Section 8 hud rental info.?

Question

myself and my brother co-own a duplex presently we live in it, myself on one side and my bother on the other..... my question is.. if i wanted to move and rent my side while my brother still resides on the other can i work through the section 8 HUD program to get renters in? any info on this will be helpful anyone have good or bad luck working with this program? who decides how much rent you'll get? thanks. can we still get homestead being that one of the owners still resides there?

Answer 1

My parents do a lot of HUD rentals.  The rent is set by HUD so a lot of times you do have to take a little less than you want but you are guaranteed a check as long as the person is there and on HUD.  HUD will send an inspector once a year.  They check to see if the outlets work and make sure there aren't any repairs needed.  I guess where you live might make a difference whether you want to go through HUD or just rent it outright.  If you are in a good neighborhood then you might get a good tenant.  My parents problem is that most of their rentals are not in the classiest neighborhood so if someone is not on HUD they come up with enough money to move in but then don't pay anymore rent and my parents have to evict them.  With HUD they know they will get their rent money every month.  HUD used to send out checks but I think they are doing direct deposit now.  If the person does have to be evicted for some reason it would be up to you to do it.  HUD doesn't help with that.  You have to file an eviction in magistrate court and they set a court date for about a week later.  The eviction process would be the same whether it's a HUD tenant or not.  Usually you don't have to evict HUD tenants though because HUD is paying their rent.  Sometimes HUD only pays part of the rent and the tenant has to pay the rest, it depends on the tenant's income.

Answer 2

I got out of this program.

To much headache.

To low of rents.

Got tired of seeing people use my money to pay their rent and living better then me.

Females get on it and move-in drug dealing boyfriends.

Answer 3

You can apply to be a HUD landlord but do you really want that extra headache.  Your brother will still qualify for the homestead rebate.  If you add a tenant you do qualify for extra tax deductions and depreciation but when you sell this bites into your profit   Check with a real estate accountant before you and your brother decide

anything.  You both must sign off on any changes.

Answer 4

Don't listen to all the people saying that HUD tenants are problems - they just have only dealt with the few that take advantage of the system. most HUD tenants are legitimately disadvantaged or disabled.

Like another person said - it depends on your neighborhood. If you think you can get a good tenant without it, give it a try because you could get more rent that way.

If you think it would be hard to get a tenant - go for it.  It is guaranteed rent and they do regular inspections.  The only bad thing is (like another person said) you typically have to take a little lower rent due to their budget issues.

Also - about the eviction - the other person was right that HUD does NOT help with eviction, But so many things are taken care of for them that you rarely have to evict any of them anyway.