As a landlord, you may be wondering if you are required to accept Section 8 vouchers. Housing laws vary from state to state, so if you’re not from Georgia, here’s where you need to go to check out our requirements: http://www.dca.state.ga.us/housing/RentalAssistance/programs/downloads/LandlordGuide.pdf.
What is Section 8?
Section 8, or the Housing Choice Voucher Program, is government assistance for qualifying low-income individuals or families. The voucher subsidizes a portion of the tenant’s monthly rent; allowing them affordable housing.
So what can you expect if you participate in the Section 8 program?
- Timely payments. The government will pay their portion of the rent on time. You can count on a consistent monthly income coming in, and you won’t have to worry about the entire amount being late.
- High demand. The likelihood that your property will sit vacant is decreased, as you are increasing your options for potential tenants. Housing voucher tenants are also more inclined to rent for longer terms, mostly due to their financial situations.
- Marketing incentives. You’ll be able to target your marketing to local housing authorities by using old-school marketing methods such as flyers, as well as online at GoSection8.com. You won’t have to pay expensive advertising fees.
- Prescreened tenants. Housing authorities prescreen applicants with a criminal background check, as well as verify their income levels. You’ll want to do your own screenings, too, but this pre-check gets you off to a good start.
Do You Need a Hard Money Loan to Buy an Investment Property in Atlanta?
If you’re looking for a hard money loan in Atlanta, we may be able to help you.
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.
Read our frequently asked questions and take a few minutes to learn about the hard money loan process.