Rental Property - Resident on Social Security?
My mother in law is on Social Security. She is currently living in an extremely small apartment building. SSA pays her rent directly. She never even sees the money. She wants to leave due to the conditions, but has little to no choices on where to go. If I were to buy a small home and have her live there, would I be able to collect the rent similar to the apartment complex?
Update:I asked her. She says it is because she was low income. She wasn't able to work for a long time due to the disability.
Update 3:I guess it is all Section 8. So, as long as the property passes Section 8 inspection, it would work out fine.
She says that the govt pays $450 directly to the apartment owner and she pays another $150 out of the money she gets from SS.
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Social Security doesn't pay rent.
If she is on Section 8 voucher, you are NOT allowed to pay rent to a relative. I inquired about this personally. There is too much chance for fraud. The voucher holder could be living rent free and the Housing Authority would be paying rent to the owner who is a relative, so it can get very dodgy. Thats why they dont allow it.
She may be on some other housing program other than Section 8. I cant tell from your question. First you say she pays nothing for rent, then you say she pays $150 as her share of the rent.
Yes she is on section 8. Im not sure how this would work because of you being related. Also as a landlord I would never want a friend or relative living in one of my rental properties. Nor would I ever do any type of business with family. It only takes one time to learn why.
The gov't might not like the fact that you are related either although I am unsure. If you find out would you email me? Just curious.
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social security does not pay rent directly for anyone, disabled or retired. no reason you can't rent to her, but that will be between you and her.