Would you be surprised to learn that around three million households rent in Section 8 residences?
There's an endless need for Section 8 housing and landlords. Not only is it a great investment, but by setting up your property as affordable housing, you'll be helping people in your community.
It can be a rewarding endeavor; however, there's a lot of information you need to know before you start. Being a Section 8 landlord is very different than being a traditional investor. This means even if you've rented out previous properties, there's still a lot for you to learn.
Don't worry, this guide is going to tell you everything you need to know. Keep reading for useful landlord tips.
Know the Basics
There are specific standards that you must meet before becoming a Section 8 landlord. You'll need to ensure your property's compliance with all the laws set by the San Diego Housing Commission (SDHC).
These standards are put in place to ensure housing is comfortable and livable for tenants. You'll need to understand the basics before getting started. Having all the information at the beginning of the process will make getting approved and started easier.
Prep Your Property
During your initial search, you'll find that your property has to meet certain standards. You'll need to ensure all repairs are completed to bring your property up to code. The SDHC will inspect your property to ensure it's habitable before approving you as a new landlord.
Register Your Property
Once your property is ready, you'll need to submit an application to SDHC. You can contact them online to register your property.
SDHC will review your application and determine if you qualify. Be sure to have documents ready to prove you own the property and have the necessary insurance.
You'll need to spend some time deciding what you're going to charge in rent. It will need to be a reasonable amount. The SDHC will determine the maximum amount based on several factors, such as size and location.
Sign a Contract
Once your property is approved as Section 8 housing, you'll need to sign a contract. Be sure to read it completely, as it will outline the terms and conditions of the Section 8 program.
You'll need to understand what responsibilities you have as a landlord and what tasks fall on the tenants.
Being a Section 8 landlord also means you must ensure your property stays in compliance with the program's standards. You'll need to be ready to address issues promptly and make repairs and improvements when needed.
Becoming a Section 8 Landlord
Becoming a Section 8 landlord in San Diego offers you a lot of opportunities. As you can see, there are a lot of steps and information to know before starting your investment venture.
You'll need to be fully committed to maintaining your property and following all the Section 8 laws.
Our team at Harland Property Management has experience and knowledge regarding Section 8 housing that you'll find useful. Give us a call today and we'll answer any questions you may have.