Over this past weekend, I attended a one-day seminar presented by Dave Seymour of the RE Mentor company (www.REMentor.com). For those of you not familiar with this group, this is founded by David Lindahl, a commercial real estate guru.
Certainly, I learned many things that introduced good things to me, but this one keeps resonating through my mind:
Section 8 Tenants: Make it a requirement that they have a job.
Let's explore...
Downside: Less guaranteed money (Yeah, isn't that the BENEFIT of a Section 8 Tenant?)
Upsides: person tends to be more responsible, spends less time sitting around beating up your property, tends to have more ambition (read: might clean the place once in a while--increased self-image equals actions reflecting more pride), and they tend to be more grateful.
More grateful?
A lot of people receiving Section 8 rent subsidy--only partial--often have a hard time finding a place they can live since many landlords are scared by them. Most landlords like Section 8 tenants, because they represent guaranteed money. Tenants with partial subsidy do not provide this; so many landlords get discouraged. However, this tenant base cannot afford housing on their own. That's why they are getting SOME subsidy in the first place.
Here you are willing to provide them a place to live that fits within their budget. They want to keep working, because they won't be able to afford to keep renting from you, otherwise. You are one of the few people who will do this for them.
I'm not sure about you, but after this perspective was presented to me, I know that if I ever become a landlord which type of tenant I prefer.
From my perspective, great idea, Dave!
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