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Lance Mohr & Team

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renting

Renters Are Getting The Shaft From Their Hedge Fund Landlords

October 25, 2013 by Lance Mohr

Wall street picture from Deposit Photos - konstantin32 #1060076With so many renters getting ignored by their hedge fund landlords it would be wise for them to start know their rights as a tenant. As a landlord of over 18 years I can tell you that most states have very strict guidelines of what a landlord can and cannot do. If the landlord keeps crossing this line they are going to pay a hefty price. If you know anyone who is going to be renting a home they need to read below.

Here's What Happens When Wall Street Builds A Rental Empire
“There's no escaping the stench of raw sewage in Mindy Culpepper's Atlanta-area rental home. The odor greets her before she turns into her driveway each evening as she returns from work. It's there when she prepares dinner, and only diminishes when she and her husband hunker down in their bedroom, where they now eat their meals.

For the $1,225 a month she pays for the three-bedroom house in the quiet suburb of Lilburn, Culpepper thinks it isn't too much to expect that her landlord, Colony American Homes, make the necessary plumbing repairs to eliminate the smell. But her complaints have gone unanswered, she said. Short of buying a plane ticket to visit the company's office in Scottsdale, Ariz., she is out of ideas.

Most rental houses in the U.S. are owned by individuals, or small, local businesses. Culpepper's landlord is part of a new breed: a Wall Street-backed investment company with billions of dollars at its disposal. Over the past two years, Colony American and its two biggest competitors, Invitation Homes and American Homes 4 Rent, have spent more than $12 billion buying and renovating at least 75,000 homes in order to rent them out.”

Good video on hedge funds buying up homes in Atlanta, GA

 

Renters need to understand how is renting the home to them and by all means get familiar with your rights as a tenant in the state you live in.

If you have any questions about real estate in Tampa Bay please get in touch with me by going to my website Tampa2Enjoy.

Filed Under: Tampa Cities Tagged With: bank owned, buying, foreclosed homes, hedge funds, homes, landlords, properties, real estate, renting, reo, tenants

Investing in Tampa Homes as Rental Properties

August 8, 2012 by Lance Mohr

image of south tampa condosLiving in the Sunshine State is a reality for a great number of people. Add to that the annual number of visitors to Florida and it is easy to recognize the appeal of this beautiful state. Lovely tropical plants, beautiful beaches and spectacular sunsets are typical scenes in much of the state, due to the incredible amount of coastline. Tampa holds special appeal because of its proximity to shopping centers, beaches and golf courses, among other recreational and cultural activities.

House-looking is a favorite pastime when there are a few spare hours between conferences and appointments. Visitors might feel inspired to see what is available to rent in the area, particularly if condos in South Tampa, or close by, will provide them a place to stay while they conduct business. Even a week's worth of time in the area is better organized when clothing and a touch of familiar items from home are available upon arrival. One advantage of renting a condominium is the low-maintenance lifestyle, where someone else keeps the yard and building looking beautiful.

Economical, attractive condos in New Tampa are available in a myriad of sizes, from 1 to 3 bedrooms and either 1 or 2 baths. If you have been thinking about investing in a Tampa property , condos are the perfect opportunity for the beginning investor. You can purchase a few nice condos for the price of a single-family home and recoup your investment much more quickly. You can look online through offers on the MLS and take a drive through the areas to find if they are appealing as investments. Are there commercial buildings in the area, or is it primarily residential? Look at the parks, schools, and hospitals nearby to confirm they are taken care of and inviting. Keep the potential renter base wide open by making sure there are senior or community centers nearby that provide services and support to residents. Forward thinking by anticipating the needs of the future residents helps keep steady tenants at your properties.

One of the most valuable assets any prospective property owner has is a Realtor. They have knowledge of home values, future construction and residential ordinances. Since they typically live in the area, they will have first-hand knowledge of utility companies and ideal neighborhoods in which you can invest, as well as total understanding of the many documents involved with a real estate transaction.

Filed Under: Investing Tagged With: florida, homes, investing, properties, renting, tampa

Tampa Rental Prices Forecast to Go Up in 2012

June 1, 2012 by Lance Mohr

Throughout Florida, such factors as an improving job market, a lack of new apartments construction, and declining vacancy rates has Marcus & Millichap forecasting apartment rent hikes in most of the state’s major markets this year.

