Factoring in the slowing economy, Fannie Mae said unemployment will likely rise to 4.4% by year-end and increase to 5.4% by the end of 2024. The group expects the headline and core consumer price indices close 2023 at around 3.3% and 3.9% annually. As such, Fannie Mae now anticipates the Federal Reserve to start easing … [Read more…]
The Silicon Valley boom paved the way for unprecedented returns for scores of high-tech companies, resulting in a mass influx of highly-skilled professionals to the San Francisco Bay Area.
A surge in job creation invariably boosted housing demand across the region. With a limited supply at hand, the prices quickly spiraled out of control, appreciating at an extraordinary clip.
The effect of rising demand and limited supply quickly resulted in an over-inflated property market which out-priced nearly everyone in the Bay Area counties. Year-on-year growth rates show that the median house price in San Francisco has increased by 1.3%, – to $1.6 million. While substantial, this is the smallest gain since 2012. More significantly, housing prices across Santa Clara County dropped by 6%, averaging out at $1.26 million.
Analysts agree that the explosive growth in the property market are due in large part to the runaway success of technology companies in the region. 2019 ranked among the most active years for IPO listings, leading to an influx of billions of dollars in venture capital, and various rounds of financing activity. This has led to a cooling of expectations as various tech companies such as Slack, Uber, and Lyft, failed to hit their price targets.
Interestingly enough, the steep prices in San Francisco and its surroundings have many homebuyers shift interest to other areas, like Oakland and Berkeley. Home prices in these areas have risen by approximately 4%, reflecting a median house price of $860,000.
Where to next for the Bay Area housing market?
Dozens of economists were recently surveyed regarding pricing in the Bay Area market. The consensus among them was that San Francisco will lose traction as other housing markets like Austin, Texas gain momentum. Apparently, the worst performing real estate market in 2020 is expected to be the Bay Area.
Related stories
Of the 100 economists that were polled in the survey, 64 of them believe that San Francisco’s housing market will underperform this year, followed by 61 experts who believe that San Jose will underperform. If these predictions hold true, home values across the Bay Area will start to decline. Obviously, residents of the Bay Area have mixed feelings about their home value decline, but those looking to rent and buy properties will be heartened by this news.
The uninterrupted growth in property prices has everyone overly concerned. The majority of real estate developers have been focusing on the high-end market when developing new housing facilities. This has neglected the low and middle-income earners who were simply priced out of the market.
One of the most expensive cities of America
Of course, notable exceptions exist such as Danny Haber of oWOW, a California-based real estate development company which focuses on low-cost, luxury accommodations for the market, in and around the Oakland region. Owing to general trends in the Bay Area, most people do not consider home ownership, let alone rentals. While high home prices affect buyers and sellers, they also have an impact on renters by raising the costs. Unfortunately, the rise in rental prices has outstripped the growth in real earnings by a wide margin.
According to SF Gate, the one third rule is not applicable to the Bay Area property market. Typically, renters spend approximately 33% of their gross income on housing, but in the Bay Area, this is a pipe dream.
Rental prices for a single bedroom apartment in San Francisco can average $2,900 per month, which requires earnings of $105,000 a year. Most wage earners come nowhere near close to that figure. In fact, experts found that San Francisco rentals, including San Mateo and Marin counties, eat up to 50% of gross income. This being said, the costs of living here become more affordable in households with multiple wage earners.
Housing alternative for the Bay Area
Construction costs in the Bay Area rose by 6.7% during 2018, making San Francisco the most expensive real estate market to build in. Typically, increases in demand are met with increases in supply to reduce pricing, but in San Francisco’s housing market this is not the case.
Of course, the tech sector is likely to rebound and this will add further pressure onto housing prices. In the absence of accelerated construction, other viable solutions need to be found.
One possible solution to the housing crisis in the Bay Area is MacroUnits, the system provided by oWOW. These modular-style housing units are built offsite and shipped to their destination.
This alternative reduces the costs of remodeling existing apartments, shortening the time to market and reducing overall costs for customers. A flexible walls system known as Magic Walls is used to maximize the living space and create luxurious accommodations by transforming single bedroom units into multi-bedroom units with additional facilities, all within the same square footage.
By entering the market with lower prices, Danny Haber’s company is rapidly expanding its tenant base, by offering upgraded housing at an affordable price. If this system is implemented at scale, it could become part of a comprehensive solution to the housing dilemma.
