Elliot Hoyte hosts our first 30 Under 30 Honoree interview of 2023 with Kelly Carlson. Kelly has seen massive success in Chicago’s competitive real estate markets since starting her career. On today’s podcast, she discusses her strategy for focusing on first-time home buyers and shares how she gets deals to the finish line. Kelly and Elliot also offer tips for new real estate agents and talk about the value of mentorship early in an agent’s career.
Listen to today’s show and learn:
Chicago’s 30 Under 30 honorees [2:17]
NAR’s 30 Under 30 [3:25]
Kelly Carlson’s application to NAR’s 30 Under 30 [4:01]
Giving back to the community [5:46]
From engineering to a career in real estate [7:47]
Chicago real estate markets [11:56]
Where Kelly got her first few deals [16:22]
Adding value to potential clients [20:10]
Working with first-time home buyers [22:52]
Setting expectations with buyer clients [26:10]
The Danish concept of hygge and how it applies to real estate [27:14]
The differences between neighborhoods in Chicago [29:30]
Covering different neighborhoods in a diverse market [31:45]
Kelly’s sales as a new real estate agent [32:33]
The value of a quality brokerage and mentorship [35:50]
Kelly’s advice for new real estate agents [42:00]
Where to find and follow Kelly Carlson [44:04]
Kelly Carlson
Creating a home is such an important aspect of life. Kelly thinks back to some of her favorite memories, and they all tie back to where she was living at the time – her childhood home on Prospect Avenue, her studio apartment in the Gold Coast, or moving in with her husband to their condo. Kelly’s passion for helping others to find their perfect home is what drives her to advocate for them during every step of the home buying and selling process.
Kelly brings a unique background to her residential clients. After graduating from the University of Illinois with an engineering degree, Kelly worked for a Big Four firm as an associate in a real estate and construction tax consulting group. She loved client services but realized she wanted to work more directly on the development side. In 2018, Kelly left to join a boutique consulting firm where she was a project manager responsible for design and construction projects for healthcare and large not-for-profit institutions. There, Kelly developed a strong understanding of the design and construction process. Her experience has taught her the importance of working hard, putting clients first, and always remembering the bigger picture.
Kelly is passionate about cultivating meaningful relationships and helping others, and it is something she strives for in her everyday encounters. Kelly joined Engel & Völkers Chicago because it is a community of professional advisors who share a similar mindset. The company culture is genuine and collaborative, not competitive or “salesy.” Moreover, she was offered an opportunity to be mentored by a top broker, an experience that has helped her jumpstart her career in residential sales.
Kelly loves that Engel & Völkers is a global brand. She studied abroad in Stockholm, Sweden, and Copenhagen, Denmark. It was there that she became enamored with the Scandinavian concept of Hygge, which embodies a feeling of contentment that comes from being around good company in a cozy setting, such as home! Kelly’s favorite place in the world (besides home) is South Africa – specifically, Babylonstoren. She even had the opportunity to visit their Engel & Völkers Shop in Cape Town during that trip!
From a young age, Kelly was drawn to the hustle and bustle of downtown, as well as the city’s beautiful architecture. She grew up in Clarendon Hills, a short train ride from the city. The time Kelly spent downtown as a child sparked her love for the built world, and real estate in particular. Since graduating from college, Kelly has lived in Lincoln Park, the Gold Coast, and now River North, a perfect location to take advantage of all that city living has to offer – art, music, dining, and world-class architecture. One of her favorite things to do is to turn on a podcast and explore the city on foot, marveling at the historic buildings.
When Kelly is not working, she is a member of the Associate’s Board for Sarah’s Circle, a local nonprofit with a mission of serving women who are experiencing homelessness or in need of a safe space. She also enjoys a good sweat, whether that’s running, cycling, or yoga. In fact, most of her client events take place at boutique fitness studios. On most weekends, Kelly can be found walking the Riverwalk at Montgomery Ward Park with her husband, Brian, their dog Pax, and a good cup of coffee.
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Are you curious about the concept of a duplex apartment and eager to explore its unique features? Look no further! In this comprehensive Redfin guide, we will delve into everything you need to know about duplex apartments. Whether you’re hoping to move out of your cramped Houston apartment or you’re considering buying a property in Baltimore, this article will provide you with a detailed understanding of this distinctive residential arrangement. From its architectural design and layout to the benefits and considerations, join us for a comprehensive overview of duplex apartments so you can make an informed decision about this increasingly popular housing option.
What is a duplex apartment?
A duplex is a form of multi-family housing characterized by a building that contains two separate units. Duplex apartments can be vertically divided, with each level having its own entrance, or they can be horizontally divided, sharing a common entrance but with distinct living areas on each level.
In cases where outdoor space exists on the property, it is typically shared between the residents of both units or partitioned accordingly. A duplex building is owned by a single individual who may choose to reside in one of the units or not. The owner has the option to rent out either one or both of the units to tenants. Similar to duplexes, triplex and fourplex buildings are other types of multi-family housing, accommodating three and four units within the same structure, respectively.
Understanding the difference: duplex vs. apartment
A duplex refers to a building divided into two separate units, typically sharing a common wall, with each unit having its own entrance. This arrangement offers a sense of privacy and independence, as well as the opportunity for rental income. On the other hand, an apartment is a self-contained living space within a larger complex, typically consisting of multiple units in the same building. Apartments often offer amenities such as shared facilities, maintenance services, and a centralized management system.
Pros of living in a duplex
Spaciousness
Duplexes often offer more space than traditional apartments, with separate living areas, bedrooms, and sometimes even outdoor areas like patios or yards. This additional space provides residents with a greater sense of freedom and flexibility to personalize their living environment.
Homeownership potential
In some cases, duplexes are owned by individual landlords who rent out one unit while residing in the other. This arrangement can present opportunities for aspiring homeowners to live in one unit and generate rental income from the other, potentially helping with mortgage payments and building equity.
Noise reduction
Duplexes typically have fewer shared walls compared to apartments, which can result in reduced noise transfer between units. This can contribute to a quieter and more peaceful living environment, making it appealing for those seeking a balance between privacy and community.
Cons of living in a duplex
Limited availability
Duplexes may be less common in certain areas compared to apartment complexes, so finding a suitable duplex for rent or purchase can be more challenging. It’s important to thoroughly research the local housing market to determine the availability and pricing of duplex units.
Responsibility for maintenance
Unlike apartments where maintenance and repairs are typically handled by the landlord or management company, duplex residents are often responsible for the upkeep of their unit and the shared areas. This can involve additional time, effort, and expenses, depending on the terms of the rental agreement or ownership arrangement.
Potential lack of privacy
Despite the separation between units, living in close proximity to neighbors can sometimes compromise privacy. Noise, shared spaces, and occasional visual intrusions may diminish the feeling of complete seclusion typically associated with detached single-family homes.
Limited outdoor space
In many cases, duplexes have a smaller lot size compared to single-family homes. This can result in limited outdoor space, making it challenging for residents to have extensive yards or dedicated outdoor areas. Shared outdoor space might be required, which could require coordination and compromise with the other unit’s occupants.
What to consider when renting a duplex
Privacy vs. community
Duplexes offer a unique living situation where you share a building with another household. While this can foster a sense of community and potentially lead to friendships with neighbors, it’s essential to assess your personal preferences for privacy. Determine whether you are comfortable with shared walls, common outdoor spaces, and potential noise levels from the neighboring unit. It’s crucial to strike a balance that aligns with your lifestyle and social needs.
Rental agreements
Thoroughly review the lease agreement and ensure you understand the terms and conditions. Pay close attention to provisions related to maintenance responsibilities, utility payments, and potential restrictions on modifications or subleasing. Additionally, clarify the process for resolving any disputes that may arise with your landlord or the other tenant in the duplex. A clear understanding of the rental agreement will help set expectations and avoid any potential conflicts down the line.
Budget and affordability
Evaluate the rental price in relation to your overall budget and financial goals. Take into account not just the monthly rent, but also any additional costs such as utilities, maintenance fees, and potential shared expenses with the other tenant. Assess your current financial situation and ensure that renting a duplex aligns with your long-term financial plans. It’s important to strike a balance between finding a comfortable and suitable living space while ensuring it fits within your budgetary constraints.
Is a duplex the same as a condo?
While both can involve owning a portion of a building, a duplex is typically a single building divided into two units, whereas a condo is a type of ownership in which individuals own individual units within a larger complex.
