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There will be some reshuffling among these investment firms in the future. Their "business models" probably don't account for the variability in home styles and maintenance. They'll discover that some of what they acquired does not make sense.
I own a handful of rentals and already decided that being familiar with the aging and peculiarities of each site is becoming bothersome. Any future investments would be in something multifamily, like a quad or small complex.
Is it still renting if the lessee is not paying their rent?
What's difficult about it? Pay your rent. No problem.
I agree - just pay your rent.
However, there is another story buried in this story . . . and they hardly touched on it in the article.
Many of these companies are buying up houses with existing renters in them . . . and then immediately raising the rent by 1/3 or so.
For many of us, 1/3 more in rent could be a problem.
So I think that is at the core of the story . . . b/c otherwise, people who don't pay their rent on time should expect some reaction from their landlords -- and that can include eviction.
I have rented the last few years till we finally decide on what area to settle in. (job moves hubby around a lot) I won't live month to month just for that reason with a rent hike and/or a possible landlord switch. I want to know what's happening for the next 12 months so I always sign a lease.
I agree with Anifani, that's a big rent hike out of the blue like that and no time to move out. A 30 day notice should be required and surprised it isn't in the tenant laws. As for fast evictions for unpaid rent (not due to increase), isn't that normal? Why on earth should a landlord let their tenants live for free? The quicker the better.
However, there is another story buried in this story . . . and they hardly touched on it in the article.
Many of these companies are buying up houses with existing renters in them . . . and then immediately raising the rent by 1/3 or so.
For many of us, 1/3 more in rent could be a problem.
So I think that is at the core of the story . . . b/c otherwise, people who don't pay their rent on time should expect some reaction from their landlords -- and that can include eviction.
Agree with this. They also mentioned a woman who was promised a month's credit due to a non-functioning AC, but instead they started eviction proceedings on her.
Yes people should pay their rent, but it's starting to look like these guys (Invitation Homes specifically) might just be organized slumlords.
Last edited by SunnyKayak; 12-20-2013 at 07:45 AM..
Reason: orphan:
I have rented the last few years till we finally decide on what area to settle in. (job moves hubby around a lot) I won't live month to month just for that reason with a rent hike and/or a possible landlord switch. I want to know what's happening for the next 12 months so I always sign a lease.
I agree with Anifani, that's a big rent hike out of the blue like that and no time to move out. A 30 day notice should be required and surprised it isn't in the tenant laws. As for fast evictions for unpaid rent (not due to increase), isn't that normal? Why on earth should a landlord let their tenants live for free? The quicker the better.
I have a truckload of furniture and belongings that would go with me into a rental!!!
I can't just pick up and move overnight so I would think that would be true for most folks . . . it would be a horrific thing to face, especially if I had children and school districts to be considered.
Agree with this. They also mentioned a woman who was promised a month's credit due to a non-functioning AC, but instead they started eviction proceedings on her.
Yes people should pay their rent, but it's starting to look like these guys (Invitation Homes specifically) might just be organized slumlords.
Beautifully put . . . "organized slumlords."
Call me crazy . . . but the thought of these mega-businesses buying up thousands of rental homes (not "units!"- HOMES) . . . then raising the rent an unrealistic amount (1/3 or more) . . . and then quickly evicting people . . . does that not sound like it is at least verging on RACKETEERING? yeah. it does to me. I am sure it is legal, but it sounds like only one little tiny sliver away from being illegal.
If you don't pay your rent (and again not due to a rent increase with no notice), I don't think it's fair to the landlord to have to wait a few months to give a nonpaying tenant a chance to move. Not all landlords are able to carry the mortgage while their tenant lives for free in their place. I have a friend that couldn't sell her home and had to rent as she was not able to afford paying both mortgages. She depends on her tenants to pay their rent on time. She had one that didn't and it cost her a pretty penny to evict them out. That is what I think of when I hear about evictions.
I agree that what happened to that lady was unfair and mentioned in my previous post that I am surprised there isn't a tenant law that allows her 30 days/protection to move since she did pay what was her rent amount and asked for time to move out.
If an owner of a leased property dies or the property is sold, the lease does not terminate. The heirs or new landlord are bound by the terms of the existing valid lease. So rent should not be raised during the lease unless that is the way it was written originally.
Here is a helpful link from the NC Real estate Commission: Q&A on renting residential real estate
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