A Tennessee-based real estate investment company has announced plans to build 50 new homes for renters in southwest Atlanta.
The real estate investment company, Kinloch Partners LLC, told The Tennessean in Nashville, that they have purchased 200 lots outside Atlanta and will
begin building new homes for renters.
“Many people that make $50,000, $60,000 a year are trying to live the American dream, but because of a bankruptcy or a foreclosure or divorce or some problem with credit card debt, student loans, they’re being held back,” Bruce McNeilage, Kinloch’s co-founder, told The Tennessean.
McNeilage, a Spring Hill, Tenn. resident who also owns apartments and other Nashville area properties, said Kinloch could bring the rent-to-own concept to the Nashville area in infill locations that would be sold at higher prices because lots costs more in Nashville area.
“That he’s willing to do rent-to-own own on a brand-new house, that’s innovative,” Scott Ractliffe, a senior vice president and mortgage adviser at Nashville’s Pinnacle Financial Partners, told
the newspaper. “In our market, a brand-new $130,000 house won’t be anything like what he’s talking about.” To read the full article click here.