What if your rental income was government-backed — and your tenants stayed nearly a decade? Meet the investor who built an $8 million net worth doing exactly that…
In this episode of The Agent of Wealth Podcast, host Marc Bautis is joined by Michael Curadossi, a real estate investor who has built a 72-unit portfolio — and an $8 million net worth — by focusing on Section 8 housing. Michael shares how he scaled from a single property flip to managing dozens of rentals, all while leveraging the stability and long-term benefits of government-subsidized tenants.
In this episode, you will learn:
- Why Section 8 housing is one of the most overlooked opportunities in real estate.
- How to identify the right properties and locations for subsidized rentals.
- Tips for managing Section 8 tenants and minimizing turnover.
- The systems and mindset that helped Michael scale his portfolio sustainably.
- And more!
Tune in to discover how government-backed rental income can create long-term wealth — and why Section 8 might be the hidden gem in your real estate strategy.
Resources:
section8doneright.com | Follow Michael Curadossi on Instagram: @section8doneright | Bautis Financial: 8 Hillside Ave, Suite LL1 Montclair, New Jersey 07042 (862) 205-5000 | Schedule an Introductory Call
Disclosure: The transcript below has been edited for clarity and content. It is not a direct transcription of the full episode, which can be listened to above.
Welcome back to The Agent of Wealth Podcast, this is your host Marc Bautis. Today, I’m joined by a special guest, Mike Curadossi. Mike is a 37-year-old seasoned real estate investor with over a decade of experience in the industry.
His journey began back in 2013 with a single property flip, and since then, he’s built an impressive portfolio of 72 rental units across Massachusetts, particularly along the South Shore and Cape Cod.
As a devoted father of three, Mike balances his family life with a thriving real estate career. His current portfolio is valued at approximately $22 million, with a net worth surpassing $8 million.
Mike specializes in acquiring quality properties in desirable areas and renting them out to Section 8 tenants, a strategy that has proven to be highly successful. Recently, he has channeled his expertise into creating a comprehensive course designed to guide others in navigating this niche market.
Mike, welcome to the show.
Thanks for having me, Marc. I appreciate it.
To start off, can you give us some background on what Section 8 real estate investing is?
What Is Section 8 Real Estate Investing?
Section 8 is a government-subsidized housing program. The federal government provides funding to local housing authorities, which then administer the program within their communities. Personally, I work with around 10 to 15 different housing authorities.
The way it works is that tenants pay a portion of their income toward rent — typically around 30%, and sometimes up to 40% when you include utilities. For example, in my portfolio, I have tenants who pay nothing out of pocket and others who pay $1,000 toward a $3,000 monthly rent.
The goal of the program is to help lower-income individuals and families afford housing in competitive rental markets, often in neighborhoods where they might not otherwise be able to live.
Thanks, that makes sense. What attracted you to investing in Section 8 housing specifically? Was it by accident? Was it intentional? How’d you first get involved?
Honestly, it was kind of by accident. I was buying bank-owned properties, renovating them to flip-quality, and then refinancing and keeping them as rentals instead of selling. On one of those early properties, I got an email from someone asking, “Do you accept vouchers?” I had no idea what that meant.
So, I called her. Her name’s Jody — she’s actually still one of my tenants today, almost a decade later. I spoke with her housing worker, did some research, and realized that while it came with a bit more paperwork upfront, it was worth trying. At the time, I started with rent at $1,800 per month. Now, that same unit brings in $3,675.
Here’s the interesting part: The tenant’s portion of the rent has never increased, because it’s based on a percentage of her income — not the total rent amount. So, if tenants are happy, there’s little incentive for them to move, since their out-of-pocket cost remains stable.
Listing Properties for Section 8
Let’s use that example. You bought a bank-owned property, renovated it, refinanced it, and rented it out. At what point do you decide to make it available for Section 8 tenants? Is there a formal application process?
No, there’s no formal application. You just list it like you would any other rental. You can use affordablehousing.com, but honestly, tenants often reach out and ask, “Do you accept vouchers?”
Now, in some states, landlords are legally allowed to say no. But in states like Massachusetts, there are source-of-income protection laws, so it’s illegal to deny a tenant just because they have a voucher.
You’d be surprised how many tenants say, “Thank goodness you accept Section 8 — so many landlords don’t.” In my head, I’m thinking, Those landlords could get sued.
Once someone reaches out, you begin a move-in packet with them. It includes details like rent amount, security deposit, number of bedrooms and bathrooms, utilities covered, and so on. That gets submitted to the housing worker.
