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Growing Number of Homeowners Becoming Landlords
A growing number of homeowners are finding out what it means to be a landlord after failing to sell their homes in today’s economy. With home prices down nationwide, many don’t want to take a huge loss when they decide to move. They want to wait to see whether they can rebuild their equity—so they rent.
“People just really don’t want to be landlords, and they really have no choice,” said Dennis Dickstein, a Realtor at Real Estate One in Farmington Hills, Mich., who estimates that 20% of his deals are leases.
Mark and Rhonda LaVelle decided to buy a bigger home while the market was down. The couple had a 1,100-square-foot house in Royal Oak, Mich. to sell but decided to move when they found a 2,300-square-foot home about two miles away. They started renting their house in January after it had been on the market nine months.
“After paying two mortgages and the house wasn’t moving, we were at a point where we would have to sell it at a substantial loss or get someone else in who could pay the mortgage,” said Mark LaVelle, a freelance cameraman.
He and Rhonda, a television-news producer, turned the leasing over to his ... more

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