| >> News - May 2012 |
Homeowners Unwittingly become Landlords
People’s lives change, there are a host of reasons why
people unexpectedly have to move. And if they do, and they bought their home
between 2004 and 2008, there is a good chance they are
underwater unless they
had a 20% or more down payment. Many times these folks unwittingly become
landlords. This is especially true in the condo market. Remember all those
condo towers under construction downtown? Zero down loans were almost as cheap
as 20% down loans. The market was increasing 5% per year. Most of the people
who bought these condos didn’t intend to stay there for 5 or more years. They
got married, had kids, got relocated, got divorced and had to move. I’ve seen a
lot of them and we are managing their properties through our property management
group. It works pretty slick. We find and screen the tenant, collect the
rents, pay the bills, and handle all the maintenance and tenant relations. Call me if you know anyone who may benefit from this service.
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