Month: August 2023

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Today, Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) said they reached an agreement on housing finance reform.

The pair is putting “finishing touches” on a piece of legislature they plan to release in a matter of days, which they plan to markup (debate and amend) in coming weeks.

It’s based on the Corker-Warner Housing Finance Reform and Taxpayer Protection Act (S. 1217) released back on June 25, 2013.

Sponsors of that bill include five Republicans and five Democrats from the Senate Banking Committee, giving it some added strength as a bipartisan effort.

What Are the Goals of Housing Finance Reform?

They’ve got a lot of goals, but I’ll focus on the more noteworthy ones and do my best to avoid the technical stuff.

Their legislation will pretty much rely on S. 1217 for the base text and keep its overall architecture.

– Wind down and eliminate Fannie Mae and Freddie Mac

First and foremost, they want to do away with the “status quo” in which Fannie Mae and Freddie Mac rule the mortgage market, despite being in government conservatorship.

The pair was taken over by the U.S. Treasury in September 2008, but continue to purchase and guarantee mortgages that meet their underwriting guidelines.

Ironically, they gained an even larger market share of newly-originated mortgages after the government takeover, which makes it quite clear the move was only a Band-Aid solution at best.

The bill would wipe them off the face of the Earth within five years, a tall order to be sure.

– Create a new mortgage securitization platform

– As part of the Fannie/Freddie wind down, they’ll need a new securitization platform, known in the bill as the Federal Mortgage Insurance Corporation (FMIC), which is modeled in part after the FDIC.

It would function in a similar way to the current secondary mortgage market, though it would require 10% private capital to absorb losses and create a mortgage insurance fund to protect taxpayers from future bailouts.

A mutual cooperative would also be established to ensure institutions of all sizes (community banks and credit unions) would have direct access to the secondary market.

– Require 5% down payments on nearly all new mortgages

Here’s a biggie. The proposal would require five percent down payments on all mortgages that run through the FMIC, except for first-time home buyers, who could put down just 3.5%, the FHA’s current minimum.

The Qualified Mortgage rule pretty much already did away with 3% down mortgages, so this isn’t all that noteworthy.

– Keep existing high-cost conforming loan limits intact

Additionally, it would keep the current conforming loan limits intact, meaning the high-cost limits would be a permanent fixture.

– Preserve the 30-year fixed mortgage

The legislation would also keep the 30-year fixed-rate mortgage alive despite a lot of people wanting to see it go the way of the dodo.

The bill would preserve long-term fixed mortgages and keep them prepayable without penalty, and based on some earlier predictions, rates would only be 25 to 40 basis points higher.

– Eliminate affordable housing goals

Lastly, they want to do away with affordable housing goals, which some blame for the mortgage crisis to begin with.

Instead, they want to collect a 10-basis point FMIC user fee (which I’m sure won’t be passed on to consumers) for housing-related funds to ensure there is sufficient housing available.

For the record, shares of Fannie Mae and Freddie Mac plunged on the news today, falling about 30% each and even more after hours.

Source: thetruthaboutmortgage.com

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It doesn’t matter if you’re moving across town or across the country. With kids or flying solo. Moving for work or for adventure. Moving etiquette is real. Listed below are some of the biggest faux pas you can make when dealing with your movers. Avoid those actions throughout your moving day and enjoy a seamless move and a happy crew.

1. Making movers wait

The biggest mistake you can make on moving day is making your movers wait around for you. Their time is just as valuable as yours and, while you may be taking the day off for your move, the movers are on the clock and hoping to complete the job as quickly as possible.

Much of the advice listed below plays a role in making sure your movers aren’t waiting on you for anything but it’s being mentioned here at the top anyway because it is the number one thing you can do to make your movers mad.

2. Forgetting to separate out problem items

There are a number of items that reputable movers will not move. Things like flammable or volatile substances can put your other items at risk and can even risk the safety of your movers themselves.

Regardless of training or road time, driving a large truck with thousands of pounds of cargo is difficult and dangerous. Not just because of the size of the cargo but also because of the other drivers on the road. Don’t saddle your movers up with potentially dangerous cargo and either make a plan to dispose of, leave behind or transport these items yourself.

3. Not labeling clearly

Your movers don’t know your home as well as you do. That’s true for the home you’re leaving and the home you’re settling down in. Make sure you label everything — yes, everything — as clearly as possible.

Even if you know the blue plastic bin is holding all of your remotes and family streaming passwords on moving day, you may not remember that by the time unpacking rolls around. Beyond that, without proper labeling, any important boxes are vulnerable to being cast out into a corner and forgotten about.