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Until a few years ago, small businesses were limited to obtaining business loans from banks and other traditional sources. But in the last few years, another source has opened up, and that’s peer-to-peer (P2P) business loans.
These are loans tailored specifically for small businesses, and they provide greater credit options than what small business owners can find at banks.
P2P Lenders Have Become Important Sources of Business Loans
It’s fortunate for small businesses that P2P platforms that make business loans are coming into the market. Banks – the most traditional source of loans of all types – are not particularly interested or generous when it comes to making loans for business purposes.
If you are a business owner and have attempted to get business financing, you’re likely well acquainted with the difficulties of the process.
This is especially true in the small business space. Banks make loans to businesses, but those are primarily well-established businesses. More typically, they represent medium- to large businesses.
Banks see these as lower risk lending niches since companies have strong track records, as well as large revenue streams and asset bases to secure the loans. That kind of stability is usually not as obvious with small businesses, and banks make getting a loan particularly difficult.
Complicating the process is that banks often don’t make business loans for less than $100,000. They usually see smaller loans as not worth their time and effort, based on the profitability of the loan. That means that if a small business only needs $50,000, they may not even be able to find a bank willing to talk to them.
But P2P lending is opening up for small businesses. Here are five of the most prominent P2P lenders in the sector:
Lending Club
You always have the ability to use personal loans for business purposes with Lending Club, but Lending Club has been gradually segmenting its loan types, which includes dedicated business loans and business lines of credit.
The personal loans are still available, which will enable you to get an unsecured loan for up to $40,000 to use for your business. But the business loan programs will enable you to borrow much larger amounts.
In fact, you can borrow an amount of up to $300,000. Business loans are installment loans with terms that run from one to five years They are fixed rate, with fixed monthly payments, and will be paid in full at the end of the term.
Business credit lines, on the other hand, are revolving credit arrangements, that function like credit cards or home equity lines of credit.
Lending Club does not require business plans or projections, nor do they generally ask for appraisals or title insurance. No collateral is required for loans for less than $100,000, and when collateral is required for higher amounts, it’s usually a general lien on the business and personal guarantees from the owners of the business. What’s more, loan proceeds can be used nearly any purpose.
In order to qualify for a Lending Club business loan or business line of credit, you must be in business for at least 24 months and have at least $75,000 in annual sales.
You must also own at least 20% of the business and have at least fair or better personal credit. This generally requires a credit score of at least 660, with no recent bankruptcies or tax liens.
APR runs between 6.95% and 35.89%, and there is an origination fee equal to between 0.99% and 6.99%. But there are no application fees and no prepayment penalty.
Funding Circle
Where Lending Club and other P2P lenders offer business loans as part of their loan mix, Funding Circle is expressly set up to provide business loans specifically.
Funding Circle provides business loans for a minimum of $25,000 up to a maximum of $500,000. Like Lending Club, business loan terms can range from one year to five years, and you can use the proceeds to just about any purpose – refinancing existing debt, hiring more employees, buying inventory or equipment, or moving or expanding your business operation.
In order to qualify for a business loan with Funding Circle, you must have a minimum credit score 640, and not have any bankruptcies or judgments within the past seven years, nor any outstanding tax liens or unsatisfied judgments.
You must be in business for 24 months and showing a profit in at least one of the last two years. You must also have a minimum annual revenue of $150,000 in each of the two most recent calendar years.
Business loans will not require any specific physical collateral, but you will have to execute a Form UCC-1 filing as well as provide personal guarantees by each owner of the business.
Interest rates can run between 5.49% and 27.79%, and there is an origination fee that ranges between 1.49% and 4.99% of the loan amount.
Learn More About Funding Circle
Prosper
Unlike Lending Club and Funding Circle, Prosper doesn’t have a dedicated business loan program available. However, you can take an unsecured personal loan of between $2,000 and $35,000 and use it for business purposes.
In order to qualify for a loan with Prosper, you must have a minimum credit score of 640 with Experian (that’s the credit bureau that they base your credit score on). You will need to furnish a copy of your recent income tax return if you are self-employed.
Interest rates run between 5.99%, to a maximum of 35.97%. Prosper also charges an origination fee equal to between 1% and 5% of your loan. There is no application fee and no prepayment penalty.
Upstart
Like Prosper, Upstart doesn’t have a specific loan program for business loans but does allow you to take a personal loan which can be used for just about any business need that you have.
