Should I rent to a tenant who foreclosed a home or has bad credit?
In late 2011, ForeclosureDeals.com released an infographic?that compares rental prices and home prices over the last three years. According to the data contained in?this infographic, home prices have gone down by 46%, while rental rates have gone up by 60%. Proponents of either side have solid arguments for and against buying or renting but it boils down to this: one's circumsatnces and situation.
If a homeowner recently went through a foreclosure , he is unable to obtain a mortgage so he rents. For those homebuyers with good credit they may choose to buy an affordable foreclosure, however banks lending is very tight?and alot of people are not able to obtain a mortgage?so they rent.??I think this is the reason there are so many renters in today's market, recent foreclosure and tight lending.
If you are a landlord consider raising your rental rates to what the market will bear and taking on tenants who may have had the following:
a recent foreclosure
bad credit
short saled their home
Our experience has been positive with these tenants. Most people had a circumstance beyond their control that caused a distress sale. They are very happy to have a rental, tend to make payments timely and are very thankful to have a nice home!
Many rentals, if priced right in Collin County, stay on the market for only days! Most of our properties have increased the rent upon renewal or if they put the property back on the market.
Compliments of
~Russell & Tracy Lee Parker~
~RE/MAX?Dallas Suburbs~
Wylie Office
972-429-1895
???? (972)365-7198 Tracy Lee
(214) 477-5609 Russell?
Lake Lavon, Lake Tawakoni?& Lake Ray Hubbard Waterfront and Waterview Homes and Lots
and? we love to work in North and East Texas
~ residential sales, short sales,?land purchases, commercial ,foreclosures and leasing?~
Let someone local manage your property!
We are fulltime property managers too!
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