Then, the unit gets inspected — either by someone from the housing authority or a third-party contractor. The inspection process is really the only extra step compared to traditional renting. And if you know what you’re doing, your property should pass. Even if it fails, it’s usually for something minor that you can fix quickly.
Once it passes, you get a move-in authorization from the housing authority. That document also tells you what the tenant’s portion of the rent will be. For example, on a $3,000 unit, they might say the tenant owes $500 and the housing authority will pay the remaining $2,500.
I use property management software, so I input the $500 payment for the tenant, and the $2,500 gets direct-deposited monthly from the housing authority.
So the housing authority pays you directly? The money never goes through the tenant?
Exactly. The payment goes directly to the landlord. Only one of the housing authorities I work with still sends paper checks — everyone else does direct deposit. You just submit your banking info either with the move-in packet or afterward.
Rent Increases and Payment Standards
What about rent increases? Are there any regulations around that? Does the housing authority impose limits on top of local laws?
Each year, HUD releases Fair Market Rents (FMRs), usually around October. Then, each housing authority decides whether to pay at, above, or below that amount. Many of the housing authorities I work with pay between 100% and 120% of the FMR.
So, I always check the latest payment standards when they’re released and adjust my rents accordingly. For example, last year, HUD’s FMRs actually decreased, and some housing authorities haven’t released 2025 standards yet. But I still put through $200 rent increases across the board — and I’m getting them.
Keep in mind, those new lower payment standards usually only affect new lease-ups. If someone moves out and I re-rent the unit, the new rent might be capped lower. But for current tenants, as long as your existing rent is within their guidelines, you’re okay.
Rental markets are cyclical. Rents spiked, then stayed flat in 2024, and dipped a little in 2025. But I’m still making good money, and my rent levels are often above market rates in the areas I invest in.
Lease Terms and Tenant Relationships
Do you have to include anything different in lease terms for Section 8 tenants?
Most housing authorities require a 12-month lease minimum. After that, my leases convert to month-to-month (tenant-at-will).
You can only increase rent once every 12 calendar months. I usually submit rent increases 10 months in advance because approval takes 60 days.
As far as fees — rules vary by location. You can usually charge pet fees, parking fees, or application fees, but I generally avoid that. I know my tenants: typically single moms with two to three kids, and they don’t have a lot of extra money. I’d rather maintain a good relationship and ensure they pay their portion of the rent on time than nickel-and-dime them with fees.
How Income Affects Rent Contributions
Since the rent they pay is income-based, how often is that income evaluated? And does it impact your rent payments?
Tenants have annual recertifications where they submit updated financial info to the housing authority. If they get a new job — or lose one — they’re supposed to report that immediately.
For example, if a tenant is paying $500 a month and loses their job, their portion can drop to zero. I’ll get a new rent share letter by email or mail telling me that. I then update the tenant’s payment in my property management system and send them a quick message to let them know.
It’s always based on a percentage of their income. So if their income goes up, their share goes up. But it doesn’t affect how much I’m charging — the housing authority simply adjusts how much they pay.
One thing people don’t realize is how hard it is to even get a voucher. There’s usually a 10-year waitlist. Once someone gets one, they have 90 days to find a landlord willing to accept it. If they don’t, they go back to the bottom of the list and someone else gets the opportunity.
Navigating the Complexity of Housing Authorities and Vouchers
It’s interesting how the system works. You mentioned earlier that you work with multiple housing authorities — was it 12? How exactly are housing authorities structured? Are they organized by city or region?
There are several different types of housing authorities: county, nonprofit, and town-based. For example, I work with Plymouth Housing, Yarmouth Housing, Wareham Housing Authority, and Weymouth Housing Authority. Then you have larger entities like NeighborWorks, which covers entire regions and receives both state and federal funding.
There are also various organizations that administer vouchers. I collaborate with Father Bill’s & MainSpring, and there are HUD-VASH vouchers for veterans as well. Massachusetts also has MRVP (Massachusetts Rental Voucher Program) for emergency housing, and each of these voucher types has slightly different payment standards.
So when a tenant comes to me, it’s important I ask them what housing authority issued their voucher. That allows me to look up the payment standard for that specific authority and ensure I’m charging rent that aligns with what they cover — because one authority might pay significantly less than another. I wish it were a standardized system, but the truth is it varies quite a bit from one authority to the next.
Marketing Rental Properties to Section 8 Tenants
When you have a new property, do you market it specifically to Section 8 tenants? Is that allowed? Or do they just naturally find you?
Yes, I absolutely market to Section 8 tenants. I’ve built strong relationships with many of the housing authorities. I’ll bring them coffee, donuts, and lunch. I know most of the staff well. So when I have an available unit, I email every housing worker I know and say, “Hey, I’ve got a unit coming up. If you know someone looking, send them my way.”