Upstart is a little bit different from other P2P lenders in that they look beyond traditional credit criteria, but they also consider your education. This includes your major, your grade point average, and even the college or university you attended. They consider that certain major fields of study have advantages over others, and it figures into the underwriting mix.
You can borrow from a minimum of $3,000 to a maximum of $35,000. They have two loan terms, 36 months and 60 months. Though they are not specifically business loans, they have a major advantage in that they require no collateral for the loan.
As a self-employed person, you will need to provide the most recent year’s income tax return, as well as copies of current year invoices for your business. They will also likely require a copy of your college transcript if you graduated within four years of applying for a loan. You must have a minimum credit score 640, and not have any bankruptcies or other negative public records on your credit report.
Interest rates run between 4.66% and 29.99% for a 36-month loan, and between 6.00% and 27.32% for a 60-month loan. It’s likely that they also charge an origination fee since that is the practice with P2P lenders, but it is not disclosed on their website. Assume that will be in line with other P2P lenders origination fees.
PeerForm
PeerForm follows the same path as Prosper and Upstart in that they don’t have a specific business loan program, but they do have personal loans that you can use for just about any business purpose you choose.
Loan amounts range between $1,000, and $25,000, and all are for a term of 36 months. These are installment loans that come with fixed rates and fixed monthly payments and will be paid in full at the end of the loan term.
Interest rates range from 7.12%, up to 29.99%. There are no application fees and no prepayment penalties. However, PeerForm does have an origination fee between 1.00% and 5.00% of the loan.
In order to qualify for a PeerForm loan, you must have a minimum credit score 600, which is lower than any other P2P lender on this list. However, your credit report must also reveal no delinquencies, bankruptcies, tax liens, judgments, or non-medical related collections within the past 12 months.
You can have a maximum debt-to-income ratio of 40%, but this does not include mortgage debt on your personal residence. Your credit report must also show a minimum of one revolving account, you must also have at least one open bank account in order to qualify for a loan.
The P2P Business Loan Advantage
That’s five major P2P lending platforms that have business loans available in one form or another. If you are in need of a smaller loan amount – less than $35,000 – and you are looking for a simple unsecured loan that you can use for business purposes, then Prosper, Upstart and PeerForm should be able to provide you what you’re looking for.
But if you need a larger amount, like several hundred thousand dollars, and your business is a little bit better established as far as the length of time in business and cash flow, then you will want to go with either Lending Club or with Funding Circle.
Whatever you choose, the upshot is that you are no longer limited to getting business loans strictly from banks. You can now take advantage of P2P platforms, and likely have a greater chance of getting the financing you need for your small business.
And you likely have every reason to believe that you will also get your loan a lot faster and with fewer questions and less documentation.
I bought my first rental property in 2010 when the market was much different! I bought a single-family home for $97k that rented for $1,050 a month. I know many people would love to go back to those days but the reality is prices will most likely never be that low again in most markets. While I bought a single-family home for my first rental, there are many other types of rentals and I have since bought multifamily, commercial, and mixed-use rental properties. The type of property that is best for beginners in today’s market with high-interest rates and high prices will depend on many factors.
What was my first rental property?
The first property I bought was a 3 bedroom, 2 bath, 2 story house with a 2 car attached garage. The home was built in 2005 and did not need a lot of work. I bought it in Greeley, Colorado and while prices were much lower back then, I still got a great deal. I took my time looking for properties and this was an estate sale. The home needed some paint and that was about it. It was a fantastic property for my first rental. I used Bank of America to get a 25% down investor loan which was not easy but luckily the seller was patient! While properties were cheaper then, it was much tougher to finance them and there were much fewer options for investors.
I later sold that property for $275,000 in 2019 and used a 1031 exchange to buy a commercial property for $600,000. I think buying a single-family rental was an awesome choice for me at that time. However, this property would not be a very good rental now as it is worth around $350,000 and would only rent for $1,700 to $1,800.
Are single-family rentals good for beginning investors?
I think single-family rentals are great for beginners if the numbers work out. However, with high rates and high prices, the numbers simply don’t work in many areas. There are areas of the country that have cheaper houses that are great for single-family rentals but we aren’t all in those places. Here are some of the pros and cons of single-family rentals:
Pros
Large buyer pool if you need to sell: Single-family homes are attractive to investors and owner-occupants. When buying a rental as a beginner it is smart to have an exit strategy. Maybe the property is not as good as you thought it was or you decide you hate rentals. Can you sell the property? If you need to sell a single-family home you can sell to other investors or owner-occupants. Owner-occupants will often pay more than investors and they are always buying homes even when interest rates are high. Investors may slow down their buying when rates are high.
