National Association of Realtors’ chief economist Lawrence Yun says home sales are likely to hit a 12-year high this year as builders race to meet demand for entry-level homes from first-time buyers.
While existing home sales are likely to remain flat this year, new home sales should top 667,000, which would be the highest number since the beginning of the financial crisis in 2007, Yun said last week.
Yun also said he expects a change in U.S. migration patterns as many buyers give up trying to find an affordable home in the nation’s pricier markets, and instead relocate to more affordable areas. These people may be encouraged by a growing housing inventory in many U.S. markets, which has led to affordability falling in some areas. Yun said he expects this trend to continue for the rest of the year.
“While affordability has been sliding, it is still better than we saw in the year 2000,” Yun said. “This is due to much lower mortgage interest rates today.”
One reason for the improved affordability is that incomes have been rising at a pace that’s faster than that of home price growth, Yun said. He cited data from Sentier Research that shows incomes have been climbing steadily since a post-recession bottom in 2011.
“With strong job creation, wages are growing at a faster pace,” Yun said. “Finally, wages and home prices are aligning.”
The mix of new home sales will shift towards the more affordable end of the spectrum, resulting in a lower median purchase price, Yun said. He predicts that the median new home price will fall by 2.8% to $317,000 this year. Further, he said new home sales will grow by 7.9% in 2020 to 720,000 units.
Prices for existing homes probably will gain 2.3% in 2019, and 3.3% in 2020, Yun said. That’s a slower pace than 2018’s 4.9% increase.
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected].
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Paine Field (PAE) is getting a rebrand.
As of Wednesday, the airport will officially be known as Seattle Paine Field International Airport in an effort to make travelers more aware of the second-busiest airport in the city’s metro area.
PAE hopes the name change will attract more passengers to the smaller airport in Everett, Washington.
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“We have always viewed Paine Field as a second gateway to the Seattle metro area and are excited that the County has rebranded the airport,” Brett Smith, CEO of Propeller Airports, the private company that operates PAE, said in a statement. “‘Seattle Paine Field International Airport’ better captures the market that our airport serves.”
The name change also signals the airport’s ambitions to grow its presence in the Seattle area. PAE has made a major comeback in recent years after decades of no commercial air service.
A partnership between Snohomish County and Propeller Airports revived the small airport in 2019 to give travelers in the area another option. Commuters to Seattle-Tacoma International Airport (SEA) — one of the busiest airports in the U.S. — face some of the worst traffic in the country, making PAE an appealing alternative. (PAE also happens to sit on the same airfield as Boeing’s assembly plant.)
Since Alaska Airlines first entered PAE in 2019 with flights to Las Vegas, Phoenix and Portland, Oregon, the carrier has expanded its presence in the market. Now, the carrier also flies to San Francisco, Los Angeles, Honolulu and Anchorage, along with other cities in the western U.S.
As the smaller airport has become a popular alternative to SEA — the airport had about 1 million passengers during its first year since commercial service returned — PAE expects to see its passenger traffic continue to grow, possibly quadrupling by 2040. This means it would see approximately 4.3 million passengers make their way through the airport annually. Analysts have predicted that the airport will need to expand its two gates and build four more in order to meet that growing demand.
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.
When the subject of Individual Retirement Accounts (IRAs) comes up, the one question that seems to cross everyone’s mind is: Which investment vehicle is better, a Roth IRA or a traditional IRA?
The subtle differences between the two types of IRAs are the source of all the confusion, but the answer depends largely on whether you expect to be in a higher or lower tax bracket when you start to draw funds out in retirement — however, there is actually more to consider than just your tax bracket.
Four Important IRA Features to Consider
For most Get Rich Slowly readers, the four most important considerations are these:
Contribution limits: For Roth IRAs and traditional IRAs, the contribution limits are identical. In 2015, you may contribute a maximum of $5,500 a year to your account. If you are 50 or older, you may contribute an additional $1,000.
Income limits: Both Roth and Traditional IRAs have income limits. (You can get the details on the IRS website: Form 590 for Roth, and Form 590-A for traditional.)
When contributions are taxed: Both types of IRA are tax-advantaged, but in different ways.
Traditional IRA — You are usually able to fund a traditional IRA with pre-tax dollars, so you pay taxes when you withdraw the money. (If you or your spouse has a retirement plan through an employer, the deductibility of your traditional IRA contributions may be subject to income limits.)
