Roaches, mold and crumbling ceilings

Leasing Lifestyle: Complaints from some tenants who say it’s not what they expected when they signed leases on their rental homes with their billion-dollar landlords.

Another tenant didn’t expect to be jolted by an electric shock during a dip in her swimming pool either.

“I jumped in the pool, the pool was literally electrified,” Cathy Cole told Eyewitness News of the shocking experience on Memorial Day weekend.

“It scared me,” she said. “I thought I was being electrocuted.

Cathy said the shock was caused by shoddy work on a loose ground wire by a vendor hired by her landlord – Starwood Waypoint Homes.

Billion-Dollar Landlords

Waypoint is part of a new breed of corporate, billion-dollar landlords scooping up mostly foreclosed single-family homes across the country. In a series of big money deals, some of the largest corporate landlords have recently merged, adding tens of thousands of these homes to their portfolios.Just this week, Starwood Waypoint merged with Invitation Homes. They are now the largest landlord of single-family homes in the world – controlling an empire of 82,000 rental homes nationwide, with about 8,000 in Southern California alone.

Just recently, Starwood Waypoint merged with Invitation Homes. They are now the largest landlord of single-family homes in the world – controlling an empire of 82,000 rental homes nationwide, with about 8,000 in Southern California alone.

Cathy Cole said she put up with years of frustration over a leaking roof at her Lancaster home. Waypoint, she said, did patch-work type repairs but the leaks continued. She said she had to threaten the company with a lawsuit before they finally agreed to replace the roof this fall.

“Three-and-a-half years and eight prior repairs to fix the same leak,” Cathy said.

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