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nemodeutopia · 3 years

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This is basically a 1000-word essay, so I’ll put this up here, but do encourage you to read, especially if we disagree and someone sent this to you in a desperate gamble to make you understand.

TLDWR: capitalism does all the ooga-booga that people say socialism does anyway, and the failings are all exactly the same and happens regardless of what economic system you use. Call it what you want, but make living independently actually possible, and the village people will be much less likely to come at you with our fucking pitchforks you idiots.

The reason I believe minimum wage is insufficient and the rich would be fine if they were more heavily taxed:

A lot of these numbers have been simplified to make it easier to follow, but other than the hypothetical 10% tax, they are all roughly accurate to what I could find researching.

If my tax rate is 10% and I make $300 dollars a week, then that leaves me with $270 a week. Take out for groceries at an average of $50 I have $220. Assuming that I don’t have any prescriptions, or rent, or cable, or gas, or utilities, or really anything else considered mandatory for adulting, then that’s not bad, right? But, most people do have those other things, so that’s not so good. So, instead, we make cuts here and there, eat less healthy, decide we probably don’t need to go to the doctor for that pain, because maybe it isn’t something serious after all, and if it is serious, we may have to miss work, and then we may get fired.

If the rich have a tax rate of 10% and make 5,000 dollars a week that gives them 4,500. They would pay more a week in taxes then I make in a week. But they would still have plenty of money to live comfortably.

Rounding down on most things here, but average rent for America is ballpark $1000 a month, mortgage rates I found reported around the same. And that is of course assuming that you qualify. Bear in mind that apartments can require that you make, for example, double the cost of living there as a security measure, and banks will turn you down if they believe your income is too low for a loan. Phone $100. Medical I won’t even presume to make an average on because insulin costs more than most gaming consoles. And I highly doubt the richest of executives is buying one of those every month. I also won’t touch cars, as gasoline prices fluctuate and mpg varies. A monthly pass for public transport, if you’re lucky enough that your city has reliable transport, averages at about $60, but closer to $100 isn’t super unusual for big cities.

So, changing that weekly take home of $270 to a monthly of 1,080 and check it against those prices. Assuming that utilities is included, which covers things as basic as trash disposal and plumbing, we are in pristine health and insurance is paid for and half way decent, which is not a given, as well as no student loans since we’re working on federal minimum wage here, we get to keep negative $80. It costs $80 more than you make at federal minimum wage to live for a month as an independent human being.

Reminder, the -$80 average I found does not include: Food, any form of health care, any utilities, clothing, internet or entertainment outside of what comes with your phone plan, transportation outside of public infrastructure, any surprise fees or expenses of any kind.

I am not touching education costs, including the additional cost of public school. I could make a whole post off the cost of public education without the rest of this depression inducing rant.

At above what Obama wanted to define as wealthy you could do that working one week a month and still have money to put back in the economy.

I grant that this was done off (just above) the federal minimum wage, so most people are probably making more money than this, especially if they’ve been in the same job for a while. But I also took the national average costs for most of the expenses. And anyone working for tips can very easily be making about half that. You also may have noticed that I didn’t include grocery in my monthly figure, because while everyone eats, the cost varies widely, and you can get free food if you need it from banks, churches, your job if you’re in that area of the service sector and lucky, etc.

Yes, if you just start printing money and handing it out, inflation is going to ruin life. But, if you redistribute existing wealth instead of letting it amass and be hoarded by a handful of individuals who basically just pass it around among themselves if they do anything, while still collecting more, then instead there would be a still largely constant amount of wealth, but it would be used instead of artificially rarified (now) or drastically devalued (creating new currency and adding it to the pile). The people who say we can’t just pay people more willy-nilly aren’t wrong unfortunately. And I can certainly understand how someone who has their life style assured struggles (whether through managing to claw up, surviving to the point where it assured by government support paid by with taxes, or some combination) to understand the plight of those who don’t without realizing the climb keeps getting steeper. Presently, people who are actively doing and creating are inevitably passing the money they earn back up to the people who do not, who pass a fraction of it back. Instead of just increasing the amount of currency, now largely a digital entity, so at least we don’t have to trade our wallets for wagons, we need to ensure circulation and assess distribution.

A lot of people don’t like the “s” word, even people on social security will talk about how socialism would destroy this nation. There are also people who believe minimum wage raising would destroy industries. They don’t think it’s fair that the rich should have to pay more. But, if the rich paid 10 cents on every dollar they brought in, they honestly might not even notice. If a person working minimum wage pays 10 cents on every dollar they make then they probably need to live with other people and pool all their recourses in a communal setting while politicians and the wealthy eat expensive meals, spend extravagantly and don’t suffer in the least, like in *insert current socialist or communist boogeyman state* but with the “average” person being aware people are living like this and not personally seeing it.

MacKenzie Scott has proven that the ultra-wealthy would not suffer from increased taxation by, essentially, cutting out the middle man and almost privatizing socialism, as absurd as that sounds. Dolly Parton is also an individual who proves that obnoxious levels of wealth are still possible while distributing wealth to those who don’t have it, though I don’t know as many of the particulars with her. I do know they both, as well as others I do not know, choose to redistribute their wealth to lower social rungs and are still fabulously wealthy.

#socialism #communism #capitalism #cost of living #rant #eat the rich #I don't even care if you do it literally #bare minimum #humanity #value of human life #democratic socialism #democratic capitalism #economy #probably just shouting into the void

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lambourngb · 4 years

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This Hard Journey

Fic prompt: “There’s something you should know…” Michael Guerin Day 2. This picks up after yesterday’s “This Hard Life” - a part of interconnected ficlets of an AU after the shed, where Alex doesn’t join the Air Force. Mentions of Malex and an Alex/Other here. Finished on ao3 here.

***

He finally got a dog, was all that Michael could think as he sat outside of the house that matched the address Max pulled from the DMV. They had always wanted to get a dog together, but with pet deposits and the tight budget for rent and food, that had always been a non-starter for them. Not anymore.

The quiet shaded street just off of the Buchanan Arts District was lined with old-style Craftsman homes among the peppered in new, renovated sprawling McMansions born of the house flipping obsession during the real estate boom. New construction sprouting between old, mature trees, juxtaposing progress with tradition.

Alex had chosen one of the older homes, untouched by the remodeling fad with a large fenced in yard filling the property footprint, and a dog house that mimicked the main house in style. Two solid years of song-writing had rewarded Alex with financial security, and of course, after three years living in cramped efficiency apartments and noisy neighbors with Michael, the first thing Alex would want again was a house. The roots of his upper middle class childhood were never far away.

Pressing his forehead against the steering wheel, Michael worked to gather the courage that kept him propelled down the over 1,100 miles from Roswell to Nashville. He had made it here, the least he could do was knock on the door instead of freaking out over the fact that Alex had a house with a mortgage while all Michael could muster in the two years since was buying a bank-possessed Airstream.

At least it was better than sleeping rough in his truck again, something he had done when he fell behind on the rent after Alex had left.

Michael took a deep steadying breath and pushed himself out of his truck. The spans of sidewalk suddenly seemed longer than I-40 through Oklahoma. Another deep breath, the irony of borrowing Alex’s self-soothing habit not lost on Michael at all, he tucked his left hand into a pocket to hide the old damage and knocked firmly on the front door.

There was a long silence extended, shoving anticipation into chagrin as Michael turned his head to peek at the tiny side-carport, confirming there was a car there. A loud, chorus of deep barks picked up from within the house. The dog sounded big, but none of that registered as he picked up Alex’s voice, muffled and indistinct.

“-calm down, buddy. Stay- no, stay- It’s probably Daddy’s new speakers arriving-”

After two and half days of driving, Michael had perfected his speech to Alex. It hit every open wound between them, from the fact he was sorry he hadn’t gone with him, to the weak but true explanation that he wasn’t ready then, but he was now. Then finally the big dice throw, the gamble of everything, that every city needed a good mechanic, Nashville was no different, it was no pressure- but maybe? Maybe they could start over?

The door swung open, and like a bag of spilled marbles, all of Michael’s words scattered away from him.

“Michael?” Alex’s polite smile for an expected delivery dropped into disbelieving shock. He did a comical double take, looking back into the house, then to Michael, then over Michael’s shoulder. The classic Chevy truck parked on the street chased away the shock. “Jesus Christ, it really is you.”

“Alex.” Michael swallowed, his eloquence gone. “You look good.”

They had had three years together, and during that time Michael had seen so many different versions of Alex Manes. He had seen Alex tired, dark circles shading his eyes more consistently than eyeliner with an off-kilter alien antennae from the Crashdown. He had seen Alex resolute, using his shoulders to impart a warning in his black clad Wild Pony shirt to any drunk who dared to give him a hard time. He had seen Alex awkward, as he helped Michael with his chores at the Foster’s ranch when it came to cleaning out a cow pen or pulling the twine efficiently off baled hay. He had seen Alex ashamed, as Michael patiently explained during their first grocery store visit that the EBT card only covered certain items.

This Alex was new. Clean, well-rested, skin clear and not tight on his cheekbones from lean meals or bloated from cheap food. An earring shined from his ear, he was dressed in a soft v-neck shirt and artfully cut frayed jeans. Good was an understatement.

“What are you doing here?”

“I’m here- I’m here because Isobel got married, and um, she wanted to invite you, but I talked her out of it. I’m sorry. I mean for that, but also for like, everything. Not following you here was something I regretted every day since, but I thought- I thought I had to stay back then, but I don’t anymore- and there’s something you should know-”

“Babe? Is that our new speakers at the door?” A new voice called out, cutting off the word vomit that was spilling from Michael’s mouth beyond his control.

A male voice.

The wince and apology on Alex’s face told Michael everything he needed to know. Well. He probably should have seen that coming. Only Alex’s reaching out quickly to grab his hand as he turned away stopped him from bolting from the house.

“No, not our speakers, but an old friend from back home is here-” Alex called back, before turning back to make deliberate eye contact with Michael. “He wanted to stop by to say hello.”

A tall well-built black man came into view, holding a squirming pit bull in his arms, walked toward them both with a bright welcoming smile, “A friend from Roswell? An actual flesh and blood human who knows you? I was starting to think you were an alien, Alex.”

“Just because you’re related to half of Nashville and went to school with the other half, Dennis, doesn’t mean I sprouted from a pod-” Alex shot back playfully, clearly picking up a well-worn argument.

Like a couple. A real couple. With a house and a dog. Michael licked his dry lips, forcing his muscles upward, they probably had retirement accounts. In two years Alex had built something more secure than he had in the three years in Roswell.

“Well any friend of yours, Alex, is one of mine,” Dennis greeted, turning his head to avoid an excited dog kiss before transferring the bundle of fur into Alex’s arms in a fluid movement of trust. “I’m Dennis, welcome to Nashville, um-?” he prompted, extending his left hand to Michael.

