There’s a company called Progress Residential here that is doing that. I have been suspicious of them for years. Not kidding, almost every rental is owned by them.
We bought our home in a new construction neighborhood, and have watched as Progress bought up most of the houses, many were bought by them while under construction. Two years ago they owned 33% of our neighborhood and I’m sure it’s gotten worse.
I’m going to look into them, if they have a parent company.
Progress Res has a parent company by the name of Pretium Partners.
Pretium was founded by its ceo, Don Mullen- former partner at Goldman Sachs. Mullen is responsible for the “Big Short” back in the early 2000s.
After the market crash, he left Goldman to buy up thousands of foreclosed homes. He teamed up with Carl Schade, they failed at first, receiving a $400M line of credit from Deutshe Bank (which received government support).
Progress Residential was born.
Mullen is a huge Clinton backer, he has financially backed them in every race.
So he created the housing market crash then weaseled up the foreclosed homes. Sounds like a quality guy.
Thanks for the rundown. Interesting. Most of the houses in my neighborhood here are rentals. When we first bought our home, it was young families. Now it's out-of-staters and other types who rent. Couple of hold-outs like myself, but the schools/parks/crime/etc have all been impacted. ugg.
There’s a company called Progress Residential here that is doing that. I have been suspicious of them for years. Not kidding, almost every rental is owned by them.
We bought our home in a new construction neighborhood, and have watched as Progress bought up most of the houses, many were bought by them while under construction. Two years ago they owned 33% of our neighborhood and I’m sure it’s gotten worse.
I’m going to look into them, if they have a parent company.
Ok I’m back.
Progress Res has a parent company by the name of Pretium Partners.
Pretium was founded by its ceo, Don Mullen- former partner at Goldman Sachs. Mullen is responsible for the “Big Short” back in the early 2000s.
After the market crash, he left Goldman to buy up thousands of foreclosed homes. He teamed up with Carl Schade, they failed at first, receiving a $400M line of credit from Deutshe Bank (which received government support).
Progress Residential was born.
Mullen is a huge Clinton backer, he has financially backed them in every race.
So he created the housing market crash then weaseled up the foreclosed homes. Sounds like a quality guy.
Thanks for the rundown. Interesting. Most of the houses in my neighborhood here are rentals. When we first bought our home, it was young families. Now it's out-of-staters and other types who rent. Couple of hold-outs like myself, but the schools/parks/crime/etc have all been impacted. ugg.
Same for us. It sucks.
I could smell a connection!
We already tried, we had to get a certain percentage of homeowners support and we couldn’t reach that number.