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Old 02-27-2013, 12:18 PM
 
1,579 posts, read 2,792,559 times
Reputation: 742

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I was just out walking my dog and I saw two men putting up a for rent sign. They told me a company out of California is buying 60,000 homes in Florida, rehabbing them and renting them with a 2 year lease with an option to buy. The back of their truck was filled with signs. Blue and white is what you will see. Their website is invitationhomes.com I thought I would post this for anyone who is looking for a rental. I only saw the outside of the home that they were putting the sign on but it looked really nice, fresh paint and landscaping. He also said that they are having a 3 week turn around time for the time the sign goes up until they have a tenant.

So I guess this is a good thing to get these homes occupied and hopefully let people get back to owning their own home at some point. I'm sure I'm missing something but its information some may want.
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Old 02-27-2013, 02:10 PM
 
Location: Port Charlotte, FL
3,961 posts, read 8,511,840 times
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Thanks for posting that. Right now we have more tenants that we have homes. They have quite a list on their web site.
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Old 02-27-2013, 03:03 PM
 
1,579 posts, read 2,792,559 times
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They sure do have a lot and if what those men told me there are going to be many more to come. Only problem I see is those that were looking to buy one of these homes when they came on the market will be out of luck. The one they were putting the sign up at today was never listed I guess they are working directly with the banks and getting them off their books. You as a real estate professional, what is your take on this? Do you thinkit will help since they are doing option to buy? I know people need rentals and their prices appear to be reasonable.
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Old 02-27-2013, 04:07 PM
 
Location: North Port
62 posts, read 156,833 times
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I think this is a good thing! Let this company come in and by all the foreclosed homes, short sales or whatever, fix them up and get good tenants in there, not like these investors that buy the houses and rent them out to section 8.
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Old 02-27-2013, 05:34 PM
 
Location: Round Rock
11 posts, read 22,629 times
Reputation: 23
There's an article about this in the WSJ from last October.

Invitation Homes is the creation of private equity giant Blackstone Group LP and a couple of partners from Texas and Arizona. Blackstone is reportedly spending over one billion (yes that's a billion) on rental homes. Apparently they are not the only big players in the market. Google 'rental markets big buyers' to find the article.

I think I'll hold out for a locally owned rental. I can see this as being a nightmare for tenants.
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Old 02-27-2013, 06:01 PM
 
1,917 posts, read 1,991,384 times
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I don't know how many properties are for sale in North Port but they own at least 26 houses there that would otherwise be on the market. That has to have an impact on pricing.

If the large investment firms are purchasing real estate that can only be seen a a good sign for the market in the future.

Gary
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Old 03-01-2013, 09:34 AM
 
Location: North Port, FL
137 posts, read 269,732 times
Reputation: 87
It is helpful as far as making homes available to renters, but their buying spree (with cash) is also hurting first-time home buyers hoping to finance their purchase as it puts these folks at a big disadvantage. So, like most things, there are pluses as well as minuses.
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