Not a hunting question.

[Paula]

Does anyone on here have rental properties?

[Lawdwaz]

None that I own but I've dealt with plenty of landlords AND tenants in my business and have help manage a couple.

What's your question?

[Uncle Nicky]

Yes, small vacation house I rent out. Inquiring minds want to know why you are asking?

[Paula]

I have section 8 tenants and have for 7 yrs and haven't had problems with it or them. one died other day and so i have to find new. i am getting calls for dss i know its different from S8 but what is it?

[virgil]

department of social services?

[Paula]

yes

[HectorBuckBuster]

I have a rental house. I rent it out by word of mouth. You have to be careful about not renting to people because of DSS or Section 8 of discrimination. I believe DSS is just the department that over sees the Section 8. Section 8 will inspect the property and make you fix anything that that don't approve. Also Section 8 will set the rent. I have seen way to many Section 8 houses in the Ithaca area, I would sell my property before I would go that route. I helped a landlord friend of mine out with a house (he has 50 houses or so), i was a 3 bedroom house with a attic. We filled a 20 yard roll off dumpster in a day just cleaning out all the junk and garage they left behind.

[Paula]

thanks hector, i do have section 8 now and have had them for 7 yrs. but this is first time i am responsible by myself for getting tenant in there and i am so nervous about picking the wrong person that will damage and leave garbage behind like you said. I don't mind the inspection because it might be something that needs to be fixed that i might not know about. i have never failed for any reason. This whole thing just makes me nervous

[ELMER J. FUDD]

So what's the deal? Is it worth it to own rentals? Half the people I talk to say don't do it, but they keep the properties. The other half say it's the only way. Please advise. Thank You.

[Paula]

I have to say NO its not worth it, tax time i want to puke and this is my first time i have to find some one. my problem is i do not trust anyone with anything in my life.

[bubba]

dss and section 8 are tow separate things. ection 8 is run by hud a federal program. Dss is basically welfare. dss pays the rent and from my clients and dealing with both, I can say do your best to stay away from dss. Most have little to no regard for the property they live in.

Edited January 26, 2012 by bubba

[Uncle Nicky]

So what's the deal? Is it worth it to own rentals? Half the people I talk to say don't do it, but they keep the properties. The other half say it's the only way. Please advise. Thank You.

My experience has been that it's a crap-shoot; if you find (and keep) good tenants, it's a decent source of steady income. If you get a bad tenant, it can be a nightmare. I've had both.

It can actually be a decent tax write-off, if your accountant knows what he's doing.