So, even if you think it’s over the top, label everything that’s making the move with you as clearly as you possibly can.

4. Neglecting the small details

There’s so much more to moving than boxing up your things and making the trip from A to B. In order to ensure your move goes as smoothly as possible, it’s important that you handle all of the ancillary logistics that can hold up the process if not thought about ahead of time.

These things include parking permits for the moving truck and freight elevator reservations. Basically, anything at the location you need to take care of upon your arrival, you should plan out ahead of time.

You should also do your best to get to the location before your movers to ensure that there are no unexpected issues waiting for you at your new apartment.

5. Not separating out irreplaceable items

Separate out any items you would consider irreplaceable and are able to pack into your own truck or car. Obviously, if your 12-person dining room table is irreplaceable, the movers will still have to handle an object of that size.

But, if it means a lot to you and you can move it yourself, just do that. It makes life easier for you and your movers and lessens the stress and emotional burden that comes with picking up your entire life and heading to a new place.

6. Not providing extra supplies

You hired movers so you don’t have to do the heavy lifting with your move. While your movers should come prepared with everything they need to get the job done, you should do all that you can to support your crew.

Be sure to make extra supplies, like tape, boxes, packing paper, markers for labeling, scissors and anything else that you think could be of help to them, available and easily accessible. Not only is this easy for you but it can also potentially save your movers time during the day if they always have the supplies they need at the ready.

7. Not offering refreshments

It doesn’t matter if you’re in the dog days of summer in Atlanta or the middle of winter in Minneapolis, you should offer your movers water at the very least. Moving, like all strenuous physical activity, is something that requires significant physical strength and proper hydration. Without those two, your movers risk damaging your possessions or injuring themselves.

It doesn’t take long to set out a pitcher of water or provide the crew with some water bottles and it will show your movers that you appreciate and respect the effort they are making to get you moved as efficiently as possible.

8. Hovering over your movers

Your movers are professionals. Let them do what they do, which, if you hired the right company, is get your belongings from A to B as quickly as possible. They don’t need you hovering over them making sure each box is placed perfectly in their truck the way you’d like it.

9. Forgetting to tip

Moving is hard work. It’s why you hired someone to do it for you. And, while you may have paid a pretty penny to accomplish the move, it’s still customary to tip. Will the movers pack your stuff back up and hold it on the truck until you break out a few bills? No. Is it the right thing to do, though? You betcha, especially if they did a great job.

You will make it

Is moving stressful? Yes. Is it also something that people do every day? Yes. You’ll make it through your move and into your new rental. Do your best to plan ahead, supply your movers with everything they need to succeed, stay out of their way and stay calm.

It may seem like a lot now but you’ll be settled into your new place and your new life in no time. Happy moving!

A native of the northern suburbs of Chicago, Carson made his way to the South to attend Wofford College where he received his BA in English. After working as a copywriter for a couple of boutique marketing agencies in South Carolina, he made the move to Atlanta and quickly joined the Rent. team as a content marketing coordinator. When he’s off the clock, you can find Carson reading in a park, hunting down a great cup of coffee or hanging out with his dogs.

Source: rent.com

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If you use your credit card for everything, from paying bills to ordering takeout to booking trips, you put yourself at risk for fraudsters to steal your credit card information.

One way to protect your sensitive information is to put a freeze on your credit report. A credit freeze provides you with an extra layer of security because it prevents anyone from running a hard inquiry on your report or potentially opening a new line of credit without your permission.

But at some point you might want to open a new credit card or apply for a loan. So how do you unlock a credit freeze? In this guide, you’ll learn all about how to unfreeze credit.

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What Does it Mean to Unfreeze Credit?

When you freeze your credit report, you can’t open a new line of credit, whether that’s a credit card, mortgage, auto loan, or something else. At the same time, no one can run a hard inquiry on your credit report — so lenders, landlords, even potential employers can’t access it. While there are limits on who can legally look at your credit report, a credit freeze can provide peace of mind that no one can open an account in your name.

When you unfreeze your credit, it’s like you’re turning back on the credit report. Once your credit is unfrozen, you can once again open a new line of credit, and lenders can run a hard pull on your report.

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How a Credit Freeze Works

Also known as a security freeze, a credit freeze restricts access to your credit file. Credit freezes don’t happen automatically. You have to reach out to each of the three credit bureaus — Experian, Equifax and TransUnion — to ask for a credit freeze.
Thanks to the Fair Credit Reporting Act, if you request a credit freeze over the phone or online, the credit bureaus are required to freeze your report within 24 hours. If you send the request via mail, they have up to three business days.

