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firsttuesday Video

Word-of-the-Week: Rent skimming

Rent skimming occurs when, during their first year of ownership of a parcel of residential real estate, an investor receives rents from tenants and fails to apply the rents towards the mortgages encumbering the property, causing a mortgage delinquency and eventual foreclosure.

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Word-of-the-Week: Senior citizen housing

Housing intended for and solely occupied by persons 62 years of age or older, or intended and operated for occupancy by persons of 55 years of age or older. Housing qualified for older citizens which excludes children is not considered prohibited discrimination against buyers or tenants with children based on family status.

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