raise rent sect 8? (by Ann [MA]) Oct 19, 2018 4:44 PM
raise rent sect 8? (by S i d [MO]) Oct 19, 2018 5:10 PM
raise rent sect 8? (by Ann [MA]) Oct 19, 2018 5:21 PM
raise rent sect 8? (by Steve [MA]) Oct 19, 2018 6:46 PM
raise rent sect 8? (by Steve [MA]) Oct 19, 2018 6:49 PM
raise rent sect 8? (by JB [OR]) Oct 19, 2018 10:43 PM
raise rent sect 8? (by Vee [OH]) Oct 21, 2018 6:19 AM
raise rent sect 8? (by Ann [MA]) Posted on: Oct 19, 2018 4:44 PM Message:
I have 2 section 8 tenants I would like it if they moved or at least paid rent through the winter,...
Plese save the lectures about never take a section 8 tenni. We have 42 buildings and don't on them. This building is in a small isolated town,..that had its only big employer leave.
If not section 8 people the place would be vacant,..
So read the thread about crazies and how its so hard to screen for them,...well, they SEEMED to be OK at first,..but have gotten really crazy lately,..LOTS of drama and problems,..I think elicit drugs (and in one case lack of the right psycho meds) Are the problems. but anyway can I raise rents on these people? They are causing a lot of maintenance.. It will take a while to rent it to even another renter,..BIG units,..so I have to take less or big families,..which I don't want to do,..3 bedrooms, huge LR and dinning room,.large kitchens over 2,500 square for each,
Nice clean (at least at first) units,..heat included for only 900 each,..because only 2 people in one unit and 3 in the other.
Our oldest building ,..30 years,..Yes i will try to sell it,..
--66.30.xx.xxx |
raise rent sect 8? (by S i d [MO]) Posted on: Oct 19, 2018 5:10 PM Message:
Once their current lease term is up, you request a rent raise from the Sec 8 admin office. They will tell you if and how much they will grant. Take Uncle Sam's money, play by his rules. If it were me, I'd get rid of them. No amount of rent increase will pay for the damages crazy tenants will cause. There are decent Sec 8 people. Time to find them. --68.188.xx.xx |
raise rent sect 8? (by Ann [MA]) Posted on: Oct 19, 2018 5:21 PM Message:
So this is a hybrid payment with the tenants paying part of the rent that sect 8 does not. I WOULD like to say after Jan 1st the rent will increase 100. (still cheap) As I understand he tenant would have to pay that increase (?) I wouldn't be upset if they left,.. --66.30.xx.xxx |
raise rent sect 8? (by Steve [MA]) Posted on: Oct 19, 2018 6:46 PM Message:
Yes you can raise their rent as long as you do it in accordance with the contract you signed with both the tenants and the housing authority. You'll need to check your contract to determine when it expires & how much notice is required before changes can be made. Most S8 are for 1 year & require 60 days notice. Make sure that you send notice of the proposed to both the tenants & the PHA.
Have you checked with the PHA to find out what the maximum rent they'll pay for a 3 bedroom unit with the heat included? If you provide any other utilities make sure you include that when you inquire about the maximum rent paid by S8 in your area. --96.237.xx.xx |
raise rent sect 8? (by Steve [MA]) Posted on: Oct 19, 2018 6:49 PM Message:
Ann if the rent increase gets approved by the PHA they usually pay a percentage of the new rent amount & the tenant is responsible for the balance of the rent. In other words the tenant is not necessarily responsible for the entire increase. --96.237.xx.xx |
raise rent sect 8? (by JB [OR]) Posted on: Oct 19, 2018 10:43 PM Message:
I'd only seriously be considering three options if it were me:
Sell the house outright
Do a 1031 exchange for a better rental property
Rent this place by the room
Either way I'm getting rid of these tenants (and avoiding S-8)
--24.20.xxx.xxx |
raise rent sect 8? (by Vee [OH]) Posted on: Oct 21, 2018 6:19 AM Message:
I had my share of sec8 with a few leftovers, but the you need to follow the rules and the contract - you can't just randomly raise the rent, first the 60 day notice is prolly the amount of notice needed to both client and HUD office staff, this allows inspector to justify the increase or they turn you down and your stuck. What major upgrade could you do to justify an increase, this is what they want to see if value for the leaseholder, energy smart windows (expensive, poor choice), electrical appliance (new stove - this is an easy one), comfort control (window air box in a wall mounting - good choice), new hot water heater (keep the energy saving stickers). Study your hud web site and go 15 percent higher so they can explain why it came thru at xxxbux, then you can plan something in 2 years again when it is time to increase. --76.188.xxx.xx |
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