus another tenant without a rental history or who has a poor rental history.
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