Homeownership in Worcester is only 40%
Wednesday, June 01
I was reading the Worcester Chamber of Commerce summary of their condo study and a couple statistics stood out to me. Worcester has the 14th lowest homeownership rate in the country for mid sized cities. About 60% of the city's residents rent their housing Those that rent spend more on housing co...
Never rent to Tenants who have CARS
Wednesday, May 18
This follows on my Blog about how expensive Rents and Utilities have become. Let's go through the bills that get paid in a basic order for a tenant. Cell Phone- they might turn it off if you don't payFood- obvious reasonsCar loan- they will simply take your carCar insurance- you really shouldn't ...
Can your tenants afford RENT + UTILITIES? 30% RENT 6% UTILITIES
Tuesday, May 17
This is another revisit to a prior blog where I address the issue of tenants and their ability to pay their utilities. https://www.biggerpockets.com/... We always discuss how you should only be paying 30% of your monthly after tax income on Rent/housing. Let't take some numbers from 2019. Medi...
WHY NO ONE IS SELLING THEIR HOUSES- It is the mtg rates.
Tuesday, May 17
I want to revisit a blog post from a month ago which outlines why someone might not sell their house due to rates. See link below: https://www.biggerpockets.com/... Today rates stand at about 5.4% for a 30 year note. 91% of homeowners have an interest rate under 5% This is reducing mobility. So ...
Blame the Millennials for the HOUSING CRISIS
Tuesday, May 03
This is a great article from the Washington Post- Stop blaming millennials for the housing crisis. https://www.washingtonpost.com... Actually you should blame them. They are the problem These folks wanted experiences so no one built housing for them. Now they want housing and there isn't enough...
Should i buy down my interest rate?
Tuesday, May 03
With rates going higher you may want to consider an interest rate buy down. How does this work? lets take a couple of examples starting with a current rate(estimated) of 5% 2-1 and 3-2-1 buydowns The 2-1 works like this. Year 1 you get 2% off the rate so you pay 3% in year 1 Year 2 you get 1% off...