Is a duplex apartment right for me?
The suitability of a duplex apartment depends on your lifestyle, preferences, and specific housing needs. Consider factors such as desired living space, privacy requirements, responsibility for maintenance, and availability in your desired location. Assessing these factors will help determine if a duplex apartment aligns with your living preferences and goals.
In these languid—and, for much of the country, excruciatingly, unbelievably hot—days of summer, the timeless allure of a large, cool body of water beckons. And while heading to the lake is, for some, an occasional destination, for others it’s a way of life.
Sure, some of America’s more famous lake towns are pricey. But there are others that are surprisingly affordable, offering lakeside living for bargain-basement prices. The data team at Realtor.com® dug into the data to find some of the cheapest lake town real estate in the nation.
It helps that there are a lot of lakes in America. According to the U.S. Geological Survey, there are just shy of 7 million bodies of water in the U.S. and in adjacent areas along the borders. Of those, 5.76 million are classified as a lake or pond, and 134,000 have official names.
Each of the lake towns we found has a unique charm, blending natural beauty and local culture. All of them are nestled in the most affordable regions of the country, especially the Upper Midwest to the Deep South—areas known for their low cost of living. As it turns out, they’re also ideal places for lake house shoppers not looking to stretch their budget.
As famously avid lake admirer Henry David Thoreau once wrote, “A lake is a landscape’s most beautiful and expressive feature. It is Earth’s eye; looking into which the beholder measures the depth of his own nature.”
To find the most affordable lake towns, we looked at all the home listings for the past year within a half-mile (roughly a 10-minute walk) of a named lake or pond. (Named bodies of water exclude reservoirs and lakes that folks can’t swim or boat on.) Then we calculated the median prices from July 2022 through June 2023 for homes in those areas to pinpoint the most affordable lake towns in 2023. Only towns with at least 50 home listings over that period were included.
We excluded big cities, because we’re looking for places where the lake plays a large part in the local culture. And we didn’t include extremely small towns, because you’ve got to have at least a few shops and restaurants to keep you busy when you’re not on the water. And we included only the single most affordable lake town in any state, to ensure geographic diversity.
So let’s set sail to the most affordable lakeside real estate in 2023.
Median list price: $154,900 Median list price per square foot: $76 Population: 29,534
Danville, a relatively small town in east central Illinois along the Indiana border, is home to Lake Vermilion. The human-made reservoir provides drinking water for the city, but it has also become a popular fishing and boating location. Cabins and docks line its forested edge.
The town was an industrial hot spot for the region from the mid-19th century to the mid-20th century, as a major coal mining town and a rail hub. Abraham Lincoln was known to visit the town and once delivered a speech from the balcony of the home of a prominent Danville resident.
The median home listing within a half-mile of Lake Vermilion over the past year had a price tag 65% below the national median list price of $445,000 in June. A three-bedroom home within walking distance of Lake Vermilion, with hardwood floors, a garage, and a big yard, goes for $120,000. And for just over $100,000, home shoppers can find a two-bedroom condo about as close to the lake.
Median list price: $140,000 Median list price per square foot: $79 Population: 2,838
Rogers City is the smallest of any of the spots on our list of affordable lake towns, just shy of 3,000 residents.
Situated on the banks of Lake Huron, about 45 minutes from Cheboygan, Rogers City residents have quick access to multiple parks along the lakeshore. They include Harbor View Park on the southern corner, Seagull Point Park on the northern tip of the town, and several in between, including the Rogers City Yacht Harbor and Lakeside Park.
Rogers City has been host to multiple salmon fishing tournaments in the summer, including the vividly named Fat Hogs Fishing Frenzy and the more straightforward Rogers City Salmon Tournament.
It’s also home to the Great Lakes Lore Maritime Museum and the Presque Isle County Historical.
A large three-bedroom home with a garage and a brick fire pit in the backyard can be found for $165,000, a short walk from Rogers City’s North Shore Park and beach.
Median list price: $122,750 Median list price per square foot: $83 Population: 12,651
The western tip of northern New York state, in the Chautauqua-Allegheny region, is known for its lakeside getaway culture. And although some of the area’s real estate is quite pricey, the lowest home prices within a half-mile of a lake can be found in Dunkirk at the edge of Lake Erie.
The area was first occupied by the Indigenous Erie and Seneca tribes, then colonized by the French, who erected the Dunkirk Lighthouse at Point Gratiot in 1826. This helped the town become a significant regional port for coal and lumber shipping. It’s now listed on the National Register of Historic Places.
Dunkirk has multiple beach parks, and it hosts several summertime events, including an annual strawberry festival, arts and music festivals, and a “Fly-In Breakfast,” which welcomes pilots from all over to the small lakeside town.
Duke McLachlan, a real estate agent with Howard Hanna Hold Real Estate in neighboring Jamestown, says that from June through August, life in this area is all about the lake, for residents and visitors alike.
“It’s the whole Chautauqua area,” McLachlan says. “The local economy really picks up.”
Buyers will find the most listings just before and after prime lake season. Sellers know they can find buyers looking forward to the summer in April and May. Meanwhile, other sellers will list in September and October after they used their homes for the summer.
Median list price: $129,900 Median list price per square foot: $86 Population: 10,465
Minnesota is called the “Land of 10,000 Lakes” for a reason: The state has 11,842 of them.
So don’t drop your oar in the water when you hear that Fairmont, a small town in southern Minnesota near the Iowa border, sits on a string of five small lakes. These include George Lake, in the northern part of Fairmont, and Budd Lake, near the center of town.
All five offer boating and fishing—and there is very affordable real estate near two of these bodies of water.
The median home that was listed over the past year near both Lake George and Budd Lake is less than half the national list price. The real estate near Budd Lake is a little pricier, due to its proximity to the center of Fairmont, and a couple of developed parks along its edge.
For those who want to live and work near the water year-round in the “City of Lakes,” Fairmont’s local economy is driven by the local Mayo Health System hospital, two small colleges, and a couple of modern industrial companies.
Median list price: $126,900 Median list price per square foot: $91 Population: 4,977
Cherokee Village, a small town in central northern Arkansas about 20 miles south of the Missouri border, boasts seven lakes in total.
Lake Cherokee, the smaller of the two lakes where we found low-priced homes, has a park and private docks. Meanwhile, Lake Thunderbird, the town’s largest lake, has a public marina and the town’s public recreation center, which has two swimming pools and a minigolf course.
For just under $290,000, a homebuyer can get a 1,200 square-foot, two-bedroom house with a backyard dock on Lake Thunderbird. For those looking for homes costing less, just across the street from Lake Cherokee, a two-bedroom townhome can be found for as little as $120,000.
Median list price: $169,900 Median list price per square foot: $95 Population: 9,305
Pickwick Lake, a popular boating and fishing destination, was created by the Pickwick Landing Dam on the Tennessee River near where Alabama, Tennessee, and Mississippi meet.
The lake is known for record-size smallmouth bass and catfish. Local fishing guides say 2- or 3-pound smallmouth bass are the norm—and catches of 5 to 6 pounds are not uncommon.
History lovers will also appreciate the small town of Sheffield. It became a major wartime aluminum smelting location in the 1940s, boosting the nation’s aircraft production. It’s also the hometown of Senate Majority Leader Mitch McConnell.
And it’s where you’ll find the famous Muscle Shoals Sound Studio, where a litany of modern musical icons came to record, including The Rolling Stones, Aretha Franklin, Cher, and Wham! The studio faded and was repurposed for several years, before a documentary reignited interest and a restoration brought it back to life. It’s now a museum during the day and a working studio at night.
Median list price: $135,000 Median list price per square foot: $96 Population: 65,440
Lorain is a small city on Lake Erie, in the far western corner of the Cleveland metro area. Like the other Great Lakes locations on our list, Lorain was once an industrial production mecca, dominated by steel.
Now, says Bill Swanzer, a real estate broker at The Swanzer Agency Realtors in neighboring Amherst, Lorain mixes a classic lake culture with good access to the city.
“You’re only 20 or 30 minutes from the Cleveland Browns‘ stadium,” Swanzer says. “So you can get to all the big-city things—live sports, live music, shows.”
But for Lorain residents, Lake Erie’s offerings are right in the backyard.
“The lake’s always been a big draw for us,” Swanzer says. “You’ve got kayaking, boating, fishing, swimming—you’ll see Jet-Skis on the water and parasailing.”
