HomeRun Homes Rent to Own Homes Blog

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HomeRun Homes is a centralized marketplace which helps people Find or Sell a Rent to Own Home, both Nationwide and Globally to the thriving Rent to Own Market. http://www.lease2buy.com
Showing posts with label housing price. Show all posts
Showing posts with label housing price. Show all posts

December 19, 2011

How The Heck Did I Become A Landlord?

Hi Folks,
   Hope all is well, and your Holiday spirit is brimming over the top!
   OK, I certainly agree, the title of this post may be silly, but the topic is anything but silly.

   Amy Hoak did a great job addressing the "Accidental Landlords" in her story for the WSJ. Hoak defined one such landlord as "a landlord not by choice but because of circumstances beyond control", namely, the real-estate crash, in which this particular homeowner was suddenly faced with a choice: "sell for $100,000 less than what she paid, or hold on and hope that prices recover." She chose to hold on, rent the property, and thus, became an "Accidental Landlord". The chaos that ensued was a nightmare, that was harassing neighbors, and made complaints about everything from loud music to dust on her mailbox.

   "Becoming a landlord when a property proves difficult to sell is also a gamble that housing prices will rebound fairly soon, and that the ultimate sale price will more than cover expenses incurred in the meantime.", says Hoak, but with that gamble also comes legal responsibilities, expenses, and "unforeseen headaches"

   Lisa Eckert, a property manager for Coldwell Banker Bain, in Kirkland, Wash, commented in Hoak's article that she thinks we will see "a lot more owners becoming landlords" due to the economy, and says that people are "turning to renting out as the last-ditch effort". For example, Rick Sharga, executive vice president of Santa Ana, Calif.-based Carrington Mortgage Holdings LLC, says that rents are rising and there are millions of potential home buyers who are unable to qualify for mortgages.

   If you find yourself at the threshold of becoming an "Accidental Landlord", there are some tips that were shared that can help you survive, such as high costs (such as taxes, insurance, possible homeowner association dues, maintenance, etc.). For some landlords, Hoak writes that they might be better off hiring a Property Manager. Basically, a Project Manager, who will handle the maintenance, along with collecting the rent and other related services to managing the property, all for a fee that varies regionally and locally.

   Some of the additional tips that will help both new and seasoned landlords survive, include having a strong and enforceable contract, as well as full documentation of all correspondence, expenses, etc, should they ever need paperwork to bolster the reason for an eviction.

   My favorite quote from Hoak's piece came from Jerry Arnold, who has been renting out a condo he owns in Seattle since 2009, and he said the following about renters; "Nobody treats a property like an owner".

   Mr. Arnold, you are correct. However, there is one other group of people out there that also will treat a property like an owner; tenant-buyers, who are signed on to a Rent to Own contract. Basically, why just rent out a home that you can't sell? Why not rent it out with an option to buy, or Rent to Own?

   Does that make sense? What do you think about that statement?

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Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog: http://blogging.lease2buy.com
HomeRun Homes Websites: http://www.lease2buy.com and http://www.homerunhomes.com

TAGS: #landlord #realestatecrash #rentproperty #risingrent #housingprices #PropertyManager #eviction #RenttoOwn #contract #renter #tenant

September 20, 2010

4 Years Until a Housing Bottom ?

Hi Folks,
   I hope you had a great weekend, and welcome back. I'd like to thank all of our contest winners from Friday, and be sure to watch for new contests coming up very soon.

   "The Case for a Housing Bottom in 2013-14" - does that stun you? How about the following analysis; "Bubbles tend to rise and fall in symmetry, meaning that a bubble that took seven years to reach its apex typically takes about the same period to time to retrace to its starting point.". These are just a few of the points mentioned in an article on DailyFinance.com by Charles Hugh Smith. The article is worth a read, and for those who own multiple properties, take something for your stomach acid before reading the article.

   On a similar note, there are some important housing numbers being released this week:

   Tue 9/21 - Loan Performance Housing Price Index (MORE INFO HERE)
   Tue 9/21 - New Residential Construction (MORE INFO HERE)
   Wed 9/22 - FHFA House Price Index (MORE INFO HERE)
   Thu 9/23 - NAR Existing Home Sales (MORE INFO HERE)
   Fri 9/24 - New Residential Sales (MORE INFO HERE)

   It's worth it to take a look at these numbers as they come out. There are a million theories out there regarding the economy and the housing market. Is the sky falling? Well, for a lot of folks, it already has.

   I like to look at it as follows: The "Chicken Little" is someone who runs around claiming that the sky will fall, the "Optimist" is one who has the intestinal fortitude and cash reserves to stay the course and stay positive. The remainder are those who have lost their jobs and their homes. It is a sad mix, with a disproportionate amount of people falling into the remainder category.

   You know what? We are a strong country that has been through many hardships before. With a little optimism in the darkest days, the days of prosperity will return...they just have to. Everyone knows this. The questions is..."WHEN?".

Stay Strong !

Have a Great Week, and Happy Rent-to-Owning !!

June 21, 2010

Dad's Day, Secrets Winner, and Big Housing Numbers...

Happy Monday to All,

A Happy Belated Father's Day to all of you Dads out there. Our son is not at the "tie-buying" age, yet, but he is still in the "make-a-present-for-daddy" stage, which is absolutely wonderful. The walls of my office are decorated with his masterpieces and it adds color to every day. I know you're too young to read this Blog, but thanks buddy !

Now, on Friday, we announced our contest question; "What city did we begin investing in when we first started our business?". To all of the people who answered correctly and won their free copy of, "Secrets of Rent to Own", Thank You! Now, for the answer to that question, the winners of the contest checked out the "About Us" section (http://www.lease2buy.com/rent-to-own-homes.php), and you found out that the answer was Orlando, Florida.

We officially opened the doors of HomeRun Homes/Lease2Buy.com on June 8, 2002, so we are now officially into our 9th Year. We will continue on with more contests and giveaways, so make sure to tune in here. Want to make life even easier for yourself? Choose one of the "Follow" options on the right-hand side of the page !

This is going to be a very big week in terms of Housing Market data. Today, the Loan Performance Housing Price Index numbers will be released. On Tuesday, some hefty data will be released: NAR Existing Home Sales and the FHFA Monthly House Price Index. As if these major factors weren't enough, New Residential Sales will be released on Wednesday. This is quite a contrast to last week, which was a lot quieter in terms of Housing.

We will check back with you on Wednesday to take a look at what these numbers were, what they mean for you and I, and to take a look at how they can or will impact the Rent to Own Homes market.


Have a Great Week, and Happy Rent-to-Owning !