Have you been considering opening up your rental property to section 8 tenants?
These tenants receive housing assistance from the Department of Housing and Urban Development (or HUD) so they can afford to pay rent. By providing section 8 housing, you're doing a good thing for your community.
We're here to talk about section 8 in North Carolina. Read on to learn more.
Fill Out a Section 8 Landlord Application
You need approval before you're able to become a section 8 landlord and collect vouchers. Consider talking to your property manager about the correct channels to go through.
During the application process, you're going to need some form of personal identification, the asking rent of your property, and the address of your property.
Get a Property Inspection
All potential section 8 properties will have to undergo property inspections. Your property will need to meet specific health and safety housing standards before you're able to start bringing in section 8 tenants.
Before your inspection, it's in your best interest to hire a contractor for maintenance. You need to have working smoke detectors, restrooms, plumbing, and electricity. You're also going to need locks on every door and the building itself should be structurally sound.
Find and Screen Tenants
Once you've been accepted as a section 8 landlord, you can start accepting housing vouchers. Prospective tenants will be referred to you.
Contrary to popular belief, there is still a screening process for section 8 tenants. You can check for a history of rent payments, for drug-related criminal charges, and anything else that may impact the health and safety of your other tenants or the integrity of your property.
Make sure that you aren't using discriminatory tactics.
When you choose a tenant, you'll submit several forms including:
- Your standard lease agreement
- HUD lease addendum
- Housing assistance payments contract form
- W-9 form
- Request for tenancy approval form
If you're unsure about what forms you're going to need, talk to the appropriate authorities and consult with your property manager.
Benefits of Becoming a Section 8 Landlord
Once you become a section 8 landlord, you're able to start reaping the benefits. Many landlords think that providing section 8 housing means that they'll lose income, but this isn't really true.
The housing authority will pre-screen tenants for you. While you may have your own screening process, this removes a lot of effort on your part.
You'll have consistent payments. You'll always receive the PHA's portion of the rent, and tenants are more likely to pay on time so they can retain their housing assistance benefits.
You'll have an easier time finding tenants because your tenant pool will be larger. Accepting housing assistance means that you're opening your doors to people who wouldn't otherwise have been able to afford to live on your property.
Are You Ready to Become a Section 8 Landlord?
Providing section 8 housing helps both you and your prospective tenants. Use this guide to turn your property into a section 8 property and start reaping the benefits.
Are you in need of property management services in Raleigh? We want to meet you! Contact us so we can start working together today.