Bryn Merrey, vice president and regional manager in the firm’s Tampa office, remarks, “We’ve started hearing very frequently that people were able to raise their rents for the first time in a long time.”

However, there may be a bit of a lag in some areas, because such smaller markets as Bradenton and Sarasota have traditionally been slower to attract investment and have had somewhat higher vacancy rates than such cities as Miami. [Read more…]

Filed Under: Market Update Tagged With: buying, florida, home, renting, tampa

The Truth About Buying Vs. Renting a Home

March 24, 2012 by Lance Mohr

image of tampa affordable housing chartSince the housing bubble explosion, it seems to be like everybody and their mother can't cease discussing just what a fantastic time it is right now to get a residence, but how great is it really? After years of watching property prices drop like flies and rental markets tightening up far better than pair of Spanx, it's safe to say that home ownership is really budget friendly practically all over. In fact, it is now less expensive to own than to lease in 98 of the 100 most populous metros– featuring (shocker!) pricey locations to live like New York, Los Angeles and Boston.

Who – you ask? Our Trulia's Winter 2012 Rent vs Get Index– that's who! To provide you a tad of background, this Index is what we make use of to figure out whether getting a house or renting in a given metro is easier on the pocketbook. To do this, we consider asking prices for rentals and properties for-sale on Trulia.com while additionally factoring additional fees like taxes, insurance and maintenance, etc.

Just view for yourself. After placing all the metros in order of where buying is most costly relative to leasing, the two metros at the top of the listing– Honolulu and San Francisco– are no where near being orange, let alone being in the red (read: renting is cheaper relative to getting). At best, they are a pleasant mustard yellow, which means that the asking price between renting and purchasing is not all that different. As an alternative, what actually matters if you're only doing a basic expense comparison is (1) your tax bracket and whether you can easily benefit from the mortgage interest deduction and (2) exactly how long you actually arrange to stay in the home.

Filed Under: General Tagged With: buy a house in Tampa, buying, florida, foreclosures, foreclosures in Tampa, home, lance mohr, luxury homes, real estate, renting, tampa, tampa entertainment, Tampa Realtors, things to do

Selling Your Home in Tampa vs. Renting it Out

September 19, 2007 by Lance Mohr

If you have had your home on the market for some time, and even if you have engaged the services of an experienced and very qualified professional real estate agent in Tampa, you may be concerned with the amount of time that your home has been on the market for sale.  In this day and age, the real estate market in the United States, including the Tampa market, can be challenging.  Therefore, you may be wondering what interim options might be available to you when it comes to dealing with a residence that you really need to “get out from under.”

One option that some individuals that need to “move on” from a particular piece of real estate are undertaking is temporarily renting a piece of property until market conditions might improve or become more favorable.  When it comes to renting your home as an alternative to what you had hoped would have been a quicker sale, as a fallback position, there are some tips and pointers that you must keep in mind.

First: Keep the house on the market in some fashion even if you have rented it out for the time being.  This can be a bit of a challenging task because you will have to work around tenants.  However, the wisest course is to keep the home available for sale even if you are temporarily renting it out to save yourself from further financial loss.

Second: You will need to make certain that you carefully and closely screen any potential tenants to make certain that you lease only to individuals who a proven track record of taking care of property they rent.  You do not want to end up with damaged property that requires you to expend even more money in order to affect a sale for a decent price at a later date.

Third: You will want to keep the term of a lease or rental agreement as short as possible.  If the Tampa real estate market rebounds, you want to be able to sell your home free and clear of any tenancy as quickly as possible.  Therefore, you might want to consider renting the property out on a month to month basis.  In fact, when all is said and done, you likely do not want to consider any tenancy beyond a month to month term unless you specifically have decided to remove the property from being considered for sale for a definite period of time.

In order to determine if the temporary rental option is the right choice for you, if you want to make certain that such a plan of action makes sense in the Tampa real estate market, you should take the time to consult with a qualified and experienced Tampa real estate professional.  Such an expert can lay out all of your alternatives.

 

Filed Under: Selling Tips Tagged With: florida, home, house, market, property, real estate, renting, selling, tampa

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