Section 8 and credit scor

I have been in the Landlord business for a very long time and still learning. I have been renting to a fair amount of Section 8 Tenants since 1990. In my experience, I have also been taking the increased management and damage that goes along with it. Lately as I get older I have gotten really, really sick of it.

The last few months I have changed my screening to only renting to applicants with a 680 FICO score or higher. It has been working out really well. LESS HEADACHES and STRESS. I have B to B- rentals and therefore people with high credit scores will actually rent my units even though they have the ability to rent where ever they want. It takes longer to find Tenants but I just wanted to share this. --73.61.xx.xxx

Section 8 and credit scor (by NE [PA]) Posted on: Jan 15, 2018 1:41 PM
Message:

Cream rises. --50.32.xxx.xx

Section 8 and credit scor (by NE [PA]) Posted on: Jan 15, 2018 1:47 PM
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Luckily for young guys like me, we can listen to old guys like you.(assuming age here)

That allows us to not repeat the same mistakes.

I don't take section 8.

There is something in the Bible about wisdom crying out from the streets but no one listens.

I want to hear.

They also say that if you want to know about life, talk to the man with the gray hair! (Again assuming hair color here, in fun of course.) :)

--50.32.xxx.xx

Section 8 and credit scor (by plenty [MO]) Posted on: Jan 15, 2018 1:56 PM
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Ditto. Just cause they have help paying the rent doesn't mean they have to have low credit scores. --66.87.xx.xxx

Section 8 and credit scor (by 1Gr81 [NC]) Posted on: Jan 15, 2018 1:59 PM
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Personally, I have been pulling away from the sec8 program. Too much damage...Too many headaches...Too many people playing the system. I would rather cut my profits and get better humans to deal with.

--74.124.xxx.xxx

Section 8 and credit scor (by Doogie [KS]) Posted on: Jan 15, 2018 2:06 PM
Message:

I have one unit left that is Section 8. The rest don't (won't) qualify. ;)

That one unit is a pain every year come inspection time. The tenant is a pain. The whole process is a pain. I used to say that when this unit came open, no more Section 8. I'm thinking more seriously about forcing that unit to come open. It just comes to the point it's not worth it. It's under market and Section 8 won't give an increase. It sucks when the gov't dictates what "market rent" is. --98.175.xxx.xxx

Section 8 and credit scor (by Vee [OH]) Posted on: Jan 15, 2018 2:30 PM
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Several years ago I went to a double rent value damage deposit and that alone flushed many of the sec8 tenants out, the battle to collect damages was the driving force, if they want to bust up places let them go to the small communities ran by the housing people and let them deal withthis, since the new year I am not taking smokers in the units that were sec8, the new phrase is -breath easy- which I have been leaning this way about 5 years anyway. --76.188.xxx.xx

Section 8 and credit scor (by RB [MI]) Posted on: Jan 15, 2018 3:03 PM
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Screen x3. (effort)

--47.35.xx.xx

Section 8 and credit scor (by Peter [NH]) Posted on: Jan 15, 2018 4:31 PM
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Thanks all

I was feeling a little frustrated. --174.192.x.xxx

Section 8 and credit scor (by NC INVESTOR [NC]) Posted on: Jan 15, 2018 5:01 PM
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Truth is I wouldn't have survived 2008-2010 without Sec8. This is the 2nd largest banking center in N.America and the banks started laying off people well before the actual crash since they knew what was coming. Almost half of my tenants worked for Bank of America and Wachovia and they all left within a 2 month period leaving me with 15 vacancies and a dead market.

I actually lucked out. The Sec 8 tenants I picked up all worked, some 2 jobs, and took good care of the properties. My decision to stop renting to Sec 8 was in 2012 when the market was coming back and Sec 8 low balled rent rates and wouldn't allow increases so I decided there was no money in it. Today I understand they allow 2% annual increases but those same properties today rent for a lot more money than Sec 8 FMR. --71.75.xx.xx

Section 8 and credit scor (by Peter [NH]) Posted on: Jan 15, 2018 5:28 PM
Message:

In my neck of the woods Section 8 pays well above FMR depending on what you have for rent. This has also been the most important part of the business decision for me.

I am getting older and a lot more financially stronger so I guess if I have a reduced end of year gross income but much less stress and people head aches then that is Ok as it will not affect my lifestyle. Of course I have had through the years one or two that have paid top dollar and stayed for long periods of time. But this has been offset by the hours worth of horror stories that I have to tell. At the moment I have about 20. --73.61.xx.xxx

Section 8 and credit scor (by Peter [NH]) Posted on: Jan 15, 2018 5:28 PM
Message:

In my neck of the woods Section 8 pays well above FMR depending on what you have for rent. This has also been the most important part of the business decision for me.

Section 8 and credit scor (by Peter [NH]) Posted on: Jan 15, 2018 5:29 PM
Message:

In my neck of the woods Section 8 pays well above FMR depending on what you have for rent. This has also been the most important part of the business decision for me.

Section 8 and credit scor (by Barb [MO]) Posted on: Jan 16, 2018 7:18 AM
Message:

No section 8 for me.

I'm building an 8-unit of deluxe one bedroom units. Going to be beautiful! Should command top value rent, since only half a mile from the U.

In fact, I'll be doing quite a bit of building the next few years. Goal is to retire with all newish places with no maintanance to worry about in a few years. --64.251.xxx.xxx

Section 8 and credit scor (by Peter [NH]) Posted on: Jan 16, 2018 11:20 AM
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That sounds like a nice plan. New places with responsible and considerate tenants. Hopefully low LTV. Hopefully a good economy. Sounds good to me. --174.192.x.xxx

Section 8 and credit scor (by Mike [PA]) Posted on: Jan 16, 2018 12:46 PM
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I prefer no S8 however yrs ago the program was temporary until families got on there own 2 feet. I still have some of those around.

Now unfortunately S8 tenants are given too much leniency and the laws are all in their favor. There is no real punishment for violators

--174.201.x.xxx

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