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Single-family rentals on the rise in South Florida

Nearly a quarter of all single-family homes in South Florida were occupied by tenants or available for lease last year, according to a report that underscores the changing profile of renters

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The Curious Case of Reluctant Homeowners

Rental BHConventional wisdom has long suggested that renters rent because they can’t afford to buy homes. But Zillow has posed the question of whether renters are renting out of necessity or choice.

Zillow’s latest look into homeownership rates found that almost 14 percent of renters are qualified to buy the median property in their market, based on income and credit rating.
Silicon Valley renters are especially in a position to buy, despite living in the nation’s most expensive home ownership area. San Jose, in fact, was the only large market Zillow analyzed where the share of on-market renters with strong credit and high incomes exceeds the share of those with weak credit and low-incomes.

In most places, Zillow senior economist Aaron Tarrazas said, were high-earning renters with relatively low credit scores.

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Landlord Nation: Baby boomers' new retirement plan is millennials paying rent

Pete Pollinger and his wife, Julie, are relocating from Boca Raton to Melbourne, a city of about 70,000 on Florida’s Space Coast, named for its proximity to NASA rocket sites at Cape Canaveral and the Kennedy Space Center.

They weren’t just hunting for a place to live. As they get ready to move this year, they’re also looking for single-family homes they can buy, fix, and rent out.

“We want to be more in control of our financial destiny,” said Pollinger, 51, a computer systems consultant. “As far as traditional investments go, we have less control of what really happens to those.”

He and Julie hope to build a portfolio of about 10 homes, buying when they see good value or selling a fixed-up home when the market presents the opportunity to take a profit.

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Housing Bust Foreclosures Drove Up SFR for Metro Areas

Metro areas that experienced more foreclosures during the housing bust have seen a larger increase in the share of single-family homes that are rented, according to a recent report from Zillow. The increase in the share of single-family homes that are rented has shown to be most prominent in the Southwest United States.

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Three NH Companies Face EPA Penalties for Alleged Lead Paint Violations

Three New Hampshire companies face significant penalties from EPA under two civil complaints filed by EPA alleging that the companies failed to follow federal lead paint regulations at a commercial and residential property in Manchester.  EPA seeking nearly $150,000 in fines.

 

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Anaheim-based firm fined nearly $60,000 for lead-paint violations

An Anaheim-based company has been fined nearly $60,000 for failing to comply with federal rules regarding lead-based hazards when painting and repairing properties built before 1978.

Clearview Home Improvements, which operates as Clearview Home Energy Solutions, performs energy-efficient home improvements, such as installing windows and vinyl siding. An inspection by the U.S. Environmental Protection Agency found that in 2013, the company failed to meet federal standards while working on homes in Huntington Beach, Mission Viejo and several cities in Los Angeles County.

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OMG Landlord Inspects crazy Grossest Hoarder House Ever

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Police: Florida man places bucket bomb in landlord's home

A Florida man was unhappy with the lack of money being returned to him by his landlord so police said he decided to place a bucket bomb in the landlord’s home.

Gregory Hiler, 44, was upset with his landlord, who he accused of not paying back all of his rent deposit by May 23, the Daytona Beach News-Journal reports. Police said Hiller went over the landlord’s home around 6:51 a.m. that day and placed a bucket bomb — which was filled with “screws, nails, BB pellets, razor blades, scrap metal and gasoline” — inside the house and detonated it, causing a fire with no injuries.

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Renter accused of wiring nearly $3K from landlord's bank account

A New York woman is accused of making nine Western Union transactions totaling nearly $3,000 from her landlord's bank account.

Issaka Mohammed, 23, of the Bronx, allegedly made the transactions sometime between March and May.

The victim, Gerald Johnson, reported to Lower Saucon Township police the nine transactions totaling $2,976 were made on his business account, Alta Enterprise. He also found a fraudulent check through his Embassy Bank account was made with his forged signature and the company's logo on the check was hand drawn, according to police.

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REAL ESTATE Landlord Nation: Boomers’ New Retirement Plan Is Millennials Paying Rent

The foreclosure crisis turned America into a market of renters—and rent collectors.

Pete Pollinger and his wife, Julie, are relocating from Boca Raton to Melbourne, a city of about 70,000 on Florida’s Space Coast, named for its proximity to NASA rocket sites at Cape Canaveral and the Kennedy Space Center.

They weren't just hunting for a place to live. As they get ready to move this year, they’re also looking for single-family homes they can buy, fix, and rent out.  

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The New “Underwater” Home

In a recent report from Zillow, according to climate scientists, if sea levels rise as much as predicted by the year 2100, almost 300 U.S. cities could potentially lose at least half their homes as well as 36 U.S. cities could be completely lost. If this situation takes place based on Zillow's calculations, it may turn out that actual water poses almost as much of a problem for the housing market in the future as negative equity has in the past.

