Will ‘Rental Nation’ Plague Your Property?

devilREO

Will ‘Rental Nation’ plague your property?

South Florida homeownership is down and neighborhoods brim with renters, who don’t care as much about upkeep and issues that keep values high.

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The fragile sense of community in homeowner Bryan Melzard’s neighborhood — the impromptu chats on the sidewalk, shared gripes about overzealous condo commandos — is fading.

More renters are moving into his Greenacres development of about 100 homes, filling investor-owned properties bought at foreclosure fire-sale prices with cash on hand and dreams of big returns. The conversion has meant regular U-haul sightings on the 30th of each month and anonymous neighbors with fewer scruples about loud music.

“There are a lot of nice people here, I will say that, but I don’t know them,” said Melzard, 34. “It very much seems to me like an apartment-type of complex now.”

As corporate America sops up the remnants of the real estate crash, it’s not only more difficult for the traditional buyer with financing to find a home, it’s also planted a niggling concern about how it could change the fabric of the American community.

Wall Street hedge funds and multi-billion dollar companies got into the single-family home business about a year ago. Already, hundreds of Palm Beach County homes are owned by firms such as the Connecticut-based Starwood Property Trust, the Blackstone Group in New York and Canada’s Tricon Capital. The idea is to buy and rent until prices increase enough to make selling profitable.

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Comments
5 Responses to “Will ‘Rental Nation’ Plague Your Property?”
  1. Rebecca says:

    I died today
    Sorry its hard. It has not been kind let fun
    Pain disappointment I know very well today
    I’m
    Depressed
    Very
    Thanks online

  2. lies is all they tell says:

    I hear you marilyn, its people like MACK who think homeowners caused this we havenot. they want us to not use mortgage intrest deduction, the high rents are to make us homeless, so then we can populate the FEMA camps and work for a bed and food only. hmmm sounds alot like hitlers concentration camps to me. people need tp start waking up. i suppose everyien is so drugged on flouride, preservatives and GMO foodwho gives a flip where the sleep?? reminds alot of also the matrix.
    free labor, our energy to profit the upper line. what will they have us do mine gold, diamonds ???? sad. AMERICA NEEDS TO WAKE UP

  3. marilyn lane says:

    Wait till you see what happens when the REITS start buying up all the garden apartment complexes
    In your neighborhood. The worst is yet to come after a fraudulent foreclosure

    I have rented in two REITS in order to keep my dog. For a $500. or a $600 non returnable deposit
    over $1800 rent for .a one bedroom plus a $50 fee per month your pet has a home.

    Not bad looking apartments but service is terrible. And additional charges for water and heat over your rent.

    On my third night in the first REIT I discovered that the tenant above me was a drug dealer with a meth lab when on the third night one of his clients died of a drug overdose. That REIT didn’t see any reason to evict him although the police surrounded the apartment with surveillance vans for weeks looking for the big boss.
    My dog became attached to my arm in case his lab blew up.

    2nd REIT similar problems This time . I took the upper floor and I HAVE A TRANSVESTITE AND A FRIEND ON DRUGS BELOW ME.

    Fight with all your might to keep your property. if you think the banks and the courts are bad wait till you see these wall street vultures.

  4. lies is all they tell says:

    little history lesson here……The Glass–Steagall Act of 1932-1933 basically separated investment banking from personal banking right. was repealed in 1999. please see http://www.usnews.com/oyour tapinion/blogs/economic-intelligence/2012/08/27/repeal-of-glass-steagall-caused-the-financial-crisis Remember in 1999 we were in good times we were buying homes. The mantra was your mortgage (or rent) should be no more then 25-27% of your take home income. what this mantra did is if anyone had to temporarily (notice temp. now it seems forever especially in florida) on unemployment the unemployment was enough to cover rent or mortage. why it went to 33% of gross income was what truly caused this crisis. think about it aftr the repeal that was when securitization started and the originating bank/entity had no skin in the game they were selling the mortgage basically before closing. the money actually used for transactions was not even sometimes their money but investor money. so if you do the math on 33% of households gross income if we did not know this but if you do the math it was almost 50% of take home. this was the way to qualify people for the larger amount of the homes. but BOOM when there was a job loss unemployment did not cover the entire mortgage. SO to MACK do not blame homeowners we basically just applie for the mortgage. we know our income we didnt think we could not afford it.

    for example lets say in 1990’a house hold net income was 2000$ your mortgage should be no more then 500$
    in 1999 that about went to 33% of gross income so you have to add back in income taxes, social secutiry, and medicare so lets say 2500$ is gross income. so now you can be approved for a mortgage of about 850$ that is 350$ more then what was used before. Take that 2500$ and double it, triple it to represent the middle class income and you have the disaster that everyone is seeing. Almost 1/2 our income wnt to mortgage with the 33%.

    the other issue why this occured was with so many home mortgages we were all using the mortgage intrest deduction. with the mortgage intretrest deducation you itemize and claim charity contributions, volunteer milage, work clothes and equipment. whe we are in foreclosure we do not use these deductions anymore. we have to revert back to pre home buying standard deduction.
    to me seems manufactured.
    anyones thoughts

    BUT PLEASE DO NOT BLAME THE HOMEOWNERS. THIS IS NOT THE PLACE. HOMEPRICES FELL BECA– USE OF GREES AND PREDATORY LENDING. PRACTICES AND MODIFICATION/FORECLOSURE/FRAUDS

  5. mack says:

    HOA’s still hold owner responsible for upkeep issues if a rental even if owner is a bank or investor. Some don’t allow rentals. In our development which is HOA, the foreclosures caused a drop in prices all around so now the demographics have changed dramatically, and not for the better. Now, those of us who didn’t lose our homes but want to leave can’t move out unless we want to take a loss on our property.

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