I hear it all the time, "I don't want rental houses in my neighborhood"!
Well, I'm afraid you may be stuck with it! The foreclosure crisis has only just begun and it is going to get worse. As more and more homes go into foreclosure, the prices will continue to drop. At the same time those people who lost there homes are going to have no choice but to rent until they can repair their credit and get a mortgage.
The Predictions are bleak at best; when the 5 year ARM's (Adjustable Rate Mortgage) reset we saw massive foreclosures across the Nation, but there are still many other ARM's some stretched out over 10 years. So as they come around the market will have yet another (correction) as some are calling it.
There is plenty of blame to go around, but blame will not fix it! The result is that neighborhoods that use to be full of home-owners are now filling up with renters, as investors buy the real estate.
While many may not like it; the alternative is vacant homes! I would much rather have a renter in my neighborhood than an abandoned home with all the trouble they bring!
It's going to take a long time to come back from this one, but hang in there, and go knock on that new neighbors door and welcome them to the neighborhood.
With over 25 years of rental property management, I know the best thing to do is get to know your new neighbors. Building a strong commuinity helps to curb crime and other issues in your neighborhood.
If I can help you with your real estate needs or property management, visit me at http://www.turnkeyproperties.org
Ben Edsall is a real estate broker with Turn-Key Properties LLC.
