Investors Buy Delinquent Mortgages to Get Cheap Properties
With home prices rising, big real estate investors have discovered another source of cheap property: bad mortgages. American Homes 4 Rent, the second-largest single-family landlord after Blackstone Group, Barry Sternlicht’s Starwood Waypoint Residential Trust, and Altisource Residential are stepping up acquisitions of nonperforming loans, or NPLs, to expand their holdings of homes to operate as rental properties.
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