What you Need To Know When Buying a Section 8 Occupied Property

  • This process is important because you will not get paid from Section 8 until you have the change of ownership paperwork successfully submitted and approved.
  • This process can take 30–60 days so you want to get started the day you close.
  • In order to submit the Change of Ownership packet there is information like the lease, the tenant’s voucher number, and tenants contact information that you want to make sure you get from the seller in advance of closing.
  • You will also need to declare where you want future rent payments sent to so if you’re self managing, have your banking info ready or if you have a Property Manager then they will put their information on.

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GC Realty & Development, LLC.

GC Realty & Development, LLC.

Full-service Real Estate firm specializing in Residential & Commercial acquisitions as well as property management in the Chicagoland area.