Is there any incentive at all to rent to section 8?

Im bored and unemployed, so lets evaluate some section 8 buildings together on the page?

im from California, and I know the west coast is the wrong place to look, lets try Baltimore, and Omaha

Prospects:

Here is a map of USA, govt/subsidized multi senpai with a 7% cap rate or greater

http://www.loopnet.com/for-sale/multifamily/?sk=b288da13b0604817cfe471a09b5f304d&bb=1qiqxt__sWi_52__pshM&sc=702

omaha has none that meet our filter

Here is one in Newark, NJ that meets our req's perfectly

http://www.loopnet.com/Listing/19748009/156-Mapes-Ave-Newark-NJ/

Multi senpai is super rare

Someone from NJ or familiar with newark tell us if this address would be profitable, and verify how real the cap rates are please?

156 Mapes Ave
Newark, NJ 07112

https://www.google.com/maps/place/156+Mapes+Ave+Newark,+NJ+07112/@40.7104373,-74.2095092,3a,75y,206.84h,89.23t/data=!3m6!1e1!3m4!1sYV0RvUFifUvyC7Ed0vGBKA!2e0!7i13312!8i6656!4m2!3m1!1s0x0:0xfa3398e2a3995a09!6m1!1e1

I thought the original poster was asking "does the govt give you money or something and does that offset the risk"

oh, yes/no

lets say welfare queen and 2 kids rent an apartment...

Welfare queen is on SSI, and has a section 8 voucher... Her income is 1000 a month to make it easy. I think Section 8 requires 70% of income to go towards her rent... Her rent is $500 a month.

She is required to pay $150 a month to Landlord (maybe less, if poverty level or certain amount per month for food/clothing etc), section 8/HUD pays the difference of her 150 and the 500 to the landlord (often the full amount, because customer is below poverty level).

The tenants are often druggies, drug dealers, nasty people etc... I lived next to a section 8 tenant for a while, it took the landlord about 6 months to kick her out in California (possibly due to the fact she had been there over a year, or because of section 8, they can be difficult to kick out).

There are often other requirements, like home has to be 15 minutes to a bus stop so they can see their case worker/LCSW/MSW/Social worker.

If an employee/case worker from section 8 comes by, but the person has lots of crack or doesn't let the casworker or employee from section 8 in their home for inspection, they can often lose their section 8 voucher, then the landlord will not be paid, and have to evict the tenant and possibly lose 6 months rent + damages.

In conclusion, use cheap properties because there is minimal if no security deposit, and be prepared to not get paid for over 6 months, while incurring damages and legal fees...

If you do it right, or property manage for property you do not own, you can make more money per door, but it will probably cost you more $ in time than a middle class or working class non govt assistance...

Better to wait 4 years for a democrat president.

Here is a professional slumlord's opinion

https://www.biggerpockets.com/blogs/67/4390-the-pros-and-cons-of-renting-to-section-8-tenants

I have not become a professional and am just studying slumlording...

Frankly my plan is go for working class/non govt/ no niggers, asian preferred.

As a fellow californian, asians probs easier to find here than on the east coast

>>1640614
>Own apartment complex
>Apply with govt to be section 8
>Surrounding property values drop like a rock
>Buy up surrounding properties
>Gentrify by booting out section 8 losers
>Property values start to rise again
>??????
>Profit

>>1640614
no, it totally doesn't pay so nobody does it.
ass.

>>1640663
>Her income is 1000 a month to make it easy. I think Section 8 requires 70% of income to go towards her rent... Her rent is $500 a month.
>She is required to pay $150 a month
Wouldn't the 70% figure mean she would be forced to pay the whole amount? 70% of her income (1000) is 700 which covers her entire rent.

>>1641083
It wouldn't work, you would spend all your money hiring a crime scene cleanup company at least twice a year to gut and replace units after evicting filthy trash and disabled people who hoard untrained dogs.

>>1641367
Sounds like there's a story there.

>>1641367
crime scene cleanup company here.
we don't really cost that much. I mean, how bad can it be? Worst case you're gonna replace some carpet and padding, but even that's not usually necessary.

Most landlords don't hire us anyways, they either clean it themselves or pass it off to their regular cleaning company that may or may not have the training and PPE to deal with biohazards. Most cases it's just a matter of cleaning the bloody surfaces a couple times with a weak bleach solution while wearing rubber gloves. Maybe some Tyvek coveralls and rubber boots if it's a huge mess. It's usually not a huge mess, people only have so much blood in their body and they stop running around once they've lost a couple pints.

>>1640614
depends if you consider atleast 60% of monthly rent to be GUARANTEED by the state to be an incentive.

some people don't care about guaranteed income so for them, no there is no incentive

>>1640682
>Frankly my plan is go for working class/non govt/ no niggers, asian preferred.
good luck mon