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Investment By Buying Section 8 Properties In New York Legal?

by Qingqing Miao, published: 2013-03-20 22:48 viewed: 287 times
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Question from Vladimir,

A Hong Kong based company offered me an investment opportunity in the US by buying a SECTION 8 properties with tenants. They recommended another company in Hong Kong to do the setup of the LLC in the US and they already have a pre-registered company in Delaware.

A property manager in the US will manage the property for a certain amount and the remaining of the rent will be sent to a Bank Account in Hong Kong which they will setup for me. Is it possible to buy a section 8 properties in the US? And is this procedure I mentioned legal in the US? They offered me 2 properties located in Niagara Falls New York for 110,000 USD excluding the setup cost for the LLC. Thanks for your answer.

Answer:

Given how specific your question is, you need to hire a New York attorney specializing in this particular area of law or a real estate investment adviser.

Section 8 housing authorizes the landlord to accept housing voucher. It is not clear yet whether a new landlord will have to reapply for the approval to operate Section 8 rental in the case of ownership change. This should be the first question you should clarify with the potential seller.

Answer provided by:
Qingqing Miao
Ellis, Li & McKinstry PLLC
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