Roth IRA — The money you put into a Roth IRA has already been taxed and will grow tax-free; therefore, you are able to withdraw it tax-free.
Annual distributions after age 70 ½: You must take yearly distributions from a traditional IRA (and pay taxes) when you are over 70 ½ years old. There is no such required minimum distribution with a Roth.
Comparing Features: Roth IRA vs. Traditional IRA
Roth IRA
Traditional IRA
2015 Contribution Limit – < 50
$5,500
$5,500
2015 Contribution Limit – > 50
$6,500
$6,500
2015 Income Limits
IRS Roth IRA Info
IRS Traditional IRA Info
Required Annual Distribution
None
Required at 70.5
When Contribution Is Taxed
Before contribution
At withdrawal
How to Choose Between a Roth IRA and a Traditional IRA Account
So if you qualify for both, which one is best? In general, the rule of thumb is:
Choose a Roth IRA if you suspect that your retirement tax rate will be equal to (or greater than) your current tax rate.
Choose a traditional IRA if you think your tax rate will decrease during retirement.
Of course, nobody knows what their future tax rate will be. As a general guideline, take an honest look at your lifestyle and your dreams for retirement. If you live a frugal lifestyle, your withdrawals from your IRA should be low enough so as not to put you in a high tax bracket. In that case, a traditional IRA might work best for you.
However, if you are starting early and you know you will have a substantial nest egg which you plan to use to travel the world in style, you can expect to be withdrawing a high enough amount to put you in a higher tax bracket then. If that is the case, a Roth IRA might make more sense for you.
Looking at it from the other side, if you are in a high-paying job now, a traditional IRA might be attractive because you save a significant amount of income tax from the deduction you take. If, however, you are in a low tax bracket at the present, a Roth IRA might make more sense, because you won’t get a significant tax saving from your deduction.
Getting More Specific
If you want more explicit information, you should search the web for an IRA retirement calculator. Be aware, though, that your assumptions about the future are just that — assumptions. Nobody knows what tax rates will be like in the future. If you make very little now, you can guess that your tax rate will probably be higher in retirement. If you make a lot, your tax rate could very well be lower. But what about the rest of us?
I asked Dylan Ross of Swan Financial Planning for his advice:
Because many people will have tax deferred savings from other sources anyway, it usually makes sense to go with the Roth when you have the choice.
Most people will not be withdrawing their entire IRA in a single tax year. It’s entirely possible that some years will have higher tax rates than present and some years will be lower. This is why I think it makes sense to try to have tax-free (Roth) and tax-deferred savings, so I can have options in the future. If I want to save some of my tax-free when I’m retired because tax rates are at a low and I suspect will eventually rise, I’ll pull from my traditional IRA. If tax rates are super high, I’ll tap the Roth.
I’m an advocate of diversifying the tax treatment of my retirement savings; but in the end, when you have a choice, putting it all in the Roth is usually the better move.
The Question Remains, and the Answer is Personal
Traditional and Roth IRAs are great tools to help the average American save for retirement. There are several subtle differences between the two accounts that affect everyone whether they are just starting out in their retirement planning career (and it is a career, the only one from which no one can ever be fired or laid off) or they happen to be near (or even in) retirement.
So which is better? It depends. Your circumstances determine which account makes the most sense. If the choice is not clear to you, you should probably consult a qualified professional such as an accountant or a certified financial planner. Most of the time I route people to one of my previous articles if they want to get a better handle on the subject:
If you are more interested in 401(k)s than IRAs, the same train of thought applies. (And because you are dealing with an uncertain future, a train of thought is the closest you can hope to get to a firm scenario.)
Based on a recent study, the digital textile printer market is gaining momentum as advanced printing technology is increasingly adopted in home décor and furnishing applications
NEWARK, Del, July 13, 2023 (GLOBE NEWSWIRE) — As per Future Market Insights (FMI), the Global Digital Textile Printer Industry is estimated to reach US$ 2,212.9 million in 2023. Over the forecast period 2023 to 2033, global sales of digital textile printers are expected to rise at 9.8% CAGR. This is projected to take the total market valuation to US$ 5,304.3 million by 2033.
Growth in the market is driven by continuously changing fashion trends, a high need for advanced printing technologies, and increasing demand for customized & personalized home décor.
