Although some landlords might shy away from becoming a Section 8 landlord for their own reasons, there are a few great benefits of becoming one. As a Section 8 landlord in Orland, Florida, you'll receive reliable and consistent payments made by the government. The tenants will come pre-screened, and there's a smaller turnover rate.
This means fewer evictions and better profit margins. Before you dive into owning Section 8 housing, there are a few things you should know. In the guide below, we'll discuss several helpful property management tips for running Section 8 housing in Orlando.
Here's everything you need to know!
1. Have the Property Approved First
You can't simply decide you want to own a Section 8 property and then do so. There's a process for it, and your house must be approved first. To begin the process, contact your local public housing agency.
Let them know you're interested in the process and need more information. Some basic information they may require of you is your ID, the property's physical address, and the rental price you're asking for. Once you get approved, someone will come out to inspect the property.
If you pass the inspection, then the agency will lead pre-screened tenants in your direction.
2. Pre-Screen Your Tenants
The public housing agency in Orlando will pre-screen tenants for you. However, you're still able to screen tenants yourself as long as you follow the Section 8 Housing guidelines. Some factors to consider when screening these tenants are as followed:
- their renter's history
- legal matters (criminal records)
- payment history
- noise violations
- property damages
You can use the information you find during the screening process to help you determine who the right tenant is for your property.
3. Take Advantage of Free Advertisement
The HUD website will post Section 8 rentals for pre-screened tenants to find. Various local housing authorities also have their own websites where they post Section 8 rentals with all the necessary contact details. You're able to use these sites for free.
Take advantage of this free advertisement by ensuring your property has professional photos and that your advertisements have all the correct details.
4. Hire a Property Manager
Managing a property on your own isn't always a simple task. This task becomes even more difficult when trying to navigate through the Section 8 guidelines or adding more properties under your belt. When you need a bit of help, don't hesitate to hire a property manager.
A great Orlando property manager with Section 8 experience can help you manage all of your properties, including marketing your home, leasing your home, finding tenants, and maintaining it as well.
Are You Interested in Becoming a Section 8 Landlord?
Becoming a Section 8 landlord comes with many great benefits. Managing your Section 8 property and handling all tenant/landlord communications alone might not be realistic. Don't let this stop you from doing so, however!
At Home River Group Orlando, we are the property management and real estate experts. Contact us today to see how we can help you.
