Check out the video to learn how I track my Section 8 rents – this is an “in the weeds” of the business kind of thing BUT I’m posting about it because I get a lot of questions from landlords and property managers that could be solved with this 1 simple fix.
The bottom line – I set up the tenant and their Section 8 rent portion as 2 COMPLETELY SEPARATE TENANTS living in 1 property.
I’ve posted 2 examples below – 1 of a ledger where the tenant and their Section 8 portion are combined as if they’re 1 tenant and 1 where they’re separate and don’t intermingle. These are real life ledgers – the separated one is for one of my properties and the one that is co-mingled is a ledger I received from a client trying to fix some issues with a non-paying Section 8 tenant.
Watch & listen and then compare the 2 ledgers to see why it’s so much easier and cleaner to keep the 2 separate.
As always, if you have questions or are interested in learning more about how to be successful as a Section 8 landlord or property manager, send me an email at email@example.com.