Easy to rent and manage: Single-family homes appeal to many renters and are usually easy to rent. Tenants also have a tendency to stay in the property longer and take care of it. I have had the same renters for 10 years in some of my single-family rentals. Many tenants will even make minor repairs themselves (not always a good thing) and maintain the yards, perform snow removal, etc.
Easier to find a good deal: In most areas, there are more single-family homes than other types of rentals. Because there are more of them there are usually more for sale and you might be able to get a better deal than on multifamily or commercial where there are much fewer properties.
Easier to finance: Lenders love to finance houses, even as rentals. It is much easier to get a loan on a house than a commercial property, multifamily, or mixed-used property.
More diversification: If your plan is to buy a lot of houses, like my plan to buy 100, it can be a little safer than buying a few big properties. Each house will be in a different area, with different tenants, and one horrible situation won’t destroy all your houses.
You can house hack a single-family home which means you buy as an owner-occupant and rent out part of it while you live there or live there a year and then rent out the whole thing. Owner-occupants get much cheaper loans with less money down.
Cons
Harder to cash flow: The big con with single-family rentals, especially right now is they can be very expensive compared to the rent they bring in. The more expensive the property, the worse the rent-to-value ratio tends to be.
Houses are expensive right now: Most properties are expensive but in some markets, houses are very expensive, and the higher the price, the more money you will need to invest in them.
Tougher to scale: It is tougher to scale when you need to buy a lot of houses to meet your goals. Each purchase takes work to find the deal, finance it, and possibly make repairs. If you buy larger multifamily or commercial it can be easier to scale.
More expensive to repair: It might be more expensive to repair single-family homes than a larger building because a larger building has one roof, possibly one heating system, etc. However, that roof and heating system on the big property will be much more expensive to repair and you will need a lot more money at once, than if you are repairing houses here and there.
Are small multifamily rentals good for beginning investors?
Multifamily rentals have more than one unit. You could invest in a duplex or a fourplex or a 100 unit property. Multifamily properties can make it easier to scale because you have more units under one roof and the rent-to-value ratios may be better. These pros and cons are for smaller 2 to 4-unit multifamily properties.
Pros
Can have much better cash flow: Multifamily properties are usually valued based on the income they produce. The prices are not driven up by owner-occupants who do not care what a property will rent for.
Somewhat easy to sell: 2 to 4-unit properties are fairly easy to sell still although not as easy as single-family homes. You can still house hack a 2 to 4-unit property which means owner-occupants can buy them. There are not a lot of people looking to house hack but you can still sell to investors and owner-occupants.
Easy to finance: Again, 2 to 4-unit properties are fairly easy to finance but not quite as easy as single-family homes. You can buy as an owner-occupant or get an investor loan with many banks.
Easy to get a good deal on: There are a lot of 2 to 4-unit properties in most markets although not as many as there are single-family homes. It can be easier to get a great deal, although not as easy as houses.
Cons
Harder to manage and rent: 2 to 4-unit properties take more management and usually have more tenant turnover than single-family homes. Tenants tend to move more often, the rents are usually lower, and tenants rarely think of a multifamily as a permanent place to live.
More risk of major loss of income: If you have a few houses and one tenant decides to cook meth in the house it can destroy the house and cause major problems as well as lost rent for months. You still have the other houses to bring in income. If you have a multifamily property and that happens the whole property may need to be vacated for an extended period of time. If you have just one of each, then the risk is about the same.
More expenses: The tenant usually pays all of the utilities and performs the yard maintenance and snow removal on single-family homes. On multifamily homes, the landlord often pays for the maintenance and some of the utilities if not all of them. You may be able to charge higher rent since the landlord is paying those expenses but make sure you account for them.
More fluctuations in value: Multifamily properties are valued based on the income of the property and the expenses. If inters rates go up as they have been, they may be harder to sell or sell for less because investors have to pay less to get the same return. However, when rates go up, rents often increase as well so that could offset a decrease in value (rents would go up on houses as well).
Are large multifamily properties good for new investors?