“Michael Guerin,” he answered politely, before Michael lifted his left hand awkwardly from his pocket and offered his right in return. His name didn’t alter the warm smile on Dennis’s face. Ah. So he must be a nameless ex for Alex then. Swallowing hard, Michael continued, this time a little meanly, “this hand doesn’t shake so well after I got on the wrong side of a hammer, sorry. But good to meet you.”

The stutter of the clumsy interaction hid Alex’s wince and flash of pain of the reminder.

Feeling no joy from that, Michael picked up the conversation lightly, “I’m a friend from high school. Been doing some transport work, and a job sent me here to pick up a car to drive back to Roswell, so I thought I might stop in and see what the famous Alex Manes is up to…”

“I’m not famous, I just write the words,” Alex protested quietly, before backing away from the doorway. “We were just about to have lunch, if you want to stay-”

“He’s famous, don’t listen to him,” Dennis interjected proudly. “Did you hear that new song from Paramore? Alex wrote that.”

“Oh I know, I have all the singles Alex wrote,” Michael smiled, looking around the house and at the couple with another deep breath. “I’m his biggest fan, I think. But um, thank you, I can’t stay, I gotta hit the road back to-” he started to say home, but that hadn’t been true for a long time. “Back to Roswell.”

***

Hours later with his heart heavy, Michael checked into his room at the Super 8. Normally the expense would have bothered him, but after his day, he figured he was entitled to a little bit of spoiling. And if it was sad that plain wrapped soaps and tiny shampoo bottles constituted spoiling, well, he was content with that.

The clunky black case of his small portable DVD player was propped open on the hotel bed. It was a hand-me-down as technology and electronic gadgets moved into smoother, more versatile means. For him, it was perfect to watch a borrowed DVD in his Airstream since he lacked cable.

With the entire contents of a motel conditioner in his hair, Michael started the paused video file. The shaky dark footage started playing, the sound crackling with amateur hands, before the clear, strong voice of Alex Manes filled the air.

It was probably pathetic to watch this cribbed footage from YouTube, but the romanticism that fueled his journey down 1-40 was also the same sentiment that preserved this moment in amber for Michael. Pulling open his old notebook from high school, he let Alex’s voice singing about love and loss carry him through the calculations of point atmospheric entry and the parallax distance of habitable stars.

It would be a hard journey, but Michael didn’t know any other kind at this point. Roswell wasn’t his home. Nashville wasn’t going to be home either, but the universe was ever-expanding, surely there was a place for Michael?

#mgweek20 #guerinweek20 #malex fic #the lost decade #au after the shed #michael guerin #alex manes #roswell new mexico #Malex #angst here but eventual happy ending #will it show up in the tags?#no one knows certainly not me

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lesbiansandgayssupporttheminers · 4 years

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how do you know what class you're in?

Your social class in the UK?

I think it’s really hard to define, and I honestly think most people in the UK “just know”- although I also sort of know that’s a stupid thing to say.

There are economic factors and there are cultural factors, and it’s also down to your family history. And there are classes within classes too- you can be upper middle class, or upper working class, for example.

The following is semi-serious, semi tongue in cheek, and I’d love my followers to chip in too!

Working class: Your family have traditionally worked in non-professional jobs. These might be skilled trades, service/hospitality jobs, “unskilled” jobs or casual work. These days, they might be self employed, but they would be unlikely to employ someone else. There are varying degrees of financial comfort, and these days, your family may own their own home but you’re not “wealthy”. It’s unlikely your family have assets or investments beyond one property and cars (if they are doing well). If you’re younger than about 35, you or your siblings might have gone to university, but no-one in your parents’ generation has. Your parents probably have a degree of debt beyond a mortgage (if they have one). You probably spent time in childcare when you were young because your parents had to work.

You probably speak with a regional accent and use dialect words. You also use words like serviette, desert, pardon etc. Someone in your family is really into football and supports a team that isn’t in the premiership- if they are into rugby then it’s rugby league unless you’re from Wales or Cornwall. Your female relatives are probably quite house-proud and take a lot of care over their appearances. You probably have a hobby, but it’s probably not one that requires a lot of expensive equipment.

Family and community are important to you- it’s likely you haven’t moved that far from where you grew up (unless you were really desperate for work). It’s possible the area where you grew up is pretty deprived, although it may be increasingly a victim of gentrification, depending on where you are from. Your family home may have been a council house or rented, and it’s very likely that your housing didn’t always feel secure.

If you celebrate Christmas, this was probably really important to your family and your parents might have gone a bit overboard with this, even (especially) if they couldn’t afford it.

At some point in your life, you’ve used the word “scab” as an insult- even if you didn’t know what it meant.

Middle Class: Your family have traditionally worked in more professional jobs. These may not require a degree (especially historically), but we are talking things like accountant, lawyer, doctor, teacher, civil servant etc. They earned a salary rather than being paid by the hour. Some degree of their assets were probably inherited, and they may have some investments e.g. shares or a buy to let property, but this isn’t the whole of their income (unless they are retired and have a decent pension too). Your parents owned their own home, and are/will be mortgage free by the time they retire. You probably had regular foreign holidays growing up. Your parents are likely to save up for big ticket items, rather than get into debt. You’re not the first generation in your family where people went to university. It’s very likely you had a stay at home parent for part of your childhood.

If you speak with a regional accent, it’s probably pretty soft, and it’s likely you don’t use a lot of regional dialect words. You call your midday meal lunch, and your evening meal dinner. If you go to the pub to watch a sports match, it’s more likely to be the six nations than a football game. But it’s equally likely you aren’t into sport at all. Your parents probably made you get swimming and music lessons growing up, and you may well have a hobby- possibly one that requires a bit of financial investment on your part. You like to think you have a sense of style, but you don’t like to look like you are “trying too hard”.

Your family probably don’t all live in the same place, and you may only see them relatively rarely. It’s likely your parents have friends from uni or NCT classes who to some extent take the place of family in your life. You may not have a strong sense of community and it’s very possible that if your parents live rurally, you might have moved to the city for work. You’re probably not very religious.

At some point in your life, you have sneered at someone for being a “chav”. It’s likely you’re quite insecure and there’s lots of things you don’t think of as “classy” and try to avoid.

Upper-middle Class: Your parents are pretty wealthy and almost definitely went to university. You went to a well known university. They likely went to private school and you probably did too (although not a super famous one). If you didn’t go to private school, you went to a grammar school, church school or the most sought after “comp” in the county (your parents probably moved house to get you in). Someone in your extended family or friendship circle owns a second home, or at least a really nice house in the country. You/your parents almost definitely have inherited wealth and assets, as well. You/your parents may just work in a well paid job, but they may also own a medium to large size company. You probably had multiple holidays abroad each year (and it’s very likely you went skiing). If one of your parents’ cars broke down, it would have been very easy for them to replace it, without needing to save up or get into debt, but you don’t have any fear of debt, either. It’s very likely you can get a job through “connections”. It’s likely they employed a cleaner and possibly a gardener, and maybe au-pair or nanny as well.

You speak with an RP accent, and you might have “pudding” after your “supper”. It’s very likely you play a team sport of some kind, probably rugby, cricket, hockey or maybe lacrosse. You might row, or ride horses, or sail. You’ve always been able to do whatever expensive hobby you like, and money has never been a barrier to progressing. You may well shop in charity shops, and brag about the bargains you find there. You may drive an “old” car, but it’s probably a 4x4, genuinely vintage, or quirky in some other way. You have inherited jewellery and possibly some home furnishings. If you’re talented in some way, (sport or artistic) you were probably given every opportunity to persue this.

Networking is important to you and you feel part of a community. You’re probably quite socially confident. It’s likely you know some of the people you work with socially as well. You probably expect to live a reasonably traditional lifestyle, and you’re less likely to be part of a “sub-culture” (unless you’re making a career as an actor or a musician). You probably observe religious festivals, but you don’t go regularly to a place of worship.

On some level, you probably think “poor” people bring it on themselves through poor decision making.

Upper Class: Historically, your family were rich enough not to have to work for a living, and someone in your extended family owns a very large amount of land. You’re related to someone with a title. You went to a well known private school and you may have boarded. It’s likely your family own multiple properties- some are rented out and some you live in. Some or all of these were inherited, rather than bought. You may have a “private income” of some kind. Your family may have had to “diversify” in recent years, and you may actually be working more than your ancestors did. You might have gone to a well known university, or you might have gone to somewhere like RAU. Your family own multiple cars, and one of them is probably a 4x4. It’s likely your family employed “staff”. At some point since the second world war, your family may well have had to sell off property etc- but your money worries are “how do we avoid selling off land” not “how do we afford to replace the washing machine”.

You talk like you are from the 1940s, and everyone you know has a stupid sounding nickname. You use your own form of impenetrable slang- probably specific to whatever school you went to. You’ve probably been hunting and you know someone who plays polo. You go to events like Royal Ascot, Henley Regatta, the Boat Race and Goodwood etc. You ski. You’ve been on multiple long haul holidays, and you probably went on a “Gap Yah”.

Everyone you know knows everyone else you know and you’re suspicious of people who you don’t have acquaintances in common with. You’ll get married, in a church (you are CofE and white) and having children is fairly important to you. You’re probably involved with some kind of charity work.

You pride yourself on not being a snob, because you got on well with the people you met in Africa, but you’ve never actually spoken to someone who grew up in a council house.

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mostlysignssomeportents · 4 years

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America's economy is cooked

We are in an extraordinary moment, but not an entirely unprecedented one. Since the earliest days, societies have had to cope with disasters that wiped out the ability of everyday people to service their debts and thus threatened to destroy their societies.

If you've read U Missouri econ prof Michael Hudson's writings on the subject, you know that for millennia, rulers in these circumstances simply wiped out the debts, declaring a "jubilee" that allowed people to rebuild after disasters rather than being trapped in debt spirals.

In a new essay on Naked Capitalism called "How an 'Act of God' Pandemic Is Destroying the West: The US Is Saving the Financial Sector, Not the Economy," Hudson reveals the abyss on whose brink we are balanced, and what we must do to pull back from it.

https://www.nakedcapitalism.com/2020/09/michael-hudson-how-an-act-of-god-pandemic-is-destroying-the-west-the-u-s-is-saving-the-financial-sector-not-the-economy.html

Hudson's oft-repeated golden rule is "Debts that can't be paid, won't be paid." That is to say: making it harder to declare bankruptcy, or binding debtors over to arbitration or wage-garnishing won't actually get them to pay debts they cannot afford.

This is a very sharp observation in the US context. The 2008 crisis was "solved" by bailing out finance, not people - and so the finance sector was able to lend to consumers to buy things again, while consumer debt mounted to spectacular levels.

Between mounting costs for housing, education, transport and health - a place to sleep, a path to employment, a way to get to work, the physical capacity to do your job - being alive has meant increasing your debt burden.