When you make a credit freeze request, each bureau will give you a PIN (personal identification number) or password that you need when you decide to lift the freeze.

A credit freeze is often confused with a credit lock, but they’re two separate things. A credit lock is a service you sign up for, and there’s usually a subscription fee. It’s similar to a credit freeze as you block access from most lenders. However, you can freeze or unfreeze it at any time on your phone or computer, and you don’t have to wait for it to go into effect.

A credit freeze is free, and you have to go through the credit bureaus to thaw your credit, and it takes about an hour to go into effect.

Types of Credit Freeze Lifts

At some point you may think about unlocking your credit freeze. When the time comes, there are two main types of credit freeze lifts:

Temporary lift

A temporary lift will unfreeze your credit report for a designated time period. You can choose how long you’d like your credit to be thawed, but it’s typically anywhere from one to 30 days.

You can thaw your credit freeze temporarily to apply for new credit, take out a loan, or apply to rent an apartment. But once you’re done with that financial task, the freeze restarts.

Permanent lift

A permanent lift will thaw your credit freeze for an indefinite amount of time. You might want to go this route if you don’t want to go through the steps of freezing and unfreezing your credit and find that the trouble isn’t worth the benefits.

Recommended: How to Read and Understand Your Credit Report

Ways to Unfreeze Credit Using Bureaus

How do you unfreeze your credit? You just need to contact each of the credit bureaus. You can do it in one of three ways:

•   Phone: If you request a lift by phone, the credit bureaus are required to thaw your credit within an hour.

•   Online: If you make the request online, your credit freeze will also be lifted within the hour.

•   Mail: You can also request a credit thaw by mail. If you go this route, expect the lift to happen within three business days.

Recommended: How to Dispute a Credit Report and Win Your Case

When You Should Unfreeze Your Credit

Generally, you need to unfreeze your credit anytime someone needs to review your credit report, like if you’re opening a new line of credit or applying for a loan. Some common scenarios of when you’ll need to unfreeze your credit:

•   Applying for a credit card

•   Applying for a mortgage, personal loan, or car loan

•   Applying for a line of credit

•   Hunting for an apartment

Recommended: Common Credit Report Errors and How to Dispute Them

Credit Freeze vs. Fraud Alert

If you’re at high risk for fraud, or you suspect you’ve been a victim of a credit card scam, or you just want to take extra precautions, you can set up a fraud alert on your credit report. When you have a fraud alert in place, a lender or creditor needs to verify your identity before they can issue you a new line of credit or approve you for a loan.

To place a fraud alert, you only need to reach out to one of the three credit bureaus. By law, that credit bureau must let the other two credit bureaus know you placed a fraud alert. In turn, all three credit bureaus will place a fraud alert on your credit file.

Initial fraud alerts are free, and initial fraud alerts last one year. After one year, you can renew it. Extended fraud alerts last for seven years, but they are for victims of identity theft, and you must submit a police report to qualify.

A credit freeze, on the other hand, blocks any party, including lenders and creditors, from accessing your credit. You need to place a credit freeze separately with each of the three credit bureaus, which lasts indefinitely. They can only be lifted when you make a request.

💡 Quick Tip: On-time payments are key to building your credit score. To ensure that you make your payments in time, consider setting up automatic payments or set a calendar reminder of your due date.

The Takeaway

Unfreezing your credit report is relatively simple, and it’s easy to set up a temporary lift should you decide you want to apply for a new credit card or personal loan. There are a few different ways you can go about thawing your credit as needed, and the credit bureaus have to unfreeze your credit within an hour of you making the request by phone or online.

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FAQ

Can I unfreeze my credit?

You can unfreeze your credit anytime by going through each of the three credit bureaus — Experian, Equifax, and TransUnion — and requesting a lift on your credit freeze. You can ask for either a permanent or temporary lift. The thaw usually lasts anywhere from one to 30 days if it’s temporary.

Can you freeze your credit automatically?

Credit freezes don’t happen automatically. You will need to contact the three credit bureaus and make a proper request. You can do so online, by telephone, or via snail mail.

How soon can I unfreeze my credit after freezing?

You can unfreeze your credit as frequently as you like and request a credit lift as soon as you freeze it. If you made the request online or over the phone, it can take up to an hour to unfreeze your credit. If you send the request in the mail, it can take up to three business days.

How long does it take to unfreeze your credit?

It depends on the credit bureau and how you made your request. If you requested your credit to unfreeze or “thaw” over the phone or email, the credit bureaus must lift it within an hour. If you made the request by mail, the credit bureaus must unfreeze your credit within three business days.

Can I still use my credit card after freezing my credit?

