2012-10-19nakedcapitalism.com

Reuters describes how one of the funds that was first to get on the "buy single family homes out of foreclosure and rent them" bandwagon has decided to exit. Ochs Ziff is selling its comparatively small (300 home) Northern California portfolio at a profit. This is an intriguing development given the widespread bullish beliefs about this opportunity (it was deemed to be the best opportunity over the next year at a mortgage/real estate conference I attended a few weeks ago) versus the fact that Ochs-Ziff is generally seen as a savvy operator. The talk has been that there are operators (and I saw one present) who can offer maintenance services on a regional basis to absentee landlords. So why did they exit? It appears the returns weren't as juicy as they imagined


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