Quote:
Originally Posted by ilnjscb
where do you live? I know a guy who got rich off of section 8, but you have to really know what you're doing (says he)
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We made a lot of money off some properties we owned which we rented exclusively to section 8 tenants. but this had more to do with section 8 subsidy rates - finding properties in the right areas in Seattle with unfinished basements, where we could add another 2-3 "bedrooms" to fall into a higher (much higher) subsidy bracket.
I would say it really depends on the city and area of the city. the simple truth is that you are renting in some areas to the absolute lowest forms of humanity and they will destroy the entire property both inside and out. the conditions and demographics have to be right and you have to have properties which are built for this sort of abuse - and of course, it helps a GREAT DEAL to be a contractor as well as have cheap sources for everything (appliances, flooring etc). generally speaking, it will not happen for anyone unless you are a contractor and don't want to rent to... uhm... i mean, if you require a criminal background check and credit check.
Generally speaking, renting to section 8 tenants is a newbie move, enticing because you know there are people ready to move in, you'll get paid market rates or a little above but where a lot of VERY HARD lessons will be learned very quickly.