U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Georgia > Atlanta
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 10-19-2012, 11:15 PM
 
19 posts, read 37,669 times
Reputation: 18

Advertisements

Marketplace Homes has recently blanketed Atlanta radio with ads about their guaranteed lease program that offers 6 years of rental payments on your existing home if you buy a new construction home from one of their partner builders. I recently talked to one of their representatives over the phone and the program seems legit. The only risk seems to be that the rental payment is based on market trends for rent. Has anyone gone through with the process or know someone who has. I am very interested in the program but would really love some feedback from others who have used the program before I consider it.
Reply With Quote Quick reply to this message

 
Old 10-23-2012, 06:25 AM
 
19 posts, read 37,669 times
Reputation: 18
Just wanted to get this back to the top of the forum. Any information or experience with Marketplace Homes would be extremely helpful.
Reply With Quote Quick reply to this message
 
Old 10-23-2012, 07:50 AM
 
Location: ๏̯͡๏﴿ Gwinnett-That's a Civil Matter-County
2,117 posts, read 5,090,866 times
Reputation: 3497
T.A.N.S.T.A.A.F.L.

Google it.


Just get them to lower the price of the doggone home.
It makes more sense than repaying those rental payments over 30 years.
Reply With Quote Quick reply to this message
 
Old 10-23-2012, 03:32 PM
 
19 posts, read 37,669 times
Reputation: 18
You are bringing back my ECON 101 days. I understand I may not have as much negotiating room with the house price, but it does give me some security by providing a rent check for the next six years. If I tried to rent it out myself, I run the risk of two mortgage payments if something goes wrong. I may be able to sell my house now and break even, but it would be nice to sell in the market that exists in six years (assuming it will be better than this one). Plus, by then, I will have paid down my mortgage by six more years.
Reply With Quote Quick reply to this message
 
Old 10-23-2012, 04:18 PM
 
Location: ๏̯͡๏﴿ Gwinnett-That's a Civil Matter-County
2,117 posts, read 5,090,866 times
Reputation: 3497
Quote:
Originally Posted by Adie's Daddy View Post
but it would be nice to sell in the market that exists in six years (assuming it will be better than this one). Plus, by then, I will have paid down my mortgage by six more years.
Don't assume that. Especially after it's been ravaged by renters for 6 years.

One thing you might try is getting the builder to buy the house from you. Again, no free lunch but if they're building houses in the over saturated cumming market, they might just be foolish enough to buy your house at a price that's favorable to you. Then they can rent it out and make a fortune!
Reply With Quote Quick reply to this message
 
Old 01-11-2013, 07:27 PM
 
2 posts, read 6,500 times
Reputation: 10
Have you spoken to a regular Property Management company about the cost involved with renting out your 1st home & letting them manage it for you? Although they arent going to Guarantee the rent will be paid every month for 6 years, and you will be responsible for the routine maintenance (just as you would if you still lived in it); If you do your homework, you can probably find a very reputable company who does thorough tenant screening. You can ask to see a sample of a lease agreement as well.
As a Real Estate broker & Professional Property Manager, if a company refuses to show you an example of the lease agreement they will use, allow you to review their management agreement, overnight or longer, examine their tenant screeening process, etc., then their is a reason - they are hiding something. Just because a company operates in a legitimate fashion doesn't mean you will be happy with them. Six years is a long time to have someone in a lease agreement that you are unhappy with!

I have also seen a lot of talk about comissions, etc. which has nothing to do with any of this. The commission is already built into the price of the property and it is paid to the Broker who works for the Builder, whether the buyer has their own Realtor or not. If there is a second Realtor, then the commission is split. Why should anyone care how the Brokers get their paycheck? If they make $15k on a house, that they then have to pay taxes and other fees out of (Realtors are usually independent contractors), and they sell 2 - 3 for the year, that really doesn't amount to a whole lot of money. Then they are going to manage your old property for free? Sounds like a lot of work for very little money!

Personally I know nothing about the company in question. I have actually been looking into them as a place of possible employment but they would have to prove that their practices are ethical. I have read some bad reviews and I also heard they totally revamped their Property Management department because of it.

The best advice I could give you would be to weigh your options very carefully. All that glitters is not Gold but dont loose focus of what your goal is. Dont get hung up on how much commission the Builder is paying, worry about covering your assets.
Reply With Quote Quick reply to this message
 
Old 07-04-2013, 12:02 PM
 
1 posts, read 3,394 times
Reputation: 10
Quote:
Originally Posted by Adie's Daddy View Post
You are bringing back my ECON 101 days. I understand I may not have as much negotiating room with the house price, but it does give me some security by providing a rent check for the next six years. If I tried to rent it out myself, I run the risk of two mortgage payments if something goes wrong. I may be able to sell my house now and break even, but it would be nice to sell in the market that exists in six years (assuming it will be better than this one). Plus, by then, I will have paid down my mortgage by six more years.

Did you have any luck with Market place?
Reply With Quote Quick reply to this message
 
Old 05-05-2014, 11:05 AM
 
Location: Upstate
5,489 posts, read 6,211,928 times
Reputation: 3813
Quote:
Originally Posted by cittic10 View Post
T.A.N.S.T.A.A.F.L.

Google it.


Just get them to lower the price of the doggone home.
It makes more sense than repaying those rental payments over 30 years.
Marketplace Homes is not exactly the same as getting a free lunch. While this is an older post, MPH had grown to #99 on the Inc Top 500 and have an A rating with the BBB.

What Marketplace Homes does is earn a commission off the new home with an approved builder. Then they guarantee you a rent check for 70 months at the agreed rate. After the first twelve months, MPH takes a hundred dollars from the rent check and sends you the rest. They will pay for utilities while the home is vacant and pay for the first $1000 in damages and repairs.

The program may not work for everyone, you still have to qualify for to mortgages. After six years, you either sell the house yourself, keep the tenant and rent it yourself or keep MPH as the property manager. But the guarantee will be over.

Meanwhile you have pocketed the difference in your current mortgage and new rent checks (or applied it towards paying down the mortgage). And hopefully in 6 years you can still sell the house and make a profit (or keep renting of course).
Reply With Quote Quick reply to this message
 
Old 05-05-2014, 11:24 AM
 
2,676 posts, read 5,071,217 times
Reputation: 911
In most areas renting your place is not hard in the current environment so I would do enough research and reference checks to feel comfortable that they are a top notch property management company. With this kind of promise that would be my concern -- they have incentive to put anyone in the house as a renter which any landlord will tell you is a disaster waiting to happen. What kind of screening do they do of potential tenants?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Georgia > Atlanta
Similar Threads
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top