You own a couple of properties but you want to appeal to more of the almost 40% of Hawaiians who rent their homes. One way you're considering broadening your potential tenant pool is to qualify to receive rental subsidies from your tenants.
But what is the voucher system like? How do you qualify? Is it even worth the hassle to get approved?
We put together a quick guide to teach you everything you need to know about becoming a section 8 landlord. Keep reading to find out if it's a good choice before you apply.
What Is Section 8?
So, what is section 8? This is a voucher program where tenants can get help with their rent.
Often, they base acceptance to the program on income and there's often a long waiting list A recent survey found that about 3 million American families use this housing help program.
How to Apply as a Landlord
Each local housing authority has its own application process. Look for your local office to find out their rules and to fill out the application. You can find them online or give them a call to get the ball rolling.
The process of finding a tenant changes when you're looking at tenants who need public housing. These are the 6 steps in the rental process.
1. Tenant Finds a Property
During this stage you or your property management company post advertisements for your property. If you do a good job, you'll see almost instant interest in your property.
2. Application for Tenancy Approval
Fill out the request for tenancy approval form and return it to the local public housing authority.
3. Tenant Screening
Though the housing authority does their own tenant screening, it's best if you do your own screening as well. Not all red flags pop up to a public housing agent but will to the landlord.
4. Public Housing Review
This stage is when the public housing authority goes through all the paperwork to make sure it's complete and that it makes sense.
Your tenant can't move in unless you get an inspection first. Make sure you look at your local inspection rules and laws.
6. Lease Signing
At the end of the whole process, you can get the tenant to sign a lease. Please note that the housing authority must also sign the lease so you can get paid from the government housing program.
Get Real Results From Your Real Estate Properties
If you open up your properties to tenants who get rental help, there are tons of benefits for you. But, make sure your property isn't losing money if you accept a tenant in the program.
Keep this article in mind as you go through the process of becoming a government housing landlord. That way you won't get lost during the process.
We hope you enjoyed reading this article and that you learned about how to become a section 8 landlord. If you have any questions about this article or if you're looking for property management in Hawaii, contact us today!