Cindy, Other/Just Looking in Orlando, FL

How can I find a house to rent from a management company rather than a private owner? I have to move due to

Asked by Cindy, Orlando, FL Sun Jun 8, 2008

my landlord's foreclosure and we don't want to rent from another private owner.

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Answers

12
This was indeed a common problem a couple year's ago, when this was asked. Happily there are now a lot fewer foreclosures in Lake Nona. None the less, it is a good idea to rent a property listed by a management company rather than directly from an owner. They will have the resources to answer the phone 24 hours a day and address any problem you may have. If anyone needs a referral for a good property manager in Lake Nona, please contract me and I'll be glad to help.
1 vote Thank Flag Link Sun Jan 30, 2011
Property mgmt companies represent home owners which can still be foreclosed on . I understand your concerns have you consider an apt complex

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
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0 votes Thank Flag Link Sun Jan 30, 2011
Cindy,
Unfortunately, at the end of the day you will not be 100% sure that the owner has not defaulted on his payments. Although you CAN request that the owner show proof (or the management company to show proof from the owner) that the mortgage is up to date, you have no way of knowing if the owner will stop making payments the next month, or the one after that.
There is just no way to be sure.
I am director of property management for a company here in Orlando...Orlando Rental Store.
I get at least 5-10 calls daily from tenants who are in your same situation. We try to stay as informed as possible regarding the owners financial situation in regards to the mortgage, but truth is, the owner can start to default at any moment and not let anyone know.
Best I can recommend, although I've never seen it done, is to try and have it as part of your lease agreement that the owner sends you statements every month with proof he is up to date...You can imagine it will not be the easiest to make happen.

Best of Luck!!
Carlos@orlandorentalstore.com
0 votes Thank Flag Link Mon Aug 4, 2008
Cindy I am in the same situation, and not from a private owner. Hes a realator. So either can have forclosure problems. Good luck!
0 votes Thank Flag Link Tue Jul 29, 2008
Cindy, You've received plenty of good advice already. Have you considered looking for Bank owned foreclosures? There are many great opportunities out there for first time home buyers. I have a search link on my web site that makes it easy.
0 votes Thank Flag Link Wed Jun 11, 2008
Please contact us at Orlando Rentals Property Management Co.
We have several rentals in Lake Nona and a few owners that do not have a mortgage on their property.
Please visit the website and ask for Daniel Coombs
0 votes Thank Flag Link Tue Jun 10, 2008
Cindy, I see you've already received a lot of advice, and information regarding the fact that property managers do exactly what they're called. They just manage someone else's property. With that in mind, I'll just answer your question about how to find a property manager.

I just went to the Google search bar and typed in "Orlando house rentals" and found several property managers for Orlando. You can narrow down the search by typing in only certain areas as well.

Good luck!
0 votes Thank Flag Link Sun Jun 8, 2008
Cindy, you can run into the same problem with a management company. This is because investors and private homeowners often hire property management companies to handle the interviewing of tenants, collecting rents, and getting repairs made. They would have the same chance of going into foreclosure. Any owner no matter who they are can go into foreclosure. I have seen many renters say they are going to rent as they can get a great deal and even get the rent cheaper than the owners mortgage payment. Unfortunately, as many owners are making less in rent than they have to pay out, eventually many of these owners will go into foreclosure. Many renters will probably be getting into the same situation that you were just in.
0 votes Thank Flag Link Sun Jun 8, 2008
Management companies rarely own the property that they manage. Apartment complexes are a differnt story. If you want to rent directly from a company owned property, an apartment or possibly a town home. Otherwise, it would be a private owner, but you can ask the rental management if they know what the status of the property is. What has happened to you is not all that common, so don't let it freak you out!
Web Reference: http://www.MykeTriebold.com
0 votes Thank Flag Link Sun Jun 8, 2008
Perhaps "disagree" was not the right word I was looking for. Management companies have a purpose - Handling taks in which the owner does not or cannot handle. For example, if you have an out of town owner who can't screen tenants or handle repairs, then a management company may make sense. I have found in my personal experience that you can have just as much success in renting from an individual as you may with a management company. For example, I own several rentals that I manage myself, and my tenants have been very happy with how things are handled. I have one tenant who has been renting from me for nearly 10 years.

I should have stated that going through a management company does not necessarily protect you from what you are currently experiencing.

Most bank want to rid themselves of properties ASAP. They are in the lending business, not property management. I have not personally seen bank-owned properties for rent in my general area. but your area may be different.

Hope this clarifies it a bit for you!

-Daniel
0 votes Thank Flag Link Sun Jun 8, 2008
Daniel, thank you for answering. I have two questions about your reply: 1. Why do you disagree that using a management company is better? 2. What about foreclosured-upon properties that the bank cannot sell?

Thanks!
0 votes Thank Flag Link Sun Jun 8, 2008
The reality of it, is that most of the homes you'll end up finding are owned by individuals (private owners). Management companies generally don't own the properties that people live in, they are just hired to manage it, and secure tenants for the owners. If you feel that going through a management company is the best route for you (which I disagree), then I would suggest contacting your local real estate firm and inquire whether they have a property management department (if not, they might be able to refer you to one).

Best of luck!

-Daniel
0 votes Thank Flag Link Sun Jun 8, 2008
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