And now the US real economy - the wage-generating (and thus debt-servicing) economy - has ground to a halt. The finance economy continues to boom, largely on the (obviously false) premise that debts will continue to be repaid.

It's worth contrasting the US approach - the $1200/person bailout, the $6T finance bailout - with other countries that are less beholden to their finance sectors.

Canada and many EU governments simply assumed the payrolls of firms, relieving them of their major expense and providing ready cash to consumers that the can use to purchase from those retailers that remain.

And in China, where most of the finance sector is state owned - where banks are public utilities - debts were suspended: "debts, rents, taxes and other carrying charges of living and doing business cannot resume until economic normalcy is able to resume."

Contrast with the US, with ever-more-desperate measures to deny the iron law that "debts that can't be paid won't be paid."

Regulators have unshackled new forms of predatory lending (aka "fintech") with APRs in the hundreds or thousands of percent:

https://theintercept.com/2020/08/30/fintech-debt-personal-loans-economic-crisis/

And at the other end of that pipeline is a massive debt-collection bubble, as fintech subprime darlings like Oportun unleash a tsunami of debt lawsuits (more than 30/day!) against people with no means to pay:

https://www.propublica.org/article/the-loan-company-that-sued-thousands-of-low-income-latinos-during-the-pandemic

Desperate, broke people are willing to work for ever-lower wages, which puts downward pressure on EVERYONE'S wages.

Hudson: "Rising debt overhead serves the business and financial sector by lowering wages while extracting more interest, financial fees, rent and insurance."

America's longest period of expansion - the post-war boom - kicked off with the lowest levels of debt in living memory (wartime wages boomed, while wartime shortages left consumers with nothing to buy). Every recovery since has increased the economy's debt-to-asset ratio.

Eventually there comes a reckoning. Debts that can't be paid won't be paid. Business as usual has been to "let creditors foreclose and draw all the income and wealth over subsistence needs into their own hands."

But that's no longer possible. We've hit bottom.

US consumer debts can only be paid by "shrinking production and consumption, leaving them as strapped as Greece has been since 2015."

Something has to give: "either the population’s broad economic interests, or the vested interests insisting that labor, industry and the government must bear the cost of arrears that have built up during the economic shutdown."

The decision to to force businesses to pay rent during the shutdown led mass bankruptcies: a business that closed for months while accruing a rent buildup cannot recover - even a year of normal takings will leave it with no profits, every penny diverted to the landlord.

19% of hotel mortgages are in arrears, 10% of retailers - commercial real-estate mortgages stand at $2.4T. 40% of retail tenants are not currently paying rent - building up more indebtedness that can't be paid (debts that can't be paid won't be paid).

And while the US government can conjure money into existence by typing numbers into a spreadsheet at the central bank, states and cities (now starved of sales/property tax) cannot, and many are also bound by "balanced budget" rules.

Neither the GOP nor the Dems are willing to confront this. McConnell has advised states to meet bond obligations by raiding their pensions. Dems have abandoned efforts to provide relief to working people.

It's a very different story in China: "China can recover financially and fiscally from the virus disruption because most debts ultimately are owned to the government-based banking system. Money can be created to finance the material economy, labor and industry, construction and agriculture. When a company is unable to pay its bills and rent, the government doesn't stand by and let it be closed down and sold at a distressed price to a vulture investor."

For thousands of years, governments have understood that crises can only be weathered through debt forgiveness. The Anglo-American madness that insists that debts that can't be paid will someday be paid has hit bottom.

#pluralistic

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popwasabi · 4 years

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“The Other Guys” wants cops to go after the real criminals

Before director/writer Adam McKay pivoted into populist screed’s against capitalism and political corruption in films like “Vice” and “The Big Short” he was largely known as one of the many “dumb comedy” directors working in Hollywood.

In fact, with major productions such as “Anchorman,” “Talladega Nights,” and “Step Brothers” he could almost be billed as THE dumb comedy director or certainly THE Will Ferrell director at least.

(To a certain extent, THE John C. Reilly director too.)

Those movies are certainly divisive amongst some filmgoers, as you either fall into the “turn your brain off and laugh” category or the “this is pure nonsense” crowd. I’m somewhat in the middle on all of it but one McKay/Ferrell vehicle provided a bridge between the “dumb comedy” years and his more serious satires of American politics and that movie was 2010’s “The Other Guys.”

Billed as just another parody of buddy cop flicks, “The Other Guys” is a comedy that still holds up pretty well by today’s standards. Mark Wahlberg in many ways plays an unhinged caricature of every tough guy persona he has ever played in detective Hoitz and perhaps more brilliantly Ferrell, as detective Gamble, is allowed to be the straight man of the duo for change, finding humor in a more subdued performance. Together they form a kinetic duo that play hilariously well off each other in a film that is rarely dull from start to finish.

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(Flawless logic here in the famous Tuna vs Lion debate)

“The Other Guys” takes some decent shots at the violent nature of cop culture from excessive police overreach in the film’s hilarious opening scene to cops’ shoot first ask questions later approach with detective Hoitz backstory involving shooting Dereck Jeter during game 7 of the World Series. In between more typical Ferrell comedy flare involving hot wives and ex-wives, hobo sexy orgies, and TLC references there’s a lot of pointed, tongue-in-cheek humor at the police that one can find great humor in.

It’s a descent satire of the cop movie and the culture around law enforcement on this alone but McKay’s real target isn’t the police so much as it is who the police aren’t going after.

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(For the record, peacocks and cops, for that matter, don’t fly.)

2008 probably feels like eons ago to many of you at this point but it was the year I personally came of age. I had graduated high school, The Lakers were good again, “The Dark Knight” and “Iron Man” had just come out, I had hopes and dreams as I entered college at San Jose State and oh…the Great Recession had just started!

I’m not going to go into extreme detail here but our economy had it’s worse collapse since the Great Depression caused by the subprime mortgage crisis due to vast widespread failures in financial regulation, breakdowns in corporate governance, vast trading and over borrowing, housing bubbles bursting, and heads of businesses just vastly ill-equipped to handle their hubris in that moment.

Major businesses and banks were on the verge of collapsing and then at the last minute the US government passed a $700 billion, with a capital B, bailout to put them all back in the green.

Corporations like Bank of America, Citi Group, Morgan Stanley etc received between $10-$25 billion each for their struggles and were able to stay alive in the country’s ever worsening state. This was great, except 2.6 million average working-class people lost their jobs during this period, including my father.

By the way, a guy like Joseph Casano, an executive at AIG, got a $34 million bonus for helping lead companies such as his into the recession.

This is McKay’s real target in “The Other Guys.” The satirical cop humor is largely window dressing to draw audiences in to the theaters so that he can show all of them who the real criminals of this country are.

As the plot of the story starts to kick into full gear the more obvious culprits of a typical Hollywood cop movie are dismissed. Though Hoitz is convinced it’s more the usual cop movie style villains of “sex and drug traffickers” at first, Gamble slowly pieces together a plot of dastardly insider trading. What it ends up being is that the bad guy is really just a doofus hedge fund manager named David Ershon played comically by Steve Coogan who made one too many bad investments to bad people.

Ershon has put his people and the people he owes money to deeper into the red, not at all unlike the wealthy CEOs and bankers who messed up the country during the 2008 recession, and it has led him to take desperate action to get everyone’s money back. Ershon, of course, tries to get Hoitz and Gamble off his tale by bribing them in a variety of hilarious ways (one of the funnier sequences of the film) but eventually gets caught up with the SEC and those who prosecute white collar crime (who are unsurprisingly also in bed with the people he owes money to).

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(Somehow, I don’t think this is far off from reality...)

Hoitz and Gamble continue on the case but find that taking on white collar crime is…complicated to say the least but most importantly ineffectual as detailed in this scene.

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(Again, probably not far off from reality...)

The 2008 recession, wiped out millions of jobs, with rural parts of the country getting hit the hardest and in many ways still feeling the effects today. If you were a POC you were even more unlikely to not recover from the crash. Property values plummeted, student high education success rates dropped, opiod overdoses from “unemployment deaths” and many more awful things happened during this period of great economic distress.

And what happened to the folks largely responsible for causing this mess? They got a fat fucking payday and a dismissive finger wag largely by our own government.

“The Other Guys,” more or less, ends the same way. Despite putting away Ershon, the company he was swindling, who gambled their people’s money, was still bailed out by the US government. A real “happy ending” that is played as a dark, matter of fact, joke before the credits roll.

(Again, we laugh but how far off from reality is this really?...)

I graduated from college in 2013, tens of thousands in debt from student loans and trying to navigate a largely bereft job market where wages had largely not changed in as many years. In 2008 average rent cost about $850 a month, by 2013 it was $953, today in 2020 it’s $1,097. The average entry level salary (for a clerical/ office professional) between 2008 and 2018 went from $46,886 to $45,882 showing a decrease in value.

In 2008 the richest man in the world, Warren Buffet, was worth $64 billion. The richest man in 2020, Jeff Bezos, is worth $200 billion.

If the fact that Jeff Bezos is worth more than some countries on this planet doesn’t make you infuriated alone I don’t know what will.

Btw Buffet’s net worth increased as well to $79 billion himself, in case you think it’s “unfair” to compare him to Bezos.

Sometimes I think the reason people aren’t angrier about this worldwide is 1) a bunch of us think we are all one hard working day away from being filthy fucking rich ourselves, one of the many great lies of capitalism and 2) many of us don’t actually know just how big a BILLION dollars is, so here let me help you all out:

With COVID in 2020 we’re seeing it all happen again, just as it did in 2008. Record unemployment rates, small businesses closing, evictions skyrocketing because no one can pay rent and all we got for it was a $1,200 band-aid (assuming you did get yours). Meanwhile billionaire slugs like Bezos and Elon Musk saw their net worth rise sharply during this period, hell even the fucking Lakers got a $4.6 million dollar “small business” loan (though they did return it…only after getting caught…).

The highest sum of cash ever stolen from a bank was $18.1 million (equivalent to roughly $30.1 million now) in 1997. These are the people cops and other “loose cannons” in popular actions movies are usually running up against. If you think stealing $30.1 million is a lot of money worth sending the cops over then $700 billion of our own tax dollars given to people who ruined the lives of millions of Americans should make you fucking furious. The only real difference here is one was made legal by our own elected government.

Adam McKay’s “The Other Guys” may be on its surface just another “dumb comedy” that mostly satirizes cops, but its villains are very real and unfortunately as American as apple pie. Under capitalism our labor only continues to get devalued every year (even the skilled positions), while the richest 1% of the human race only get fatter with their wealth. Things are only getting more expensive and the working man is getting priced out of more and more daily luxuries and even essentials. This way of life is not sustainable, especially for our environment which these dragons continue to plunder, and eventually we will need to actually hold our overlords accountable for letting it get this far.

