Becoming a HUD Housing Landlord
If you've ever wanted to get into the real estate business, consider becoming a HUD housing landlord. As a landlord, you'll provide housing to low to moderate income families. These individuals receive a monthly voucher from the local housing authority, which pays their monthly rent. But before you can advertise for Section 8 tenants, you'll have to submit an application to become a landlord.
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Instructions
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Call the Redevelopment and Housing Authority. To become a HUD housing landlord or Section 8 landlord, you'll need to visit your local housing authority. This city department handles all HUD transactions. You'll have to complete and submit an application, and provide information about the property such as square footage and monthly rent.
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Wait for a response. Every application must be approved by the housing authority. Based on the information provided, the housing authority determines whether your properties are a good match for the program.
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Schedule an inspection. After approving your request to become a HUD housing landlord, the housing authority will inspect the property. Properties listed under Section 8 have to meet certain requirements. They have to be in good condition, and provide a safe and healthy living environment.
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Advertise for tenants. The local housing authority can provide you with potential tenants. Additionally, you can advertise for Section 8 tenants. Place a sign in front of the property or include a classified ad in the local newspaper.
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Interview potential tenants. As a HUD housing landlord, you can pick and choose your tenants. Have potential tenants complete an application. Inquire about their employment and rental history, and ask for references.
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Negotiate rent payments. Section 8 tenants receive a monthly voucher from HUD. If the rent exceeds their monthly voucher, they'll have to pay the difference out-of-pocket. As the landlord, you can negotiate a lower monthly rent to accommodate a tenant.
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