Governments worldwide take different initiatives to provide improved welfare programs to their citizens. The taxes collected are intended to be spent back on the public through various projects. It is how the government can provide relief in emergencies, build infrastructure, keep the country clean and grow its resources. In America alone, almost 1000 billion dollars are spent annually through social welfare initiatives in various sectors to help the low-income class. These programs ensure the basic needs of the American population are met.
As far as federal and state social programs are concerned, they include cash assistance, health insurance, food assistance, housing subsidies, energy and utility subsidies, and education and childcare assistance. Managing these programs is one thing; however, providing awareness about them can be more challenging. While the general public is familiar with some, many projects have not gained enough traction to be known to the public. Spending money on marketing such policies can decrease the program’s overall budget. The other reason for not using conventional marketing platforms is to stop scammers from utilizing these resources.
Under Section 8 of the American government, programs for low-income households and disabled individuals provide stable rental help. In layman’s terms, Section 8 housing vouchers are administered locally by public housing agencies (PHAs). They receive funding from the US Department of Housing and Urban Development (HUD), paying up to 80% to 90% of the rent. While these facts can be shocking, it is interesting to note that one of the leading specialists in all the branches under Section 8 and real estate investor Tom Cruz (@tcruznc on social media platforms) stumbled upon it accidentally.
Tom Cruz is one of the most remarkable real estate geniuses who started his journey in this industry by wholesaling properties. Coming from humble beginnings, Tom has always been an optimistic person who wanted to do something great in life. What makes him stand out from the crowd is the fact that he tries hard to push his limits. He realized quite early on in his professional life that IT skills were not bringing in enough money. Hence he decided to transition to real estate. After wholesaling, he started to buy and sell low-priced properties, such as condos or small houses. Tom started small but soon gauged this was an excellent opportunity to fulfil his dream of becoming a multi-millionaire.
During this time, Tom came across a property that changed his life forever. It was a downtown house, which he bought for $55,000, and it already had a tenant. Once he purchased that property, the previous owner told him to register his bank account so that Tom could get the Section 8 payment monthly. This was the first time he had heard about this policy. It was pretty shocking for him as he found out this property was generating $1,350 per month, which was more than its actual value.
While Section 8 is an incredible initiative, many houses registered under this policy are very economical, but the rent they get is great. So, Tom bought as many properties as possible and sold them after making a profit from rent. “From that point forward, I bought dozens of Section 8 rental units myself. Later eventually, I would partner with other investors and start scaling my property acquisition and management business,” Tom stated.
His adventure with Section 8 helped him increase his net worth up to $25 million. That’s not all; Tom started his own consultancy platform and has been actively teaching his followers about the tricks of the real estate business and sharing the secrets of Section 8 on social media. Some of his tips are as follows.
Physical or mental disabilities
It is one of the most significant acceptance factors for Section 8 funding. If you or anyone in your family household has a physical or mental disability, you can apply and send a special request for 100% rental help.
Work on your case
Applying for your Section 8 voucher can take months and still end up being rejected. It must be understood that they prioritize disabled people, single parents, and the elderly. Just having a low income can delay the process of gaining the voucher if you do not qualify for their priority list, so make sure you seek help from a Section 8 expert who will help you prepare a solid case.
Consultation is key
As such programs are made for the general public, it is always beneficial to use some consultancy to progress faster and receive the voucher sooner. In fact, an expert can guide you at every step of the way, whether you need help to fill out the form or prepare for the interview. With their help, you have greater chances of getting accepted.
Tom Cruz has been actively guiding new and aspiring investors, specifically the youth, about the real estate business in America. He has helped countless people understand the undiscovered world of Section 8 and aims to help and provide better housing for investors and tenants. His pure intentions and larger-than-life personality have undoubtedly made Tom Cruz a trusted name in the world of real estate!