research Fair Housing laws, rules, and other guidelines when considering renting to families with children.
• Will you rent your house to people who have filed for bankruptcy? If so, how recent a bankruptcy filing will you accept? In addition, what are the bankruptcy requirements? For example, will you have different requirements for somebody who filed a Chapter 7 bankruptcy vs. someone who filed a Chapter 13 bankruptcy? • Will you rent your house to someone who has been through a foreclosure, short sale, or car repossession? If so, how recently? These are all major issues to consider, and many landlords don’t wish to attract these types of tenants, as they’re often viewed as “higher risk” and “lower quality.” Some questions to consider: Would you allow someone to rent your house if they just had their house foreclosed on last month? Would you rent your house to someone whose car was repossessed last month? You need to put your requirements and guidelines in place. • Will you accept Section 8 tenants? The Section 8 program allows homeowners to rent their property at fair market rates to qualified low-income tenants, with a Home Forward rental subsidy. Some jurisdictions require that you accept Section 8 tenants, regardless of your personal feelings. Check with your attorney to see what the requirements are. In the meantime, determine whether you’re willing to deal with Section 8 tenants, because this
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