Yes! You Can Buy a House!

Isn't it remarkable that in your parent’s or grandparents' day, a single income family could buy a house easily? Today, it seems that soaring house prices mean that only the wealthy can afford a house, and that the young person faces a fate of renting until they are in their late 30s! Sadly, the average age of a first-time home buyer in the United States is 34 years old according to this website. Although the future seems depressing for any young home buyer, there are some tips that can be used to buy a house in this competitive market! First, it is important to try to find a way to escape renting. An option could be to live in an RV on a relative’s property for a couple years, pay it off during that time, then sell the RV to obtain a doable down payment! A larger down payment means a lower mortgage. Secondly, if you can learn how to remodel, you can buy a house for cheap, fix it up, then sell it while gaining a lot of extra money. You can now use this extra money to put a down payment on an even more decent house. Stop trying to gradually set money aside to buy a house, and start letting your assets work for you!

 

To find out more on how to buy a house in this crazy market, click here. 

Renting and Credit Score

 

One of the problems someone can come across while looking for a place to rent is their credit score. If they do not meet the standards as required by the property management team, they would be denied their application to rent a home. Fortunately, there can be ways around this, granted the landlord accepts these items in lieu of credit score. 

According to this report, the average credit score of approved applicants was 650 in 2017. These numbers can vary depending on the property and amenities. Some strategies to think about when faced with a low credit score to think about presenting to a landlord would be proof of rental payments to other properties you have lived in, letters of recommendation from other landlords, someone to cosign your lease, proof of adequate savings in your account, an increased up front payment amount, or you could just simply try to appeal to the landlord and explain your situation is currently not ideal but is getting better. 

To find out other ways you may be able to rent with a low credit score or to increase your credit score click this link.

COVID-19 Pandemic Impact On Property Managers

 

 

Historically, Property Managers have been known for the stereotype of being crass and not thinking of their renters. Everyone knows it, the down on their luck propagandist needs to pay their rent before a certain time frame or they will be thrown out of the building by the Property Manager. It's a good plot setup. So when looking into the impacts of the Covid-19 virus on renting and Property Managers it came to little shock that profits were down for all Property Managers. This is no shock, most businesses during the span of 2020 to the current release of this blog, are having difficulties making a profit. But according to the survey done by Harvard University, it was found that extinction rates from Property Managers went from 15% in 2019 to 48% in 2020. And more surprisingly the rate of rent being forgiven also went up from 3% to 21%. This was happening at all levels of Property Managers. Though it depends of course on the Property Manager themselves if they would fall into this category, but the increase is still significant. Even the top Property Managers that made that 90% of all rent in the U.S cities where the survey took place, their profits went down by 30%. Now I am not saying that all Property Managers were and are like this. People act differently under pressure and this definitely doesn’t represent every type of Property Manager. But it brings a little hope that some Property Managers do care about the people that they house.

 

If you like to read more here, is the study done by Harvard.
(image from https://pixabay.com/photos/give-key-receive-hand-keys-5242150/)

 

Student Homelessness

In any society that wants to be advance towards a prosperous future, it must take care of education and try to reduce the economic burden on students. One of the most important burdens for students is to secure an adequate and affordable housing in the students' economic capacity.  We all know that the cost of education in American universities is very expensive and the student cannot afford it without outside help, so the society must demand the state to play its role towards citizens that dose not  do, and provide adequate low-cost housing for students, by enacting laws that encourage landlords to provide low-cost housing in their housing units. For students with tax credits for landlords. Another idea that the government can do is to support a certain percentage of university housing in groups for students with low incomes. Because it is not fair for education to be the monopoly of the rich. Education and housing are a fundamental human right that helps nations advance towards a bright future. Can we, as a society, end the problem of inequality in education and the problem of homeless students? 

Click Here for more information.