Now, the housing authority can’t require tenants to rent from me, but they can say, “Hey, I know Mike has available units. Give him a call.” Ultimately, the choice is up to the tenant. But I want to make it easy for them to find me.
When I list my units, I put “Section 8 Welcome” right in the headline. If I don’t, the first question I’ll get is, “Do you accept Section 8?” By putting it upfront, they know I’m familiar with the process, and that I’ll make it easy.
I also list amenities that I know matter to my target tenant — dishwashers, washer/dryer hookups, etc. I know some landlords who will actually rip dishwashers out because it’s just one more thing that can break. But for me, it goes back to: Who is my tenant?
If it’s a single mom with a few kids — which is the profile for most of my tenants — then these conveniences matter. I have three kids myself and use my dishwasher constantly. Why would I deny that to my tenants?
The same goes for laundry. I don’t want tenants spending their weekends at a laundromat. I want to provide amenities that make them feel comfortable and happy living in my units.
Reducing Turnover Through Smart Amenities and Strong Relationships
Tenant turnover is the single biggest expense for landlords — hands down. According to HUD, the average Section 8 tenant stays in a unit for 8.75 years. A market-rate tenant, by comparison, typically stays for 2-3 years. That means a market landlord is turning over the same unit three times while I’ve only done it once.
Turnover costs add up fast: You lose a month of rent, which for me is $3,000–$3,500. Then you pay for painting, maintenance, and everything else required to prep the unit. If I can limit turnover with good tenants and a solid application process, everyone wins. I can even raise rent when allowed, and it doesn’t impact the tenant because their portion is income-based.
What Makes a Good Property for Section 8?
Are there certain characteristics that make a property more suitable for Section 8 tenants?
These days, I’m buying a lot of small multifamily buildings. One thing I’ve learned is that unit layout matters. I bought a three-story building once, and while the units were nice, it was hard to find tenants who wanted to walk up three flights of stairs every day with their kids.
From a unit size standpoint, I prefer 2-, 3-, or 4-bedroom units. The rent jump from a two-bedroom to a three-bedroom is significant. So from a cash flow perspective, three-bedrooms are where it’s at.
I just bought eight units — all three-bedroom townhouses — and they rented almost immediately. People like the private space: backyard, parking spot, no shared hallways.
Single-family homes are always the best for rentals, in my opinion, but in my market, the numbers just don’t work anymore. So I pivoted to multifamily. Demand is still strong, especially for three-bedroom units.
Understanding Payment Standards and Rent Thresholds
Have you found a “sweet spot” for monthly rent where Section 8 demand is strongest?
I don’t list anything above the payment standards. I look at the highest standards among all the housing authorities I work with and list it there. If a tenant reaches out and says their voucher only covers $3,200 and I listed the unit at $3,487, I’ll still rent to them if they’re a good tenant.
Sure, I might be leaving a bit of money on the table, but I’d rather have a quality tenant than hold out for the absolute maximum rent from another housing authority.
Debunking the Misconceptions Around Section 8
What are some of the biggest misconceptions you’ve seen about Section 8?
People are often shocked that I actually like working with Section 8 tenants. They’ll say things like, “I heard they’ll trash your place” or “They don’t work.” And that’s just not true.
A lot of my tenants do work. I recently rented to a woman who manages the Radisson Hotel in town — and she has a voucher. In Massachusetts, eligibility is based on area median income. For a three-person household, the income cap is around $70,000. Think about how many people make less than that — teachers, medical office staff, receptionists. They could all qualify.
You wouldn’t even know who has a voucher unless they told you. What really matters is your application process.
How to Vet Section 8 Tenants
The biggest thing I’ve learned is that people — Section 8 or not — often lie on their applications. If they’ve had bad landlord experiences, they might list a friend or sibling instead of a real landlord. I’ve seen it all.
That’s why I tell applicants upfront: Don’t lie. If you’ve been evicted, tell me. If you had issues with your previous landlord, be honest. I will call them. And I verify everything.
If a property is owned under an LLC, I’ll look up the ownership records to confirm who I’m speaking with. I also care more about the landlord before the most recent one — they have no reason to lie, unlike a current landlord who might just want the tenant gone.
I also do inspections of the tenant’s current unit. I’ll have someone go there and send me a video. I’m not using that video to discriminate — but I want to see if what they told me matches how they live. I’ve caught lies about pets, about who lives in the unit, all kinds of stuff.
If someone says “It’s just me and my kids,” but the video shows men’s clothing or work boots, that’s a red flag. Lying is a dealbreaker for me.