Freezing your credit doesn’t impact your ability to use your credit card. You can freely make purchases on your card, book trips, redeem your cash-back points, and so forth. But if you want to do something that requires a hard pull of your credit — apply for new credit, loan, or submit a rental application for an apartment — you’ll need to unfreeze first.

Photo credit: iStock/nortonrsx

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Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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Source: sofi.com

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Whether you live in a studio apartment, duplex or loft, making the most of your space can feel daunting, particularly with all your varied activities. How do you create specific areas for working, crafting, reading, relaxing and entertaining while retaining a sense of peace, tranquility, design and order?

The answer is room dividers! From elegant curtains to vintage beads from the ’60s, there’s a perfect solution, no matter your decorating style. Did someone say modern farmhouse fan? Today’s country cottage room dividers and sliding barn doors create the perfect blend of ambiance and functionality.

Let’s get creative and explore the top 11 room divider ideas and determine which is right for your special place.

How can you use room dividers?

Room dividers offer a way to break up your space while adding to the décor. They’re used to increase privacy, creatively section off an area and even maximize storage. Some incorporate heavy materials, like doors and repurposed wood, while others use light, sheer materials. With some creative ingenuity, you can even use bookshelves, artwork and shutters.

Whether you want to separate space in your living room, bedroom or kids’ room, these room divider ideas will inspire you to act!

11 room divider ideas for inspiration

If you’re looking to create a space for your unique hobby, a private oasis or your ideal area for entertaining, these room dividers can take you there.

1. Oversized artwork for the creative

Do you enjoy wandering through museums or find yourself stopping to appreciate street art while your friends yawn or continue walking? If so, you may possess the creative gene, one who explores the world through the eyes of an artist.

An oversized piece of art suspended from the ceiling with hooks makes a modern prominent visual display that will appeal to the artist within while creating separation. Make sure to check with the property manager before hanging things from the ceiling.

2. Hanging beads or macramé for bohemian chic

Bohemian style revolves around the natural world while emphasizing an eclectic free spirit with bold colors, designs and textures. The boho culture came alive in the ’60s and ’70s in the U.S., as did beaded curtains and wall hangings. Today, the possibilities are nearly limitless, from bamboo beads to crystals and carved wood.

If you appreciate the style but are unsure about hanging beads, hanging macramé offers another unique divider. Macramé uses different knotting techniques to create a textile and is very boho chic.

3. Repurposed barn doors for modern farmhouse flair

Nothing shouts modern farmhouse flair more than a repurposed barn door on sliders. You can keep the costs way down by finding an old barn door, cleaning it up and using one of the many hardware kits designed for this popular room divider.

If you like the rustic look, consider recycled wooden pallets put together with hinges. Attach paintings or photographs to make it uniquely yours.

4. Hanging curtains to create an elegant oasis

Draperies pulled back with elegant ties create a certain mystique. What lies beyond the veil? Consider a sheer weave underneath a solid fabric for extra elegance. Suspend a curtain rod from the ceiling and use hooks or rings to attach the material.

You can instantly create a little reading nook, corner office or dressing room by using a curved shower rod in the corner of a room. For a more modern design, trade in the curtains for ceiling-mounted shades. Shades offer sheer opacity that lets in filtered light or opaque fabrics for total privacy.

5. Open shelving units or bookcases for double duty

Do you seek out used bookstores or feel a smile spread across your face when you walk into a library? Then, imagine a divider filled with books, knickknacks and plants. Bookcases break up a room while adding additional storage. A win-win!

Shelving units are also great if you have kids sharing a bedroom. It creates a sense of privacy that children appreciate and offers storage for toys, books and art supplies. You can configure floor-to-ceiling pole shelving in numerous ways, and it doesn’t require a supporting wall. You can even add a built-in desk to one side of the shelving unit.

6. Plants for healthier air and an influx of nature

From hanging plants to palms, these beautiful room dividers offer a lush backdrop, life and a dose of oxygen. They may also provide a sense of calm. A systematic review in the International Journal of Environmental Research and Public Health found that indoor plants may lower blood pressure, reduce stress and improve academic or career achievement.

Consider tall plants that grow well in medium light, like dracaenas, snake plants, peace lilies and palms.

7. Repurposed large clothing racks for the environmentally conscious

Repurposing and reuse are on the rise as newer generations instill a more sustainable and eco-friendly mindset. With that in mind, what could be better than transforming a clothing rack into a room divider?

Consider hanging indoor plants on it for an open feeling. You can even interlace string that hanging plants and vines attach to, creating a wall of green. Hanging curtains or tapestries offer more privacy and a burst of color, texture or an intriguing design.