If we don’t, they will continue to steal every penny in our pocket and bleed us dry until the next disposable drone can fill our place. If law enforcement won’t take this on, sooner or later we might have to…

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Remember, pimps don’t cry...

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chacereeve · 4 years

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Advantages of Renting Office Area

As an alternative to buying commercial qualities for the organizations, you are able to lease office place as it could be a handy solution for all your company specifications. Even though buying a residence could have a few positive aspects, it is really not ideal for every business. From the present atmosphere, following a big fiscal downturn and recession that engulfed throughout the world the recent years; renting office area has turned out to be an incredible advantages for a lot of businesses. You are able to hire office place for a variety of good reasons, consisting of the next listing of advantages: Save Money: You can expect to spend less as you won't be shelling out for the mortgage and also the costs that come along with buying property. Rather you may use the cash that you simply save to your company to help make issues shift alongside easily. Furthermore, most places of work that are create to rent are often prepared and nicely-loaded for occupancy. So, if you intend to avoid the hassle of undergoing the planning and construction stages of your office, renting would be the perfect way to go.

Headache-Cost-free Upkeep: It may be cheaper in terms of routine maintenance. You won't must be worried about any issues regarding the house as those will be dealt by the property owner. A professional maintenance company will repair it without charging you as it's included in your monthly rent if something breaks or requires to be repaired in your office. This center also includes cleaning up or routine maintenance monthly bills, household utility bills, water charges, cell phone expenses and online fees. Moreover, your business will likely be furnished with security and car parking places. These establishments could be extremely beneficial for you as it might assistance to save massive amount of money and time. All-Inclusive Amenities: You may get express-of-craft properties for your organization alongside with a lot of facilities. In addition, office spaces may be personalized to completely suit your requirements - from dimensions to providers, tiny places of work to sizeable production line room as well as other facilities for example furniture, electric devices, telephones, access to the internet etc. Renting also provides meeting, training and conference bedrooms, a hanging around or wedding party place, a kitchen, the cafeteria area and living room to relax from the office. Every one of these more features can undoubtedly relieve the full procedure for operating a business. Provides Mobility: It can allow you to be versatile. If you plan to relocate to some other place in the future then purchasing a space can prove to be a waste of time and money, when you are unsure about the success of your business or. Also, if you decide to expand your business and feel the need to shift a bigger premise or to a different location then having a flexible rent agreement can be more convenient than having to sell the property and re-establish the entire set up elsewhere. More info about Cho thue nha Van Phuc City site: web link.

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lewisburgwvhomes · 4 years

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Why Buy A Home in Lewisburg, WV?

Maybe you’re wondering if it is a smart move to buy a home in Lewisburg, WV. Frommer's Budget Travel Magazine named Lewisburg as "America's Coolest Town."

And if that isn't enough to convince you, we have listed 5 reasons why buying a home in Lewisburg is a great choice.

Many homebuyers choose Lewisburg, West Virginia because of the following reasons:

The privilege to have a home near historical landmarks.

Beautiful views.

Wide range of affordable home choices.

Affordable cost of living

Safe community

According to the U.S. Census 2019, Lewisburg has added 1,400 people in the last 20 years. These numbers are continually growing. It is easy to see why a lot of home buyers want to move here.

Affordability and community are the two main things that most Americans consider when buying a home. Based on these factors, more and more people are choosing Lewisburg as their home.

Let's look further at each reason we've listed for buying a home in Lewisburg.

1. The privilege to have a home near historical landmarks.

Located in the picturesque county of Greenbrier, Lewisburg is indeed a must-see. One of the attractions that make tourists travel to this city is the many historical landmarks. The city's chest of historic treasures includes century-old theatres and museums.

You will find almost every historic architectural style you can imagine. These designs and styles range from Victorian Gothic to Mid-Century Modern. A lot of residential homes can have those fantastic styles too. A day tour is not enough to see everything that the city offers.

If you live in or near Lewisburg, you have a lot of time to explore the gem that Lewisburg is. To entice you a little more, we made a brief itinerary for you:

Theaters. This city of 3800 plus residents is home to one of the four Carnegie Halls in the world. This world-renowned auditorium is a popular tourist attraction. Watching artistic performances is something to look forward to once you are a new town resident. And since you're only a few minutes drive away, you can conveniently visit them anytime. Lewis Theatre and Greenbrier Valley Theatre are in Lewisburg too.

Museums. If theaters are not your thing, there are plenty of museums here too. The famous Greenbrier Historical Social and North House Museum are in Lewisburg also. Are you a history buff? If yes, you are in luck! There is so much history here in Lewisburg.

Art Galleries. A place known to be big on the arts would most likely have many art galleries. Exhibits are abundant in Lewisburg for enthusiasts. Carnegie Hall has a section for art displays too. It will be a good idea to check this out before you watch a live performance.

2. Beautiful views.

Lewisburg is lucky to be located in one of the country's scenic states. West Virginia is called "Mountain State" for a reason. Its location is within the Appalachian Mountains region, and it's right next to the Mississippi River. Rivers and mountains right next to each other are a glimpse of heaven on earth.

Several of the famous sights in the Mountain State are notable for their natural beauty. A lot of those breath-taking views are in Lewisburg.

Imagine paradise being a few blocks away from your doorstep. Heaven on earth, indeed!

The Lost World Caverns is one of the popular attractions in Lewisburg. Visitors here descend 120 feet below the ground into a century-old cavern. The deep parts of the cave reveal big and glowing stalactites. The Lost World Caverns is one of the many places you will get to visit while living here.

3. Wide range of affordable home choices.

The city has a median home value of around $30,000 lower than the country's average. There is no question of why more people opt to buy their own home instead of rent here in Lewisburg.

In anything we buy, price is most often the first thing we check. This rule also applies when buying homes. Lewisburg will give you a wide range of choices from country cottages to luxury homes. The good thing about them is they're affordable.

Get your finances in order. Talk to your mortgage broker about how much house you can afford. Buying your dream house is a considerable investment. There's always more to it than just the purchase price.

4. Affordable cost of living

Housing is not the only thing that's inexpensive in Lewisburg. The overall cost of living index in Lewisburg is 90.7. That’s 10% lower than the national average. The commodities looked into are transportation, utilities, groceries, health, and miscellaneous. Lewisburg ranked more economical than the U.S. average for all of these living expenses.

The cost of living is an essential factor to consider. You may be able to afford the house of your dreams, but if the living expenses eat up your budget, it's going to be hard to enjoy your home. You will most likely look for a different property because you can't afford to live in the house you bought.

These expenses will be the least of your worries when you buy a home in Lewisburg. Groceries and utilities eat up a big part of everyone's budget. If the cost of those were less, you have more money to spend on other things you can enjoy in the city. You can use the money you saved to take advantage of the many recreational activities offered by Lewisburg.

5. Safe community

With a crime rate that's almost 10% lower than the national average, Lewisburg is no doubt safe. Cost, environment, and community are essential things to consider, but scoring a great real estate deal turns into waste without peace of mind and security.

I'm ready to buy a home in Lewisburg. What's the next step for me?

The first step is to get a smart and reliable realtor. Buying a home is one of the biggest transactions you will ever make. Things can be complicated and frustrating, but it does not have to be a long process with the help of a real estate agent. Getting an expert will give you that dream home in Lewisburg without much hassle.

For a smooth and stress-free home hunting in Lewisburg, don't randomly pick any real estate agent. Find a broker with an extensive knowledge of the neighborhood and a good track record.

I would love to help you find your dream home, call me, Rebecca Gaujot, at 304-520-2133.

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In case you cannot view this video here, please click the link below to view Why Buy A Home in Lewisburg, WV? on my YouTube channel: https://www.youtube.com/watch?v=Ka4Ci9JJKM0&feature=youtu.be

#LewisburgWVHomesForSale #HomesInLewisburgWV #RebeccaGaujot

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socialistsquirrel · 5 years

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Reforming student finance: Looking beyond scrapping tuition fees

Every Labour leadership contender has backed the scrapping of tuition fees, which is great, and is absolutely the correct policy. Most other developed nations manage to have free higher education, so why not the UK as well? If we can afford to bail the banks out, build HS2 and a bridge from Scotland to Northern Ireland, then surely we can afford to cover the cost of higher education for all. However, although the debt is somewhat off putting for many potential university students and so some will opt not to go at all, there is a cost that has a larger more practical impact. The absolute maximum a student living away from home outside of London can receive in a maintenance loan is £8,944. That amount is only for students whose household income is £25,000 or under, and so for every household income band above that, the figure students can receive goes down and down and down. The household income figure is usually based on the student’s parents’ income, if the student is under 25. This student maintenance would only not be based on the income of the student’s parents if they are categorised as an ‘independent student’. In order to be categorised as such, they would either have to have been supporting themselves financially for at least three years, be estranged from their parents, be married or in a civil partnership or have no living parents. So unless a student would go to the drastic measure of killing off their parents or marrying their best mate in order to get full maintenance, they’re a bit stuck. However, what happens in most cases is students don’t receive the maximum loan - if a student comes from a two parent household, the household income is likely to be in the £40,000s, which leaves the student with between £6,000 and £7,000 to live on. The reason why SFE sets the bands up in the way it has is it assumes students outside of London living independently will be able to live on £8,944. It then assumes that someone who comes from a household where the income is £25,000 or less will not be able to contribute towards their adult son or daughter at university. The next assumption is that as household incomes go up, their parents are willing and able to make up the difference so the student will still have that £8,944 to live on. There are clearly a lot of problems with the assumptions that SFE make and the information it uses to make these assumptions. It assumes that £8,944 is enough to live on. In some university towns/cities it probably is okay. But that’s only if the rent is cheap in the town/city (e.g. somewhere like Middlesbrough, Hull, Sunderland), the student can get a contract that only lasts the length of the academic year (or near enough) so they’re not paying for 3 months rent during the summer when they’re not there and they don’t have to pay board to their parents during the holidays The next wrong assumption is parents will make up the difference. The way SFE works out how much maintenance to give a student is purely income, not disposable income. For example, consider two students with two sets of parents both with household incomes of £40,000. Both students will receive £7,019 for the year. Student A is an only child whose parents have already paid their mortgage off and they can afford to top their son/daughter’s maintenance up by an additional £3,000 a year. Student B has two younger siblings still at school and their parents are renting in London (SFE only takes into account where the student will be studying, not where the parents live). Student B’s parents can only contribute a little extra top-up here and there. This is far from hypothetical. My parents couldn’t afford to top me up to the full amount, but I was very lucky in that I only went to university in cheap cities and always got shorter rent contracts, so I managed. However, a student who was on my course dropped out purely because of financial reasons. Her parents were on high incomes, so she was in one of the lowest bands for student finance. However, she was also one of quite a few children (and one of the oldest) and her parents had very high mortgage repayments. Although I was in a more middle band, her parents could barely afford to top her up at all so she had far less than me to live on. We were going to live together for a placement year in a more expensive city, until she realised she literally could not afford to live there. She left our course and changed to a course without the placement year. “But you can get a job!” I hear some older people who went to university for free yell in the distance. Working while at university can be great for some people, it can help build their CV, it can help them get work experience, it can help them build skills. Getting a job whilst studying can be a really positive decision for some students. However, it shouldn’t be a choice that students are forced to make for financial reasons so they can afford to eat and pay the rent - student finance should cover that. Students who work on average receive lower grades than those who don’t work. If a student genuinely wants to work and thinks it will be beneficial to them beyond the financial, and so would be happy with getting a 2:1 at the end instead of scraping a 1:1, then that’s fine, but a student’s grades shouldn’t have to suffer because they needed to work. To add to that, for some courses working really is not practical - courses with virtually full-time contact hours where they still have reading and assignments to do when they’re not physically in lectures/tutorials/labs. If they want to be able to attend university, complete all their reading and assignments and also occasionally sleep, there probably isn’t much time to get a job as well. Students with work placements also won’t have much time to hold down paid employment as well. Imagine a medical student working for free on placement at least 9-5 most days, slotting university contact hours in and also ensuring they are read up on what they are meant to be, then also trying to work part-time alongside all of that for extra cash. It’s just not feasible, to the extent that many universities have banned students from taking on paid part-time jobs on some courses (e.g. medicine, nursing, veterinary) and Cambridge strongly advises against all students taking on part-time jobs during term time because terms are so intense - the argument from them being you’re not at university to work, you’re there to study. What the Labour leadership candidates need to do is look beyond just the scrapping of tuition fees and to the student finance system as a whole. Students are being let down once they are at university - it’s not the tuition fees that make it unaffordable for some, it’s the cost of living and SFE’s inability to cover that. Whether it’s a loan or a grant, or a mixture of the two, all students should receive a minimum which covers the cost of living. If wealthier parents then want to top it up, or students still want to take on part-time work, then so be it, but that finance should enable students to actually study.

