THE NEW AMERICAN DREAM: RENTING
In a recent WSJ (August 15, 2009) article by Thomas J. Sugrue he states, " It's time to accept that home ownership is not a realistic goal for many people and to curtail the enormous government programs fueling this ambition". The extensive report reviews the history of the housing industry, its recent boom and bust and the fact that renting will become more fashionable not only as a last resort, but also for the astute investor looking for investments with more favorable returns as well as liquidity.
Many economist, like the Warton School's Joseph Gyourko, are beginning to make the case that public policies should encourage renting, or at least put it on a level playing field with home ownership. A June 2009 survey commissioned by the National Foundation for Credit Counseling, found a deep-seated pessimism about home ownership, suggesting that even if renting doesn't yet have cachet, it's the only choice left for those who have been burned by the housing market.
My purpose in bring this to my reader's attention is the investment opportunity for the individual looking to add rental property as a part of their investment portfolio. There are lots of opportunities out their for single and multi-family properties and in a variety of price ranges. My feature property this week is a bargain at under $40,000 with a tenant already in place.
I am aware of several investment opportunities so if you have some interest, email me or give me a call and I will be happy to discuss the benefits and pitfalls of being a landlord.
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