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.
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:
Ellis, Li & McKinstry PLLC