Almost 20% of my Property Residents are LANDLORDS Elsewhere!!!

While syncing my TENANT Contacts in my Palm cel phone, I was comparing tenants with properties and came to the realization that almost 20% of my current rental residents are actually LANDLORDS elsewhere.

They moved to the Charlottesville/Central Virginia area for new jobs or to attend school. Some who were fortunate enough to sell their former homes before moving are electing NOT to purchase in the area because they will be leaving in 2 to 4 years.

The residents who were NOT fortunate to have sold their former homes are electing to be landlords until their former real estate market recovers. A few have family or friends in the area who will act as caretaker for their property; however, many have elected to hire a professional to manage their property. Of these, most attempted to find tenants themselves * either through connections or local websites and when time became a issue, they elected to hire a professional to market and lease their property.

It will be interesting during the lease term of these residents to see if their mind-set can switch from landlord to tenant as appropriate.