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Saturday, March 14, 2015

Renting a house under Section 8

I have noticed that for whatever reason, houses for sale in Paterson are relatively cheap compared to some areas in NJ. You may find a house in Paterson for around 80k. Compared to some areas in NJ , as for example Passaic houses go up to 300K. 
You can get the house with 20% down ,with good credit. List it under section 8, that is a federal government’s primary program to provide housing for Americans who are living in poverty, as well as the elderly and disabled. Section 8 pays a percentage of the tenants rent, meaning that every month you shall get that check from the government in your bank account. Pay the mortgage and insurance by renting the property, and in the long-run even make profit and create a passive income. Surprisingly it doesn't seem to be hard to enroll your property for the Housing Choice Vouchers Program. You can just go to gosection8.com, create a landlord account and just list your property. After meeting regular health and safety standards and some other simple procedures. Pay the mortgage and insurance by renting the property. In a year or 2, if everything goes well, you should start seeing a steady stream of profit. From my perspective, this should be a great investment because Paterson is a high rent area, that goes up to 1.5k a month. However, in some areas in P.a (specially in the southeast of the state) you can find many houses for under 100k, even as low as 30k. Houses in P.a are cheaper than in NJ, but another component to notice is that even tho the houses in Pa are cheaper, the rent is also cheaper. So if you're intending to do the same investment as in Paterson, even tho you're ultimately going to pay less for a property, the stream of money probably wont be as much as in NJ.
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