That decision was always easy for me, RENT IT! Why? I had a little secret strategy called Section 8 Florida. It is called by many names: Plan Ocho, Plan 8 or Plan Eight. Remember Miami, Florida is predominately Latin so the program's name has been translated to fit the Latin vocabulary.
Section 8 is a that provides a housing subsidy for low-income families and individuals. The funding comes from Housing and Urban Development (HUD) and your local Public Housing Authorities or Agency (PHA). These are the government agencies that will generally administer the programs. Section 8 Programs can be designated in state, county, city, or metropolitan regions. There are many types of Section 8 programs available; however, the programs which most property owners are likely to encounter are vouchers and certificates.
Being a landlord using Section 8, Plan Ocho has some advantages....
- Future Tenant has already been screened by the Public Housing Agency PHA
- 60%-100% of Rent is Paid by HUD, the government. (The rent is on time & you get some of your tax revenue back; Tax Refund Baby!)
- Tenant is held responsible for damages. HUD does yearly inspections
- Section 8 is another source of potential renters for your property
- Programs are available to help rehab properties.
- Rent payments are usually higher with Section 8 than the retail market rents.
- There are Section 8 programs that issue low income housing tax credits.
For more information go to:
|Written by +Bob Burns.|