A lot of new investors want to invest in large multifamily properties. Grant Cardone now tells people to only invest in properties with at least 32 units although he used to encourage house hacking with FHA loans. Large multifamily properties can make a lot of money but they can also be very difficult to buy due to their price and lending is much tougher.
Pros
Easy to scale: You can bring in a lot of rent with one property and add a lot of value with the right deal.
Rent to value ratios: The rent to value ratio may be better on big properties because only investors are buying them and they expect a certain return. The bigger the property the better the numbers may look because very few buyers are looking at those deals.
The maintenance costs can be lower: The costs versus the rent may be lower because you have large buildings under one roof that share the same systems.
Cons
Much harder to finance: The everyday person cannot get a loan for a large apartment building. One of the factors lenders consider is experience and they are wary of lending to new investors on big deals even if you have the down payment.
Less diversification: If there is a disaster at a large complex, you may have a huge problem with no rent coming in for months. Again, these are rare but can happen. You also may have chosen the wrong location and the property doesn’t perform as you thought (I did this with an 8-plex).
Harder to sell: There are few buyers for large complexes and they can take a long time to sell. Interest rates also impact them greatly.
The expenses come in huge chunks: While the overall maintenance costs may be lower based on the investment, they can be huge when they do come. You could spend hundreds of thousands of dollars on a roof. Having one roof is not always better. There could be more expenses as well like parking lot repaving, landscaping, common areas, etc.
They are expensive: It takes many people years to save up the money needed for a large complex. The purchase may be worth it, but while you are waiting why not buy smaller deals that build experience and a track record for lenders. The right deals will also bring you cash flow and equity which could make it easier to buy that big deal sooner.
More headaches: Large multifamily properties tend to have the most turnover, the most repairs needed, and the craziest situations. They take much more management and can have more headaches.
Are commercial properties good for beginner investors?
I bought my first commercial property in 2017 and it cash flowed much better than single-family or multifamily properties in my area and was cheaper. A lot of people see my commercial properties and want to invest in that sector right away. However, they come with more risk and are much more complicated.
Pros
Can be cheaper with better returns: In some areas, commercial properties are cheaper and have better returns but they also could be more expensive depending on the area. Small commercial properties are often cheaper than single-family homes.
Can add a lot of value: If you can add a tenant on a long term lease it can add a ton of value., I recently bought a commercial property for $865k that was vacant, then added 4 tenants. That property is now worth $1.5 million but it was not for the beginner.
Long term tenants: Many commercial tenants will stay for years and have leases that run for years. This is great of you have the right tenant but it takes longer to find those tenants. Many of the leases have built in rent increases as well.
Fewer expenses: Some commercial leases are NNN which means the tenants pay almost every expense. These can be fantastic for the landlord but not every commercial lease is set up this way.
Less headaches: Commercial tenants tend to be less needy than residential. They often take care of the property themselves and make sure it looks nice for their business. They expect the rent to increase each year and usually don’t get upset about it.
Owner occupied financing available: Yes you can owner occupy a commercial property. You do not live there, but you run a business out of the property. If you use more than 50% of the space you might be able to get an SBA government loan with 10% down.
Cons
Much more complicated: It takes time top to learn how the lease work, and the differences between NNN and gross. Properties are valued using cap rates which can be difficult to figure out because they vary based on the lease, the tenant, the property, the location, and more.
Harder to finance: Commercial properties are usually the hardest to finance. They come with risk if you lose a tenant and the lenders know this. They have shorter term loans that must be renewed every five or ten years. The lenders will want to see buyers with experience before they lend them money as well. Even the agents and sellers may not take a buyer serious if they don’t have any experience.
More expensive costs: If you have to make repairs it can cost a lot more money as rooftop HVAC, roofs, parking lots, and commercial construction often cost more than residential. The city may require more as well like fire sprinkler systems. Appraisals and inspections are more expensive as well.
Harder to sell: Just like multifamily properties, commercial properties can be much harder to sell because there is a smaller buyer pool.
Environmental issues: A big concern with commercial properties are past or current environmental issues. You may need to get an environmental report that shows there were no hazardous materials on the property or gas tanks, etc. To clean up problem properties it can takes tens of thousands of dollars or more.
Tenants might expect TI: TI stands for tenant finishes and many tenants expect the landlord to fix up the space for them. This can cost a lot of money but also add a lot of value.
