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.
I have been looking to buy a home near the Five Forks area. I have found that American Homes 4 Rent Management have purchased many homes at bargain prices. Not only bargain prices but they are getting the best houses in the area leaving the one with no updates.
Example they have purchase at least 14 homes in Guilder Creek Farm (where I was looking to buy). They were paying $10 -$15 thousands less than what the homes are listed for with tons of upgrades. They are now renting these homes, but what does this do to an area. Usually homeowners have a more vested interest in keeping up the properties. Concern of the long term impact when they put these houses on the mkt for sale.
American Homes 4 Rent Management I believe is a public traded REIT.
I also took a look at Joneville Landing, same thing there. Purchased the best houses of the lot, & now they are for rent.
Any feelings on the impact to these communities???
Thanks
I noticed three or so of them in my subdivision as well. I can't imagine those type of investor sales do anything positive for the home values, other than reducing the number of homes on the market.
They bought 2 homes in our subdivision at regular prices. Home owners made good money on those sales. Botha rented out now and the families from what I can tell seem decent...
I am a buyer looking to relocate. I found the prices that this company paid was a great price. I surely would have jumped on some of these sales, but they act fast. Not only do they pay a great price, but they are good in scouting out the best properties in the neighborhood.
I do have a concern that these sales turn into rentals. As a home owner I would be interested in improving the property; where a tenant will not have the same goal.
I have family member that sold a house to American Homes 4 Rent back in July. American Homes really wanted to close before the end of July, which coincided with their IPO. Based a quick look through some of the property records it looks they went on a buying spree before the IPO and could still be a bit of buying spree after the IPO.
As someone who lives in a neighborhood where they have bought homes. I do hope they keep them in good shape. Given what they are charging for rent in some of the homes, I am not really worried about the quality of the renters though. This is one of the cases where having a good (but not draconian) HOA helps.
Still doing my research & the more I research ---the more homes I find this company has purchased. I am now inclined to think that they have pushed up the real estate prices, as they purchased so heavily they had a real impact on reduced inventory. I have found that prices are now much higher that what they paid from July to Sept. I also notice that they took the cream of the crop. The houses that they purchased were upgraded, maintained, best school system & good lot selection. Makes it hard for me to jump on what is left & a higher price at that.
I believe their corp policy is to hold onto these houses for appr 10 yrs while they appreciate.
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.
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.