Median list price: $139,900 Median list price per square foot: $97 Population: 11,276
Two Rivers is uniquely situated on Lake Michigan, such that it remains cooler than nearby areas on hot summer days—earning the town its nickname “Cool City.” It became a summertime destination for folks looking for a reprieve from the heat.
The moniker is memorialized just about everywhere, from the annual Cool City Car Show & Cruise, the Cool City Brewing Co., and Cool City Coffee Shop to the Cool City Charters and Cool City Cleaners.
Summer activities include swimming and sunbathing at Neshotah Park & Beach, and hiking and camping in Point Beach State Forest, just north of town. There’s also boating and fishing on Lake Michigan and the town’s—you guessed it—two rivers. It’s also only about 30 miles southeast of Green Bay, offering relatively quick access to a big city nearby.
But what’s especially cool about Two Rivers for us is the low price of homes near Lake Michigan. Take this recently listed two-bedroom home with an updated bathroom and floors about a block from Lake Michigan, priced at just $134,000.
Median list price: $185,000 Median list price per square foot: $106 Population: 9,299
About 30 miles east of Wichita is Augusta and its 190-acre human-made lake on the north end. Augusta Lake, lined with parks, grassy embankments, and walking trails, is a community center of sorts. There are Little League tournaments, concerts, disc golf, and the town’s Fourth of July celebration, in addition to the standard lake activities like fishing, boating, and kayaking.
The town is known for its historic buildings, many of which have been added to the National or State Register of Historic Places.
Of course, we’re interested in the home prices, which are inexpensive, even for a relatively affordable state like Kansas. A three-bedroom, ranch-style home six doors away from Augusta Lake can be found for just $150,000.
Median list price: $285,000 Median list price per square foot: $125 Population: 7,565
Homes within a half-mile of Prestwood Lake are the most expensive of any place on our list of affordable lake towns—but they’re still about 35% less expensive than the national median list price.
Lauri McLeland, a Realtor with Better Homes and Gardens Real Estate Segars Realty in Hartsville, says it’s not uncommon to see small speed boats and jon boats on Prestwood Lake, and even some kayakers on Black Creek, which leads into the lake.
But although there’s a decent amount of housing within that half-mile of the lake, it can be a tight market for buyers looking for something right on the water.
The small South Carolina town, about an hour northeast of the state capital of Columbia, is a tight-knit community, says McLeland. Word of someone selling their home can lead quickly to an offer from another local looking to get closer to the water.
“Prestwood is a really pretty lake,” McLeland says. “There’s not a lot of housing right on the lake, and some of those sell before they even hit the market.”
While many may have familiar-sounding job titles, some have ventured off the beaten path and pursued unique careers. Despite the unconventional work, there are a plethora of lucrative job opportunities available. In this article, we’re exploring some weird, high-paying jobs worth considering.
1. Bereavement Coordinator
A bereavement coordinator is tasked with assisting families who have terminally ill or recently passed loved ones. Their responsibilities include overseeing administrative tasks, scheduling appointments, managing funeral arrangements, and supervising staff and volunteers to alleviate the burden on grieving families.
Offering Words of Wisdom
Additionally, a bereavement coordinator may also arrange counsel for those who are struggling with grief. This role often involves working in hospitals, nursing homes, or hospice settings and can be considered a type of counseling service.National Average Salary is $47,660
2. Online Dating Ghostwriter
An online dating ghostwriter is a professional who writes online dating profiles on behalf of clients. This individual is responsible for creating an engaging and attractive online dating profile that accurately reflects their client’s personality and interests. The ghostwriter must have strong writing skills and be able to craft a compelling narrative that highlights the client’s best qualities.
Matchmaker, Matchmaker
They may also assist with messaging and communication with potential matches. The goal of an online dating ghostwriter is to help their clients stand out in a crowded online dating market and increase their chances of finding a compatible match. The national average salary is $54,204 per annum.
3. Art Therapists
Art therapy is a unique profession that blends the principles of therapy with the creative process of art. Art therapists utilize various forms of artistic expression to aid patients in their healing journey. By reducing stress levels and enhancing self-esteem, art therapy can help improve overall mental health. This therapy is particularly useful when individuals have difficulty expressing themselves verbally.
Wisdom and Creativity
Becoming an art therapist requires a background in psychology or counseling and specialized training in art. Art therapists have the flexibility to work in a variety of settings, including schools, communities, and private practices. Companies can even hire them to help employees manage stress and improve their mental well-being. The National average salary is $58,139.
4. Flavorist
As a Flavorist, your primary responsibility would involve developing both natural and artificial flavors. To accomplish this task, you must possess a wealth of knowledge regarding essential oils, botanical extracts, flavor aromas, and essences in order to replicate natural flavors accurately.
Education… and Good Taste
Additionally, you would be tasked with inventing new and captivating flavors that appeal to consumers. This highly specialized profession necessitates a Ph.D. in chemistry or biochemistry, along with extensive apprenticeship experience with flavor companies. The National average salary is $60,640.
5. Color Designer
The role of a color expert involves utilizing color psychology, trends, statistics, and theory to recommend optimal color schemes for various settings, including homes, company buildings, brand logos, and more. As a color expert, you would be responsible for creating layouts and designs for a variety of purposes, such as branding, interior design, and architecture.
Think Outside the Box
A college degree is not typically required for this position, although specialized training is necessary. Additionally, possessing a creative and innovative mindset can be beneficial when pursuing a career as a color expert. The National average salary is $61,554 per annum.
6. Veterinary Acupuncturist
Veterinary acupuncture is a form of alternative medicine that involves using techniques similar to those used in human acupuncture to treat animals. As a veterinary acupuncturist, your primary objective would be to provide non-surgical and non-pharmaceutical treatments to animals using methods such as needle insertion, massages, blood-moving approaches, frequency approaches, and polarity devices.
A Big Heart
In order to pursue a career in this field, you would need to acquire the necessary training and certification in acupuncture. Furthermore, genuine love and compassion for animals would be crucial to succeed in this role. The National average salary is $69,167 per annum.
7. Equine-Assisted Therapy
An equine therapist is a profession that merges horseback riding with therapy to help both children and adults. This therapy involves using horses to provide patients with physical and emotional benefits. To pursue this career, you would need to be a certified therapist with extensive knowledge of various disabilities, as well as experience working with horses.
Ready to Ride
Hippotherapy has proven to be an effective method to improve recreational activities, socialization, and interactions with other patients. As a hippotherapist, you would be a valuable member of a team of experts responsible for designing customized plans and objectives for each patient. National average salary is $74,434 per year.
8. Toy Designer
A toy designer is a professional who creates toys that are not only fun but also safe for children to play with. This role may also be referred to as a product designer or toymaker, and it requires a keen artistic and imaginative sense. Toy designers must have a good understanding of materials to create toys that do not pose any safety risks to children. They should also have the ability to design toys that are sturdy and easy to maintain.
Are You a Tinkerer?
In addition, a love for gadgets and proficiency in mechanical skills are highly desirable traits. To pursue a career as a toy designer, you would need to earn a degree in the arts, such as a design degree. Furthermore, proficiency in CAD and engineering skills would be necessary to succeed in this field. The national average salary is $74,913 per year.
9. Podiatrist
A podiatrist is a healthcare provider who specializes in the examination, diagnosis, and treatment of conditions affecting the feet, ankles, and lower legs. They are also qualified to perform surgeries on these body parts.
Take Good Care of Feet
Podiatrists possess the expertise to detect and manage abnormalities in the feet, prevent and correct deformities, and alleviate foot pain and infections. To pursue a career as a podiatrist, you would need to obtain a degree from an accredited podiatric medical college. The National average salary is $90,795 per year.
The job market is full of unique, unconventional job opportunities that can offer excellent salaries. Pursuing a career in one of these jobs may lead to a rewarding career path with significant income potential. So, if you’re looking for an exciting and well-paying job, don’t be afraid to explore some of these unique professions!
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An astonishing compound in Big Sky Country comes with a pyramid and a spaceship. You read that right.
The three-bed, three-bath, off-grid property, which includes a Quonset building, sits on just under 28 acres in Ennis, MT, and is listed for $5,250,000.
The place actually came onto the market in 2019 for $2.2 million but with only 10 acres of land.
“All three buildings on the property are quite unique,” explains listing agent Richard Mayo, with Coldwell Banker Distinctive Properties. “The owner of the property designed and built them all himself. It was built to specifications for efficiencies and to capture the most sunlight.”
The owner has been living in a small, pyramid-style building.
“It’s situated in such a way that it catches maximum sunlight to maximize efficiency,” Mayo says. “But the big building that probably caught your eye is called the laboratory.”
This structure looks a bit like a three-story spaceship.
“The basement story with the garage doors is vehicle storage and a full machine shop and laboratory and an experiment station, where [the owner] invents things,” Mayo says.
The lab has a definite lived-in look.
“The second story is where [the owner] lived at one point and is probably 2,500 square feet and [has] three bedrooms,” Mayo notes.
One of the bathrooms is very colorful and close to an area the owner used as a sound stage. There’s an additional stage area is outside.
The home’s third level offers a different vibe, though.
“The top floor is a room that is completely white, and full of south-facing windows, and is really super light and bright,” Mayo says. “It would be an awesome greenhouse or something. You could have your own inside garden.”
Mayo says he has known the seller for about 30 years and helped him sell some agricultural land to pay for the construction of this compound.
“When I first saw it, I was totally in awe of what he has done and how he has done it,” Mayo says.
He explains that while the spaceship-shaped building is in reasonable condition, the pyramid could use some TLC. The roughly 5,500-square-foot Quonset building has never been used and is in perfect shape.
“You can have a number of different things inside,” Mayo notes. “It’s a beautiful building with a full commercial kitchen. It would be perfect for groups of people who wanted to gather for conventions or whatever.”
Solar and wind energy systems are in place, allowing the property to function independent of any municipal utilities. The land is close to Big Sky Resort and is surrounded by mountain and valley vistas.
So, who might be most enticed by this property?
“The perfect buyer is someone with a flair for creativity and someone who appreciates design, and structure, and the environment it is in,” Mayo says. “It could be some group or company that wants space to manufacture things—or a group that want their privacy and yet be kind of close to amenities.”
Former President Donald Trump has not made his real estate great again.
Trump has dominated the headlines recently, as he announced his intention to run for office again and then became the first former commander in chief to face criminal charges. But the polarizing politician and reality TV star is first, and perhaps foremost, a real estate mogul. And the past few years have not been kind to his sprawling residential real estate portfolio.
While home prices across America generally rose quickly during the “pandemic pump” housing market, sale prices at the properties listed on the Trump Organization’s website have either declined or appreciated at a slower pace than the local markets they’re in.
To be sure, the COVID-19-era real estate market will be one for the history books, defined initially by ultracheap mortgages, the liberation of newly mobile Americans who could pursue “remote work” away from their abandoned offices, and a continued housing shortage that all pushed home prices up in dramatic ways. The price gains have begun to correct in some areas, but in large part, historically high prices appear to have stuck.
But Trump’s real estate brand hasn’t benefited as much from the favorable housing market. Price appreciation for condos in properties listed on the Trump Organization’s website has been lower both in the luxury real estate and overall housing markets.
For example, the median condominium sale price in the U.S. rose 38% between 2019 and 2022, according to CoreLogic data. But over the same period, the median sale price at Trump Organization properties declined 14%. (The properties Realtor.com® analyzed were all condos.)
And while the price changes varied around the country, his condos didn’t outperform any of the local markets where they’re located.
Some local experts believe the price declines are related to the former president’s controversial politics, especially since most of his properties are in Democratic-leaning areas. Since he ran for office, his name has been pulled off some of his prime real estate holdings in major cities.
“A lot of people have said the buildings are great,” says Dan Neiditch, the president of River 2 River Realty in New York. “But when they have the Trump name on the buildings, it’s all about branding. And when that’s the case, you live and die by your brand, by your name.”
Trump was recently charged with 34 felony counts related to hush money payments made to an adult film star, is under investigation for election interference in Georgia, and is facing multiple lawsuits. That could also affect his real estate holdings, especially in places where the former president isn’t popular.
To come up with our findings, we pulled home sale records from CoreLogic, a real estate transaction data provider, for properties listed on the Trump Organization’s website. Then we compared them with condo sale prices for the counties where those properties are located. Because the CoreLogic data is not perfect, we also excluded transactions that appear to have erroneously high and low transaction amounts recorded (likely data entry mistakes).
While all of the Trump Organization’s condo projects were included in the national numbers, Trump real estate markets with fewer residential units (including Connecticut, Hawaii, and Westchester, NY) are not detailed in the pull-out sections below.
We used 2019—the year before pandemic fluctuations roiled U.S. housing—as a starting point/benchmark for our calculations.
Note: It’s unclear if every property listed on the Trump Organization’s website is owned by the organization. The Trump Organization is a privately held corporation, so it isn’t required to disclose the specifics of its real estate holdings to the public. And even though the Trump name might prominently grace a building, it doesn’t mean that the organization owns the property. The former president licenses his name for a host of different things, including real estate and consumer products.
The Trump Organization did not respond to a request for comment.
For decades, Donald Trump made a name for himself as a New York City real estate celebrity and tabloid fixture. The Big Apple was his launching pad, where the Trump Organization began developing residential properties in the early 1980s. And it’s still where his company has the most buildings.
He announced his first run for the presidency, in 2015, in his iconic Trump Tower on 5th Avenue, where he rode down a golden escalator.
But in the past few years, the organization’s Manhattan properties have fallen behind the competitive Manhattan condo market.
In 2022, the median sale price for all of the organization’s New York City properties combined was about $1.75 million. Within the past 10 years, that figure hit a high point in 2015, at $2.3 million, and a low in 2020, at around $1.4 million.
Since just before the COVID-19 pandemic, the Trump Organization’s prices are down about 16%—far behind the roughly 11% price growth for all condos in Manhattan over the same period.
The list of Manhattan buildings listed on the organization’s website includes the Trump Tower, in Midtown, and Trump Parc, on the southern edge of Central Park. On the Upper West Side, the organization has six buildings that make up Trump Place, situated along the Hudson River. Three are apartment buildings, which were not included in this analysis, and three are condominium buildings. Residents voted to remove the Trump name from the buildings in 2019. There is also Trump International Hotel & Tower, on Central Park West. In Midtown East, the organization owns Trump World Tower, looking onto the East River, just across the street from the United Nations headquarters. And on the Upper East Side, the organization owns Trump Park Avenue, Trump Palace, and 610 Park Avenue.
Despite the successful efforts to remove the Trump branding from several of his New York properties, much of the Trump residential real estate is still highly valued among certain buyers.
According to luxury real estate broker Dolly Lenz, the properties themselves and their management are second to none.
“The management of the properties—whether it’s Trump Tower, Trump International, Trump World Tower—are some of the best-run buildings in New York,” she says. “They choose the best doormen, the best concierges, so the service is top quality.”
But many of the Trump Organization’s properties are older and have trouble competing with the newer buildings, which offer more modern designs, layouts, and amenities. Trump Tower opened in 1983—40 years ago.
For some local experts, it’s politics that have caused the lagging prices.
“New York and New Jersey are majority-Democrat states. I believe the prices of Trump’s properties take a hit just because of the politics of the people in the area,” says Neiditch, of River 2 River Realty. “We’ve had people who lived there, who said, ‘Hey, we want to sell. We don’t want to live in a building where that name’s on the outside.’”
Access to Trump Tower, which was more restricted during Trump’s presidency due to heightened security and Secret Service activity, also likely affected the value of the units in the bellwether building, says one real estate expert, who asked not to be named.
Fed up with the backlash against him and his politics, Trump officially left New York. Since 2019, the former president has called the purple state of Florida home. He now resides in his oceanside Mar-a-Lago resort in Palm Beach.
The Trump Organization has residential properties in and around Miami, including Trump Grande, Trump Tower Sunny Isles, and Trump Hollywood.
The Trump-branded properties in Florida’s Miami-Dade and Broward Counties appreciated by about 15% between 2019 and 2022, after first dipping in 2020, the biggest price gains of any location analyzed.
But prices shot up much higher in Florida during the pandemic as the Sunshine State saw an influx of companies and new residents. In the Miami-Dade and Broward markets where Trump properties are located, the median condo sale price has increased by more than 50%, going from just under $200,000 in 2019 to just above $300,000 in 2022.
And for the luxury condo segment in the same area (the upper 10% of sales by price), which is closer to the price range of the organization’s properties, prices grew by more than 60% over the same period.
Trump International Hotel & Tower’s opening in Las Vegas in 2008 marked the organization’s first expansion into the western U.S. But condo sale prices in the building have substantially lagged behind overall Las Vegas condo price appreciation.
The median sale price at Trump International Hotel & Tower took a significant hit in 2020, dropping from $305,000 to $214,500. Since then, the prices rose but were still down about 8% below pre-pandemic prices.
Meanwhile, in Clark County, which includes Las Vegas and the surrounding cities, the median condo sale price rose by more than 50% from 2019 to 2022.
June Stark, a real estate agent and broker at The Stark Team–Elite Realty, in Las Vegas, blamed pandemic restrictions as one of the reasons that Trump property prices dropped. Reduced tourism affected the building, which is a combined hotel and condo tower.
“The building itself is beautiful, probably the best-maintained hotel and condo tower in the city,” Stark says, noting that she was among the first agents to sell the residences.
Trump International Hotel & Tower in Chicago looms large in the city, with its height, distinctive style, and prime location, but the sale prices have taken a dive.
At 98 stories and reaching 1,388 feet, it’s the seventh-tallest building in the nation and second in Chicago (behind the Willis Tower, formerly known as the Sears Tower). The building’s off-centered, tapering spire is hard to mistake, but it’s the 20-foot-tall and 141-foot-wide “TRUMP” sign on the building on the northern bank of the Chicago River that informs anyone who passes by who owns the building.
But while the building’s prominence is unquestionable, the median sale price for residences there dropped by almost half in 2020 alone—going from just below $1.5 million the year before to $750,000. Since then, prices have come back some, but at $1 million in 2022, the median sale price is still down more than 30% compared with before the pandemic.
During the same three-year period, 2019–22, the median condo sale price in Cook County, which includes most of the Chicago area, rose about 12%. But for additional context, condos priced closer to Trump International Hotel & Tower in Chicago, those within the top 10% of sales by price for Cook County, also saw a big drop in prices in 2020, and an overall price decline greater than the Trump Organization’s building.
Across the Hudson River from the Trump Organization’s Manhattan properties is 88 Morgan Street Condominiums, formerly known as Trump Plaza Residences, in downtown Jersey City. The 55-story building, developed by the organization in the late 1980s, provides a sweeping view of the Manhattan skyline and the Upper Bay.
But 88 Morgan Street has not seen the same price gains as condos nearby. The median condo price in Hudson County, NJ, which includes everything from Bayonne to North Bergen and from the Hudson River across the Hackensack River to Kearny and Harrison to the west, saw modest appreciation during the pandemic, rising by about 14% from 2019 to 2022.
In Jersey City, condo sale prices at 88 Morgan Street rose only 4%.
“I know in those buildings in New Jersey, there have been fights about taking his name off,” says Neiditch, of River 2 River Realty, “but that’s been going on since back in 2016.”
[Note from the editor: Originally published on Thomvest’s Blog]
Today we’re releasing an updated version of our commercial real estate technology market map. The full list of companies is available here, and a high-resolution version of the map can be accessed here. This market map includes more than 220 technology companies operating across every aspect of commercial real estate, and range from seed stage businesses to public companies. If you’d like to suggest a company to be added to this market map, please submit them using this form.
Broadly defined, commercial real estate (CRE) includes any property owned to produce income. In total, more than 100 billion square feet of space in the United States is devoted to commercial use. Because commercial property is acquired for investment purposes, it differs from its residential counterpart in several important ways:
Commercial real estate is a diverse asset class that can take on many forms: office buildings, retail stores, malls, apartment complexes, homes, hotels and more.
Every property is analyzed for its ability to generate income. In most cases, there is a leasing component to commercial property ownership (which is the main revenue-generating activity), whereas in residential real estate properties are often owner-occupied.
Commercial properties are actively managed by teams responsible for leasing, routine maintenance, improvements and amenities to ensure that the building is suitable for occupants.
As the map above indicates, there are hundreds of technology companies across every aspect of the commercial real estate lifecycle, from property search and financing, to leasing and ongoing management. You’ll notice that several companies are included in more than one section — this is due to the fact that many of these businesses have expanded their product areas to capture multiple phases of the CRE lifecycle. For example, VTS recently launched a listings marketplace offering to compliment its suite of leasing and asset management tools. As such, we’ve included VTS in both the “Find Property” and “Manage Property” sections.
Assessing the Impact of COVID-19 on Commercial Real Estate
It’s no secret that the pandemic has dramatically altered our ability to utilize commercial real estate. The pandemic has impacted every CRE segment (office, hospitality, retail, etc.) and every phase of the asset ownership lifecycle (leasing, financing, utilization, etc.). The pandemic will likely continue to influence occupiers and end users of real estate in unprecedented and unique ways, which will have implications for the entire CRE industry.
This is particularly true in the office segment, as the abrupt change in the way we work has required mass remote working. Interestingly, as companies have transitioned from office work to remote work, many employees are reporting no meaningful impact on productivity. Even as lockdowns are slowly eased, as many as 75% of employees prefer to work from home out of caution or convenience. This has caused many in the industry to ask: Is the office as we know it dead?
Given these lingering existential questions, we’re witnessing the reimagining of office environments designed to anticipate what the “next normal” will look like. Tenants and landlords are working hard to determine an approach for re-entering the office, and the impact of remote work on future space needs. While there are many questions we’ve yet to answer, we anticipate the office category evolving in several important ways, and expect technology companies to play a central role in that evolution:
Emphasis on Safety:As new case volume persists, businesses have been cautious to re-open offices. In an August survey of 15 employers that collectively employ about 2.6 million people, 57% said they had decided to postpone their back-to-work plans because of recent increases case volume, according to the Wall Street Journal. Employers are also developing safety measures to facilitate a smooth re-opening, including redesigned workspaces and temperature checks. We expect additional safety standards to be developed, including staggered employee schedules, space plans to promote social distancing, safe hygiene practices, cleaning protocols, and guidance on using elevators. Technology is a key component of ensuring that both tenants and landlords abide by these emerging safety protocols.
Flexible Work Arrangements:The pandemic catalyzed a massive work-from-home experiment. In many cases, employees actually prefer remote work as it provides flexibility, reduces (or eliminates) commute times and enhances productivity. More than 75 percent indicate they would like to continue to work remotely at least occasionally, while more than half — 54 percent — would like this to be their primary way of working, according to IBM. The forced shift to operating remotely has led to nearly 40 percent of employees indicating they feel strongly that their employer should provide opt-in remote work options when returning to normal operations.
Flexible Space Needs: As offices reopen after COVID-19 shutdowns, we will likely see a mix of new use cases. Some companies will require more office space to further space out employees and reduce potential transmission, while others will move to permanent work-from-home arrangements or a hybrid of home, co-working, and office spaces to minimize commutes and maximize social distance. This will create more demand for flexible office space, including co-working space offered by companies like WeWork and Industrious. According to JLL, 67 percent of corporate real estate decision-makers are increasing workplace mobility programs and are incorporating flex space as a central element of their agile work strategies. JLL “expects 30 percent of all office space globally to be flexible in some form by 2030” (up from about 3% today).
In every industry, technology is an important enabler of not only process efficiency, but also of customer satisfaction and growth, and real estate is no exception (particularly during this pandemic). We’ve already seen technology companies step up to offer useful solutions for landlords and tenants. For instance, companies like Envoy are offering safety-focused tools including employee registration, touchless sign-in, wellness checks and capacity management to employers preparing to re-open their offices. We also expect accelerated adoption of digital solutions related to property and building management, leasing and transaction management. Working on furthering the adoption of technology in real estate? We’d love to talk.
Farm loans help farmers and ranchers start, grow or maintain their farming businesses. These small-business loans can be used to cover operating expenses, purchase livestock, buy farm machinery and agricultural equipment, as well as construct farm buildings, among other purposes.
Loans for farms are available from a range of sources, including government agencies and lenders that specialize in agriculture. The best farm financing for your business will be the most affordable option you can qualify for that meets your needs.
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Best farm loan options for agricultural businesses
1. Farm Service Agency (FSA) loans
Best for: Low interest rates; the variety of loan options.
Through the U.S. Department of Agriculture (USDA), the FSA offers several types of farm loans. FSA loans can be a good choice for first-time and established farmers alike. These loans have competitive interest rates, long repayment terms and can be used for a range of different purposes. Here are your options:
Direct operating loans. These loans can be used to cover daily operating costs and family living expenses. They can also be used to purchase livestock, seed and equipment. Loans are available in amounts up to $400,000 with repayment terms up to seven years. The FSA sets monthly interest rates — and as of July 2023, the interest rate on these loans is 4.5%
. No down payment is required.
Direct ownership loans. Farm ownership loans are used to buy or expand a farm or ranch. These loans are available in amounts up to $600,000 with repayment terms up to 40 years. As of July 2023, the interest rate on these loans is 4.875%.
Microloans. FSA microloans are designed to provide financing to small and beginning farmers, as well as niche and nontraditional farm operations, such as truck farms, farms participating in direct marketing and sales, and Community Supported Agriculture (CSA). You can choose between an ownership and operating microloan; interest rates and eligible use cases mirror their standard loan counterparts. Funding amounts for either microloan max out at $50,000.
Guaranteed loans. Unlike FSA direct loans, which are issued directly from the agency to the farmer, FSA guaranteed loans work similarly to the SBA loan program. With these farm loans, the FSA guarantees up to 95% of the financing, and the loans are issued by USDA-approved commercial lenders. Rates and terms are negotiated between you and your lender, subject to the FSA’s maximums.
Additional loans. The FSA also offers youth loans, Native American tribal loans and emergency loans. Rates, repayment terms and maximum funding amounts vary based on the individual program.
To qualify for one of these FSA farm loans, you’ll need to meet a variety of industry- and loan-specific requirements. You’ll need to prove your operation is an eligible farm enterprise, show your managerial experience, as well as describe your acceptable loan purpose.
As a borrower, you’ll need to show your ability to repay the loan. Although the FSA doesn’t rely on credit scores to make eligibility determinations, it’s helpful to have a good credit history. However, the FSA will not deny applications based on credit problems or a lack of credit history.
Applications for these government business loans will require extensive documentation. You have the option to apply online through the e-Gov system, by mail, in person at your local FSA office or by phone. You can expect to receive funding within 60 days after the FSA has received your application and corresponding paperwork.
2. SBA loans
Best for: Established businesses with good credit.
Like FSA farm loans, SBA loans offer long repayment terms and competitive interest rates. Plus, SBA loans have larger maximum funding amounts — up to $5 million.
Although the U.S. Small Business Administration recommends that farms and agricultural businesses look at FSA loans before applying for SBA loans, SBA 7(a) and SBA 504 loans can both be good options for established farmers with strong credit
.
SBA 7(a) loans can be used for a variety of purposes, including working capital, buying inventory and purchasing equipment. Interest rates range from 10.5% to 13%, and repayment terms are up to 10 years for working capital, inventory and equipment purchases and up to 25 years for real estate.
SBA 504 loans, on the other hand, are specifically designed for equipment and real estate purchases. Unlike 7(a) loans, which are issued by banks or credit unions, 504 loans come from three places:
A bank (50%).
A Certified Development Company, or CDC (40%).
The borrower (10%).
Typically, the borrower would provide 10% of the financing, but because farms are considered a “special purpose property” by the SBA, you’re required to provide 15% of the loan amount.
SBA loan rates on 504 loans are tied to the 10-year U.S. Treasury notes. You’ll also have to meet a job and retention requirement to qualify, which is not an element of the 7(a) loan program.
You’ll generally need multiple years in business, good credit and strong finances to qualify for either of these SBA loan options. Although — like FSA loans — SBA loans can be slow to fund, you can expedite the process by working with an SBA preferred lender. These lenders have extensive experience with SBA loan applications and are authorized to accelerate the underwriting process.
3. Farm Credit organizations
Best for: Industry expertise; personalized experience.
Farm Credit is a network of lending institutions across the U.S. that are owned by farmers, ranchers and other agricultural businesses. These institutions are divided into four districts and each district has its own regional wholesale bank.
In each of these districts, you can find organizations that offer loans exclusively for farms and other agricultural businesses. These banks offer farm equipment loans, first-time and beginning farm loans, livestock loans, poultry loans, land loans and lines of credit, among other options.
Loan amounts, repayment terms and interest rates will vary based on the specific institution and loan program — but regardless of which Farm Credit institution you work with, you’ll receive guidance and expertise that’s unique to your industry.
Representatives at these institutions can offer a personalized experience, as well as educational resources and a continuous relationship with your business. If you’re looking to work closely with your bank throughout the loan process and beyond, a local Farm Credit organization may be an option to consider.
4. Farm Plus Financial
Best for: Beginning farmer loans.
Farm Plus Financial is an asset-based lender that offers both farm loans and lines of credit. All of the lender’s available products are secured by agricultural real estate, making it a good choice for newer farmers who may not have the financials to qualify for other options.
Farm loans from Farm Plus Financial are available in amounts that range from $200,000 to $50 million. For term loans, the company can finance up to 75% of the loan-to-value (LTV). For lines of credit, on the other hand, this amount falls to 50% LTV.
Interest rates vary based on the product you choose, your repayment terms and your qualifications, among other factors. You can reach out to a lending representative to receive more information about current interest rates.
Although the value of your farm’s real estate will be one of the most important factors in your business loan application, Farm Plus Financial also requires that all borrowers have a minimum personal credit score of 660 or higher. In addition, your farm property must be five acres or greater to be eligible.
You can start an application by submitting an online inquiry form with basic information about your farm and its financing needs. Once you’ve sent the form, a farm loan specialist will reach out to discuss your options and help you with the application. In general, it can take anywhere from one to three months to get funded.
5. National Funding
Best for: Bad credit; quick access to capital.
If you need capital quickly — or you have bad credit (a personal credit score of 620 or below) — you might consider National Funding for a farm loan. National Funding is an online lender that offers two distinct options: short-term loans and equipment financing.
With National Funding’s short-term loans, you can access up to $400,000 and can use the money to cover working capital needs, inventory purchases and other day-to-day expenses. These loans are available with repayment terms up to 24 months and interest is quoted as a factor rate, which starts at 1.1 for borrowers with strong credit.
The lender’s equipment financing program, on the other hand, provides equipment loans and leases in amounts up to $150,000. You can finance or lease new and used equipment, such as combines, tractors and trucks.
These farm loans have repayment terms up to five years and factor rates that also start at 1.1 for borrowers with strong credit.
Regardless of which option you choose, National Funding offers flexible business loan requirements and a streamlined application process. To qualify, you’ll need to have been in business for at least six months, a personal credit score of 600 or higher and an annual revenue of $250,000 or more.
When you’re ready to apply, you can fill out a simple form on the lender’s website. Next, you’ll talk to a funding specialist who will help you decide which type of farm loan is right for your needs. This representative will also guide you through the application — and once you’re approved, you’ll receive funds in as little as 24 hours.
How to get a farm loan
To get a farm loan for your agriculture business, you can follow these steps:
Understand your financing needs
Think about why you need capital and what you’re going to use it for — this will help you determine which type of financing is right for your business.
You should also consider how much debt you can afford to take on. You should make sure that you’ll be able to handle any potential loan payments based on your current income.
Evaluate typical farm loan requirements
Overall, the farm loan requirements you’ll need to meet will vary based on your loan type and business lender. Most lenders, however, will consider your personal credit score, time in business and annual revenue.
Additionally, as an agriculture business, lenders will likely pay close attention to industry-specific criteria, such as your farm management experience, the amount of land you have, your farm business plan and assets.
Research and compare lenders
With a better understanding of your needs and qualifications, you should be able to focus your lender search to find the options that will be best suited to your business. In general, if you think you may qualify for an FSA loan, you might consider starting your search with these low-interest options.
As you explore different lenders, you should compare them based on factors such as:
Loan types.
Maximum funding amounts.
Repayment terms.
Down payment requirements.
Funding speed.
Application process.
Customer service.
Industry experience.
Lender reputation.
Gather your documentation and apply
Once you’ve found the right lender for your needs, you can gather all of the documentation you need to submit your application. In many cases, you’ll be able to work with a lending representative who will be able to help you through the process and answer any questions you may have.
Once you’ve submitted your application, approval and funding times will vary. Government and commercial lenders tend to have longer timelines, ranging anywhere from several weeks to several months. Online lenders, on the other hand, can fund applications much faster — with some companies providing capital in just 24 hours.
Frequently asked questions
Can I get a farm loan with bad credit?
Yes. Although there may be fewer farm loan options available to borrowers with bad credit, it is still possible to get financing. The FSA, for example, does not exclude its loan applicants for poor or non-existent credit histories. Online lenders are also more likely to accept borrowers with bad credit.
Can you get a loan to buy a farm?
Yes. In fact, the FSA offers a direct farm ownership loan specifically designed to help borrowers buy a farm or ranch. Commercial and online lenders may also issue business loans that can be used to buy a farm.
How can you get a farm loan with no down payment?
If you want a farm loan with no down payment, you can start by looking into FSA loans. Some of the FSA direct farm loans do not require a down payment.
You might also consider online lenders, such as National Funding, many of which don’t require down payments for their loan options. However, to get a loan with no down payment, it will be helpful to have strong qualifications.
And it’s essential to keep in mind that lenders may charge higher interest rates on no-down payment loans than they would if you provided a down payment on your financing.
Every American Airlines plane flies for hundreds of hours, carrying thousands of passengers for miles across the globe. But after a while, even the most reliable aircraft needs a break. For some of them, that break comes at a sprawling 3.3 million-square-foot facility in Tulsa, Oklahoma.
Functioning as its own ecosystem within Tulsa, this facility’s various hangars and warehouses are where the airline’s planes are picked apart. Seats and engines are refurbished. Exteriors are repainted to sport red, white and blue stripes along the tail fins.
These are only some of the many tasks that occur in this spacious, maze-like facility. Hangars upon hangars stretch across the massive property by a National Guard base and an Amazon warehouse.
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“It’s like a city within a city,” Barbara Cruz, a store supervisor at American’s Tulsa facility, said.
Thousands of American planes have gone through Tulsa since 1946, when the Fort Worth-based carrier relocated its maintenance base from LaGuardia Airport (LGA) to the old oil capital following World War II.
The base — a major hub for American’s maintenance operations — now has about 4,800 employees and claims to be one of the largest commercial aviation bases in the world.
At any given time, the facility can hold up to 20 narrow-body aircraft in its hangars; 800 commercial planes pass through it annually.
In 2020, American unveiled plans to invest $550 million in the Tulsa base to construct a new wide-body hangar and make improvements to each building in the facility. The new hangar should’ve begun taking shape in early 2021, but its construction start date was pushed back due to the coronavirus pandemic. It will be able to hold two wide-body (or about six narrow-body) aircraft at a time.
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Despite the renovation delays, the Tulsa base serves as an important destination for many American aircraft. It handles every bit of maintenance for a plane, from cleaning out toilets to inspecting engines.
Boeing 737s and 777s are the jets that primarily make their rounds in Tulsa. The aircraft either go through heavy, routine or unscheduled maintenance in a process that’s similar to surgery.
“We document all the findings,” Ed Sangricco, the managing director at the Tulsa base, said. “We go in, and we fix all those findings. We close the airplane, we put it back together again, and then we check everything — we make sure everything works.”
While the pandemic halted travel and grounded planes worldwide, that didn’t stop the maintenance technicians, engineers, managers and supervisors in Tulsa. American’s aircraft technicians were tasked with maintaining roughly 100 aircraft already at the base to prevent corrosion (and to stop weeds and birds from infesting the crevices of the planes). That meant remote work wasn’t an option for the employees at the Tulsa base.
Airlines received billions of dollars from the federal government during the pandemic partly to keep their fleets in tip-top shape, so they would be ready when travel demand returned.
“Maintenance requirements don’t stop during COVID-19,” Sangricco said.
Related: 6 incredible facts about the Boeing 777
What it takes to maintain a plane
Maintaining a commercial plane is a complicated process. Hearing all the steps to ensure an aircraft is running smoothly — all over the course of an eight-hour tour — was similar to taking a college crash course in physics and engineering.
Aircraft maintenance is heavily governed by the Federal Aviation Administration, which has a set list of requirements and deadlines for every plane component. Every record chronicling the maintenance of an aircraft needs to be preserved to be in compliance with the FAA, according to Roger Steele, a supervisor at the Tulsa facility who specializes in 737 narrow-body maintenance.
So, document holders containing slips of paper that detail every task from the FAA line two walls of an office within a 737 hangar at the Tulsa base.
At the start of a visit, a 737 narrow-body will undergo about 1,200 required tasks — excluding non-routine inspections — before it can fly again.
The Tulsa facility is never quiet. Throughout my tour of the maintenance site, I could hear constant drilling noises and the occasional thunderous engines of a National Guard plane taking off a couple of miles away as Steele explained the ins and outs of narrow-body maintenance.
The 737 I saw in the hangar had already been stripped down, as it was in its fifth day of maintenance. (The crew at American has around 25 days to completely finish work on the plane.)
The seats, the walls and the flooring were completely gutted from the aircraft. All that was left inside were gray insulation bags on all sides, which made the 737 look more like a cave than a plane.
Inside, technicians were already hard at work. One was by the plane’s back door, critically documenting what parts had been affected by corrosion.
While several areas can suffer from corrosion, a plane’s galleys and lavatories are the most susceptible to corrosion and environmental damage, as moisture from toilets and soft drinks wear down the interior.
“What coffee and soda pop can do to an aircraft after humans consume it is very corrosive,” Steele joked.
Once the technician documented the damage, the next step was determining what parts needed reinforcement. One piece of metal in the galley suffered from corrosion, so the technician sanded the area and recorded its remaining structural thickness.
Like the maintenance process itself, refurbishing an aircraft is anything but glamorous. At the Tulsa base, the majority of hangars and buildings have no air conditioning, leaving most of the workers stuck toying away at engines and aircraft in the sweltering summer heat.
When I toured the site, it was already a muggy 90 degrees, but Tulsa summers can soar well into the 100s during the season’s peak.
For some, the day starts early. Robert Bales, a maintenance technician who works on wide-body half galleys, normally wakes up at 5 a.m. for his 6:30 a.m. shift.
Each technician works around 8 1/2 hours. Much of the schedule, specifically for cabin work, is determined by the crew chief and the needs of the aircraft.
Before someone can start working at the facility as a technician, they must undergo significant training.
Gabriel Figueroa Navedo, another wide-body aircraft technician, said he went to trade school to receive an FAA-issued aircraft technician license. There, Navedo — who first started his career managing reservations and bookings for American — learned extensively about topics like hydraulics and electricity.
However, Navedo said many of those skills do not directly apply to his day-to-day job. Instead, the training provided a general knowledge of planes.
“I like to call it a license to learn,” Navedo said, “because it’s got to cover stuff like small propeller engines, and the FAA doesn’t know if you’re gonna work here, or if you’re gonna be working on your own private plane.”
Related: What it’s really like at flight attendant training
Even the seats and toilets need a makeover
When an aircraft’s seats need refreshing, the plane goes to a different warehouse, where the seats get disassembled. During this process, technicians tend to find all sorts of trash underneath, including gum, candy, pills, credit cards, cellphones and iPads.
“You’re gonna find no telling what,” Brent Strickland, a supervisor who primarily works on Boeing 777s and 787s, said.
Strickland said he has even found false teeth and engagement rings inside the seats.
After removing the various items passengers leave behind, the seats are washed and left to dry. Then, the technicians check the hardware for any damage.
Cushions are changed about every six years, according to Strickland, and it only takes two to three days to completely finish a seat.
It’s not just the seats that need refurbishing during maintenance — the toilets also get picked apart. The waste tanks are cleaned out, and the flushes are inspected by another team of technicians dedicated to toilet maintenance. Strickland described those team members as “another one of those unsung heroes.”
Dee West, a technician, cleaned out a water valve during my tour, closely inspecting the valve under the scope of a flashlight before carefully reassembling the three parts and a spring in the pipe.
“It ain’t no joke,” he said. “It’s gotta be done right.”
One mistake by a toilet technician could be costly for the airline, as each toilet costs $17,000.
Perhaps surprisingly, this area of focus is one of the more desirable on the Tulsa base, according to an American spokesperson. That’s because it’s one of the few jobs workers can do inside an air-conditioned building — providing a reprieve from the otherwise hot and muggy weather Tulsa experiences every summer.
Engines, windows and other plane parts also get a makeover, depending on the aircraft’s maintenance schedule. This includes the fans and combustive parts of the engine, which the staff works on separately in “cold” and “hot” rooms within another hangar, respectively.
Blue lines on the walls demarcate the “cold” parts of the room, whereas painted yellow lines indicate the “hot” area.
Staff members also inspect some parts of the engine by soaking them in a fluorescent lime-green liquid to magnify which parts need to be reinforced.
Whenever parts like the wings and the radome — located at the tip of the plane — need a lift, they are sent to a composite center. There, they get reinforced with materials such as carbon fiber and a honeycomb web made from materials like aluminum.
“[It’s] poetry in motion,” Jody King, a composite repair center crew chief at American’s composite repair center, said when referring to the process of fitting the materials onto parts of the aircraft.
The reason this complex web of maintenance is even possible is because American’s site also has a warehouse containing thousands of parts and stickers. These parts are either shipped to other hangars in Tulsa or to airports and third-party services that need to do maintenance on an aircraft.
Related: Take a look inside Air New Zealand’s unique cabin innovation laboratory
Gearing up to fly again
Before a plane is ready to fly again, the landing gear — the wheels on the plane, in layman’s terms — must be checked, and the exterior must be repainted and rewaxed.
You may not notice the gargantuan size of planes since you typically only see them from afar in the sky or through the windows of an airport. However, were you to see one up close, you’d be struck by the size.
The landing gear alone measures at least 21 feet tall, roughly the equivalent of four people my height (I’m around 5 feet, 4 inches) standing on top of one another.
The wings also feel so vast it almost seems impossible that workers can repaint them by hand in a matter of days; the team uses foam rollers and brushes, according to Jeff Green, a shared services supervisor.
Once the plane completes its maintenance maze in Tulsa, it’s ready to return to the skies and fly to hundreds of destinations. Later, it’ll likely touch down in Tulsa yet again to go through the same routine.
In the early aughts, director Peter Jackson adapted J.R.R. Tolkien’s beloved fantasy epic, “The Lord of the Rings,” into an acclaimed film series. The high-fantasy saga followed Frodo and the Fellowship of the Ring’s quest to destroy the One Ring. In the mid-2010s, “The Hobbit” film series took viewers back to before the events of the first trilogy, showing how the One Ring came into the possession of Bilbo Baggins.
Now, fans can once again return to Middle-earth with the highly-anticipated premiere of “The Rings of Power.” Released on Sept. 2, 2022, on Amazon Prime, it takes place during the Second Age of Middle-Earth, thousands of years before “The Hobbit.” The series shows viewers how the Rings of Power and the Dark Lord Sauron came about, among other plotlines.
One of the best parts of seeing Tolkien’s work brought to life on the silver screen (and now at-home TV) is the locations and settings. The films and TV show have been famously filmed in New Zealand, set against the country’s stunning natural landscapes. If you can’t hop on a plane to New Zealand to visit the “Lord of the Rings” locations in person, these cities around the U.S. feel like places right out of Middle-Earth.
For this list, we used some locations from the original films and others from the new series. We chose these cities based on their appearance or resemblance to their Middle-earth counterparts. Mild spoilers ahead.
Misty Mountains, Rocky Mountains. Potato, po-tah-to. If one would like to live in a place that feels like the enchanted, Elven refuge of Rivendell, look no further than Aspen. Depictions of Rivendell show towering mountains, lush forests and a thriving yet peaceful city dwarfed by the majesty of nature. Aspen is similarly a mere speck against the giant Colorado Rockies. While waterfalls flow through the Elven city, you’ll need to head into the surrounding valleys and peaks to find them in Aspen, though.
Both are sanctuaries from the outside world, places to rest and be at one with nature. In addition to their abundant outdoorsy pursuits, you’ll also find abundant dining, gracious hosts and robust arts and crafts scenes, as well.
2. Missoula, MT, is the Shire and Hobbiton
One of the most beloved places in Middle-Earth is the bucolic green hills and cozy hillside homes of the Shire. As we all know, it’s the home of the Hobbits. With mountains on the horizon, it’s a place of peace and prosperity where families live happily. The Hobbit residents spend time outdoors enjoying their unspoiled natural surroundings. Its real-world counterpart is definitely Missoula.
Surrounded by rolling green hills with a mountainous backdrop, Missoula bears a striking resemblance to the Shire. The city itself is also dotted with trees and lush greenery. Locals love Missoula for its laidback, relaxed quality of life, which Hobbits also prized. But it’s also a very outdoorsy, vibrant town with great dining and higher education. One doesn’t need to look far to find a lovely hike, walk or activity. It also has a very close-knit community. Sounds very Shire-like to us.
“The Rings of Power” introduces viewers to the Southlands. This idyllic region features green hills, plains and forests set against snowcapped mountains. This realm of Men calls to mind the mountainous landscapes around the rugged, outdoorsy town of Jackson Hole. The wooden barns and historic settler buildings of the area also have a similar look to the Southland villages.
But, those who have read Tolkien’s books know that the Southlands will one day become Mordor. Yep, the dark, lifeless plain and evil lands of Lord Sauron in the original films. The series will likely show how this comes to pass. But Jackson Hole could one day share a similar fate thanks to the nearby Yellowstone Caldera supervolcano.
If you haven’t read “The Silmarillion,” Eregion will likely be new to you. During “The Hobbit” and “The Lord of the Rings,” the cities of Eregion were ancient ruins. But, in the “Rings of Power,” Eregion is a prosperous, thriving Elven kingdom. A sweeping aerial shot in the second episode shows a forested city full of grand towers, nestled against a body of water. Immense, green mountains surround the city. This brings to mind Anchorage’s scenic location.
Not only that, but Eregion is close to the Dwarven city of Khazad-dûm and the Mines of Moria. The show hints that Eregion will be the location of the mighty forge that created the “Rings of Power.” Building such a forge requires the crude natural resources, craftsmanship and extractive skills of the Dwarf kingdom. Alaska is also a place of extreme natural beauty, mined for its natural resources.
It may lack the dramatic mountain backing of Minas Tirith. But the gleaming white and grey towers and spires of the City that Never Sleeps mimic the grandeur and colossal scale of Gondor’s capital city. From the multi-tiered building levels to the crowing spire of the Empire State Building, these two great cities look very similar. But, they’re also alike in terms of their importance in their respective realms.
As Gondor was the main realm of Men in Middle-earth, so is New York City, one of modern man’s great centers of living. It’s here that business, art, culture, politics and key historical events all converge, as in Minas Tirith.
Who can forget the enchanting, moss-laden Fangorn Forest? It was here that Merry and Pippin first encountered the Ents in “The Twin Towers?” Located at the base of the southeastern Misty Mountains, this deep, dark woodland is the last remnant of a sweeping forest dating from the First Age of Middle-earth.
With its lush, dense city parks like Forest Park and Washington Park, Portland captures that same, magical feeling. Portland is often hailed as one of the greenest cities in the U.S. Along with its many parks, Portland’s eccentric and fantastical districts boast their own urban forest. So, even if you’re not hiking in Forest Park, you still feel surrounded by nature. Not only that, but Portland locals love the great outdoors. It’s common to spend most of your time outside, and locals also respect nature. The city’s famously weird atmosphere also dovetails with LOTR’s fantasy genre.
And, with Bigfoot said to roam the forests and mountains of the Pacific Northwest, who’s to say there isn’t an Ent or two out there, as well?
With its stately trees, undulating forested mountains and tranquil aura, the Blue Ridge Mountains of the southeastern United States feel similar to Lothlórien. This realm of sky-scraping trees and mystical cities is the fairest of all the Elven realms. Anyone who explores the Blue Ridge Mountains can’t deny its majesty and beauty.
For many reasons, the mountain city of Asheville in the heart of North Carolina‘s Blue Ridge Mountains feels like it would fit right into place in Lothlórien. Its historic and stately architecture, like the Biltmore Estate, and wealth of architectural styles from Gothic to Beaux Arts reflect the elegant dwellings of the Elves. Asheville is renowned for its arts scene and makers culture, and the Elves of LOTR are master craftsmen, as well. Finally, the beautiful outdoors in and outside the city feel like the timeless forests of Tolkien’s fantasy realm.
Why watch Middle Earth when you could live in it?
It’s all well and good to watch the films and TV shows or read the books and imagine yourself living in Middle-Earth. But, in these “Lord of the Rings” cities and regions, it’s like you’re actually there. So, why not go on an adventure and try living in a new city that feels like something out of a fantasy world?
Zoe Baillargeon is an award-winning writer and journalist based in Portland, Oregon, where she covers a variety of beats including travel, food and drink, lifestyle and culture for outlets like Apartment Guide, Rent., AFAR.com, Fodor’s, The Manual, Matador Network and more. In her free time, she enjoys traveling, hiking, reading and spoiling her cat.