#labour leadership #labour leadership election #rebecca long-bailey #keir starmer #lisa nandy #tuition fees #scrapping tuition fees #abolishing tuition fees #student finance #student finance england #sfe #university #higher education #higher education funding #education #uk politics #politics

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magicalwastelandbasement · 4 years

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Cheap Homes and Tips For Buying a House in Sale

A home is a financial asset and more: it's a place to live and raise children; it's a plan for the future; it's an investment in your community. That's why all Americans should have an opportunity to enjoy the benefits of owning a home. And here are some tips for first-time home buyers.

Knowledge is said to open doors. This is literally true when it comes to buying a home. To become a first-time home buyer, you need to know where and how to begin the home buying process. The following questions and answers have been carefully selected to give you a foundation of basic knowledge of home purchasing. In addition to helping you begin, these steps will give you the tools necessary to navigate the entire home buying process - from deciding whether you're ready to buy house, all the way to that final proud step of owning a home, getting the keys to your new home.

1. HOW DO I KNOW IF I'M READY TO BUY A HOME?

You can find out by asking yourself some questions:

Do I have a steady source of income (usually a job)? Have I been employed on a regular basis for the last 2-3 years? Is my current income reliable? Do I have a good record of paying my bills? Do I have few outstanding long-term debts, like car payments? Do I have money saved for a down payment? Do I have the ability to pay a mortgage every month, plus additional costs?

If you can answer "yes" to these questions, you are probably ready to buy your own home.

2. HOW DO I BEGIN THE PROCESS OF BUYING A HOME?

Start by thinking about your situation. Are you ready to buy a home? How much can you afford in a monthly mortgage payment? How much space do you need? What areas of town do you like? After you answer these questions, make a "To Do" list and start doing casual research about property. Talk to friends and family, drive through neighborhoods, and look in the "Homes" section of the newspaper, Foreclosure Listings, and internet search.

3. HOW DOES PURCHASING A HOME COMPARE WITH RENTING?

The two don't really compare at all. The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity, take advantage of tax benefits, and protect yourself against rent increases. Also, you may not be free to decorate without permission and may be at the mercy of the landlord for housing.

Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that's an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities- like insurance, real estate taxes, and upkeep- which can be substantial. But given the freedom, stability, and security of owning your own home, they are worth it.

4. HOW DOES THE LENDER DECIDE THE MAXIMUM LOAN AMOUNT THAT CAN AFFORD?

The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. Monthly mortgage payments should be no more than 29% of gross income, while the mortgage payment, combined with non-housing expenses, 4 should total no more than 41% of income. The lender also considers cash available for down payment and closing costs, credit history, etc. when determining your maximum loan amount.

5. HOW DO I SELECT THE RIGHT REAL ESTATE AGENT?

Start by asking family and friends if they can recommend an agent. Compile a list of several agents and talk to each before choosing one. Look for an agent who listens well and understands your needs, and whose judgment you trust. The ideal agent knows the local area well and has resources and contacts to help you in your search. Overall, you want to choose an agent that makes you feel comfortable and can provide all the knowledge and real estate services you need. But make sure you check the prices for homes in the area on internet before you visit any real estate agent.

6. HOW CAN I DETERMINE MY HOUSING NEEDS BEFORE I BEGIN THE SEARCH?

Your home should fit way you live, with spaces and features that appeal to the whole family. Before you begin looking at homes, make a list of your priorities - things like location and size. Should the house be close to certain schools? your job? to public transportation? How large should the house be? What type of lot do you prefer? What kinds of amenities are you looking for? Establish a set of minimum requirements and a 'wish list." Minimum requirements are things that a house must have for you to consider it, while a "wish list" covers things that you'd like to have but aren't essential.

7. WHAT SHOULD I LOOK FOR WHEN DECIDING ON A COMMUNITY?

Select a community that will allow you to best live your daily life. Many people choose communities based on schools. Do you want access to shopping and public transportation? Is access to local facilities like libraries and museums important to you? Or do you prefer the peace and quiet of a rural community? When you find places that you like, talk to people that live there. They know the most about the area and will be your future neighbors. More than anything, you want a neighborhood where you feel comfortable in.

8. HOW CAN I FIND OUT ABOUT LOCAL SCHOOLS?

You can get information about school systems by contacting the city or county school board or the local schools. Your real estate agent may also be knowledgeable about schools in the area.

9. HOW CAN I FIND OUT HOW MUCH HOMES ARE SELLING FOR IN CERTAIN COMMUNITIES AND NEIGHBORHOODS?

Your real estate agent can give you a ballpark figure by showing you comparable listings. If you are working with a real estate professional, they may have access to comparable sales.

10. HOW CAN I FIND INFORMATION ON THE PROPERTY TAX LIABILITY?

The total amount of the previous year's property taxes is usually included in the listing information. If it's not, ask the seller for a tax receipt or contact the local assessor's off ice. Tax rates can change from year to year, so these figures may be approximate.

11. WHAT OTHER TAX ISSUES SHOULD I TAKE INTO CONSIDERATION?

Keep in mind that your mortgage interest and real estate taxes will be deductible. A qualified real estate professional can give you more details on other tax benefits and liabilities,

12. IS AN OLDER HOME A BETTER VALUE THAN A NEW ONE?

There isn't a definitive answer to this question. You should look at each home for its individual characteristics. Generally, older homes may be in more established neighborhoods, offer more ambiance, and have lower property tax rates. People who buy older homes, however, shouldn't mind maintaining their home and making some repairs. Newer homes tend to use more modern architecture and systems, are usually easier to maintain, and may be more energy-efficient. People who buy new homes often don't want to worry initially about upkeep and repairs.

13. WHAT SHOULD I LOOK FOR WHEN WALKING THROUGH A HOME? In addition to comparing the home to your minimum requirement and wish lists, use the Home Scorecard and consider the following:

Is there enough room for both the present and the future? Are there enough bedrooms and bathrooms? Is the house structurally sound? Do the mechanical systems and appliances work? Is the yard big enough? Do you like the floor plan? Will your furniture fit in the space? Is there enough storage space? (Bring a tape measure to better answer these questions.) Does anything need to repaired or replaced? Will the seller repair or replace the items?

Imagine the house in good weather and bad, and in each season. Will you be happy with it year-round?

Take your time and think carefully about each house you see. Ask your real estate agent to point out the pros and cons of each home from a professional standpoint.

14. WHAT QUESTIONS SHOULD I ASK WHEN LOOKING AT HOMES?

Many of your questions should focus on potential problems and maintenance issues. Does anything need to be replaced? What things require ongoing maintenance (e.g., paint, roof, HVAC, appliances, carpet)? Also ask about the house and neighborhood, focusing on quality of life issues. Be sure the seller's or real estate agent's answers are clear and complete. Ask questions until you understand all of the information they've given. Making a list of questions ahead of time will help you organize your thoughts and arrange all of the information you receive. Prepare your own Home question list before you visit property. Find out about monthly utility bills for entire home.

15. HOW CAN I KEEP TRACK OF ALL THE HOMES I SEE?

If possible, take photographs of each house: the outside, the major rooms, the yard, and extra features that you like or ones you see as potential problems. And don't hesitate to return for a second look. Organize your photos and notes for each house.

16. HOW MANY HOMES SHOULD I CONSIDER BEFORE CHOOSING ONE?

There isn't a set number of houses you should see before you decide. Visit as many as it takes to find the one you want. On average, home buyers see 15 houses before choosing one. Just be sure to communicate often with your real estate agent about everything you're looking for. It will help avoid wasting your time.

YOU'VE FOUND THE DREAM HOME

17. WHAT DOES A HOME INSPECTOR DO, AND HOW DOES AN INSPECTION FIGURE IN THE PURCHASE OF A HOME?

An inspector checks the safety of your potential new home. Home Inspectors focus especially on the structure, construction, and mechanical systems of the house and will make you aware of only repairs,that are needed.

The Inspector does not evaluate whether or not you're getting good value for your money. Generally, an inspector checks (and gives prices for repairs on): the electrical system, plumbing and waste disposal, the water heater, insulation and Ventilation, the HVAC system, water source and quality, the potential presence of pests, the foundation, doors, windows, ceilings, walls, floors, and roof. Be sure to hire a home inspector that is qualified and experienced.

It's a good idea to have an inspection before you sign a written offer since, once the deal is closed, you've bought the house as is." Or, you may want to include an inspection clause in the offer when negotiating for a home. An inspection t clause gives you an 'out" on buying the house if serious problems are found,or gives you the ability to renegotiate the purchase price if repairs are needed. An inspection clause can also specify that the seller must fix the problem(s) before you purchase the house.

18. DO I NEED TO BE THERE FOR THE INSPECTION?

It's not required, but it's a good idea. Following the inspection, the home inspector will be able to answer questions about the report and any problem areas. This is also an opportunity to hear an objective opinion on the home you'd I like to purchase and it is a good time to ask general, maintenance questions.

