Are America’s Suburbs Turning into Inner City Projects?
By Judy Chapman
(Referral Network of Illinois LLC)
Can you imagine whole neighborhoods of single-family homes and townhouses being turned into rental complexes managed by a host of absentee investors and landlords? If you can’t, come visit Orlando FL. Several subdivisions in northeast suburban Oviedo and East Orlando are over 50% rental. How could that happen? Easy. When homeowners can’t afford to live in their homes any longer, they rent it out. Or sell them as Short Sales to investors. Or go into foreclosure ... to the delight of other investors. These communities were built at the height of the market. By respected builders in sought-after areas. The homes are nice. Some over 3,000 square feet. Many with pools. Upgraded kitchens with stainless steel appliances and granite countertops. Four and five bedrooms. Three and four baths. Con...
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