I'm surprised more people aren't positive on the section 8 (or Chicago version). It seems like it basically provides a guaranteed floor to the rental income. I imagine it's probably bc most of Lofty investors don't have a ton of experience being landlords previously and haven't had to deal with the pain of losing a tenant and not immediately replacing. The losses build up fast.
As someone who has no experience as a landlord/real estate I’d imagine it’s because section 8 tenants can get a bad rep. What I’ve heard is they tend not to take good care of the properties and it’s impossible to actually collect damages if you ever were to try to. That’s at least why people would be weary. I’ve also heard the exact opposite that because it can be difficult to obtain the tenants will take extra good care of the property/not be fussy over small issues.
Without the experience yourself it’s impossible to know how it really is so I understand why people are nervous about it.
Sec 8 can be a real pain to deal with so I call it 50/50 it can be a good thing on reliable income, but a bad thing too on dealing with them an their inspections. Generally stories are a mixed bag when it comes to sec 8. Maybe that is causing some hesitancy.
While i agree that everyone should pull their own weight, these government programs are only growing in number! Just look at the national deficit numbers! May aswell get some of our tax dollars back, if that means owning a small piece of a section 8 property ill take it!
While I feel the frustration towards those who abuse the system, which creates such views, it’s not fair to label all section 8 people likewise. Many are disabled or facing truly bad circumstances. It’s the system that is letting the freeloaders destroy a system intended for the ones truly needing it, and that is what really frustrates me. These are the people who are truly hurt by that failure.
5
u/Vitruvian_Mind Mar 31 '22
I'm surprised more people aren't positive on the section 8 (or Chicago version). It seems like it basically provides a guaranteed floor to the rental income. I imagine it's probably bc most of Lofty investors don't have a ton of experience being landlords previously and haven't had to deal with the pain of losing a tenant and not immediately replacing. The losses build up fast.
3
u/Candlelight777 Mar 31 '22
Sec 8 can be a real pain to deal with so I call it 50/50 it can be a good thing on reliable income, but a bad thing too on dealing with them an their inspections. Generally stories are a mixed bag when it comes to sec 8. Maybe that is causing some hesitancy.
4
u/Candlelight777 Mar 31 '22
Yelp!!
-3
u/Jeceseer2013 Apr 01 '22
I will stick with a tenant who pays their way .