8. Bifold doors for flexibility and creativity

Bifold doors fold in and out, making them perfect for a room divider. You can even repurpose bifold closet doors using three or four panels and some hinges. Finish with woodland blue chalk paint for a weathered look.

Another ingenious use of bifold doors is painting them with chalkboard paint. Now, you have a blank canvas to create your own designs or favorite sayings. It’s also a great solution for kids drawn to the blank slates walls provide.

For those who appreciate fairy lights and a touch of whimsy, consider placing branches into panel-sized frames and stringing them with twinkle lights.

9. Folding screens for the impromptu interior designer

Do you find yourself rearranging furniture at a moment’s notice and switching artwork on a whim? You may possess an interior decorator who loves to break free in spontaneous bursts of passionate design. What could be easier to incorporate into your latest decor than folding screens on casters? These movable room dividers let you open and close them effortlessly and redecorate whenever the urge strikes.

You can also use folding dividers that rest on the floor. If you lean toward Asian-inspired design, traditional Japanese folding shoji screens are made of rice paper and wood-framed panels.

10. Reclaimed or salvaged shutters for a vintage look

Reclaimed shutters hinged together offer an ideal divider. Various kinds of wood, such as alder, cedar or basswood, create different aesthetics. Keep the slats open to let in the natural light and closed for complete privacy.

11. Linen fabric for simplicity

The minimalist design aligns with the power of simplicity. And there’s nothing much simpler than suspending sheer linen fabric. You can keep the material straight and neatly aligned by creating a hem on the top and bottom and inserting rods before hanging it from the ceiling.

Consider a natural color if sticking to a minimalist or biophilic design. Otherwise, a pop of color can bring a whole room together.

Choosing your room divider

As William Morris, a well-known 19th-century designer and artist, said, “Have nothing in your houses that you do not know to be useful or believe to be beautiful. ” When selecting a room divider, consider how you’ll use it and the design you’re going for.

If you’re wearing a smile after making your selection, chances are good you’ve found the perfect match. The same goes for the right apartment. Find it now.

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The average residential mortgage loan-to-value ratio could rise to 109 percent by year-end, according to data analyzed by former Fannie Mae chief credit risk officer Edward Pinto.

While speaking before the American Enterprise Institute in Washington Friday, Pinto noted that the average loan-to-value for residential mortgages was 95 percent as of December 31, 2008.

That’s based on data that says the value of all homes in the U.S. is $18.1 trillion, of which $12.7 trillion have mortgages with a total of $12.1 trillion in mortgage debt.

Assuming home prices fall nationally by one percent each month this year, the value of all homes in the U.S. will fall to $15.9 trillion and the value of homes with mortgages will drop to $11.1 trillion.

With mortgage debt at $12.1 trillion, the average LTV will rise to 109 percent, putting the average homeowner underwater on their mortgage, spelling disaster for banks and mortgage lenders looking to salvage bad mortgages.

Of course, Pinto noted that 70 percent of all mortgage debt is now held or guaranteed by the Federal government, so it’ll probably be a big problem for taxpayers as well.

Over the next four years, he sees 8.8 million, or one in six mortgages, entering the foreclosure process.

Comparing the current crisis to the Great Depression, home prices have actually only fallen about 18 percent since 2006, while prices slid 24 percent between 1929 and 1933.

The major difference between now and then, however, was the disparity in loan-to-value, perpetuated by low and no-down payment financing options made widely available during the most recent boom.

Pinto also warned about the the recent popularity of FHA lending, which has basically replaced subprime lending while yielding a similar serious delinquency rate.

Going forward, he suggested the creation of a “bad bank” to corral bad assets, federal funds to allow the government to take its losses, and a sustainable loan modification program that preserves and builds home equity.

(photo: jonf119)

Source: thetruthaboutmortgage.com

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Step into the inviting realm of Massachusetts’ charming small towns, where timeless beauty, community warmth, and a rich history blend harmoniously. From scenic landscapes to cultural treasures, each town unfolds a unique narrative waiting to be explored. Join us as we embark on a journey to discover 7 beautiful small towns in Massachusetts.

1. Adams, MA

Median sale price: $162,000 

Walk Score: 82

This town’s heritage is reflected in its historical sites and museums, offering glimpses into its past. Adams’ community thrives through local events that bring residents together in celebration. Whether you’re indulging in local cuisine, exploring cultural gems, or partaking in town gatherings, everyone can find something to love in Adams. 

