I’m Thinking Tenats In The Auto Industry Are Risky Right Now.

With all the turbulence in the auto industry I’ve become increasingly weary of potential tenants who work for one of the big 3 car manufactures.  Previously if I saw that someone worked at GM for instance I would actually feel a little comfort in knowing that their jobs were at least some what secure.  But nowadays who knows.  In the past month I’ve found out that 4 of our tenants have either lost their jobs completely or had their hours severely cut back.  Two of thest tenats are currently looking for new jobs and have requested to be placed on payments plans.  The other two are more than likely going to end up being evicted.  That means more vacant houses and a higher turnover rate both of which are negatives we strive to avoid.

Foreclosing On A Paying Tenant…Why?

For the life of me I just don’t understand why a bank would rather have a property sit vacant than rent it out to a willing and able tenant.

Take a break and watch this AlJazeera interview with the Dabner family.  It’s only 2:42.

Chicago Sheriff Halts Foreclosure Evictions…Is He On The Right Track?

Apparently a Chicago Sheriff has seen enough innocent tenants tossed out in the street. My understanding of the situation is that many of these tenants continued to pay their rent each month and were surprised to find out that the landlord has lost the house to foreclosure.

Instead of working with the tenant paying rent in the property the bank prefers to foreclose, evict the tenant and take the property back on its books. I could be wrong but that sure seems like a strange way to do business especially with so many bank failures taking place and bank owned properties already on the market.