While syncing my TENANT Contacts in my Palm cel phone, I was comparing tenants with properties and came to the realization that almost 20% of my current rental residents are actually LANDLORDS elsewhere.
They moved to the Charlottesville/Central Virginia area for new jobs or to attend school. Some who were fortunate enough to sell their former homes before moving are electing NOT to purchase in the area because they will be leaving in 2 to 4 years.
The residents who were NOT fortunate to have sold their former homes are electing to be landlords until their former real estate market recovers. A few have family or friends in the area who will act as caretaker for their property; however, many have elected to hire a professional to manage their property. Of these, most attempted to find tenants themselves * either through connections or local websites and when time became a issue, they elected to hire a professional to market and lease their property.
It will be interesting during the lease term of these residents to see if their mind-set can switch from landlord to tenant as appropriate.
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
Central Virginia
LandlordWhisperer
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"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous
That's amazing Wallace. We currently have tenants that are our Sellers.
Diane * our area (VA in general) has very LOW unemployment so many new-hires are moving in from out of state. If they have looked to buy, they are in sticker-shock of our home prices and some do not want to be stuck with a local home if they are transferred (government employer) elsewhere....MOBILITY Baby!!!
We don't have that high a %, but we do have several in this situation.
I think this is a nationwide trend * Sec Treasury Geitner had to rent his NY home for $7,500 when he moved to DC...
I've started seeing this situation more and more, lately. I usually ask them if they are using a PM company for their property, and if not, I strongly suggest it to them.
Eric * make sure that they know that the FL landlord-tenant laws may well be DIFFERENT from what they are required to use for their own rental units (per state). Put the idea in their head that what they use may NOT be what rules/regulations you are required to use in FL