Do you know what hud is and would you accept a tenant that has it?

Question

a lot of home owners i call say they don't know what it is but why wouldn't they accept it if it is guaranteed money

Answer 1

The other posters told you what HUD is.

HUD renters pay little or nothing to their rent, so for a landlord, it is guaranteed money every month.  The downsides, these are people with little or no investment in taking care of the property.  They are people with disabilities that prevent them from working, and they can be very hard on property.  While it is true that HUD renters lose their vouchers if they trash properties, most judges are lenient because they know these folks will be homeless if they lose their vouchers.

I have friends that won't touch HUD (Section 8) housing because a bad tenant can cause tens of thousands of dollars worth of damage.  One friend accepted HUD for awhile, the tenants kept flushing garbage down the toilet, racking up $1,000 of plumbers bills when he couldn't fix it himself and it took a long time to finally get them evicted.   The next one had a mental disability and a drug habit, had all sorts of other undesirables hanging out.  When he went by for the scheduled inspection (that the tenant had notice about), there were 9 people in the place and not a stick of furniture, just mattresses strewn on the floor.   That was the end of my friend's Section 8 experience.

Answer 2

HUD is Dept of Housing and Urban Development.  I think you mean they have Section 8...and that can be a trick bag.

Answer 3

Yes I know what it is...

HUD is where the tenant would get state help for paying rent. It would be beneficial because they do inspections and you know there would be some money guaranteed to be coming to you rather than none if they missed their rent payment.

The reason they DON'T accept it is because HUD will inspect the home and if it is not up to safety standards, it will not be approved. So in other words, they are not willing to do repairs. Such as more than 3 steps are required to have a railing. There must be screens on windows, etc. They just are too lazy or don't want to take the time or money or effort to fix the problems with their homes...

Answer 4

There are lots of reasons not to.

The main one is the quality of the renters.    They tend not to have lots of respect for property and tear it up.    

They also tend to be socially rude, so the neighbors pitch a fit.

The house has to be inspected and certified yearly, this is simply a PIA and you have to pay for the fireplace inspection yourself.

Rent is set by HUD, the landlord can not set the rent amount themselves.

Rent is NOT guaranteed.   Only the HUD portion.    The renter can still be an a$$ and not pay you.

Personally I do accept section 8, but ONLY ONLY ONLY for diabled families.   No lazy butts, no druggies (most of them are drugggies).

People are on section 8 for a reason.    If their reason is that they are drug addicts and therefore unwilling to support their families they are not someone you want to rent to.     If the reason is that they are disabled and live on disability, and not cheating the system (many on SSI are) then you want to rent to them, they are the people the system is supposed to be helping.

Answer 5

Sure I know what HUD Sec 8 is, and I don't accept it in any of my rentals.  First error you make is thinking that the rents are guaranteed.  They aren't.  Only a PORTION of the rents are provided by Sec. 8.  The remainder is tenant responsibility, and good luck getting it.

Secondly, (and this certainly does not apply to ALL) Sec 8 tenants tend to be less than careful about taking care of the premises.  I had my fill of Sec 8 tenants about a decade ago, and stopped taking new ones.  They were simply a huge pain in the backside.

Take note of Godged's reply.  Sounds ALL too familiar to me.

Answer 6

HUD stands for the federal department of Housing and Urban Development. They have several funding programs that apply to buyers. Call your local number for information and referral and they will get you the information you would need to contact your local  office.