Homes for sale in Adams, MA

Apartments for rent in Adams, MA

2. Athol, MA

Median sale price: $360,000 

Walk Score: 66

Athol opens its arms to those seeking a blend of nature and culture. The town’s natural beauty is mirrored in its outdoor spaces and recreational opportunities. Athol’s artistic soul is showcased through local galleries and creative workshops. If you’re wandering amidst natural wonders or immersing yourself in artistic expression, Athol offers a peaceful escape for  all who live there. 

Homes for sale in Athol, MA

Apartments for rent in Athol, MA

3. Lenox, MA

Median sale price: $700,000

Walk Score: 65

Lenox provides an elevated New England experience with a plethora of cultural attractions. You’ll often find locals at the renowned Tanglewood Music Center, enjoying outdoor concerts in the stunning Berkshire Hills. Looking for more to do? The historic Ventfort Hall provides a glimpse into Gilded Age opulence, while hiking trails in Kennedy Park offer opportunities to appreciate the region’s natural beauty.

Homes for sale in Lenox, MA

Apartments for rent in Lenox, MA

4. Hardwick, MA

Median sale price: $318,600 

Walk Score: 25

Hardwick offers a quiet retreat where history and nature converge in harmony. Residents often explore the iconic Hardwick Common, a historic district with preserved colonial-era architecture. The Hardwick Winery provides a delightful spot for tastings and events, while the Quabbin Reservoir invites outdoor enthusiasts for hiking and birdwatching.

Homes for sale in Hardwick, MA

Apartments for rent in Hardwick, MA

5. Dighton, MA

Median sale price: $551,000 

Walk Score: 4

Dighton beckons with a rural charm that resonates with those who appreciate simplicity. The town’s scenic landscapes invite leisurely walks and opportunities for rural exploration. Dighton’s strong sense of community is upheld through local gatherings and shared appreciation for its surroundings.

Homes for sale in Dighton, MA

Apartments for rent in Dighton, MA

6. Marion, MA

Median sale price: $882,500 

Walk Score: 13

Marion encourages you to savor coastal beauty and a maritime heritage. The town’s connection to the sea is mirrored in its waterfront activities and nautical charm. Marion’s spirit is celebrated through events that honor its seafaring traditions and bring neighbors together. The town’s artistic flair is showcased in local galleries and creative workshops.

Homes for sale in Marion, MA

Apartments for rent in Marion, MA

7. Essex, MA

Median sale price: $800,000 

Walk Score: 54

With its seaside features, Essex provides a unique and enriching place to call home. Locals often enjoy exploring the Essex Shipbuilding Museum, delving into the town’s history of boat building. The stunning Crane Beach becomes a sanctuary for relaxation and outdoor activities during the summer months, while the annual Essex ClamFest celebrates the area’s culinary delights.

Homes for sale in Essex, MA

Apartments for rent in Essex, MA

Wrapping up small towns in Massachusetts

Massachusetts’ small towns offer a diverse array of experiences that celebrate nature, history, and community. Each town unveils its unique character through cultural offerings, natural beauty, and shared gatherings. Whether you’re drawn to cultural sophistication, serene landscapes, or coastal retreats, these small towns in Massachusetts are sure to delight.

Source: redfin.com

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Real estate is a relationship business. This statement is not a new one, nor is it particularly illuminating. However, it is something that we often need to remind ourselves of. With the focus on technology and efficiencies, it is sometimes easy to forget that people and human connections are at the very center of our business. And during our current market change, it is more important than ever to revisit and reconnect with people, your clients, prospects, colleagues, and partners. 

Many real estate professionals are utilizing the early Fall as an opportunity to evaluate their business planning to end the year strong and set a pathway forward for the year ahead. As you look to the fourth quarter, I recommend looking at live networking events to best position yourself for growth and create even more opportunities. The benefits are threefold.

  1. Gain market insights from industry experts.

Events are a great way to have access to people you may not normally cross paths with. Examples include industry analysts, economic pundits, local developers or even tax professionals. Hearing from new people may expose you to different ways of thinking, prompting innovative approaches in your own work. It may also expand your knowledge in a particular area, knowledge you can pass along to your sphere for their benefit.

  1. Tap into best practices from colleagues.

It’s very easy to focus on what’s in front of you and knock things off your never-ending to-do list. But when we are that immersed in the day-to-day tasks, we lose sight of people around us who may offer helpful insights, perspectives or solutions. Taking the time to talk to your peers can pay off in spades in your own business. Attending an event also shifts your focus in a way that looks to the future.

  1. Expand your referral connections.

It’s a small world when people start talking! Often, we discover ways in which we connect – a la six degrees of separation. Discovering how we connect to random strangers creates a firm foundation upon which to develop a new and seemingly vetted relationship. We’re connected after all. Events are a great way to meet new people, uncover these connections and expand your referral channels.