If you are buying small commercial properties you may be able to avoid many of these issues but it is still good to be aware of them and especially talk to your lender about them! On some of my smaller commercial deals, I am able to get a local bank to finance them without an appraisal which is awesome.
Are mixed-use properties good for beginning investors?
Mixed-use properties can also be put in the commercial category. Mixed-use means the property can be used for residential and commercial or have both at the same time. I have a few mixed-use properties and love them but they can be tough to finance like commercial. The one benefit is you can live in part of it and work out of part of it. You may be able to get low down payment SBA loans because of this.
What is best for a beginning investor?
There are many different options for beginning investors to buy their first rental. I would be wary of jumping into huge projects without a lot of help from someone with experience. It will be almost impossible to do so unless you have a lot of cash. Personally, if single-family homes cash flow, I think those are the safest and best bet, but small multifamily can work as well.
If you want to dive into how to do all of this I have a book on residential rentals and commercial rentals as well!
The mortgage market is essentially made up of purchase-money lending and refinance lending, with home equity lending sprinkled in.
Over the past couple years the market has been decidedly refinance-heavy thanks largely to the extremely favorable interest rate environment spurred on by the Fed and an overall gloomy economy.
Unfortunately, things changed pretty rapidly and now refinance business is drying up, forcing banks to replace it with purchase lending.
The problem is the home purchase business isn’t robust enough to make up for the once booming refinance sector, so some previously high-flying lenders are taking a big hit.
Today, National Mortgage News tweeted out an image of the lenders who rely most heavily on refinances to stay afloat.
Mortgage Investors Corp. Only Did Refis
Topping the list was Mortgage Investors Corp., a St. Petersburg, Florida-based VA loan lender that focused entirely on refinancing existing VA loans.
Last fall, they announced massive layoffs and pretty much began winding down their entire business.
According to NMN, they had a 100% refi share in both the fourth quarter of 2012 and the fourth quarter of 2013, giving them the #1 spot.
Their volume fell from nearly $1.4 billion to just $265 million during that time, which explains why they had to make a quick exit.
They were followed by Embrace Home Loans (Rhode Island), which boasted a 71.4% refi share in the fourth quarter of 2013, down from 87.7% a year earlier.
As a result of the slowdown, their loan origination volume was essentially cut in half, falling from over $1 billion to just about $500 million.
Bank of America was third on the list; its refi share fell from 87.6% to 68.1% year-over-year, and production slid to just $13.5 billion compared with $22.5 billion in the fourth quarter of 2012.
Wells Fargo claimed the fourth spot with a refi share of 68%, down from 72% a year earlier. While those numbers don’t look too bad for the nation’s largest mortgage lender, volume plummeted from $126 billion to just $51 billion.
Rounding out the top five was Astoria Federal Savings, which saw its refi share fall from 86.9% to 67.6%. Loan volume dipped to $186 million from $332 million.
1. *Mortgage Investors Corp. – 100% 2. Embrace Home Loans – 71.4% 3. Bank of America – 68.1% 4. Wells Fargo – 68% 5. Astoria FS & LA – 67.6%
*The numbers from Mortgage Investors Corp. are estimates because the company did not disclose its refinance rates.
Expect the refinance numbers to keep dropping and dropping in 2014. And if you’re wondering why there have been so many mortgage-related layoffs lately, or where they might originate from, take a look at this list.
Of course, dwindling refi volume is just one issue, there are also massive layoffs in loss mitigation departments nationwide because fewer borrowers are missing payments and/or getting foreclosed on.
Finally, remember that real estate agents often determine which lender a borrower ultimately uses for their purchase loan, so buddy up.
Welcome to another Ask GFC! If you have a question that you want answered you can ask it here. If your questions get featured on GFC TV or the GFC Podcast, you are the lucky recipient of a copy of my best selling book, Soldier of Finance, and a $50 Amazon gift card. So what […]
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The value of a stock is made up of several factors, including the companyâs ability to continue making a profit, its customer base, its financial structure, the economy, political and cultural trends, and how the company fits within the industry. Understanding those basic factors will go a long way toward helping you select stocks for […]
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New York City exists in a dimension all by itself. Like a Black Hole that has formed upon the Eastern Seaboard, it is a place where conventional financial rules don’t apply. In Manhattan, you can feel poor after receiving your $3.6 million quarterly bonus because somebody down the hall just made $360 million, and while […]