North Carolina
Related: About this forumCalifornia billionaire bets on rentals with Wake home-buying spree
Such companies have raised billions from pension funds, private equity firms and other institutional investors to fuel their buying sprees. To date, these companies have focused their attention mainly on markets with large inventories of distressed homes, particularly in Arizona, Florida, Nevada and California.
Whats noteworthy about American Homes 4 Rents buying binge in Wake County is that it isnt just targeting distressed properties, or even existing homes. About a third of its purchases have been new homes acquired directly from homebuilders.
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Institutional investors have invested at least $5.4 billion for purchase of single-family rentals nationwide during the past 18 months, according to Barclays, and an additional $8 billion is expected to be invested within the next couple of years. American Homes 4 Rents buying spree is being financed in part by a $600 million investment from the Alaska Permanent Fund, a $45 billion fund that invests royalties the state collects from oil companies.
Read more here: http://www.newsobserver.com/2013/02/23/2702528/california-billionaire-bets-on.html#storylink=cpy
This will end well.
global1
(25,272 posts)If your home is becoming a burden to you right now due to rising costs on utilities, real estate taxes and just about everything you put into it - what do you do?
You can downsize - but into what? A smaller home - still facing the same issues? A townhouse or condo - still having to pay real estate taxes and then assessment fees on top of that? Take in a roommate?
My mortgage is paid off - but my real estate taxes are to the point that they are just as much as I was paying before for my monthly mortgage payments. My house is being assessed higher by the county - just as the market value has gone down.
Unless you are independently wealthy - it's getting harder and harder to make ends meet.
Seems like the only thing that makes sense these days is to sell the house that is overburdening you, bank the money and rent someplace - but then you are spending your equity or your dwindling equity that you've worked hard to build up all the years you lived in your home and you are cutting into monies that perhaps you were relying on for retirement.
What does one do? So maybe this billionaire is on to something. Ya think?
leveymg
(36,418 posts)Welcome to America - the dispossessed renter nation.