WOW! Where did the summer go? I enjoyed reading Chris Young's blog just recently concerning section 8 property. His leading question was," Is section 8 a good thing?" Part of my job deals with the section 8 program on all levels. I am there for the initail inspection, the tenant appliance inspection, and the annual inspections.
What I have observed is the plus and the minus side of the program. I agree with Chris that part or all of the rent is paid directly to you through the program. However, the house or apartment must meet certain stipulations, I won't go into detail at this point, but contact me and I will give you that information, the appearence, condtion and safety of the house is inspected every year. While the added repairs are costly and time consumming, your investment is being maintained, furnace filter changed and each level of the property is being inspected. The viewing of the property can reveal a problem that can be remedied before it reaches a critical state.Often times the difference in the rent reciepts offsets these costs.
Same song different verse, the annual inspections can point out problem tenants. Section 8 holds the tenant to a certain standard and if the tenant fails they can be removed from the program. This is a valuable step for you.
How often do you visit the interior of your investments that are not in the program? Is the general maintenance being done. Section 8 helps with this. Please review all of your options.
Whether you choose to be in the section 8 program or not, thank you for choosing Landmark Group as your proprty management company.
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