So, what type of events are best? The answer is that it doesn’t really matter. Whether you attend a local event sponsored by your association, chamber of commerce or small business forum, or look farther afield at state or national association events or brand business building forums, attending industry and business events has the potential for a strong return on investment. 

At ERA® Real Estate we are preparing to welcome our broker/owners and managers to our fall network event in Palm Desert, CA. The event is designed to provide targeted education sessions, dynamic networking experiences, inspiration from expert presenters and the information needed for attendees to standout in the current market and grow their business.

The networking that happens at live events supercharges your business and pushes you further down the path of progress on the roadmap to success. So, make it an eventful year and position yourself for a strong finish to 2023! 

Alex Vidal is a lifelong real estate professional with expertise in leadership, sales, recruiting and more. He is president of ERA Real Estate and is responsible for the strategic growth and operations for the ERA global network of more than 40,000 affiliated brokers and independent sales associates and approximately 2,390 offices throughout the United Staes and 34 other countries and territories. 

Find topics in marketing, technology, and social media for realtors, and housing market resources for homeowners. Be sure to subscribe to Digital Age of Real Estate.

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Source: realtybiznews.com

Apache is functioning normally

Ohio-based lender Union Home Mortgage denied sex discrimination claims made by a former employee whose employment was terminated while she was pregnant. The lender acknowledged employment termination but denied any unlawful conduct. 

Elizabeth Martin, a former loan officer assistant of UHM, filed suit against the lender alleging sex and/or pregnancy under the Missouri Human Rights Act and Title VII of the Civil Rights Act in the 16th judicial circuit court of Jackson County, Missouri early this year.

Martin claimed that she told her supervisor Robert Hastings, sales manager Josh Carr, and the lender’s human resources department about her pregnancy as early as January 2022 and no later than June 2022.

Martin was a loan officer assistant at UHM from March 1, 2021 until “the unlawful termination” on August 11, 2022, according to the suit. The former loan officer assistant completed her documentation related to her expected absence in July 2022. Her anticipated maternity leave was to begin August 10, 2022.

On August 5, 2022, Martin said she had a conversation with Carr in which she brought up Hastings’ potential departure and her concern about the handling of the loans assigned while she was out on maternity leave.

Carr “assured her that regardless of whether Mr. Hastings remained with UHM, he would be able to place her in a position with UHM at one of the offices in Lee’s Summit, Missouri,” the suit said.

Hastings, a branch manager and loan officer, on Aug. 8 told Martin he was leaving UHM and taking another loan officer assistant with him.

On August 11, Martin informed a HR generalist of her physician’s instructions of bed rest due to her high-risk pregnancy. Martin sent a copy of the doctor’s instructions to Carr by email the same morning, according to the suit.

That day, however, Martin received a call from HR that there are “no open positions within the company” and that her benefits would be terminated at the end of the month.

In its most recent response to Martin’s complaint, UHM acknowledged the former employee’s employment termination but denied that the people responsible for terminating her employment were aware of her pregnancy.

UHM had “legitimate, nondiscriminatory reasons” for its actions regarding Martin. 

“Some of UHM’s employees were aware of her pregnancy. UHM denies that the decision makers regarding her termination were aware of her pregnancy, denies that it engaged in any unlawful conduct,” the lender said on August 17.

UHM and attorneys representing the lender and Martin didn’t respond to requests for comment.

Union Home Mortgage was sued by Caliber Home Loans last year for trying to “cripple” its Southeast operation.

Caliber alleged UHM raided more than 50 employees that produced $400 million in mortgages in 2021.

UHM originated $1.75 billion in origination volume in the first six months of 2023, according to data from mortgage software firm Modex. The company had 908 active loan officers as of August, per Modex’s data.

Source: housingwire.com

Apache is functioning normally

Real Estate Profits are only earned from RENTS minus COSTS

Without understanding and controlling costs, today’s property management applications are missing the biggest nugget of information that property managers and DIY real estate investors require to make and keep investments financially sound. A revamping of antiquated offline rental property management applications converted to newer online property management applications won’t help if investors do not control costs.

In my many, many years as a DIY landlord, managing property myself and using professional property management firms, the two most important success factors to making profits are: acquiring great tenants and excellent cost controls.

Past property management software applications basically only automated bookkeeping and were convenient for preparing tax returns. The applications never integrated with newspaper ads when trying to acquire new tenants, nor did they help in qualifying tenants. Modern property management applications have made tenant acquisition and bookkeeping slightly more convenient; however, they haven’t uncovered the holy grail.

