How To Be A SlumlordWritten by Steve Gillman
Be a slumlord? Okay, I got your attention, now truth. I really don't recommend that anyone endanger their renters with unsafe housing. Much of what people call slumlording though, is simply providing reasonable housing for those with low incomes. It is of benefit to renter AND landlord.
Why Do People Rent Dumps?
People rent not-so-nice places because they can afford to. A house that needs paint, has old rusty hinges on doors, and a dirt driveway - this is a house that cost less to buy, and therefore can be rented for less. Anything major that landlord does to improve it will result in higher rents, and possibly drive renter away.
In fact, this often happens. A few years ago my own town enacted its first rental regulations. The fifteen pages of new rules included many non-safety-related requirements, like a minimum of windows, to allow natural lighting, bedroom square-footage requirements, and no peeling paint.
These things are done in name of low income renters, and yet result is always same: higher rent. With that and regulations against mobiles homes, low income families are moving further away from town and jobs. I mention all this to let you know that if you offer an ugly, but safe and affordable rental, you are providing a real service.
Mortgage Information - Refinancing? Second Mortgage? Home Equity Loan? Understand The BasicsWritten by Carrie Reeder
A mortgage is usually biggest purchase that an individual makes, and because of that, many people tend to get nervous during process. But wouldn’t it make things easier if you felt that you had a “handle” on process—or at least terminology? After all, in order to get best deal on your mortgage loan, you will need to understand certain things such as points, interest rates and closing costs.
If you feel like you could stand to brush up on your mortgage loan terminology, why not read following common terms and their definitions?
A point is amount that a borrower will pay in order to reduce interest rate on their mortgage. One point is generally equal to 1% of loan amount. For example, if you were taking out a 100,000 mortgage, and wanted lower interest rates, you might have to pay anywhere from 1-3 points (or $1,000-3,000 dollars) to get that rate. It’s important to note that some lenders will advertise very low interest rates, and only when you read fine print will you learn that you will have to pay points in order to get them.
When a lender makes a loan, they make money by charging interest on that loan. With a mortgage loan, all of that interest is front-loaded, which means that for first few years, every payment that you will make will go mostly toward interest.