Are you considering your options as a landlord in Atlanta? One route is to become a Section 8 landlord, with over 3 million households renting residences in Section 8. So, how do you become a Section 8 landlord?
Many US citizens are looking for low income housing, with Section 8 landlords being an essential way for them to enter the real estate market. Section 8 landlords also receive benefits for Section 8 housing.
Read on to learn everything you need to know about becoming a landlord under this program.
What Is Section 8?
Section 8 is also known as the Housing Choice Voucher Program. Section 8 aims to provide assistance for low-income housing.
Section 8 housing allows for low-income families to find rental properties on the private market. It helps families, the disabled, and the elderly to find safe and clean shelter based on their family size and gross family income.
What Is a Section 8 Landlord?
A Section 8 landlord has become part of this housing program, allowing Section 8 tenants to rent their properties.
The local public housing authority in Atlanta pays the subsidy of the rent directly to the landlord, while the tenant is responsible for paying any difference in the monthly rent and the subsidy.
Benefits of Being a Section 8 Landlord
There are a variety of benefits to becoming a Section 8 landlord in Atlanta. Some of the top benefits include:
- Punctual and reliable rent payments each month
- Longer term vacancies
- Initial screening of tenants has been done
- Protection against tenant loss of income
- Giving to those who need it most
As a Section 8 landlord, you have the support of the housing authority. Your rental properties will receive inspections and you do not have to worry about finding tenants. Most importantly, you are also providing affordable housing to those who need it most.
Becoming a Landlord with Section 8
The first step to becoming a Section 8 Landlord in Atlanta is to contact the local housing authority. They will advise on the application process, which usually involves completing paperwork and providing details about your property, such as the rent amount.
You will then receive a property inspection to check that your house meets quality standards. Ensure your property has the health and safety features to pass. This includes having locks, smoke detectors, and plumbing that works.
Your heating and cooling systems may also be inspected. You will then receive either a pass, fail, or inconclusive mark. If you receive an inconclusive mark, you will have to provide more information to continue.
Once you pass, you are a Section 8 landlord! You will let your local Public Housing Agency know you have a vacancy, and then you can begin to accept Section 8-qualified tenants.
Get Support Becoming a Landlord
Section 8 is a viable option for many landlords in Atlanta. It provides many benefits, but you still need to complete landlord duties such as tenant screening to guarantee reliable tenants. It can feel overwhelming to manage properties alone; however, you can get support to maximize your rental success.
PMI Georgia is here to help with your property management needs in Atlanta. Contact us today to learn more.