That inspection step is probably the most important part of my process — and almost no landlords do it.
Managing a Section 8 Portfolio From Afar
Most of your properties are in Massachusetts. Have you thought about investing elsewhere?
When I moved to Jupiter, Florida two and a half years ago, I looked into it seriously. I even started a real estate meetup here and found cash-flowing areas. But I kept getting deals back in Massachusetts.
Brokers would call me with off-market opportunities. I already had systems in place. So I decided not to reinvent my entire business down here when things were already going so well up there.
I also developed software that lets you search rental markets across the U.S. You can pull in FMR data, local listings, and project out what a property will cash flow — down to the county or town level. We just launched it last week, and it makes market analysis incredibly fast.
What challenges have you faced managing your portfolio remotely? And is it easier doing it this way — starting local and then stepping back — versus trying to build remotely from day one?
When I was starting out, I worked nights and weekends for five or six years. I had a landscape architecture business and would work until 3 or 4 p.m., then go straight to working on properties until 10 or 11 p.m. every day, including weekends.
I was very hands-on. That helped me learn construction costs, materials, and repairs. But honestly, since I moved and stopped being so hands-on, my portfolio has grown even faster.
I now have a maintenance manager and a property manager — she used to work for one of the housing authorities. I trained her myself. Now they handle everything, and I just oversee them.
If I had implemented those systems earlier, I would’ve grown faster. Being local helps you build relationships and meet contractors — but staying local too long can slow down growth if you’re doing everything yourself.
I know you recently created a course on investing in Section 8 housing. What inspired you to take that approach?
Yeah, I never thought I’d create a course or try to have a social media presence. But when I moved down to Florida, I went from working a lot to working very little. I thought I’d just golf and be happy.
But I’m not good at golf. I tried — I really tried — but I’ve got two herniated discs in my back, so that didn’t work out either. I ended up feeling pretty unfulfilled. I had accomplished all my goals, my wife and I didn’t really need to work anymore, and my existing portfolio only took a few hours a week to manage. Suddenly, I had all this free time, and I wasn’t happy. I asked myself, What’s my purpose now?
Buying properties came easy to me and didn’t take a ton of my time, thanks to the systems I had in place. So I joined a mastermind group, and the other guys in my pod basically told me, You need to start a coaching program. No one is teaching this the way you are.
There are a few others out there teaching Section 8 investing, and nothing against them, but they’re not people I’d personally want to learn from. I didn’t see myself in them.
I’m a family guy. My main goal in life is to be my kids’ hero. I spend as much time with them as I possibly can, and real estate has allowed me to do that. So I decided to take everything I’ve ever learned and put it into a course. Honestly, it was extremely uncomfortable to film myself, to do podcasts like this, or to start building a social media presence. But I also believe that if you’re not doing things that make you uncomfortable, you’re probably not growing.
So I said, Screw it, and went all in. Just a year ago, I didn’t have a course, and now it’s grown into something really cool. We’ve got a community of 130 people who are all interested in Section 8. I’m in there every day, answering questions. We even have a Zoom call tonight to go over deals. I’ve really enjoyed it — it’s been a great way to spend my time doing something I’m passionate about.
What areas of real estate investing does the course focus on, and who would benefit most from it?
It’s not just about Section 8. I go over everything — how I built my entire portfolio, starting from nothing. I had credit card debt, student loan debt, no family money. I started from zero. So I teach people how to build a portfolio from that place.
If you already have money, it’s obviously easier to acquire properties, and I cover strategies for that too. But this course really walks through everything I’ve learned in real estate.
Any time I close a new deal — like right now, I’m closing on 12 more units in the next 30 days — I release a whole module about it. I explain how I found it, how I structured it, what kind of financing I got, everything.
I really created this with my younger self in mind — me eight years ago. Whether you’re just getting started or you’ve got 5–7 single-family homes and are wondering how to move into multifamily, this course covers that. I didn’t hold anything back — I put it all in.
Alright Mike, that’s all the questions I have for you today. Thanks so much for joining me on this episode — I really enjoyed learning about Section 8 housing and hearing about the impressive portfolio you’ve built.
Before we go, where can listeners learn more about you, the course, or get in touch?
Sure. You can visit section8doneright.com. I’m also most active on Instagram — that’s @section8doneright. Those are the two best places to connect with me.
Great, we’ll include those in the show notes. Thanks again, Mike, and thank you to everyone who tuned into today’s episode. Don’t forget to follow The Agent of Wealth on the platform you listen from and leave us a review of the show. We are currently accepting new clients, if you’d like to schedule a 1-on-1 consultation with our advisors, please do so below.
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