Are you thinking about becoming a Section 8 landlord? If not, you may want to start!
Section 8 housing in Indianapolis is a federal assistance program also known as the Housing Choice Voucher Program. This helps low-income people and families to be able to afford housing that is safe and up-to-code.
But what do you need to do to become a landlord for Section 8 properties? Read on to learn more.
Research and Obtain Property Requirements
The first thing that you need to do to become a Section 8 landlord in Indianapolis is to make sure that your property meets the minimum requirements. The Indianapolis Housing Agency sets these.
This will ensure that your property is safe, habitable, and compliant.
Register Your Property
Once you know and meet the right property requirements, you need to register your property as a Section 8 rental property.
They will ask you for certain information in order to become registered.
Get a Property Inspection
Once you register your property with the IHA, you need to then get a property inspection. It is important to note that you don't just need to get one, you also need to pass it as well.
If you don't pass on the first try, you will need to fix these issues before approval for Section 8 in Indiana.
Determine Your Rates
Before you officially become a landlord with tenants, you need to come up with your rates.
There are maximum rental rates that you may have for a Section 8 unit, so you will need to check with the IHA before you set them. You also have to follow specific standards as well in order to get approval for the rent rate you set.
Select Tenants
Once you select your rate, have your property inspected, and get it registered, it's time to actually get people in your property!
When people are interested in your unit, you should screen them! This works just the same way as any other rental unit would screen a tenant.
To do this, conduct a background check, verify their income, and be sure to ask references more about them to make sure that you know as much as possible.
Once you find the right tenant, you can sign a lease agreement.
Maintain Compliance
Once you have your tenants, you are not done there! You have to remain compliant with Section 8 laws.
You should be staying up-to-date on these the entire time you are a landlord.
Become a Section 8 Landlord
If you are thinking about becoming a Section 8 landlord in Indianapolis, then you want to make sure that you are compliant and making sure that you know the exact steps.
If you would like help with your property, you can reach out to a management service to help you. Here at Indianapolis Property Management, we can help you with whatever you need! Reach out to us with any questions.
