In the 90's my brother bought several lots in a very upscale neighborhood and built $225,000 (with inflation $300,000-325,000 today) houses as Executive Rental Housing. The people had to qualify to rent and then they could buy the house. It turned out to be a real good deal for good people that bad finances happened to. But there was a scum-bag that got in and tried not paying rent; he learned that was probably the only township in Ohio, where the Police took you to jail for passing bad checks! So we got our rent!
Mr. Scum-bag then financed the purchase price (110%) with an out of town mortgage company and never makes a single payment. After a few years they go to foreclose the property and he refinances with a different company (again 110% with the 10% as cash back!) and still never makes a payment. This went on for 7 years. I knew most of the township police, They generally thought we did a good thing for good people, but were somewhat pissed about all the work "Our" customer caused them. Since he was a scum-bag, of course he didn't move after the foreclosure! At the eviction The county bailiff pre-called for police back-up. In a township that normally only has to cruisers on duty, they had 5 cruisers at the eviction! Turns out two of the cops came in uniform but off duty, just for the fun of getting rid of this creep!
After 55 years in the apartment business, my family had all kinds of record on eviction rates for different neighborhoods, this was our first and only excursion into rental houses. The lesson learned: The % of evictions was the same in the ghetto as it was middle class and as it was in upper class! Good people are good people and jerks are jerks, no matter how much money they have!
Ivan