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Judge rules that landlord’s refusal to rent to tenant with Section 8 voucher is illegal

PITTSFIELD, Mass. (WWLP) – A Western Division Housing Court Judge issued a summary judgement, finding that a family that owns 10 rental properties in Massachusetts, engaged in unlawful discrimination in refusing to rent to an applicant solely because her Section 8 voucher was administered by the Berkshire Housing Development Corporation.

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The Price You Pay for an SFR Property

Rents for properties backing single-family rental (SFR) securitizations climbed by 5.4 percent in June from their prior contractual rents, according to Morningstar Credit Ratings’ June 2016 Performance Summary Covering All Morningstar-Related Securitizations.

In fact, Morningstar’s data showed that the rents on properties backing SFR securitizations outpaced year-over-year increases on three- and four-bedroom RentRange, LLC median rents—and that the average contractual rents in top SFR metros are mostly higher than their property-level RentRange estimates.

The analysis aggregates rent changes across 24 SFR securitization and nearly 93,000 properties, according to Morningstar.

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Boomerang Buyers Bounce Back

After seven years passing for the black mark of foreclosure to be removed from consumer credit reports after the foreclosure peak in 2010, 1.9 million homeowners will have met the required time after which the Fair Credit Reporting Act requires derogatory information to be removed, according to a report from CoreLogic’s Kristine Yao.

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Homeownership Rate in the U.S. Drops to Lowest Since 1965

The U.S. homeownership rate fell to the lowest in more than 50 years as rising prices put buying out of reach for many renters.

The share of Americans who own their homes was 62.9 percent in the second quarter, the lowest since 1965, according to a Census Bureau report Thursday. It was the second straight quarterly decrease, down from 63.5 percent in the previous three months.

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What Is a Zombie Foreclosure and Why Do They Occur?

Zombies are everywhere lately, it seems. TV shows, video games, even chasing runners during special 5K races.

You might even have a zombie next door. The first sign of trouble: An unmaintained yard, growing wild amid summer heat and rain.

"Zombie" properties — homes abandoned by the owners, but still not reclaimed by banks — continue to be a problem in Brevard County, Fla., even as the worst of the foreclosure crisis has passed.

In Brevard, there were 6,920 homes somewhere in the process of foreclosure in June, according to RealtyTrac, a California-based real estate information company.

Of those, 1,903 are homes vacated by their owners, the company said.

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Single-family home investment still a smart choice

Orlando’s increasing median home prices and decreasing inventory make it appear that opportunities for residential real estate investment are limited. However, like all investment types, if you seek to find the greatest prospects the economy presents, you’ll see that they indeed exist.

The fundamentals of real estate investment – including buying low and selling high – can be applied to any deal in any market regardless of economic climate. Market fluctuations aren’t permanent and won’t have a big impact on ROI if the economics of the investment are sound. Those successful in flipping follow the principle of finding homes below value replacement costs, thus having built-in equity from the start.

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Housing Council Sues Landlord Discriminated Against Section 8 Voucher-holders

According to the Metropolitan St. Louis Equal Housing and Opportunity Council, some landlords are still ignoring the rule and denying homes to people who get the government's help to pay their bills.

 

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Landlord: so-called mold expert "nightmare" tenant

Gainesville, Ga. - She thought she'd have no trouble one day selling her 10,000 square foot home in a gated community, complete with a beautiful view of Lake Lanier. Instead, a Hall County widow ran afoul of her tenant, a man known as the Mold Doctor.

Michael Pugliese -- aka the Mold Doctor -- faces a Georgia Medical Board investigation sparked by complaints from patients and former employees. He said he's done nothing wrong. Try telling that to a frustrated former landlord who still owns the home that Pugliese supposedly claimed was making his own family sick.

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Tenant sneaks very important clause into his landlord's lease

When Redditor GloriousGherkins was delivered his lease to sign by his landlord, it was sent in a Word document instead of a .pdf file, meaning GloriousGherkins could alter the text in any way he wanted.

So the crafty renter decided to sneak in an extra clause, stating that the landlord must provide birthday cakes to the renters.  The clause, which is number 16 on the lease reads, "Lessor shall provide birthday cake for Lessee(s) in the weekend closest to their birthdays, which are June 7 and February 17. Vanilla cake is not acceptable."

In the comments, some Redditors argued about the sneakiness being illegal, but GloriousGherkins insisted that he is going to hold his landlord to the deal.

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Kansas City landlord faces felony charges for allegedly forging judge’s signature

KANSAS CITY, Mo. -- The last time FOX 4 Problem Solvers saw Miles Thomas, he didn't want anything to do with us. In fact, he pulled his T-shirt over his head when we tried to film him.

FOX 4 wanted to talk to Thomas about the homes he's been renting and selling in Kansas City which, according to multiple lawsuits and Jackson County property records, he doesn't own.  The real homeowners have even called police, hoping to have Thomas arrested. But police say it's a civil matter.

Until now.

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