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Daily Real Estate News  |  April 4, 2011  |   Builder Takes Different Approach, Starts Renting
After sluggish sales in the new-home market and a tight lending environment that is keeping many buyers out, one home builder is taking a new approach to improve its cash flow: Renting out recently built homes.

Beazer Homes is adding a new division to its company that will buy at steep discounts recently built homes and then rent them out. The company will purchase homes built after 2004 that are primarily foreclosures or short sales.

Beazer Homes will roll out its new division by starting to buy homes in Phoenix before moving to other areas across the country. It expects to have more than 100 homes in its pre-owned portfolio by the end of fiscal 2011, Reuters News reports.

Source: “Beazer Gets into Used Home Business,” Reuters News (April 4, 2011)

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