19 Sep Is Section 8 Good for Landlords in California Or Not? – Part 3
In our last two blog posts, of our three-part series on Section 8, we covered a lot of information regarding if this program is good for landlords in California or not.
Section 8 offers landlords in California a wide variety of benefits including solid tenants, income stability, and so much more.
Now that we’ve provided you with comprehensive information on Section 8, we’re going to provide you with all the steps that you need to get started with becoming a Section 8 landlord with one of your Southern California investment properties.
How to Get Started with Section 8
Step 1 – Go to the Housing Authority and fill out an application to become a Section 8 landlord. Once the application is completed they will want to review your rental rates and confirm that they are comparable to other rental properties in your properties are.
Some of the information you will be asked on the HUD application includes:
- The Address of the Property
- Anticipated Lease Start Date
- Proposed Rent
- Will utilities be included?
View a sample HUD application here.
Step 2 – After you’ve been approved as a Section 8 landlord the housing authority will want to visit your rental property to confirm that your property does meet with safety and local building codes.
During the inspection process, you should be aware that it can be a lengthy one because the inspector will want to confirm that every aspect of your rental property is in working order and structurally sound.
Once you’re approved, it’s important for you to know that your rental property will have to be re-inspected on an annual basis so make sure that you do your “due diligence” to keep your rental property maintained and up to code.
For landlords who live in colder climates, they may be required to install new heaters or coolers on their investment properties and also depending on the safety codes of the area, some owners may be required to install handrails or safety ramps directly outside of their rental properties.
Step 3 – Once your rental property has been approved for Section 8 you can now begin the process of accepting Section 8 vouchers from prospective tenants who are interested in renting from you.
Step 4 – Last of all, once you’ve rented to a Section 8 tenant, they will pay a portion of the rent and the housing authority will mail you the remaining balance of the rent each month.
Keep in mind that if you plan on increasing your Section 8 tenants rent you will have to submit a request to your Section 8 office and inform them on what your current rent is, when the rent increase will be, and also when you plan on having the new rent become effective.
Learn More about Section 8 with MW Real Estate Group
To learn more about Section 8 in California, or to speak with us about our property management services, contact us today by calling (213) 927-2117 or connect with us online.
Besides assisting you with Section 8 property management, we’re also an excellent resource for sourcing and acquiring investment properties in Southern California as well.
