An interesting phenomenon has come to my attention lately. With foreclosures on the rise and people struggling to make their mortgage payments, it seems as though people would be anxious for a way out. Surprisingly however, very few of them will even consider renting out their properties. I have had a hard time trying to understand what could possibly keep someone from considering that route as an option. For example, I spoke with someone not long ago who had their home on the market hoping for a sale. They had it listed at about $60,000 higher than the competition, and decided to explore the rental avenue.
They gave me a call and I told them that they could realistically expect about $1,900 in rent each month on their property. Unfortunately, he didn't realize how the rental market works. He called me fully expecting to achieve the same amount in rent that he had to pay out for his mortgage...he thought he could break even. He hung up with me abruptly and I haven't heard from him since. This guy was going to lose his house if he didn't do something fast, and he wouldn't even give me the opportunity to help him out!
Despite the fact that he was hemorrhaging money faster than Al Gore at a global warming gift shop, he refused to accept his own Inconvenient Truth...the fact that this may be his best shot at keeping his home!
Hopefully, more people will realize that selling their home isn't the only alternative to losing it! If any of you know someone who is having a hard time with their home, find a reputable property manager to look into the matter. There may be a way to help them out of a bind.
Comments(10)