With the availability of low mortgage rates, buying a home has become more affordable and has turned long-term rental homes into an attractive option for investors. Throughout the downturn in the housing market, investors have bought foreclosures at discounts and turned them into long-term rental units. In addition, many homeowners have purchased a second home and rented out their first home.
Although the housing market is showing signs of recovery, demand for rental housing is expected to remain strong. Banks are working on a backlog of foreclosures and tight lending requirements prevent many renters from becoming homeowners. If the Feds keep its short-term interest rate, the federal funds rate, at a record low, costs to borrow money will remain very attractive.
Here are some tips on becoming a landlord or investor in rental property:
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GLOBAL REAL ESTATE
Since 1993, Global has been your one-stop-shop for Orlando Real Estate and Property Management. In today's ever changing real estate market, there are many choices and considerations to make before you purchase. Let the Global team help you make the right choice for your individual needs.
Global Real Estate Services, Inc. manages over 400 long-term rental homes in the Central Florida area.
Global Real Estate Services, Inc.Kissimmee, Florida.
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