New Section 8 Glitches that Cost me $1000's this Week -- Holding Fee Woes

Our largest Section 8 provider seems to have a new rule that is good for them and BAD for landlords. Instead of paying the new landlord from the day it passes an inspection, they start paying the new landlord on the first of the month, once they are done paying the old landlord. I didn't know this until AFTER my tenant moved in mid month. I should have gotten a holding fee to cover that gap time.

My other story is of a tenant who wouldn't move in mid month because of several excuses. Her housing commission would have paid me as of mid month when it passed too. So I lost half of a month there. I wish I had a holding fee to cover that time. But on move-in day, she let me know she had changed her mind and she wasn't moving at all. Another reason I should have had a holding fee!

I have not been asking for holding fees lately because it's nearly impossible to get it from the tenant because their caseworkers tell them not to pay us landlords until we have passed an inspection. The caseworkers are too used to landlords who cannot pass and then all that money is gone.

My solution is to make a new holding fee rule that covers that gap time of Section 8 not paying and/or it covers me if the tenant changes their mind. I hope it works for me! But what else can I do to avoid losing so much money besides rent to cash tenants? I can't do that because the courts in Detroit aren't protecting the landlords anymore and I could end up with a deadbeat non-paying tenant for 6 months.

0:00 Intro Rough Week
0:18 Selling our Investor Flips and Flipping to Homeowners Now
0:57 Monique's Detroit Consulting
1:41 RPI's new rule
3:21 Applicant Gone Bad Story
5:29 My Lease
6:15. Basement Clause
7:02 What she said on Move-in Day
9:26 Solution: Holding Fee Wording

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About our company:
Great Day Property Management buys houses in Detroit, renovates them to high standards that will pass city and Section 8 inspections, places deserving tenants, then flips the houses to investors from all over the country and the world. We then guide you to manage the house yourself or we can refer you to a preferred property manager.

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