If all the bank owned properties could just be turned into rentals, the idea goes, what a wonderful world it would be.
(Photo by Jim Meinbendir: a great Quincy home listed with Rodemich & Sons LLC by a private owner on Rutledge Place that would be perfect for you!)
If you own investment property, go to Google News and look up "REO" plus "rental" and see what you get. One of the recent posts is http://www.housingwire.com/2012/01/11/the-fight-over-bernanke-reo-rental-plan-shows-political-divide. This article says the government doesn't have a clear strategy for real estate. You knew that I think. We must remember, when the elephants dance or make love, the ants take a heck of a beating and they seem to be trying to decide which to do. If they double the number of rental properties available, what happens to rental income in the Southwest?
This won't affect Quincy, Illinois, very much because bank owned properties are rare here, about 1 in 60 homes, more or less. But, if you, like some of my clients, own houses for lease in Las Vegas, Phoenix, etc, you might want to pay close attention.
If the legislators push the idea through, the bloom is probably off the rental investment rose in foreclosure ridden cities like Vegas. Quincy, Illinois, missed the boom, the bust, the crime, the traffic, etc. It is not the land that time forgot, but it is a beautiful, Midwestern University town with housing prices so low that attractive ROI's can be realized. Call me!
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