According to the National Association of Realtors, there are 1.4 Million new renters which have entered the home renting market in the last 12 months...if you've thought of buying rental property, it may be a great time to look into this type of investment.
What we are seeing in our rental management business is an upgrade in the quality of tenants. Many of our residents at Phillips Realty are families who have gone through either the short sale process or the foreclosure process with their own home, which obviously puts them in the market to rent. Maybe its due to the fact they are used to taking care of their own home, but this segment of our tenants seem to take excellent care of our properties we manage and we are happy to provide homes for them and help them to begin the process of making a new start.
Many of these applicants who have gone through losing their own home, have credit scores which reflect the struggles they have been through. Because the score is lower, does not necessarily mean they won't become excellent tenants for us. Many times they have been paying double the amount on their mortgage than what they will now be paying for rent, which automatically gives them (hopefully) a surplus in their monthly budget so that they can begin rebuilding their credit and their lives. We do look at the whole picture with each application and hope to be a valued asset for those ready to begin anew!
For more information, if you would like to discuss purchasing a rental property or if you are looking for a good home to rent, please contact us at Phillips Realty at (843) 238-8664.
No comments:
Post a Comment