Salvaging the real estate market by becoming a Section 8 landlord
Real estate prices have bottomed out. Depending on the market-- Las Vegas, Arizona, Southern California -- house prices can be insanely low.
In Broward County, Fla., for example, homes that once cost more than $200,000 can be had for as little as $30,000, many as foreclosures. Now that the days of high-profit speculation in the real estate market have come to a close, real estate investors are turning to another program that provides a more modest, but still reliable, return.
The Section 8 Rental Voucher Program is a federal endeavor that pays the rent of qualified low-income renters. The homes they live in are privately owned by everyday people, who receive monthly rent checks from the government on behalf of their low-income tenants. Considering rent is paid back at what amounts to something close to market rates, renting an inexpensive property to the Section 8 program can more than pay for itself.
WalletPop's Jason Cochran traveled to Broward County to meet with Suzanne Dunn, a real estate investor who has independently jumped on the Section 8 market. She gives us an overview of how it works for people who want to become landlords:
