I’ve always been a car guy. It’s not that I’m mechanically inclined or that I get into the latest makes and models — neither of these is anywhere close to the truth — but that a car has always been my primary mode of transportation.
When I was a boy, my family lived in rural Oregon, six miles from the nearest town. Automobiles were our only real option for getting around. Even when I went away to college, I relied on a car for most of my mobility. And so it’s been for forty years. As I say, I’ve always been a car guy.
This summer, though, I’ve had a sort of epiphany, one prompted by your comments and suggestions. I’ve learned that I can save money and improve my fitness by leaving my car at home — by exploring alternate modes of transportation.
The Bus
After my small adventure riding the bus in April, I’ve begun to view it as a valid means for getting around town. I think it helps that our friends Chris and Jolie are huge bus advocates, and use it to travel to and from our house. If they can use the bus, so can I — right? Now, instead of seeing the bus as something other people use, I know it’s something that I can use as well.
For example, I’m hoping to take a French class at a local college when the fall term starts. (Kris and I are teaching ourselves French in preparation for our planned vacation to Paris next autumn.) If I do this, I intend to take the bus to school three mornings a week.
I still don’t use the bus often, but it’s now in my pool of options, especially if I don’t want to hassle with a car. Portland’s transit system has an awesome website, so it’s easy to find a route that works for me.
The Bike
I love cycling, but I rarely hop on a bike anymore. For a couple of years during the late 1990s, I regularly rode my bike 5.8 miles to-and-from the box factory during the summer. I was biking over 1000 miles a year. I’ve biked occasionally here at our new house, but I’m older and fatter than I used to be, and my bike no longer really fits me.
I spent the better part of this summer avoiding a bike purchase — I just bought a car, for goodness sake — but two weeks ago, I finally realized that I was being foolish. I bought a city bike, one that actually fits, one that I actually use. Even though I could afford it, I felt apprehensive spending the money. (Still haven’t shaken all of the old mindsets.) But after a fortnight using my new vehicle, I’m pleased with the purchase.
A bicycle is handy not only for exercise, but also for handling middle-distance errands. If a destination is within 10-15 miles and it’s not raining (an important consideration here in Oregon), a bike is a viable option. Biking to my friend Andrew’s house takes about 25 minutes, for example; that’s only 10 minutes longer than it takes by car. And biking to the nearest grocery store barely takes any time at all.
Now that I have a bike that fits me — and one specifically designed for city cycling — I’m eager to make frequent use of it. It’s been over a decade since I had a 1000-mile year. It’d be great to ride that far again in 2010!
My Feet
The bus and the bike are great, but the real revelation in alternate transportation this summer has come from my own two feet. I’ve been walking all over the place.
Kris and I don’t live in a very walkable neighborhood. Despite a “somewhat walkable” Walk Score of 68, there’s nothing much close by. (In calculating walkability for us, the Walk Score counts two minimarts as grocery stores and two bars as restaurants — including one with the dubious distinction of being named “the best dive bar in Portland”.)
After I developed another running injury in June, I decided that I’d have to get my exercise by walking. That meant jaunting five or six miles each day to get the same time on my feet that I’d spent running. It also meant learning to see the surrounding communities in new ways.
For example, I’ve always felt that the nearest city was too far to walk to. It’s 2-1/2 miles to the near side of town and three miles to the far side. But I recently made a deal with myself: Once per week, I allow myself to go to the comic book store and to eat at the cheap taco place — but only if I walk. Walking creates a barrier. By setting this requirement, I can’t just indulge myself on a whim.
It’s not just the comic book store and the taco stand, though. I walk three miles to the credit union. I walk a mile-and-a-half to the public library. I walk a mile to the grocery store. And once, I even walked two miles to the lawnmower repair shop, and then pushed my mower home.
I never thought I could make the time to walk five miles per day, but I was wrong.
And here’s something I’ve learned: Once you start walking five miles a day, your world gets bigger. I know this seems counter-intuitive — a car takes you further faster — but it’s true. You begin to realize that things are closer than you thought they were. Walking is a great way to save money, see your neighborhood, and have fun.
Other Options
Although I may be new convert to alternate modes of transportation, many GRS readers have been working to reduce their car use for a long time, and for a variety of reasons. On Twitter last week, I asked people to share their stories:
Here are some of the replies:
@apricotrabbit wrote: “Between the bus & Zipcar, I don’t need a car in the city & I save tons of money. Plus, I can read while someone drives me around.”
@mrawdon wrote: “I’ve been biking to work twice a week this summer, for the exercise. Cuts down on gas consumption significantly, too.”
@grouchyladybug wrote: “i take the train & bus to work b/c it’s cheaper & more relaxing than driving”
@sarahperiwinkle wrote: “I take the commuter rail b/c its free with employer transit pass, w/in walking distance of home and work, and as fast as car.”
@jessemecham wrote: “is a sweet scooter alternate transportation? 70 mpg and I look good. (Yes, it was partially to save gas).”
It’s important to note that not everyone likes biking or taking the bus. I heard from some people who wish they could use a car more often, or who opt not to use other methods because they’re inconvenient.
Conclusion
Not all Americans have the luxury of being able to explore alternate means of transportation. For good or ill, we’re a car-centric nation that has built car-centric cities that encourage us to stay in our automobiles. But I suspect that there are a large number of people who could travel by bus, bike, or feet — if they only realized how easy it is. (That was certainly true in my case, anyhow.)
For some people, time is an issue, but I have intentionally created a lifestyle that allows me an opportunity to explore more leisurely modes of transportation.
All of this is well and good during the warm, dry months. But what happens when the Oregon rain returns in mid-October? I’m not sure. I suspect my bicycle will go into hibernation, I’ll only walk a couple of times each week, and I’ll really get to learn how Portland’s bus system works. And my spending on gas and car maintenance will continue to drop.
Walking photo by The Giant Vermin. Bus photo by Jason McHuff, who appears to be something of a bus fanatic.
Have you heard of house hacking? With house hacking, you may be able to learn how to live for free!
If you’re new to house hacking, it’s finding ways to make money while you live in your house. You hack your costs to possibly live free and maybe even make money.
House hacking can be a great way to save money on your monthly living costs and even build equity in the property that you own.
After all, your housing costs are probably one of your highest monthly bills, if not the highest. Most homeowners spend around 30% of their monthly income on housing costs, which is a lot!
So what if you could find a way to lower your housing costs or use being a homeowner to your advantage?
Now, perhaps you recently put a down payment down on an investment property with the sole intention of house hacking it in order to better afford your monthly mortgage payment. Or maybe you are currently looking for ways to lower your monthly mortgage payment and you have some spare bedrooms that you could rent out.
Whatever your reason may be, as a homeowner, you may be able to save a lot of money and start house hacking.
Back when we were living in a traditional house, we house hacked for a little while and had a few different roommates live with us. The monthly rent we collected allowed us to lower our house payment and put more money in savings.
We house hacked with our first house, and it was really great for us. Being able to set more money aside even helped me get ready to quit my job to become a full-time blogger.
I only house hacked for a short amount of time, but it was such a great experience, and I’ve heard the same thing from many other house hackers.
Because house hacking can help you save money, make money, offset your mortgage payment and other housing costs, I wanted to create a post that explains what house hacking is and how to get started.
So if you are interested in house hacking, then please continue reading this article. Today, I will answer some of your common questions so that you can get started as soon as possible as a house hacker.
Related content on house hacking:
Guide to House Hacking for Beginners
What is house hacking?
House hacking is when you find ways to make money from your home. You can do it with a multi-family property, house, apartment, additional dwelling unit, and so on.
Typically, house hacking means that you live in one room or unit, and then you rent out the other rooms/units and put that money towards your mortgage.
Depending on the situation, you may be able to earn enough to completely cover your monthly mortgage payment (plus more), or you may choose to earn just enough to cover some of your monthly housing bills. Whatever you decide to do, as a house hacker, you are lowering your monthly housing expenses and freeing up more of your money.
Is house hacking profitable?
Yes, house hacking can be very profitable!
From house hacking, you may earn a little bit of extra money to help pay down your mortgage, enough to cover your entire monthly housing costs, and perhaps even more so that you are able to save some money on top of paying down your mortgage.
Because there are so many different ways to house hack, it would be hard to say exactly how profitable it will be for you.
If you decide to start house hacking, I recommend starting an emergency fund as soon as possible.
An emergency fund is exactly what it sounds like – it’s money you set aside in case of an emergency. Because house hacking means you’ll have other people living in your house, there may be a greater chance of repairs, and it will be your responsibility as the landlord to deal with them as quickly as possible.
Having an emergency fund can help you cover any unexpected expenses that may come up, such as rental property repairs or even needing to replace appliances. While house hacking can be profitable, it can also be expensive if you are not careful.
Is house hacking legal?
The rules for house hacking depend on where you live.
House hacking is legal in many places, but there may be simple rules that you need to follow, these may be city or even subdivision specific.
For example, some cities or neighborhoods may not allow Airbnbs and other short-term rentals, or they may have occupancy limits. You need to find out what the local laws in your area are before you start.
That being said, many people house hack all over the world, so it is likely that you will be able to find a way to make it work for you while also staying legal and following the rules.
Plus, you will have to comply with federal and state housing laws. The Fair Housing Act prohibits discrimination in housing because of race, color, national origin, religion, sex, familial status, or disability. You can learn more about this here.
What is a good house hacking book?
If you are looking for a good book on the subject of house hacking, then I recommend reading The House Hacking Strategy: How to Use Your Home to Achieve Financial Freedom by Craig Curelop.
This is a great book on house hacking and teaches you many different house hacking strategies, how to start house hacking for beginners (even if you don’t have much money), how to find the best property to house hack for your situation, and much more.
There is a lot of information packed into this book, making it a must-read if you’re interested!
Pros and cons of house hacking
Of course, like with anything, there are pros and cons. This is your home after all, and you want to make sure that you are fully prepared for what the reality of house hacking will be like.
You may have never lived with roommates before or have been a landlord, and that will affect your experience, so let’s talk about the advantages and disadvantages.
Benefits of house hacking include:
You can build home equity.
You can lower your housing costs significantly.
You can earn extra money and improve your cash flow.
You can have more freedom because your housing costs are covered. Perhaps, you’ll feel more free and flexible to pursue a passion project now?
Now, I will admit that I am a little biased because I had such a great experience.
But there are reasons why you shouldn’t house hack, and it definitely is not for everyone.
Here are the most common disadvantages to house hacking:
You will likely lose some privacy, especially if your situation involves renting out a room in your home.
Being a landlord can be incredibly stressful for some people.
There will be more wear and tear on your property.
When I was house hacking, I thought privacy would be more of an issue than it was. Fortunately, we had a basement to rent out that had a bathroom in it, and for the most part, our spaces felt very separate.
However, if you are in a situation that involves sharing a bathroom or other living spaces, such as a kitchen or living room, that can be too much for some people. If you like your privacy, then this is a big thing that you should think about before you rent out space in your actual home, and you may want to look into owning something like a multifamily property instead. This could make the experience far better for your personal situation.
As far as being a landlord, you will have to deal with problems with tenants. This may include covering the costs if something on your property breaks.
Keep all of those things in mind before you get started!
House Hacking Ideas
There are many different house hacking strategies that you may be interested in, and below are some house hacking examples.
1. Rent out rooms in your home
If you’re not interested in purchasing new real estate in order to get into house hacking, then the easiest way to get started may be to rent out rooms in your single-family home.
Yes, this means getting roommates.
So if you have a three bedroom home, you can decide to rent out the other two bedrooms, and then live in the third bedroom yourself. If you are renting out the home that you live in, then it means you may be sharing your kitchen, bathrooms, living room, and other spaces with someone who is a stranger at first.
Another option you might consider is to rent out rooms in your home on a short-term basis, such as through Airbnb or VRBO.
If you don’t currently have an extra bedroom or living space, you may need to convert a space into an accessory dwelling unit (ADU) such as a basement, a room above a garage, building a guest house, and more. You may decide to add a kitchenette or even a full bathroom in order to get a higher monthly rent from your tenants.
You can learn more about this at What You Need To Know About Renting A Room In Your House.
2. Multi-family home
A multi-family home can be a duplex, triplex, or apartment building. It simply means that it’s a structure built for multiple families to live in separate units. As far as house hacking, you would buy the whole building with the intention of living in one unit and renting out the other units.
One positive of this situation is that you would not be sharing personal space with anyone else. You would have tenants, and you would be their landlord.
The money that you earn from your tenants may be enough to cover your monthly mortgage payment for the whole building that you own, which means that you may be able to live for free. That’s a major perk!
Some people like to house hack this way because they are close to their tenants and can keep an eye on the building they own, but they are still able to maintain their own private and personal space. Not having to share common areas, such as your kitchen and bathroom, can be a great thing after all.
3. Rent out an RV on your property
Another possible form of house hacking is to rent out an RV that you have on your property or rent it out to others to travel in.
If you have an RV that you aren’t don’t use all of the time, then you may be able to earn $100 to $300 a day, or more, by renting it out to others through RVShare.
RVshare is like Airbnb for recreational vehicles.
You can rent all kinds of RV on the RVShare website, such as:
Camper vans
Travel trailers
Pop-ups
Class C Motorhome
Class A Motorhome
Toy hauler
RVshare has a secure payment system to accept payments from those renting out your RV and then securely releases the funds to your bank account one business day after the start of each rental.
The money that you earn from renting out your RV can help you lower your housing costs, which can be quite easy if you have an RV that you aren’t using all the time. Or perhaps the RV you rent out just covers your RV payment, which would be like “RV hacking” instead of house hacking, and you can then pay off your RV much faster in this scenario.
Related: Have an RV that you want to rent out? Check out How To Make Extra Money By Renting Out Your RV.
4. Closet, driveway, storage space
Do you have unused storage space? If so, you may be able to earn money with it.
Neighbor is a peer-to-peer rental platform and is like the Airbnb of storage space.
With Neighbor, you would not be renting out space for someone to live in, instead you are renting out your space so that people can store their stuff!
You can use Neighbor to list your unused space for rent and earn up to $15,000 per year. With Neighbor, you can rent out your garage, driveway, basement, or even an unused closet that you have. You can even rent out parking spaces, a shed, or room in your backyard.
You can set your own prices and decide for yourself what storage reservations you want to approve. You also reserve the right to know what the people are storing in your house and approve it before they rent space from you.
Because so many people pay to store their stuff, so this can be an in-demand business to get into. It’s also generally more affordable than traditional storage units, making it more appealing to renters.
You can sign up for Neighbor for free here.
You can also learn more in my Neighbor Review.
How to know if house hacking is right for you
Before you start renting out space in your house to save money or pay off your mortgage, there are a few questions I recommend asking yourself. It’s a big decision, and these questions will help you decide if this is the right choice for you.
What to ask yourself before house hacking:
What is my short-term goal for house hacking? Do I hope to make enough to pay my monthly mortgage? Or do I want to make a little extra each month to save or offset some housing expenses?
What is my long-term house hacking goal? Do you want to own rental properties one day?
Do you currently have extra space in your house to rent to someone? Or will this require purchasing a new property?
Are you in a good spot financially to start house hacking? At the very least, you will need to have an emergency fund. But if you need to purchase another property, consider all of the costs associated with that.
Will your house hacking plans require that you sell your current property? Some people may decide to keep their current home and rent it out as well. But if you are selling, what are the steps and costs associated with selling your house?
How do you feel about having roommates? Do you know anyone who would be a good fit, or would you be okay living with a stranger?
How do you feel about becoming a landlord? This involves collecting rents, repairing things, replacing things, and more.
How you answer those questions will help you decide if house hacking is the right choice for you overall.
Is house hacking possible? Is house hacking worth it?
Yes, house hacking may be possible for you, and you may find it to be well worth it.
If you already own a home, then one of the easiest ways to start house hacking is by renting out spare space that you already have in your home. That could be to store other people’s stuff or like a bedroom for someone to stay in.
House hacking is a real estate investment strategy that can allow you to lower your expenses, improve your cash flow, and save money.
The rental income that you earn from your tenants as a house hacker can help you to pay down the mortgage on your primary residence, retire early, and possibly even allow you to purchase another rental property (if that’s a goal of yours – if not, you can simply just save more money!).
Through house hacking, you can live for cheaper or even free by simply using your owner-occupied investment property to your advantage. This may allow you to better afford the purchase price of a home, as well as lower your risk.
Who knows, maybe house hacking will even allow you to save enough money to put a down payment on your next investment property as well. This could put you on the right path to reaching your goal of becoming a real estate investor.
Are you interested in house hacking? Why or why not?
Luxury homes are often called dream homes for a reason. They come with lavish features such as expansive floor plans, state-of-the-art appliances, and perfectly manicured gardens. In the competitive Orlando housing market, staying ahead of the curve is essential to maximize the value and desirability of your property. Popular home features for luxury listings in Orlando encompass a wide range of benefits, from enhanced functionality to aesthetic appeal.
If you’re looking to sell your Orlando home in the near future, investing in the right luxury features can increase your home’s equity and make it more attractive to potential buyers that are willing to pay top-dollar. Or, if you’re a potential buyer and want to know what luxury features to expect in Orlando, you’ll be able to make informed decisions and navigate the Orlando housing market with confidence.
Read on to discover the home features that set a luxury home apart from the rest. So, what features are most important to today’s home buyers? Let’s find out.
1. Spacious rooms that leave a lasting impression
When it comes to luxury homes, you can expect the wow factor to kick in right from the moment you step inside. The entryway is oftentimes grand, setting the stage for the entire property and the tone for what’s to come. You’ll find spacious rooms with high ceilings that create a sense of spaciousness and airiness. Exquisite architectural details add to the overall appeal, complemented by intricate moldings, recessed lighting, and carefully designed shelves.
2. Natural lighting for a brighter floor plan
One thing that luxury homeowners in Orlando truly value is natural light. It creates a seamless connection with the outdoors and enhances the overall ambiance. That’s why you’ll often find larger glass windows and doors in these homes, allowing an abundance of sunlight to flood the living spaces and providing breathtaking views of the surrounding environment. It’s all about embracing the beauty of nature and bringing it indoors.
3. Exquisite outdoor living spaces to relax and entertain
Unsurprisingly, one of the best things about living in Orlando is the natural beauty and warm climate. Orlando’s luxury homes benefit from their prime locations, often situated on coastlines, lakes, and springs, and provide the perfect backdrop for creating exceptional outdoor living spaces. Seamless integration between indoor and outdoor living is what sets luxury homes apart and elevates the overall living experience.
Additionally, the centerpiece of these outdoor spaces is often the luxurious, high-end pool and spa. Whether you’re lounging poolside under the warm Florida sun or unwinding in the bubbling waters of the spa, the outdoor living experience is truly unparalleled.
As a result, outdoor spaces have emerged as the most popular luxury home feature among potential homebuyers for Redfin Premier listings. The popularity of outdoor living is rapidly growing, with a particular focus on outdoor kitchens. These expansive culinary havens boast top-of-the-line appliances, ample seating areas, and meticulous attention to detail. As the demand for outdoor living continues to rise, incorporating well-designed outdoor kitchens has become a key selling point for luxury properties.
4. High-end kitchens to elevate your culinary experience
Spacious kitchens are highly valued in Orlando, with high-end finishes like marble or quartz countertops, top-of-the-line appliances, and fixtures, creating a beautiful and functional space. A butler’s pantry or extra storage options add convenience and organization to the space.
5. Luxury bathrooms for a spa-like retreat
In luxury bathrooms, elaborate glass showers or open areas near soaking tubs provide a spa-like experience. High-end fixtures, carefully curated lighting, and privacy windows strike a balance between elegance and practicality. These features set high-end homes apart from their non-luxury counterparts, offering refined spaces that combine opulence, style, and functionality.
6. Specialized spaces tailored to your every need
Luxury homes now prioritize designated spaces for specific purposes, such as home offices, media rooms, and home gyms. While open living areas for gatherings remain desirable, including these specialized spaces adds functionality and convenience. Dedicated spaces are even more appealing when they come fully equipped for their intended use, enhancing both functionality and comfort.
For instance, a home office may feature built-in custom cabinetry, providing a practical and organized workspace. Media rooms are designed with comfortable seating and top-notch equipment, creating an immersive entertainment experience.
These dedicated spaces allow homeowners to have dedicated areas for work, leisure, and wellness, enhancing the overall lifestyle and enjoyment of the home.
7. Smart home technology is the ultimate convenience
Technology translates to convenience, and the integration of advanced automation systems offers homeowners a seamless living experience, elevating their lifestyle to new heights. With smart technology, homeowners can remotely manage and monitor various aspects of their homes, including door locks, garage doors, security cameras, and temperature control. This level of connectivity and automation enhances security, energy efficiency, and overall comfort.
Looking to buy a luxury home in Orlando?
If you’re in the market to buy a luxury home in Orlando, be sure to check out Winter Park, Lake Hart, Bay Hill, and Windermere – these are all prominent neighborhoods in the market known for their luxury homes. Winter Park, in particular, continues to see ongoing construction and is highly regarded for its upscale properties.
Looking to sell a luxury home in Orlando?
Selling a luxury home requires a specialized approach. From pricing to marketing, every aspect must cater to buyers with high expectations. As you move up the price range, strategic decisions become crucial to attract potential homebuyers.
A skilled real estate agent understands the unique demands of luxury buyers and can effectively communicate the value of your property. They possess the necessary insights to position your home in the market, target the right audience, and negotiate favorable deals.
There are several features and amenities that can elevate a Redfin Premier listing and make it stand out from others. One effective strategy for luxury homes in Orlando is to highlight outdoor photos and drone footage, particularly for waterfront homes.
In a recent Redfin Premier listing, unique home features that served as key selling points were the private pool and additional garage space. Several buyers who were relocating to Florida expressed a strong preference for homes that offered these amenities. The private pool provided a luxurious and refreshing oasis for relaxation and entertainment. At the same time, the extra garage space offered ample storage and flexibility for car enthusiasts or those needing additional workspace. Including these sought-after features significantly attracted and appealed to potential buyers, ultimately contributing to the successful sale of the property. Remember, your home’s unique and high-value features are your main selling points.
A final note on luxury homes features in Orlando
The luxury real estate market in Orlando, FL offers a wealth of opportunities for both buyers and sellers. As buyers search for their dream home, it’s important to be aware of the luxury features that Orlando has to offer, including waterfront properties, expansive outdoor living spaces, smart home technology, and breathtaking views. On the other hand, it’s essential for sellers to leverage these features and showcase their homes’ high-end features to capture the attention of potential buyers. Be sure to work with an experienced local real estate professional to help navigate Orlando’s luxury real estate market successfully.
It’s almost time for Dodger baseball. You’re rolling west along Sunset Boulevard, visions of Mookie Betts and Clayton Kershaw and Julio Urías happily dancing through your mind.
You’re one block from turning onto Vin Scully Avenue and into Dodger Stadium when you notice a black billboard, looming ominously above an auto repair shop called Fernando’s Tires. The billboard features this name, in bright white letters: Frank McCourt.
That guy?
Yes, that guy, the one who traded two Boston parking lots and what one of his attorneys said was “not a penny” of his own cash for ownership of the Dodgers. Yes, the one who dragged the storied team into bankruptcy amid Major League Baseball allegations he had “looted” $189 million from team revenues for personal use. And, yes, the one who laughed all the way to the bank, selling the Dodgers for a billion-dollar profit in 2012.
He did not, however, sell the parking lots that surround the stadium. In 2018, he pitched a gondola that would transport fans from Union Station to Dodger Stadium.
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Five years later, the proposal is still alive, now shepherded by an environmental organization delighted at the prospect of the gondola taking cars off the streets and keeping pollutants out of the air. That Sunset Boulevard billboard and others like it are brought to you by opponents of the gondola, taking aim at the project in part by relentlessly associating it with McCourt.
The Dodgers are guaranteed to play 81 games at Dodger Stadium every year, with playoff games traditionally added in October and concert dates sprinkled throughout the year. That leaves skeptics within the community to wonder why McCourt would promote a gondola ride to a stadium parking lot that would be empty three out of every four days during the year.
Unless, of course, the lot would not be empty.
McCourt’s company, now known as McCourt Global, highlights this slogan: “Building for tomorrow.” McCourt did not sell the Dodger Stadium parking lots because he anticipated building something there, some day.
What might that be? And is the gondola intended to carry us to that day?
The pursuit of those answers took me to Dodger Stadium, to City Hall and to a meeting of MLB owners. First, however, I stopped at a weathered red brick building in the Arts District, an old furniture and fabric warehouse reimagined as a laboratory for energy innovation.
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Three colorful banners greeted visitors, one with the hue of a bright blue sky. “Welcome,” that banner read, “to the Cleantech Future of Power and Water.”
The interior comes alive with vibrancy and urgency, and with work on dozens of concepts. Any one of them, building managers say, could emerge as “the next big idea to fight climate change.”
The Dodger Stadium gondola represents such an idea, according to its proponents. Climate Resolve, a nonprofit based in that building, agreed to take the reins from McCourt in leading the project.
“From my perspective,” said Climate Resolve founder and executive director Jonathan Parfrey, “to have a gondola transporting people from Union Station to Dodger Stadium, and to have that exciting, beautiful conveyance identified as a climate action?
“It changes the way people approach public transit. So it was very attractive to us.”
With baseball’s new hurry-up rules, you could miss half the game if you get stuck in Dodger Stadium’s oft-snarled traffic and get to your seat an hour after the first pitch.
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The gondola alternative: get to Union Station, hop aboard a spacious cabin that could arrive every 23 seconds, soar high above the city, and arrive at Dodger Stadium in seven minutes.
The climate benefit is easy to envision: fewer fans in cars powered by gasoline; more fans in gondolas powered by electricity.
A promotional video for the proposed Dodger Stadium gondola project released by Los Angeles Aerial Rapid Transit.
The climate downside is easy to envision too: massive development at Dodger Stadium, with neighborhood disruption for years of construction, and with cars converging upon the stadium every day, not just on game days.
“I’m involved in this project,” Parfrey said, “and I brought my organization into this project, predicated on there not being development on that land.”
Not now, or not ever?
“Not for the foreseeable future,” he said.
Parfrey said he had been given “assurances” that the gondola was not a first step toward Dodger Stadium development. I asked who had given him those assurances, or who I could ask to get those same assurances.
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“Ask Frank,” he said.
Near Lot G at Dodger Stadium, along the long slog from the outer reaches of the parking lots to a stadium entrance behind left field, a colorful model of a gondola cabin awaits you. You can step inside the 24-seat cabin, then imagine a ride that would allow you to skip traffic to the ballpark and instead, as the signage reads: “GET THERE BY AIR.”
You can even find a helpful decal, showing you where to stand to take a picture with the gondola cabin in the foreground and the stadium in the background.
The display of a model cabin takes a page from the playbook for pitching a new stadium or arena. Models and renderings can excite fans, but they also can obscure a critical question about any big project: Looks cool, but who is going to pay for this?
The cost of building the gondola was estimated at $300 million in 2020 and is expected to rise by the time a financing plan is finalized, said David Grannis of Point C Partners, a transportation and land use consultancy working with Climate Resolve.
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The McCourt entity that originated the gondola concept, LA Aerial Rapid Transit, has agreed to fund the approval process, including environmental studies and permit applications, project spokesman Nathan Click said. It is up to Climate Resolve to figure out how to pay for construction, as well as for annual operating costs Grannis estimated at between $5 million and $10 million.
The gondola won’t make money, at least not under the current plan of free rides for fans with a Dodgers ticket and neighborhood residents with a Metro pass.
Parfrey said taxpayers would not be asked to subsidize the gondola.
The hundreds of millions would come from private financing, Grannis said, and largely from sponsorships and the purchase of naming rights.
In 2012, the airline Emirates agreed to pay about $60 million for a 10-year sponsorship of a London gondola — then called the Emirates Air Line — that carried riders above the River Thames and cost $96 million. The current one-way adult fare on the London gondola is $7.50.
“In this case,” Grannis said, “you have a venue that happens to be the best attended in Major League Baseball, and therefore the iconic nature of this cabin flying to Dodger Stadium and taking you there is going to attract a lot of sponsors, a lot of people who want naming rights or sponsorship.
“That’s the big revenue.”
Jeff Marks, the founder and chief executive of Innovative Partnerships Group, brokers naming rights and sponsorship deals between companies and teams, leagues and venues. He said it “could be doable” to cover the cost of building and operating the gondola through corporate sponsorships, but he said even the most generous sponsor might not be willing to strike a nine-figure deal without exposure beyond simply slapping the company’s name on the side of the gondola.
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Marks, speaking generally because he is not involved in the project, said a title sponsor might also want a benefit such as the company name on the field. A hypothetical example: Verizon Field at Dodger Stadium. The Dodgers have hired firms to solicit corporate offers for naming rights to the field and patches on the team jerseys.
Or, Marks said, a primary sponsor might prefer naming rights to whatever development might rise atop the parking lots: Take the Verizon Gondola to the Verizon Village at Dodger Stadium!
Rick Caruso, the developer behind the Grove and Americana shopping and entertainment centers, pursued the Dodgers when McCourt put them up for sale. Caruso commissioned studies on how to improve the notorious congestion for cars getting into and out of the Dodger Stadium parking lots.
Without control of the lots, however, Caruso believed he might not have been able to implement any changes. McCourt insisted he would not sell the lots, and Caruso withdrew from the bidding.
Guggenheim Baseball Management, the winning bidder, took a different approach. Guggenheim, led by Mark Walter and Stan Kasten, bought the Dodgers and their stadium from McCourt. In a separate transaction, a Guggenheim entity formed a joint venture with a McCourt entity to control the parking lots.
In land use documents filed by the joint venture in 2012 and intended to “facilitate the orderly development” of the Dodger Stadium parking lots, the potential property uses cited include homes, offices, restaurants, shops, entertainment venues, medical and academic buildings, a separate sports facility and a hotel and exhibit hall.
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“It is an ill-conceived concept that the highest and best use of Chavez Ravine is 260 acres for parking,” an attorney for McCourt, Tony Natsis, said at the time. “I consider that to be an ill-conceived notion for the owner of the parking lots and the owner of the stadium.”
Walter, the Dodgers’ chairman and controlling owner, said McCourt cannot develop anything on the property without Guggenheim’s consent. What might Walter be thinking in terms of development now?
“I haven’t been thinking about it at all,” Walter said.
Kasten, the Dodgers’ president and chief executive, said the Dodgers support the gondola project but are “really not involved” in it. Walter had a simple explanation for why the Dodgers would back a project that would chew up a chunk of the parking lots in the stadium.
“Hopefully, it will make it easier for people to get there,” he said.
Of the 18,889 parking spaces at the stadium, the gondola station at Dodger Stadium would result in the loss of 194 spaces, according to the environmental impact report for the project.
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To the Dodgers, that would not be a big deal. But this might be: The report projects 10,000 people would ride the gondola to each game by 2042, which could translate to a loss of about 20% of parking revenue.
Kasten called those figures “hypotheticals that I don’t have an answer for,” and project opponents dismissed the ridership projections as unrealistically high, citing a UCLA study.
But a person familiar with the Dodgers’ business model, speaking on condition of anonymity so as not to jeopardize his professional relationships, said the team likely would not agree to give up millions in annual parking fees without some way to recoup that money.
“It does not make sense for the Dodgers to do it if they’re going to lose parking revenue,” the person said. “It does make sense if the gondola is serving a larger development.”
The California Endowment, a nonprofit with offices that would sit beneath the shadow of a 195-foot gondola tower, is leading and largely funding a coalition opposing the project. In court papers, the Endowment cited the Dodger Stadium development proposal McCourt unveiled when he owned the team and alleged the gondola would be “a loss leader for the future development of parking lots at Dodger Stadium.”
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What would Kasten say to Angelenos who would like to know whether the gondola comes first and development comes next?
“That’s a question you’ll have to address to someone else,” Kasten said.
To the people proposing the gondola?
“Yes,” Kasten said. “That’s where I would direct my questions.”
I had. And what had I been told? Ask Frank.
On April 9, 2021, for the first time in 32 years, the Dodgers raised a World Series championship banner. The Dodgers bestowed the honor of hoisting the treasured flag upon five people, including three of their own: Dodgers co-owners Magic Johnson and Billie Jean King, each decorated champions in their own right, and Hall of Fame broadcaster Jaime Jarrín.
The other two: Eric Garcetti, then the mayor of Los Angeles, and Gil Cedillo, then the city councilman representing the district that includes Dodger Stadium.
The Dodgers forged a strong working relationship with Cedillo. The team and nine of its senior executives combined to make $13,800 in campaign contributions to him from 2013 to ‘22, according to city records.
Cedillo lost his bid for re-election last year, defeated by community activist Eunisses Hernandez. Kasten and Hernandez each expressed a desire to work together for the benefit of the fans and the community.
Garcetti, who has backed the gondola from the time McCourt first pitched it five years ago, said the Dodgers never have hinted to him that mass development would be in the works at Dodger Stadium.
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“I think there is a vision of trying to make it less of a once- or twice-a-year kind of a place for a family, when you go to a game,” Garcetti said before he left office last December, “and more of an asset: the best view in L.A., a place for more special events, a place where baseball history can be celebrated.
“I think their core business is baseball, and they want to protect that.”
The environmental impact report does not contemplate development at Dodger Stadium. The report states “no housing units are proposed” as part of the project and “additional approvals requiring further environmental review would be necessary” for any development at the stadium or elsewhere along the gondola route.
For Hernandez, that language is not enough. The councilwoman said she has “a lot of concerns” about the gondola.
“I am not convinced that this is an effective solution to reducing vehicle congestion,” she said, “and I share the neighborhood’s concerns about displacement and disruption.”
Hernandez said she is not necessarily opposed to development at Dodger Stadium, provided affordable housing is a priority. She is opposed to considering the gondola on its own, without any consideration of whether development might follow and what it might involve.
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“I don’t think it’s appropriate to undertake such large-scale projects without a full and clear understanding of long-term plans,” Hernandez said. “This shouldn’t be piecemealed out, and I want to see additional development plans made clear.
“That is the honest approach, and that’s what will allow the community, the city, and all involved entities to make a clear-eyed decision.”
Steve Soboroff, who was the mayoral point man on the construction of Staples Center and later president of the Playa Vista development near LAX, worked briefly with McCourt in the final year of his Dodgers ownership.
Soboroff is not involved in the gondola project. He said the most effective way to build community support for the project would be to offer transparency about the long-term plan, even if the gondola would come first and any development would come later.
“That would be the path that I would choose,” Soboroff said.
It was time for me to do what Parfrey had suggested: Ask Frank.
The Dodgers have prospered without McCourt, and McCourt has prospered without the Dodgers.
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He bought the storied French soccer club Olympique de Marseille. He donated $200 million to what is now called the McCourt School of Public Policy at Georgetown University. He launched Project Liberty, an initiative to reform the Internet in the interest of serving “people, not platforms.”
As McCourt told Leaders Magazine: “Our technology today is great if you want to support autocracy, but it is not so great if you want to support individual rights and the freedoms and liberties assorted with democracy.”
McCourt still owns the Los Angeles Marathon, which starts at Dodger Stadium. During the past two months, as Urbanize LA reported, McCourt entities revealed plans to construct 502 apartments in three buildings on two sites along Stadium Way and another one block south, overlooking the 110 Freeway. The apartment buildings are planned regardless of whether the gondola is approved, said Brin Frazier, a spokeswoman for McCourt.
The applicant for the apartment projects is listed in city records as Jordan Lang, president of two McCourt entities: McCourt Partners Real Estate and Aerial Rapid Transit Technologies.
Lang’s company biography makes no mention of any experience in other transportation projects but touts his leadership in completing “millions of square feet of office, hotel, residential and mixed-use projects.”
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The prospect of developing such a large site on the outskirts of downtown is so rare that the city’s movers and shakers have floated concepts for decades. Caruso and I talked about some of them 18 years ago, long before McCourt put the team up for sale or Caruso ran unsuccessfully for mayor.
Peter O’Malley, the revered former Dodgers owner, proposed building an NFL stadium in the Dodger Stadium parking lot in 1995. McCourt revived the idea in 2005.
The other four MLB teams in California all have pursued mixed-use developments surrounding their ballparks. The Angels’ most recent proposal — since killed by the city of Anaheim amid a corruption scandal — would have included more than 5,000 homes on a site roughly half the size of the Dodger Stadium property.
“We need more housing,” Garcetti said. “We need it to be centrally located. We need it to be affordable. I think, if you meet those criteria, you can start a conversation with the city.”
Or, perhaps, development at Dodger Stadium could mean a selection of food halls, restaurants and bars, enticing enough to lure fans to arrive long before the game and stick around after it ends. That in itself could ease the neighborhood traffic bottlenecks on game days, gondola or no gondola.
Parfrey, who said his nonprofit agreed to take the lead on the gondola project based on what he said was a promise of no development on the land, said his organization would not support a ballpark neighborhood arising on the property but would support a plan to put a restaurant here and there within the parking lot.
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“We would go early and go to the restaurants,” Parfrey said.
Parfrey, remember, was the guy who told me to “ask Frank” about the “assurances” that the arrival of the gondola would not trigger development. I mentioned that to Frazier, McCourt’s spokeswoman, and asked if I could speak to him about that.
“Frank,” she said, “is not available.”
Watch L.A. Times Today at 7 p.m. on Spectrum News 1 on Channel 1 or live stream on the Spectrum News App. Palos Verdes Peninsula and Orange County viewers can watch on Cox Systems on channel 99.
In a bid to boost its capital reserves, the FHA has proposed three initiatives aimed at improving loan quality.
Most notably, new borrowers seeking FHA-insured financing will need a minimum Fico score of 580 to qualify for the “flagship 3.5 percent down payment program.”
Additionally, borrowers with Fico scores below 580 will need to bring in at least a 10 percent down payment, while those with credit scores below 500 will be out of luck entirely.
It could have been worse – a proposal (eventually shot down) to up the minimum down payment to five percent across the board would have reduced FHA endorsements by 40 percent.
But apparently not all FHA loans are high loan-to-value loans; during the fourth quarter, more than 21 percent had a LTV lower than 90 percent.
As noted earlier, allowable seller concessions will be cut in half to three percent, in line with industry standards.
The previous six percent allowance exposed the FHA to excess risk by potentially driving up the cost of a home beyond its appraised value.
Finally, the FHA plans to implement tighter underwriting standards for manually underwritten loans.
When using compensating factors to qualify borrowers, mortgage lenders will be required to consider factors that are the “best predictive indicators of loan performance,” such as credit history, loan-to-value, debt-to-income ratio, and asset reserves.
These changes should allow the FHA to continue its mission of providing mortgage financing to underserved communities (and everyone else).
Imagine receiving a cell phone in your mailbox, that once powered on, dialed your mortgage lender – and once connected, offered lower mortgage payments. Sounds like a dream right?
Well, First Guaranty Mortgage customers have reportedly received cell phones in the mail, programmed to dial the company’s loss mitigation department.
The move was employed to offer at-risk customers, those it was unable to contact through traditional means, money-saving loan modifications.
A similar tactic, utilized by SunTrust Bank, cut their non-response rate in half – it had been as high as 50 percent two years ago.
But why aren’t customers getting in contact with their banks and mortgage lenders, especially with all the media attention regarding loan modifications?
You’d think struggling borrowers would jump at the opportunity to secure a lower mortgage rate, extended amortization, or if they’re lucky, a principal balance reduction.
Perhaps some borrowers fear making contact, or are simply looking to fly under the radar for as long as possible before actually being evicted.
After all, it takes 417 days for a lender to simply send a foreclosure notice, and even longer to get booted. And hey, free rent beats a free phone any day of the week.
Then there are the many, many severely underwater borrowers who are probably strategically planning their exits.
Interestingly, a similar initiative to get customers to contact SunTrust using prepaid gift cards that required a call to the bank for activation saw less success.
At the same time, more traditional measures like hand-addressed letters to borrowers, a campaign led by Fifth Third Bank, seemed to see success.
One of the most common reasons why a mortgage doesn’t actually close has do with the appraised value, and more specifically, a low appraisal.
One of the three C’s of underwriting is collateral, which in the case of real estate is the value of the subject property and the corresponding down payment.
Banks and lenders need to know a property’s worth to determine how much they are willing to lend to the borrower.
Unfortunately, what someone is willing to pay for a property doesn’t always line up with what the appraiser thinks the property is worth. In most cases, the appraised value falls short of the purchase price because buyers often “overpay” to land the home of their dreams.
Whether it’s really overpaying when someone is willing to pay for it is a question for another day. Anyway, let’s consider a common scenario.
Say a buyer agrees to pay $525,000 for a home and seeks out mortgage financing for 80% of the value. They’d need a loan for $420,000 to stay at 80% LTV, which incidentally allows them to avoid PMI and perhaps obtain a more favorable interest rate.
A 20% down payment means less risk to the lender issuing the mortgage because the borrower has skin in the game. This means they can forego PMI and obtain a more competitive mortgage rate.
Now let’s assume the appraiser comes back with some bad news. The home is only worth $500,000, and the bank is sticking to that valuation.
The buyer either has to come up with more down payment money, get financing at a higher LTV (now 84%), or renegotiate the deal with the seller. Or walk away from the deal.
Apparently, in many of these low-appraisal situations the buyers do just that, walk away. It might be by choice, it might be out of necessity. After all, not everyone has another several thousand dollars to put down if things don’t line up perfectly.
Low Appraisals Are Most Common in Michigan and Florida
The frequency of low appraisals depends a lot of where it is you’re buying, as there appears to be quite a range geographically.
In 2015, 11.3% of appraisals on single-family homes across the nation came in below the sale contract price (only purchases, not refis), this based on data from CoreLogic and FNC Solutions, a collateral information company.
But some states had much higher instances of low appraisals, including Michigan and Florida, with rates of 19.5% and 19.4%, respectively.
Other hot spots included Hawaii (17.6%), Nevada (16.6%), and Texas (15.6%).
Meanwhile, low appraisals were only tied in 4.4% of home sales in South Dakota, 5.9% in Iowa, and 6.1% in Washington state. They were also uncommon in Nebraska (6.2%) and Alaska (6.5%).
Why the Big Range?
CoreLogic pointed to sales volume, market distress, and home price growth.
It might also have something to do with the crisis and subsequent recovery. In many of the hot spots, home prices surged, came crashing down, and then recovered pretty strongly in a short period of time.
While many states haven’t fully recovered, home prices have shot up tremendously since 2012, which often makes it more difficult to appraise the associated properties.
Appraisers are at the mercy of the comparable sales in a subject property’s given area, and if the market is moving super-fast, it’s difficult to assign an accurate value that reflects the rising market, without being too generous.
One could also argue that appraising homes has become a bit more conservative in light of the crisis, which was partially blamed on overinflated appraisals.
In states where home prices haven’t seen massive price movements, it’s perhaps easier to assign values that match up with asking prices. This is especially true when there isn’t a bidding war that drives the price well above asking.
The takeaway, for a buyer, is to understand the risk of a low appraisal when relying upon mortgage financing, and taking proactive steps so you can resolve it if it happens to you. Also knowing where it’s likely to be more common, especially when overpaying for a property.
The seller might want to know the buyer has excess reserves in case it doesn’t come in at value, so the sale doesn’t fall apart.
While low appraisals are certainly a common problem, they pale in comparison to loan denials for things like credit history and income issues (DTI), which are much more likely to sink a loan application.
Inflation has hit all aspects of daily life, including that fun and romantic ritual known as date night. The average cost of dinner and a movie for two now rings in at a steep $159. Ka-ching!
But that doesn’t mean you need to go broke enjoying fun times with your sweetie or getting to know someone new.
Here, you’ll find 27 ideas for date nights that don’t cost much. In fact, some of these date night ideas are more than cheap; they’re free.
Fun Date Ideas for Couples on a Budget
Whether you’re just getting to know each other or you’ve been married for years, here are some ways to enjoy a romantic day or evening out without busting your monthly budget.
1. Watching the Sunrise or Sunset Together
Watching the sun come up or sink over the horizon with your sweetie can be a very romantic and cute date idea. Depending on which time of day you choose, you can bring coffee and donuts or a bottle of wine and some cheese and crackers to mark the occasion.
2. Taking Dance Lessons
Couples can show off their moves while taking a lesson in salsa, ballroom dancing, or swing. Consider a home viewing of “Dirty Dancing” afterwards to close out the date.
💡 Quick Tip: If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.
3. Going on a Hike
Getting some fresh air and walking in a beautiful area together can be a great bonding experience. To make sure you don’t take on more miles (or hills) than you can handle, you can read reviews of hikes and check out trail maps online before you head out.
4. Picking Apples or Berries
This can be a great idea for a “sweet” date. In the fall, couples can pick apples together and then go home and make some baked apples or an apple pie. In the summer, consider heading to a local farm to pick berries. You can use your harvest to make some tarts or smoothies afterwards.
5. Checking Out a Botanical Garden
Many towns have beautiful botanical gardens where people can walk around. This is a lovely way to spend a Sunday afternoon and it should be either free or low cost.
6. Staying In and Watching a Movie
One (or both) or you may have a Netflix, Hulu, or Amazon Prime subscription. Why not take advantage and watch a movie together at home? You can open some wine and order a pizza or inexpensive takeout.
Not a member of those networks? Look into free services like Hoopla or Kanopy.
Recommended: How to Save Money on Streaming Services
7. Gardening Together
Another cute date idea is to garden together. Whether you and your honey live together or apart, you can start your own garden and fill it with flowers, herbs, and vegetables. At the end of the day, you’ll have a shared sense of accomplishment.
8. Checking Out a Free Museum
Some museums are always free, while others will have free days throughout the month. Couples can go and see cool artwork and have stimulating conversations about the artists.
💡 Quick Tip: An emergency fund or rainy day fund is an important financial safety net. Aim to have at least three to six months’ worth of basic living expenses saved in case you get a major unexpected bill or lose income.
9. Going to a Free Concert
Many towns will hold free concerts in the park during the summer. You can bring a blanket and some food and enjoy a picnic dinner while listening to great live music.
Recommended: How to Save Money Daily
10. Taking a Scenic Drive
You can pick somewhere you’ve never been or head to a favorite spot, such as a nice drive in the country or along the coastline. Consider creating a playlist of tunes you both love for the ride.
11. Breaking Out the Board Games
Who doesn’t love a little competition? This can be a great idea whether you play against one another or with another couple. You can even throw in some prizes from the Dollar Store to up the ante just a bit.
12. Eating at Happy Hour
Want to sidestep a pricey dinner? Here’s a way to save money on food: Couples can find out which establishments have a happy hour and then enjoy some appetizers and drinks for a cheap date idea.
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13. Visiting Open Houses
Whether you are actually looking to buy a house or just want to be a voyeur, or pick up some design ideas, consider checking out open houses in your area. You can search for open houses on sites like Redfin and Zillow.
14. Cooking a Dish Together
For a fun and tasty evening, you might go to your local farmer’s market or grocery store and then come home and make a gourmet meal together. If neither of you are skilled in the kitchen, you can order a meal delivery service that sends all the instructions and ingredients you need.
15. Checking Groupon for Deals
You can often find some interesting things to do for date night by checking Groupon to see what experiences are on sale. You might find a wine-and-paint night or perhaps a sale on arcade tickets.
16. Renting a Pool
For a fun date on a hot summer day (or night), consider checking out Swimply to see if you can rent out a private pool in your area by the hour. Pool toys and snacks may not be included, so you may want to pack everything you need before heading over for a swim.
17. Going on a Bike Ride
Another cute date idea is to go on a bike ride together. If you don’t own bikes, you may be able to rent them from the city or a local company. You can research local biking trails online before you go.
💡 Quick Tip: When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided
18. Taking a Ferry Ride
Typically, ferry rides are pretty cheap. They may even be free. Consider taking a ride at sunset so you can enjoy a beautiful view.
19. Checking Out a Local Park
When the weather is nice, you might want to pack a blanket and some food and head to a nearby park to enjoy a lazy afternoon together. Have any leftover bread? Maybe you can feed it to the ducks or birds.
20. Going to a Pet Cafe
Pet cafes are now located in many towns around the county. Couples can sip on lattes while petting cute dogs and cats at the same time.
Recommended: Tips to Save Money on Pets
21. Renting a Canoe or Kayak
If you split the cost of a kayak or canoe rental, you can enjoy a relatively inexpensive afternoon paddling around a lake or bay together.
22. Taking a Walk in the Mall
Just because you go to the mall, it doesn’t mean you have to shop. Instead, you can do some browsing and not spend any money. Though you might want to share some favorite cheap mall food like Cinnabons and Auntie Anne’s Pretzels.
23. Listening to a Podcast
Podcasts can be just as entertaining as television and movies. Consider grabbing some drinks and snacks and listening to a great podcast together.
Recommended: What Are Average Monthly Expenses for One Person
24. Thrifting Together
Here’s a great way to save money on clothes and spend time together: Hit some local thrift stores for a cute and cheap date night. Maybe you’ll find some treasures or just try on outfits from decades past and make each other laugh.
25. Competing in a Video Game Competition
If you and your mate enjoy playing video games, consider challenging each other in a video game competition. You can offer fun rewards, such as the winner gets a gourmet home-cooked meal or doesn’t have to do any dishes all week.
26. Having a Spa Night
For couples who live together, a nice date night idea is to have a spa night at home. You can include foot massages, a bubble bath, and face masks for some relaxation, and laughs.
27. Doing Crafts Together
Couples that are feeling crafty can go to their local art store and buy supplies they need to create something together. You might even choose a sentimental project like a wreath made of corks from bottles you’ve shared or a scrapbook of vacation memories.
Recommended: How to Create a Budget in 6 Steps
The Takeaway
Going out on a “date” doesn’t have to mean dinner at a fancy restaurant followed by a movie. With a little bit of imagination and planning, couples can enjoy a night (or day) out that costs considerably less, yet can be just as romantic and fun.
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In Buddhism, they call a wandering mind “monkey mind.” I have more of a “gorilla mind”, stampeding out of control, acting on every impulse, and laughing off my attempts to tame it.
That’s why I found the CEO Schedule so effective. It’s not a regimen; it doesn’t require you to get up at 4:45 am, pound 40 grams of organic protein, and perform yoga poses during conference calls.
Rather, the CEO “Schedule” is merely a list of habits. Extracted during a 12-year Harvard Business School study of 27 CEOs, the CEO Schedule highlights ways high-level executives can more effectively manage their time.
While I’m neither high-level nor an executive, certain elements of the CEO Schedule have massively helped me manage my time better without disrupting my existing regimen (i.e. upsetting my gorilla).
In this article, I’m going to highlight certain habits within the CEO Schedule that I think would help anyone manage their time better and make work more enjoyable. Even if you can implement just one habit from the CEO Schedule, it can be a huge help.
What’s Ahead:
Bundle together similar tasks
Ever feel like you’re “shifting gears” too much during a workday, between emails, personal stuff, and the primary task at hand?
The problem with “shifting gears” too often is twofold. First, it wears out your clutch, aka your brain. Second, when your brain has to constantly start over and refocus, productivity is lost.
While minute-to-minute focus can be achieved through meditation and mindfulness, a quick fix you can perform on your calendar is to bundle together similar tasks. The study found that highly effective CEOs all made an effort to stack admin/meeting/problem-solving tasks together so that they could preserve mental energy and momentum.
Try this:
Head over to your calendar and try to create as many large blocks of tasks as possible. Instead of peppering meetings throughout the week, try to stack all of your meetings on, say, Wednesday and Thursday, and keep Monday and Tuesday sacred for hunkering down and writing.
Put downtime on your calendar
Time spent away from work is just as, if not more important, than the work itself. For that reason, it deserves a spot on your calendar! (Note, I’m keen on calendars -see my piece on keeping your finances on track with a financial calendar!)
The study found that even the busiest CEOs spend at least three hours socializing with friends and family, two hours on hobbies or TV, and one hour in the gym. The precision timing is no coincidence; the 27 CEOs treat their mental and physical health like clients – they’re never late to a meeting and they give them full attention.
Try this:
A simple checkbox in my Gmail settings provided a nice boost to my mental health.
First, set your default view from five-day to seven-day, so that each time you visit your calendar you can see your weekend activities and not just your work.
Next, bake your personal time into your calendar. Color code your gym time, your quality time with family and friends, and your solo downtime, whether it’s spent gaming, browsing Netflix, or figuring out your next investment.
All of these restful activities are just as important at work, so they deserve space on your calendar.
Pick up the phone more often
Despite most of their jobs revolving around communication, the 27 CEOs spent just 24% of their time on email, and 76% of their time face-to-face or on the phone.
While that might sound inefficient and a little old-fashioned, communicating in-person or at the very least on the phone is actually a huge time saver. Emails are disruptive, prone to misinterpretation, and are no faster than a telegraph for communicating with a single individual.
Plus, CEOs value meetings and Zoom calls because they build trust and relationships. Tone, emotion, and subtlety are lost in plaintext format.
Try this:
If an email upsets, annoys, or confuses you, or if your email might elicit such emotions in the other party, pick up the phone instead. By communicating more directly via voice, you’re less likely to have a miscommunication and end up saving time in the long run.
Shorten your meetings
During the study, one of the most common “confessions” among CEOs is that many of their one-hour meetings could and should have been 30- or even 15-minute meetings. However, they generally refrained from suggesting shorter meetings because they didn’t want to appear too busy or self-important (49% of their meetings were scheduled by the other party).
I’m sure you’ve been in a meeting that went on way too long because someone was arbitrarily trying to fill the hour they asked for, or the conversation was caught in a “swirl” where attendees began repeating themselves and somebody says “what we need to find is a balance.”
When meetings are shorter and end early, you’ll find that the first casualty is that time-wasting fluff and swirl. Tighter time windows push for expediency and let everyone return to their days sooner.
Try this:
Reset your default meeting duration from one-hour to 30-minutes. You’ll end up saving yourself and all in attendance a lot of time. To fit everything in, stick to a strict agenda, take notes, and establish clear owners/due dates for all follow-ups.
If you end even earlier and want to wrap things up politely, simply say “if there’s nothing left to cover, I’ll give you 15 minutes of your day back.”
Always have an agenda
Perhaps unsurprisingly, the word “agenda” appeared 27 times in the HBR report. Most of the time it wasn’t in the context of a meeting, but rather in reference to a greater set of personal goals.
At one point during the study, the researchers asked the CEOs to describe their goals for the quarter and the hours devoted to achieving them. All 27 CEOs provided this data on the spot.
As someone who’s battled feelings of depression, I’ve learned that one of the secret killers of mental health is a feeling that you’re lacking momentum. You have things that you want to accomplish, but you’re not moving towards them. Consciously or subconsciously, that feeling of stagnation really sucks.
Thankfully, by contrast, any feeling of progress, or that you’ve pushed the ball forward just a little bit, can be a huge source of reprieve.
Try this:
Right now, make a list of three goals. They can be a mix of personal or professional, like “lose 10 pounds” or “get my personal finances in order”.
Next, look at the last two weeks of your calendar and ask yourself: how many hours did I devote to those goals? Which might need more attention next week?
By keeping an agenda of any kind, and chipping away at it each day, you can ensure that you’re always moving towards your goals.
Summary
As you can see, there’s a reason CEOs can pack so much into their days. And you too can take some of the most common CEO strategies and apply them to your own life.
No matter if you take all of these and run with them, or you find just one way to improve your productivity, you’ll certainly be happy you did.
Mortgage rates are experiencing some upward pressure this week thanks to some positive economic reports.
We’ve been projecting this trend all year, and anticipate that it will continue throughout the rest of 2018.
That’s why we recommend anyone looking to buy or refinance to lock in a rate soon. Read on for more details.
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Market Outlook 5.14.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Treasury yields continue to hold near 7-year high
After an uneventful couple of week we’re finally seeing some notable market adjustments. Yesterday, long-term government bonds had one of their biggest daily sell-offs of the year, pushing yields higher.
The yield on the 10-year Treasury note, which is the best market indicator of where mortgage rates are going, jumped all the way up to 3.06%. Today, it’s climbed up a couple basis points higher to just under 3.09%.
That’s the highest reading in nearly seven years. Mortgage rates typically move in the same direction as the 10-year yield, so we’re seeing some upward pressure on rates this week.
The impetus for the surge higher was some positive readings in the retail sales report, followed by more healthy readings out of the manufacturing sector. We have made it past the most significant economic reports of the week, making it likely that rates will hold at these levels until next week.
Rate/Float Recommendation
Lock before rates move even higher
Mortgage rates have jumped higher. That’s something we’ve been warning about for quite some time.
Given that rates are expected to continue their gradual ascent throughout 2018, it makes sense for anyone looking to purchase a new home or refinance their current mortgage to take action sooner rather than later.
The longer you wait, the more likely it is that you’ll get a higher rate when you finally lock.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
Housing Starts
Housing starts for April came in at an annualized rate of 1.287 M. Permits came in at an annualized rate of 1.352.
Fedspeak
Atlanta Fed President Raphael Bostic at 8:30am
St. Louis Fed President James Bullard at 6:30pm
Industrial Production
The industrial production report for April got released this morning and it showed that production is up 0.7%, manufacturing is up 0.5%, and the capacity utilization rate is at 78.0%.
Atlanta Fed Business Inflation Expectations
The business inflation expectation fell back three tenths in May to 2.0%.
EIA Petroleum Status Report
For the week of 5/16/18:
Crude oil: -2.2 M barrels
Gasoline: -2.2 M barrels
Distillates: -3.8 M barrels
Notable events this week:
Monday:
Tuesday:
Retail Sales
Empire State Mfg Survey
Business Inventories
Housing Market Index
Wednesday:
Housing Starts
Fedspeak
Industrial Production
Atlanta Fed Business Inflation Expectations
EIA Petroleum Status Report
Thursday:
Jobless Claims
Philadelphia Fed Business Outlook Survey
Bloomberg Consumer Comfort Index
Fedspeak
Friday:
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Carter Wessman
Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.