Integrating Cost Management into Property Management Software is THE Game-Changer

An investor who buys property to rent does so with a long term view– not for a flip or quick resale. Although landlords need to keep looking for ways to cut their costs  like any other business, renting property profitably is unlike any other business. As with manufacturing, there is a large upfront cost, but property is immobile and its product can’t be shipped to other geographies for sale. Renting property is also different from service businesses. Landlords can’t “downsize” property as service business can do to labor to remain profitable. As an asset class, owning property is illiquid unlike stocks or bonds which can be bought or sold in an instant. 

Profitable real estate investing is very challenging and consists of finding locations to rent with profits coming solely from diligent property management over time- even during times when rents seem ridiculously high. Therefore,  the investor’s sole purpose in selecting and using property management software should be to get help to reduce costs over a multi-year period. Getting bookkeeping and tax preparation help is only the ‘block and tackling” of property management software.  Property management applications need to help make the real estate investments more profitable each year regardless of changes in property market value, interest rates, property taxes, increases in rent, or anything else. 

Recommended Cost Management Items for Property Management Software

I really don’t need any more comparative rent matching applications, nor do I need more or better bookkeeping software.  I can easily keep using my existing outdated software. Because rental units are in heavy demand, there are many online places where I can easily compare rents and even list my vacant units.  I can find sample leases on the internet to use and there are online tenant qualification tools, tax filing tools, yada, yada, yada. Many of these items are free, too.

Success in rental real estate investing all comes down to Revenues minus Costs equals Profit no matter what comparative rental services say you can rent the property for, where I list my properties, etc.  To help me become more successful, the following are the items I need from property management software.

The top items I would want for cost management:

Item Description Rationale
1 Generate a unit configuration spreadsheet that matches what I rent. I want to know the rental investment configuration for keeping track of expenses.

Is it a house, condo, townhome, land,  with furniture, appliances, etc?
2 Automated budget preparation based on rental unit configuration. Many software applications can prepare comparative rentals for my areas, why not keep a database for comparative costs and apply them to the unit spreadsheet?
3 Automatically Integrate expense invoices into my unit database and spreadsheet. Register repair services and ask them to use my software to generate their bills for me. Of course, I would need my software to transmit an invoice copy to  them in some standard formats. But for many owners and service companies, this change in the billing process will probably be welcomed by both parties. In this way, I would have control over everything I spend on for expense analysis,  tax preparation, etc.
4 Manage larger maintenance or renovations projects. Maintenant Costs not only need control,  they also need to be implemented in a timely fashion, especially at unit turnover. Integration with one of the available project management tools available would be very helpful.
5 Provide cost summary and analytical tools. AI repair service recommendations would be very much appreciated in this area. I want to see how much I spent on repairs and also compare costs of the service companies I hire. AI software could help by doing comparative analysis of my service costs, versus other vendors costs for the same services.
6 Prepare historical unit profit and loss summaries including the rate of return etc. and forecast profits per unit based on total investments, return rate on invested cash, total profits, etc. I need to compare my unit and total investments to make real estate purchase, sale, exchange or other decisions

Additional “nice, and very nice, to have” items

Item Description Rationale
7 Categorize repairs for tax purposes Sorting and separating out capital expense options from current expenses is a big help, even if you use a tax advisor.
8 AI recommendations for potential purchases that integrate with my current portfolio. When surveying a property to purchase, there are those which will fit in easily with an investor’s existing portfolio, and others which will need a large integration effort or require a whole set of new skills and knowledge.  For example, consumer vacation rentals versus commercial retail space rentals are two market extremes of different types of investment real estate which have completely different markets and customers.

Very Nice!
9 Tax preparations. Produce the US Internal Revenue Schedule E or other forms required for filing taxes.
10 Provide tools which can search the internet to help with financing/refinancing unit purchases etc. Price and financing options can make a big difference in a potential property purchase or long term profitability. Any software that could analyze my portfolio, suggest financing options, and search the internet for them would be a fantastic service.
11 Integration with TurboTax or other standard tax preparation software Preparation of the correct forms for uploading into standard annual tax software packages along with the rest of a taxpayer’s Income tax file.

Very Nice!
12 Provide Depreciation forecasts for a unit based on the US IRS depreciation schedules Keeping track of what is taxable profit and what is sheltered through depreciation helps make best use of property cash flow.

It isn’t how much RENT you get. It’s how much it costs you to get that RENT!

[Editor’s note: We’re in the process of writing the final conclusions for the small landlord property management software category review for members of the Geek Estate Mastermind.]

[Image via beginner-bookkeeping.com]

Source: geekestateblog.com