I do an inordinate amount of Section 8/Voucher deals. For the uninformed, these voucher programs are meant to be a step up for the holders of said vouchers. The idea is simple, lower income clients apply for a housing voucher thru their county and eligible clients will receive some type of financial assistance based on need. Depending on the county can be anywhere between $1800-$4000 in some cases.
Now $4000 sounds like a big number (and it is), indeed I know people with $5000 mortgage payment and yet the county is giving this money away for clients to RENT a home, yes RENT a home–gain no equity, and all that goes with it. You’re probably thinking to yourself ‘why don’t these people just buy a home?’ If it were that simple I swear I would have them all do that. Unfortunately many of these client just won’t qualify for a traditional mortgage. Their income won’t suffice, their credit score is not sufficient, etc.
These people still have the right to have a nice home. Wouldn’t you agree? That’s where I come in. Unlike many Realtors, I will work with these clients. My rationale is everyone deserves to have a home, and it’s my job to help them find that home.
Here are the issues. There is a stigma with vouchers, as I mentioned before most (99%) voucher client look at it as a ‘step up’ or ‘helping hand,’ they go to work, they raise their kids and pay their bills. There is that 1% that has ruined it for everyone else who have done exactly what you’re not supposed todo–not pay their portion of the rent, trash the house, and just be a general terror to a landlord. These clients are the ones who have ruined it for everyone else.
The voucher program is guaranteed money into the landlord’s bank account every month without fail. The landlord doesn’t ever have to worry about a late rent payment. The county does periodic inspections of the properties to insure they are habitable. For the most part, ever so small details which we my overlook for ourselves aren’t things the county overlook. On the opposite side, if the client isn’t taking care of the home they can also help to get the client back in line by giving then notice that upkeep has to be improved.
That all being said, I believe that Section 8, Voucher programs in general are a good thing. What do you think?