19. ARE OTHER TYPES OF INSPECTIONS REQUIRED?

If your home inspector discovers a serious problem a more specific Inspection may be recommended. It's a good idea to consider having your home inspected for the presence of a variety of health-related risks like radon gas asbestos, or possible problems with the water or waste disposal system.

20. HOW CAN I PROTECT MY FAMILY FROM LEAD IN THE HOME?

If the house you're considering was built before 1978 and you have children under the age of seven, you will want to have an inspection for lead-based point. It's important to know that lead flakes from paint can be present in both the home and in the soil surrounding the house. The problem can be fixed by repairing damaged paint surfaces or planting grass over effected soil. Hiring a lead abatement contractor to remove paint chips.

21. DO I NEED A LAWYER TO BUY A HOME?

Laws vary by state. Some states require a lawyer to assist in several aspects of the home buying process while other states do not, as long as a qualified real estate professional is involved. Even if your state doesn't require one, you may want to hire a lawyer to help with the complex paperwork and legal contracts. A lawyer can review contracts, make you aware of special considerations, and assist you with the closing process. Your real estate agent may be able to recommend a lawyer. If not, shop around. Find out what services are provided for what fee, and whether the attorney is experienced at representing home buyers.

22. DO I REALLY NEED HOME OWNER'S INSURANCE?

Yes. A paid home owner's insurance policy (or a paid receipt for one) is required at closing, so arrangements will have to be made prior to that day. Plus, involving the insurance agent early in the home buying process can save you money. Insurance agents are a great resource for information on home safety and they can give tips on how to keep insurance premiums low.

23. WHAT STEPS COULD I TAKE TO LOWER MY HOME OWNER'S INSURANCE COSTS?

Be sure to shop around among several insurance companies. Also, consider the cost of insurance when you look at homes. Newer homes and homes constructed with materials like brick tend to have lower premiums. Think about avoiding areas prone to natural disasters, like flooding. Choose a home with a fire hydrant or a fire department nearby.

24. IS THE HOME LOCATED IN A FLOOD PLAIN?

Your real estate agent or lender can help you answer this question. If you live in a flood plain, the lender will require that you have flood insurance before lending any money to you. But if you live near a flood plain, you may choose whether or not to get flood insurance coverage for your home. Work with an insurance agent to construct a policy that fits your needs.

25. WHAT OTHER ISSUES SHOULD I CONSIDER BEFORE I BUY MY HOME?

Always check to see if the house is in a low-lying area, in a high-risk area for natural disasters (like earthquakes, hurricanes, tornadoes, etc.), or in a hazardous materials area. Be sure the house meets building codes. Also consider local zoning laws, which could affect remodeling or making an addition in the future. Your real estate agent should be able to help you with these questions.

26. HOW DO I MAKE AN OFFER?

Your real estate agent will assist you in making an offer, which will include the following information:

Complete legal description of the property Amount of earnest money own payment and financing details Proposed move-in date Price you are offering Proposed closing date Length of time the offer is valid Details of the deal

Remember that a sale commitment depends on negotiating a satisfactory contract with the seller, not just Making an offer.

Other ways to lower ins-insurance costs include insuring your home and car(s) with the same company, increasing home security, and seeking group coverage through alumni or business associations. Insurance costs are always lowered by raising your deductibles, but this exposes you to a higher out-of-pocket cost if you have to file a claim.

27. HOW DO I DETERMINE THE INITIAL OFFER?

Unless you have a buyer's agent, remember that the agent works for the seller. Make a point of asking him or her to keep your discussions and information confidential. Listen to your real estate agent's advice, but follow your own instincts on deciding a fair price. Calculating your offer should involve several factors: what homes sell for in the area, the home's condition, how long it's been on the market, financing terms, and the seller's situation. By the time you're ready to make an offer, you should have a good idea of what the home is worth and what you can afford. And, be prepared for give-and-take negotiation, which is very common when buying a home. The buyer and seller may often go back and forth until they can agree on a price. Check Home price in that area on websites.

28. WHAT IS EARNEST MONEY? HOW MUCH SHOULD I SET ASIDE?

Earnest money is money put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price (though the amount can vary with local customs and conditions). If your offer is accepted, the earnest money becomes part of your down payment or closing costs. If the offer is rejected, your money is returned to you. If you back out of a deal, you may forfeit the entire amount.

29. WHAT ARE "HOME WARRANTIES", AND SHOULD I CONSIDER THEM?

Home warranties offer you protection for a specific period of time (e.g., one year) against potentially costly problems, like unexpected repairs on appliances or home systems, which are not covered by home owner's insurance. Warranties are becoming more popular because they offer protection during the time immediately following the purchase of a home, a time when many people find themselves cash-strapped.

GENERAL FINANCING QUESTIONS:THE BASICS

30. WHAT IS A MORTGAGE?

Generally speaking, a mortgage is a loan obtained to purchase real estate. The "mortgage" itself is a lien (a legal claim) on the home or property that secures the promise to pay the debt. All mortgages have two features in common: principal and interest.

31. WHAT IS A LOAN TO VALUE (LTV) HOW DOES IT DETERMINE THE SIZE OF MY LOAN?

The loan to value ratio is the amount of money you borrow compared with the price or appraised value of the home you are purchasing. Each loan has a specific LTV limit. For example: With a 95% LTV loan on a home priced at $50,000, you could borrow up to $47,500 (95% of $50,000), and would have to pay,$2,500 as a down payment.

The LTV ratio reflects the amount of equity borrowers have in their homes. The higher the LTV the less cash home buyers are required to pay out of their own funds. So, to protect lenders against potential loss in case of default, higher LTV loans (80% or more) usually require mortgage insurance policy.

32. WHAT TYPES OF LOANS ARE AVAILABLE AND WHAT ARE THE ADVANTAGES OF EACH?

Fixed Rate Mortgages: Payments remain the same for the the life of the loan

Types

15-year 30-year

Advantages

Predictable Housing cost remains unaffected by interest rate changes and inflation.

Adjustable Rate Mortgages (ARMS): Payments increase or decrease on a regular schedule with changes in interest rates; increases subject to limits

Types

Balloon Mortgage- Offers very low rates for an Initial period of time (usually 5, 7, or 10 years); when time has elapsed, the balance is clue or refinanced (though not automatically) Two-Step Mortgage- Interest rate adjusts only once and remains the same for the life of the loan ARMS linked to a specific index or margin

Advantages

Generally offer lower initial interest rates Monthly payments can be lower May allow borrower to qualify for a larger loan amount

33. WHEN DO ARMS MAKE SENSE?

An ARM may make sense If you are confident that your income will increase steadily over the years or if you anticipate a move in the near future and aren't concerned about potential increases in interest rates.

34. WHAT ARE THE ADVANTAGES OF 15- AND 30-YEAR LOAN TERMS?

30-Year:

In the first 23 years of the loan, more interest is paid off than principal, meaning larger tax deductions. As inflation and costs of living increase, mortgage payments become a smaller part of overall expenses.

15-year:

Loan is usually made at a lower interest rate. Equity is built faster because early payments pay more principal.

35. CAN I PAY OFF MY LOAN AHEAD OF SCHEDULE?

Yes. By sending in extra money each month or making an extra payment at the end of the year, you can accelerate the process of paying off the loan. When you send extra money, be sure to indicate that the excess payment is to be applied to the principal. Most lenders allow loan prepayment, though you may have to pay a prepayment penalty to do so. Ask your lender for details.

36. ARE THERE SPECIAL MORTGAGES FOR FIRST-TIME HOME BUYERS?

Yes. Lenders now offer several affordable mortgage options which can help first-time home buyers overcome obstacles that made purchasing a home difficult in the past. Lenders may now be able to help borrowers who don't have a lot of money saved for the down payment and closing costs, have no or a poor credit history, have quite a bit of long-term debt, or have experienced income irregularities.

37. HOW LARGE OF A DOWN PAYMENT DO I NEED?

There are mortgage options now available that only require a down payment of 5% or less of the purchase price. But the larger the down payment, the less you have to borrow, and the more equity you'll have. Mortgages with less than a 20% down payment generally require a mortgage insurance policy to secure the loan. When considering the size of your down payment, consider that you'll also need money for closing costs, moving expenses, and - possibly -repairs and decorating.

38. WHAT IS INCLUDED IN A MONTHLY MORTGAGE PAYMENT?

The monthly mortgage payment mainly pays off principal and interest. But most lenders also include local real estate taxes, home owner's insurance, and mortgage insurance (if applicable).

39. WHAT FACTORS AFFECT MORTGAGE PAYMENTS?

The amount of the down payment, the size of the mortgage loan, the interest rate, the length of the repayment term and payment schedule will all affect the size of your mortgage payment.

40. HOW DOES THE INTEREST RATE FACTOR IN SECURING A MORTGAGE LOAN?

A lower interest rate allows you to borrow more money than a high rate with the some monthly payment. Interest rates can fluctuate as you shop for a loan, so ask-lenders if they offer a rate "lock-in"which guarantees a specific interest rate for a certain period of time. Remember that a lender must disclose the Annual Percentage Rate (APR) of a loan to you. The APR shows the cost of a mortgage loan by expressing it in terms of a yearly interest rate. It is generally higher than the interest rate because it also includes the cost of points, mortgage insurance, and other fees included in the loan.

41. WHAT HAPPENS IF INTEREST RATES DECREASE AND I HAVE A FIXED RATE LOAN?

If interest rates drop significantly, you may want to investigate refinancing. Most experts agree that if you plan to be in your house for at least 18 months and you can get a rate 2% less than your current one, refinancing is smart. Refinancing may, however, involve paying many of the same fees paid at the original closing, plus origination and application fees.

42. WHAT ARE DISCOUNT POINTS?

Discount points allow you to lower your interest rate. They are essentially prepaid interest, With each point equaling 1% of the total loan amount. Generally, for each point paid on a 30-year mortgage, the interest rate is reduced by 1/8 (or.125) of a percentage point. When shopping for loans, ask lenders for an interest rate with 0 points and then see how much the rate decreases With each point paid. Discount points are smart if you plan to stay in a home for some time since they can lower the monthly loan payment. Points are tax deductible when you purchase a home and you may be able to negotiate for the seller to pay for some of them.

43. WHAT IS AN ESCROW ACCOUNT? DO I NEED ONE?

Established by your lender, an escrow account is a place to set aside a portion of your monthly mortgage payment to cover annual charges for home owner's insurance, mortgage insurance (if applicable), and property taxes. Escrow accounts are a good idea because they assure money will always be available for these payments. If you use an escrow account to pay property tax or home owner's insurance, make sure you are not penalized for late payments since it is the lender's responsibility to make those payments.

44. WHAT STEPS NEED TO BE TAKEN TO SECURE A LOAN?

The first step in securing a loan is to complete a loan application. To do so, you'll need the following information.

