As of May 2023, the median home price in Florida is just over $400,000. While renting out a property has amazing income potential, it can sometimes be difficult to find tenants.
Becoming a Section 8 landlord can allow you to target an entirely new demographic. Not everybody understands how the process works, though.
Let's explore the key information you should know to get started in West Palm Beach, Florida.
Seek Approval
Before moving forward, you'll need to contact your local Public Housing Administration (PHA) in West Palm. They'll provide the necessary paperwork.
They'll ask for information like your proposed rental rate, your personal identification, and the property's location. Not all rental properties are suitable for Section 8 housing tenants. The PHA will notify you as soon as they make their decision.
Complete a Property Inspection
It's crucial to inspect your property before renting it out. This ensures that it meets the appropriate quality standards. Inspectors will examine the home's structure, plumbing, electrical wiring, smoke detectors, and similar details.
They'll also look at the home's heating and cooling system. For each item of the inspection, the inspector will denote that it passed, failed, or was inconclusive. If there aren't outstanding issues, the process can move forward.
Accept Vouchers
After the inspection, your local PHA will refer qualified tenants to you. You can use your own admission standards to determine whether you rent to them. Vacancies often don't last long, making Section 8 property ownership a consistent form of income.
Screen Prospective Tenants
Owner screening of potential tenants must adhere to the Section 8 guidelines. Owners can consider factors like criminal history, rental history, and financial capability. Landlords can never discriminate against tenants based on race, national origin, religion, sex, or disability.
Begin Renting
After choosing a renter, you'll need to acquire several forms and submit them to the housing authority. These include:
- The tenant's W-9 payment information form
- Request for Tenancy Approval form
- A copy of your lease agreement
- Landlord Information form
- Housing Assistant Payments Contract form
Landlords can begin renting to the tenant after receiving approval from the housing authority.
Best Practices
To keep things running smoothly, take care when screening your tenants. Choosing the wrong applicants could cause serious issues, such as damage to your property or delayed rental payments. Keep in mind that evicting a Section 8 tenant is more complicated than a normal eviction.
Working with a property management company is the best way to ensure you handle your obligations correctly. They have the tools and resources required to make becoming a Section 8 landlord as easy as possible.
When looking for a property manager, consider their level of experience and reputation. This provides insight into the results you'll get.
Don't Neglect Section 8 Housing
Becoming a Section 8 landlord is an amazing opportunity for additional income. As long as you follow the above guide, you can avoid complications you may have otherwise encountered.
At PG Group, we manage a portfolio of over 300 properties valued at a total of over $75 million. We strive to exceed each of our client's expectations and help bring their vision to life. Book a call today to see what we can do.
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