The market for custom textiles in the home décor and furnishing sector is experiencing rapid growth. Nowadays, people prefer fast fashion and exclusive products that can be customized and personalized according to their specific demands.
Customers are willing to pay premium prices and actively seek out platforms and brands that cater to their custom home décor needs. This trend is particularly evident due to the increasing purchasing power of Gen Z, who are more inclined towards online shopping.
There is a strong demand for printed materials used in furniture. Consumers are increasingly looking for personalized and one-of-a-kind home furnishings, including curtains, upholstery fabrics, bedding, and cushions. This, in turn, is encouraging the adoption of digital textile printers.
Download the Sample Report to Explore Other Factors Driving the Global Digital Textile Printer Market: https://www.futuremarketinsights.com/reports/sample/rep-gb-17495
Digital textile printers have emerged as ideal printing solutions, allowing for customization by enabling the printing of specific designs, patterns, colors, and even photographs on a wide range of home textile products. This personalization capability is significantly fueling the demand for digital printing within the home interior market.
Consumers shift to online shopping is another key factor driving the global digital textile printer industry.
Today’s consumers have elevated expectations, seeking pleasant and personalized shopping experiences and affordable and high-quality clothing aligned with seasonal trends. Online shopping platforms fulfill these demands through attractive offerings, such as seasonal sales and diverse apparel selections.
The rising demand for fast fashion amplifies the importance of digital textile printers in the fashion sector, and the ongoing shift in customer preferences and choices toward online shopping is poised to accelerate market growth further.
Key Takeaways from the Digital Textile Printer Market Research Report:
The global digital textile printer industry is expected to reach a valuation of US$ 5,304.3 million by 2033.
Based on ink, the pigment segment is forecast to expand at a CAGR of 11.1% through 2033.
By printing process, the Direct-To-Garment segment is expected to hold a market share of around 50.2% in 2023.
By end use, the clothing & apparel segment is projected to reach a valuation of US$ 3,474.0 million by 2033.
The United States digital textile market value is anticipated to reach US$ 568.0 million by 2033.
Digital textile printer demand in India is predicted to rise at 8.8% CAGR during the assessment period.
“Growing concerns over sustainability in the printing sector have increased demand for digital textile printers. Digital textile printers offer design flexibility and faster production rates. As a result, they are being widely used globally. Key companies are looking to develop advanced printing equipment to expand their customer base.” – says a lead analyst at FMI
Receive a Customized Report for Deeper Insights: https://www.futuremarketinsights.com/customization-available/rep-gb-17495
Digital textile printing offers several advantages over traditional dyeing, starting with its ability to reduce waste and address the water pollution caused by dyeing, which is known as the second leading global water polluter.
Further, the agility & flexibility of digital production and textile printing allow manufacturers to efficiently handle both small boutique orders and large retail orders using the same equipment, making it an attractive option.
With a lower cost per print and the convenience of print-on-demand, fast production is possible, enabling profitability from orders of any quantity with just a single button push.
Digital textile printing provides designers with nearly limitless graphic and color capabilities, surpassing traditional printing technologies. This freedom allows designers to unleash their creativity and produce unique designs.
The benefits extend to the supply chain as well. Meeting production and shipping deadlines become easier with digital printing, thereby preventing overstocking. Designers can constantly produce new collections to keep up with ever-changing fashion trends, while customers can satisfy their desire for customized apparel, décor, and gift items.
Key Companies and Their Winning Development Strategies:
Following are the prominent Digital Textile Printer Manufacturers profiled in the report. The Tier 1 players in the market hold a 15% to 25% share in the digital textile printer industry.
Seiko Epson Corporation
Kornit Digital Ltd.
Durst Group Ag
Aeoon Technologies GmbH
J. Zimmer Maschinenbau GmbH
SPGPrints BV
Ricoh Company, Ltd
ATP COLOR S.R.L
Electronics For Imaging, Inc.
DCC Group
MIMAKI ENGINEERING CO., LTD.
Konica Minolta, Inc.
Mutoh Holdings Co. Ltd.
Dover Corporation
HP Inc.
Brother International Corporation
, and others are few
Leading companies focus on developing new digital textile printing machines with enhanced features. Further, they are implementing various strategies, including mergers, partnerships, acquisitions, etc., to gain profits.