Pay stubs for the past 2-3 months W-2 forms for the past 2 years Information on long-term debts Recent bank statements tax returns for the past 2 years Proof of any other income Address and description of the property you wish to buy Sales contract

During the application process, the lender will order a report on your credit history and a professional appraisal of the property you want to purchase. The application process typically takes between 1-6 weeks.

45. HOW DO I CHOOSE THE RIGHT LENDER FOR ME?

Choose your lender carefully. Look for financial stability and a reputation for customer satisfaction. Be sure to choose a company that gives helpful advice and that makes you feel comfortable. A lender that has the authority to approve and process your loan locally is preferable, since it will be easier for you to monitor the status of your application and ask questions. Plus, it's beneficial when the lender knows home values and conditions in the local area. Do research and ask family, friends, and your real estate agent for recommendations. Once again internet research can help you in home financing too.

46. HOW ARE PRE-QUALIFYING AND PRE-APPROVAL DIFFERENT?

Pre-qualification is an informal way to see how much you maybe able to borrow. You can be 'pre-qualified' over the phone with no paperwork by telling a lender your income, your long-term debts, and how large a down payment you can afford. Without any obligation, this helps you arrive at a ballpark figure of the amount you may have available to spend on a house.

Pre-approval is a lender's actual commitment to lend to you. It involves assembling the financial records mentioned in Question 47 (Without the property description and sales contract) and going through a preliminary approval process. Pre-approval gives you a definite idea of what you can afford and shows sellers that you are serious about buying.

47. WHAT IS A CREDIT BUREAU SCORE AND HOW DO LENDERS USE THEM?

A credit bureau score is a number, based upon your credit history, that represents the possibility that you will be unable to repay a loan. Lenders use it to determine your ability to qualify for a mortgage loan. The better the score, the better your chances are of getting a loan. Ask your lender for details.

CLOSING

48. WHAT HAPPENS AFTER I'VE APPLIED FOR MY LOAN?

It usually takes a lender between 1-6 weeks to complete the evaluation of your application. Its not unusual for the lender to ask for more information once the application has been submitted. The sooner you can provide the information, the faster your application will be processed. Once all the information has been verified the lender will call you to let you know the outcome of your application. If the loan is approved, a closing date is set up and the lender will review the closing with you. And after closing, you'll be able to move into your new home.

49. WHAT SHOULD I LOOK OUT FOR DURING THE FINAL WALK-THROUGH?

This will likely be the first opportunity to examine the house without furniture, giving you a clear view of everything. Check the walls and ceilings carefully, as well as any work the seller agreed to do in response to the inspection. Any problems discovered previously that you find uncorrected should be brought up prior to closing. It is the seller's responsibility to fix them.

50. WHAT MAKES UP CLOSING COST OF HOME?

There may be closing cost customary or unique to a certain locality, but closing cost are usually made up of the following:

Attorney's or escrow fees (Yours and your lender's if applicable) Property taxes (to cover tax period to date) Interest (paid from date of closing to 30 days before first monthly payment) Loan Origination fee (covers lenders administrative cost) Recording fees Survey fee First premium of mortgage Insurance (if applicable) Title Insurance (yours and lender's) Loan discount points First payment to escrow account for future real estate taxes and insurance Paid receipt for home owner's insurance policy (and fire and flood insurance if applicable). Any documentation preparation fees

51. WHAT CAN I EXPECT TO HAPPEN ON CLOSING DAY?

You'll present your paid home owner's insurance policy or a binder and receipt showing that the premium has been paid. The closing agent will then list the money you owe the seller (remainder of down payment, prepaid taxes, etc.) and then the money the seller owes you (unpaid taxes and prepaid rent, if applicable). The seller will provide proofs of any inspection, warranties, etc.

Once you're sure you understand all the documentation, you'll sign the mortgage, agreeing that if you don't make payments the lender is entitled to sell your property and apply the sale price against the amount you owe plus expenses. You'll also sign a mortgage note, promising to repay the loan. The seller will give you the title to the house in the form of a signed deed.

You'll pay the lender's agent all closing costs and, in turn,he or she will provide you with a settlement statement of all the items for which you have paid. The deed and mortgage will then be recorded in the state Registry of Deeds, and you will be a homeowner.

52. WHAT DO I GET AT CLOSING?

Settlement Statement (itemizes services provided and the fees charged; it is filled out by the closing agent and must be given to you at or before closing)

Truth-in-Lending Statement

Mortgage Note

Mortgage or Deed of Trust

Binding Sales Contract (prepared by the seller; your lawyer should review it)

Keys to your new home

#home #decor #homedecor

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ravnlghtft · 4 years

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Our country is now facing its worst crisis in modern history. We are in the midst of a COVID-19 pandemic that could lead to the death of hundreds of thousands of Americans and infect millions of others, and we are entering an economic downturn that could be worse than the Great Depression of the 1930s.

Last week, 3.3 million Americans filed for unemployment. This week that number doubled to 6.6 million claims — ten times higher than any other week on record. It is certain that well over 10 million people have lost their jobs — more than in the Wall Street crash of 2008.

In this unprecedented moment in modern American history, it is imperative that we respond in an unprecedented way. And that means that Congress must pass, in the very near future, the boldest piece of legislation ever written in modern history.

There are many, many issues that must be addressed in our response to this pandemic, and working together, we will make sure they are addressed.

But today, I am outlining a set of six core provisions that must be included in the next legislation Congress passes to support working people in this country during this horrific crisis. Please read them and add your name to say that you agree:

1. Addressing the Employment Crisis and Providing Immediate Financial Relief

There is little doubt in my mind that we are facing an economic crisis that could be even worse than the Great Depression. The St. Louis Federal Reserve has projected that 47 million more people may become unemployed by the end of June, with unemployment reaching 32 percent. In my view, we must make sure that every worker in America continues to receive their paycheck during this crisis and we must provide immediate financial relief to everyone in this country.

An important precedent for that approach was taken in the recent stimulus package in which grants were provided to the airlines for the sole purpose of maintaining the paychecks and benefits of some 2 million workers in that industry through September 30. We must expand that program to cover every worker in America and we must make it retroactive to the beginning of this crisis. This is not a radical idea. Other countries, such as the UK, Norway, Denmark, France, and others have all come up with similar approaches to sustain their economy and prevent workers from losing their jobs.

Our primary goal during this crisis must be to prevent the disintegration of the American economy. It will be much easier and less expensive to prevent the collapse of the economy than trying to put it back together after it collapses.

To do this, we must also begin monthly payments of $2,000 for every man, woman, and child in our country, and guarantee paid family leave throughout this crisis so that people who are sick do not face the choice of infecting others or losing their job.

2. We Must Guarantee Health Care to All

Let’s be clear: we were facing a catastrophic health care crisis before the pandemic, and now that crisis has become much, much worse. Already, 87 million people are uninsured or underinsured. Layoffs will mean tens of millions of people more will lose their current insurance — which will result in countless deaths and bankruptcies. Already in the last two weeks, an estimated 3.5 million people have lost their employer-sponsored insurance.

And as the pandemic grows, we are seeing more and more reports of people who have delayed treatment due to concerns about cost. In this pandemic, uninsurance will lead to deaths and more COVID-19 transmissions.

Therefore, during this crisis, Medicare must be empowered to pay all of the deductibles, co-payments and out-of-pocket healthcare expenses for the uninsured and the underinsured. No one in America who is sick, regardless of immigration status, should be afraid to seek the medical treatment they need during this national pandemic. Let me be clear: I am not proposing that we pass Medicare for All in this moment. That fight continues into the future. But, for the moment, we must act boldly to make sure everyone can get the health care they need in the coming months.

3. Use the Defense Production Act to Produce the Equipment and Testing We Need

Unbelievably, in the United States right now, doctors and nurses are unnecessarily putting their lives on the line treating people suffering from the coronavirus because they lack personal protective equipment like masks, gloves, and surgical gowns. The CDC has directed health professionals to use homemade gear like bandanas or scarves and some workers at the VA are being told to re-use one surgical mask for a week at a time. HHS estimated that our country needs 3.5 billion masks in response to this crisis.

President Trump has utilized the Defense Production Act thousands of times for the military and for enforcement of his immigration policies, yet he has resisted using its power to save lives during the pandemic. That is unacceptable. We must immediately and forcefully use the Defense Production Act to direct the production of all of the personal protective equipment, ventilators and other medical supplies needed.

We must also utilize this power to produce antibody tests so we can begin figuring out who has already contracted the virus and has developed some immunity to COVID-19.

In addition, OSHA must adopt a strong emergency standard to protect health care workers, patients, and the public during this crisis. We must crack down aggressively on price gougers and hoarders, and use any means necessary to secure supplies.

4. Make Sure No One Goes Hungry

Even before this crisis hit, one in every seven kids in America was going hungry and nearly 5.5 million seniors in our country struggled with hunger. Already in this crisis we see lines at food banks and growing concern that our most vulnerable communities and those recently unemployed may struggle to feed their families.

As communities face record levels of food insecurity, we must increase SNAP benefits, expand the WIC program for pregnant mothers, infants, and children, double funding for the Emergency Food Program (TEFAP) to ensure food banks have food to distribute, and expand Meals on Wheels and School Meals programs. When necessary, we must also develop new approaches to deliver food to vulnerable populations — including door-to-door drop offs.

5. Provide Emergency Aid to States and Cities

Even as state and local employees like police officers, firefighters and paramedics work on the front lines of this pandemic, states and cities that pay their salaries are facing enormous budgetary pressures.

Congress must provide $600 billion in direct fiscal aid to states and cities to ensure they have the personnel and funding necessary to respond to this crisis. In addition, the Federal Reserve must establish programs to provide direct fiscal support and budgetary relief to states and municipalities.

6. Suspend Monthly Payments

Even before this crisis, half of the people in our country were living paycheck to paycheck. In America today, over 18 million families are paying more than 50 percent of their income on housing. Now, with growing unemployment, families are facing financial ruin if we do not act quickly and boldly.

That’s why we must suspend monthly expenses like rent, mortgages, medical debt and consumer debt collection for 4 months. We must cancel all student loan payments for the duration of this crisis, and place an immediate moratorium on evictions, foreclosures, and utility shut-offs.

Brothers and sisters: In this unprecedented moment in our history it is easy to feel like we are alone, and that everyone must fend for themselves. But that would be a mistake and a terrible tragedy. Now, more than any other moment in our lives, we must remember that we are all in this together — that when one of us gets sick, many more may get sick. And when my neighbor loses their job, I may lose my job as well.

