Got a feeling this is just the latest teaser pitch:
JPMorgan Chase & Co. (JPM) is giving its wealthiest clients the chance to invest in the single-family rental market after other investments linked to the U.S. housing recovery jumped in value.The firm’s unit that caters to individuals and families with more than $5 million, put client money in a partnership that bought more than 5,000 single family homes to rent in Florida, Arizona, Nevada and California, said David Lyon, a managing director and investment specialist at J.P. Morgan Private Bank. Investors can expect returns of as much as 8 percent annually from rental income as well as part of the profits when the homes are sold, he said.
Why anyone would trust these people in any kind of investment involving real estate ever again, well, there's one born every minute, I guess.
Doe it does underscore the greater reality that one day in the future, we are all going to be ether working for, or renting from, our New Feudal Overlords. It doesn't have to be that way, of course, but as long as policymakers and regulators keep allowing them to steal houses for which they can't prove title, then extract rents and sell the properties all over again, there's no incentive for them to behave otherwise. Make fraud unprofitable, on the other hand, and they'll stop committing fraud.
---Baron V
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