Buying a rental property with S.8 Tenants

Buying a home with existing tenants is a risky proposition. There are steps you can take to dramatically decrease your risk for issues and I will be posting a video blog shortly that will address those in detail.

 

However, in the meantime, I want to identify one key point regarding s. 8 tenants.  If the property you are buying has an existing tenant that is subsidized through one of the various State or Federal programs, it is critical that you put a provision in your purchase sale that makes your purchase contingent upon the seller notifying s.8 of the impending sale and having the appropriate authority do a final inspection and approve the transfer.  Further, you want to state that any conditions that need to be addressed in order for s. 8 to approve the transfer shall be at the sole expense of the seller.

 

There is more to come on this topic so stay tuned.