Recent Development:
In Dec 2022, Metro NXT, a high-quality and high-speed digital textile printer, was launched by ColorJet Group at India ITME 2022.
Engage with Our Analyst for Expert Insights: https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-17495
Global Digital Textile Printer Market by Category
By Printing Process:
Direct to Garment (DTG)
Dye-sublimation
Direct to Fabric (DTF)
By Ink:
Sublimation
Reactive
Acid
Disperse
Pigment
By Machine Type:
Single Pass Printer
Grand Format Printer
By Substrate:
Cotton
Silk
Rayon
Linen
Polyester
Polyamide
Wool
By Sales Channel:
By End Use:
By Region:
North America
Latin America
East Asia
South Asia & Pacific
Western Europe
Eastern Europe
Central Asia
Russia & Belarus
Balkan Countries
Baltic Countries
Middle East & Africa
About the Packaging Division at Future Market Insights
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. From packaging materials and machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analysed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
Explore Research Related Reports of Packaging:
Digital Printed Cartons Market Overview: As per the latest report by FMI, the digital printed cartons market is likely to witness growth at a CAGR of 6.5%-7% annually over the upcoming decade.
Digital Label Printing Market Growth: Global digital label printing demand is anticipated to be valued at US$ 10,538.3 Million in 2022, forecast to grow at a CAGR of 5.3% to be valued at US$ 17,662.6 Million from 2022 to 2032.
Digital Printing Packaging Market Demand: Global digital printing packaging demand is anticipated to be valued at US$ 17,760.7 Million in 2022, forecast to grow at a CAGR of 5.1% to be valued at US$ 29,206.9 Million from 2022 to 2032.
Digital Printing Paper Market Forecast: The growth in demand for digital printing paper is anticipated to remain steady for various reasons. The digital printing paper is used in various industries such as display packaging, food & beverages packaging.
Oceania Digital Textile Printer Market Segmentation: Recent market research reveals that the Oceania digital textile printer market is set to hit a valuation of US$ 98.4 million in 2023. It is expected to further expand at a CAGR of 4.3% over the forecast period 2023 to 2033.
About Us :
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact Us:
Future Market Insights Inc. Christiana Corporate, 200 Continental Drive, Suite 401, Newark, Delaware – 19713, USA T: +1-845-579-5705 LinkedIn| Twitter| Blogs | YouTube For Sales Enquiries:[email protected]
Millions of homeowners across the country lost their homes in the foreclosure crisis, missing out on the opportunity to regain and grow their net wealth as the housing market recovered. But in black and Hispanic communities, the foreclosure crisis hit especially hard, and homes in those areas have yet to fully recover, according to a new Zillow analysis.
When the housing market crashed, many homes lost a significant share of their value, especially among homes that were ultimately foreclosed. In Hispanic and black communities, foreclosed home values fell by more than 50 percent.
As the market recovered and home values rebounded, foreclosed homes saw strong appreciation –equity growth that the former owners couldn’t access. Foreclosed homes in black and Hispanic communities have more than doubled in value since reaching their lowest point, though they remain 4.7 percent and 9.5 percent below their peaks.
Not only did the foreclosure crisis have a sharper impact on people’s ability to gain wealth in black and Hispanic communities, it also had a broader reach into those areas. Nationally, 19.4 percent of all foreclosures between 2007 and 2015 were in Hispanic communities – but only 9.6 percent of homes are in those same areas. Similarly, 12.7 percent of foreclosures occurred in black communities, while 7.7 percent of all homes are in black communities.
In Atlanta, 30.5 percent of all homes are in black communities, but more than half of all foreclosed homes are in those communities. Just 44.2 percent of foreclosed Atlanta homes are in white communities, compared with the overall 65.1 percent of homes in white communities.
Losing a home to foreclosure is especially impactful for Hispanic and black homeowners, who historically have held the majority of their net worth in their homes. Near the height of the housing bubble in 2007, Hispanic and black homeowners had 73.1 percent and 61.8 percent of their net worth tied up in their homes. For white homeowners, that number was only 46.5 percent.
“The housing bust and foreclosure crisis that followed resulted in a disproportionate number of people of color losing not only the roof over their heads, but the wealth—and the opportunity to potentially build more—that came with it,” said Zillow Senior Economist Sarah Mikhitarian. “Black and Hispanic homeowners were more exposed to the foreclosure crisis because homes accounted for such a large share of their wealth. With fewer assets to draw on, it was harder for them to hold onto their homes if they fell underwater on their mortgages, owing more than their home was worth. For people who ultimately succumbed to foreclosure, they missed out on the opportunity to see their home’s equity—and therefore their wealth—climb back up.”