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renatoled · 5 years

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5 Reasons Why Investing in Property in Hull Will Create Wealth

This content aims to educate the reader on the 5 fundamentals in professional property investing specifically focused on the city of Hull in the East Riding of Yorkshire The topics coated Leverage Return on Investment Rental Demand Stress Testing Exit Prepare Leverage When investing in property you can benefit by debt from the bank using the power of leverage. Typically, any buy to let mortgage requires you to put a fabulous 25% deposit down and the bank will provide the remaining 75% of the purchase price of the property. Where else can you cause them to do that? Banks will lend you money to buy residence. They are less likely to lend you money to grow your organization and they definitely will not lend you money to buy stock option and shares. They understand that property is still a reliable secure asset despite what the media says. To point out to you the power of leverage lets show you an example. You have 100, 000 to spend on an investment property. Below scenarios show how you can spend that money Scenario 1 - Buying 1 property worth 100K with your complete cash Buying 1 house without a mortgage. Put down 100K and buy the property outright. The following year inflation raises the cost of that property by 5%. The property is now worth 105K. You now have a property worth 105K and an collateral of 5K in that property. Scenario 2 - Selecting 4 properties each worth 100K with a mortgage in each You put a 25K deposit down regarding each property and a mortgage for the remaining 75K, paying out all your 100K across 4 properties not just 1 real estate this time. The following year inflation raises the prices of that building by 5%, the same as scenario 1 . Each property will now be worth 105K. However , now you have 4 of them therefore benefit from the 5K equity in each one. So you now have 20K equity instead of the 5K in scenario 1 . You have however spent the same amount of money but have benefited from take advantage of of money from the Bank. 2-3 bedroom properties through Hull can be bought for between 40-100K. They offer a superb opportunity to leverage your cash Return on Investment The return on investment is defined under Return on investment = Gain of Investment - Cost regarding Investment / Cost of Investment In basic words and phrases, how hard is your money working for you. You can choose to get a new business venture, shares on the stock market or property. Each one wealth creation channel has its own return on investment together with the associated risk. As a professional investor you have to weigh up your own appetite for risk and potential return on your investment. Lets visit again the 2 leverage scenarios and examine the return on investment Predicament 1 - Buying 1 property worth 100K utilizing all your cash Return on investment (ROI) is 5% e. g. 5K/100K Scenario 2 - Buying 4 properties each one worth 100K with a mortgage Return on investment (ROI) is 20% e. g. 20K/100K Hull is a great place to start your pro property investing career because of the great return on investment. The reason is who property prices in Hull are among some of the most affordable in the UK. So , the cost of your investment is lower. This means as well as can your money go further ie. you could buy further properties but each of those properties will go up on price and if you've leveraged your investments with home loans your return on investment will be even greater. Hull gives a better roi than more expensive cities in the UK because property prices are actually lower Rental Demand Of course, an investment property exclusively becomes an asset if you are able to rent it through. If you can't, that asset very quickly becomes a liability. An easy reminder on the definition of an asset and liability Possession = Puts money in your pocket Liability = Normally requires money out of your pocket So , to ensure your investment place remains an asset you need to be confident that it is in an subject of high rental demand. Hull is a hidden gem of any city. It is the gateway to Europe via ABP kindoms and P&O Ferries and therefore has a thriving export/import market place. Siemens are going to locate a large wind turbine manufacturing plant there cementing it's status as a centre of excellence for Eco-friendly energy technology. It is well connected by the M62 as well as a broad manufacturing base. The Deep, the UKs primarily submarium has established itself as a tourist destination too. Typically the University of Hull continues to grow and has a healthy student public around 25, 000. However , due to the relatively low incomes in the region, affordability to buy a house is low. This therefore has led to a high demand for rental property. The next post codes in Hull are great rental locations. HU5 is close to the University for students. HU7 as well as HU9 are great for families. Financing Deals If your goal is to own 10, 20 or 30 properties and still provide the deposits for each one you would soon run out of your own cash so how do the Professionals do it? Well, the answer will be Other Peoples Money (OPM). They buy their components at the right price. Money in property is made when you purchase the property NOT when you sell it. Buying at the ideal price i. e. below market value or BMV as it's called enables you to refinance with the mortgage lender around the Open Market Value and pull out most of your put in cash. This enables you to recycle your pot of dollars to purchase another property. However , in this market, the Council of Mortgage Lenders have imposed a 6 month secret that prevents you remortgaging unless the property has been put on for at least 6 months. If you can demonstrate added value in which case you have a better chance of achieving the valuation you desire. Normally Property Prices double every 11 years. This means an important 100K property is worth 200K in 11 years occasion. When you sell this property you pay off the original 100K mortgage and then have approximately 100K profit. This means any time you bought 2 properties you can sell one and completely pay down the mortgage on the other and still have 1 hard cash flowing property with no mortgage on it. Using this principle it is scaled up to any number of properties you wish to buy. Getting a home finance loan can be difficult in this current economic climate but not impossible. The income hasn't disappeared. It is just in different places. The trick will be to find the people with the cash. Buy for cash Some real estate in need of refurbishment in Hull can be bought for as little as 20K. This means you need to buy them with cash as mortgage carriers generally do not lend below 40K. It also means you possibly can move quickly and not have to involve Mortgage Lenders and Valuers from the purchase. Once you have refurbished the property you can then get a surveyor for you to value the property with a view to placing a mortgage on and get most if not all of your cash returned. Deposit Lending You can help people with cash earn more than they are getting back in the bank by offering them a higher interest rate for accepting their money to fund a deposit. You can then return the money after refinancing. Mortgage Host If you can't get a property loan then find someone else who can and offer to share the cash stream from a property. Get a lawyer to draw up an understanding between you and the host. Because property prices will be relatively low in Hull, there is more chance of finding purchasers who are willing to lend you 10-15K for a deposit. Negative aspects are reduced as the amounts on loan are much less. Once you've done 1 deal with an investor and crafted them more money they will be happy to do another deal with you will. Hull property prices are low which leads to lower chances for Cash Investors when funding a deal. Tension Testing With any of your investments we advise stress evaluating your investments at higher interest rates. Whilst we like historically low interest rates it's tempting to buy lots of property discounts. However , interest rates have only 1 way to go and that is up. Test out that your investment still produces cash flows at more significant interest rates so it remains an asset and not a responsibility. Test your investments at higher interest rates. Hull funding properties still positively cash flow at 8-9% interest rates within current rental values. Exit Strategy With any expenditure of money it is vital you know your exit strategies. With an aeroplane understanding where the exits are is vital in case of an emergency. Similarly, through investing you need to know where your exits are for getting right out the investment deal in an emergency. Selling your investment Should for any reason you need to come out of an investment you can market a property. The properties that will be easiest to sell will be the most desired type in that area. If you own an expensive, executive unattached house in a desirable area the number of buyers is cut down and constrained to residential buyers. However , if you have the cheaper, investment property you can sell to both buyers or residential buyers. This is important when considering your investment decision.

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hasufin · 5 years

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On old habits

It’s been a little over a year since we bought this house, and right at a year since we properly moved in.

We’re among the relatively few members of our, uh... socioeconomic group who have made the transition to home ownership. Obviously there are people who are considerably less able to buy a house, but most of the people I know my age who own a house did so by dint of being super lucky (whether they admit it or not) 15 or so years ago, or they bought a house waaaaaay out in the sticks - we know one guy who bought a house in Richmond. And not, like, in the city proper.

But we went from renting in the DC area, to owning a house.Thinking about the transition, I’m kind of reminded of how our society’s relationship with marriage has evolved.

What I mean is, in the pretty recent past a couple would date, probably have sex (but not admit it) but they would not move in together until after getting married (living together while not married was referred to as “living in sin”. No, seriously). So marriage was seen as a Big Deal. It Changed Everything. But anymore, marriage is the formalization of an arrangement which in most cases exists for years beforehand. And, unremarkably, it turns out that marriage is NOT a big deal (I recall a few attempts to claim otherwise, but they ended up being debunked) but rather the lifestyle changes which accompany marriage are what matter.

How does this relate to home ownership?

Time was, in America - and I’m sure you can find a fair bit about this from other sources - home ownership was seen as a natural life goal. Graduate high school, maybe go to college, get a job (which you will have for the rest of your life), get married, buy a house, have kids, etc.. That’s What You Do. Renting was seen as a transitional phase until you could afford to buy a house. And I think sometimes about how terribly easy that looks from here: my parents bought their house for 1/5 of our downpayment. And yes, they did get a mortgage. With my current income I could own... um... infelicitous gods, I could afford between twenty and fifty houses like theirs.

But, anyway. Used to be you rented a year or two so you saved up a few thousand bucks for a downpayment, and then you bought. That was the only sensible thing to do. But now? Well, renting is often more expensive than buying, but we can’t typically scrape up the hundreds of thousands of dollars for a downpayment (seriously, I got lucky) and so were rent, and most of us expect to rent for the rest of our lives.

And that has resulted in some odd calculus and unexpected behaviors. I have at various times rented apartments and houses. Sometimes I’ve done so planning to live there for the duration of the lease, other times I’ve planned to live there for a long time. These predictions have been right about as often as you’d expect.

Now, that has meant every purchase has to be scrutinized under the lens of “What if we move?” And we’ve made some bad ones. Our current dining room table is this gorgeous antique number with four leaves... and moving it across the country was a terrible mistake. I regret buying it. But when we bought it, we honestly thought we’d be buying a house “soon”.

I’ve also bought a non-trivial amount of lawncare equipment, on the assumption that when I rent a house I intend to at least stay there a few years. And, you know? I’ve given away a lot of lawncare equipment, too.

So we were always asking “What if we move?” “Will it make more sense to give this away and get a new one?” “Sure, the cheaper on is a little flimsy and won’t last as long, but it’s lighter and we can carry it ourselves”. And there’s the ever-present “This will improve our lives in this particular living situation, but will be useless or cannot be moved. Does it make sense to buy it, or should we just make do for now?”

But now, we expect to live here for, well, decades. Yet this makes less of a difference than you’d imagine!

For one, there’s seldom a clear price point distinction: there’s not really “stuff for renters” vs. “stuff for owners”, or when there is, it doesn’t matter because owning a house doesn’t magically mean we can afford to spend $10,000 on a couch (And is that couch really significantly better than the $700 one?)

And now instead of “What if we move?” it’s “Maybe if we wait a couple more years we can afford better.” Sure, we could buy a new stove now, but if we tough it out for a couple more years we’ll be able to do the kitchen remodel and get that sweet commercial gas range I want. Right? How far do we dare delay our gratification?

And that... well. We hit perspective. Back when, the assumption was you’d buy your first house in your mid-20s. Not right before turning 40. In theory we’ll be paying this place off, oh, shortly after I retire. So I’m caught between “Well, thirty years isn’t that long, it’s not forever, there’s no need to get a slate roof installed.” but also “If I don’t set up my workshop/remodel my kitchen/ landscape the backyard now then will I even be able to enjoy it when I do it?”

Sadly it’s still the same calculus. And it still requires prognostication.

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nikotyniz-m · 5 years

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