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected].
Michigan State University Federal Credit Union said this week that it will make its first-ever expansion outside of Michigan by opening five branches in Chicago next year.
The $7.5 billion-asset credit union in East Lansing said the institution’s strategy has been to locate branches where its members live, and more than 10,000 Michigan State University students and alumni now reside in Chicago.
“Many MSU alumni move to Chicago post-graduation,” President and CEO April Clobes said in an interview. “In addition, the incoming MSU student class has a high number from Illinois.”
The branches will be located in the Lakeview, Lincoln Park, Wicker Park, Gold Coast and Old Town neighborhoods.
Clobes said MSUFCU has been evaluating the Chicago region for some time, and the right mix of retail locations near where its existing and eligible members reside became available.
Post-covid, there were more available location options to consider, she said.
MSUFCU is the second largest credit union in Michigan behind only the $12.4 billion-asset Lake Michigan Credit Union in Caledonia.
MSUFCU has offered services digitally to members outside of Michigan for many years, including selling mortgage products in 18 states across the country.
But Clobes said physical locations grow membership and existing member balances faster than digital services alone.
“Our members and eligible members are able to do all of their business with the credit union online, yet when we move into a market, the members appreciate having a branch location for complex transactions and financial education,” she said.
Whether digital or physical, credit unions need to be able to differentiate themselves to their members and ensure they have the product mix and delivery channels.
While members make nearly 2 million visits a year to MSUFCU branches, they log in to its mobile app 36 million times a year.
“Their branch visits are purposeful for when the member would like to be assisted by our team versus self-serve. Physical locations help to support a growing community through employment and economic activity as well,” Clobes said.
Michael Fryzel, a Chicago attorney and former chairman of the National Credit Union Administration, called the entry into the Chicago market by Michigan State University FCU an “excellent move.”
“The potential exists for substantial membership growth for the credit union. There are thousands of MSU graduates and family members who live and work in the city and surrounding suburbs,” Fryzel said.
Michigan State University FCU has more than 350,000 members. Clobes said historically when the credit union adds a branch to a digital-only region, it grows about 30% in both balances and new members in that area.
She anticipates the Chicago market will see similar growth.
“Our annual new member growth is between 5% and 6%, and we anticipate that moving to a new market area will help us maintain this level of membership growth through better retention of existing members as well as attracting new eligible members,” Clobes said.
So will the Chicago expansion serve as a springboard for moves into more out-of-state markets?
Clobes was noncommittal.
The credit union already has plans for growth in new markets and in the areas it already serves in Lansing, Traverse City Grand Rapids, Oakland County and metro Detroit.
“We will evaluate the success of these locations to determine possible additional locations in the Chicago suburbs,” she said. “While we are moving into the Chicago market, we are still branching throughout Michigan where our members are concentrated without a convenient branch location.”
MSUFCU’s plans continue the broader industry pattern of credit unions continuing to build branches. There were 20,694 branches among federally insured credit unions in March 2023, up 87 branches from a year ago, according to recent data from the National Credit Union Administration.
Real estate teams of all sizes continue to perform, according the Streamlined Quarterly Team Benchmarking Report, which looked at the financial performance of more than 200 teams across the nation.
Steamlined, based in Arizona, has a roster of hundreds of U.S. real estate teams and individual agents as clients for their accounting and bookkeeping services. The firm confirms actual financial and operational details of these businesses and assemble the data in useful benchmark studies to help their clients assess how effectively they are operating.
This is extremely valuable information, not only for teams but also for the brokerage firms with whom they are affiliated. A clearer understanding of the performance of teams helps everyone understand the impact of the growth of the organization and performance of teams and confirms the importance of LG in the industry.
Small teams lead in retained gross margin
The smaller the team; the higher the retained Gross Margin (GM) — what the team had after paying their internal agents. For teams under $300,000 in gross commission income (GCI), gross margin was 79.5%. while for the largest segment — those teams having over $3 million in GCI, the GM was 45.7%.
“Our view is that smaller teams generally have a closer-knit cultural fabric,” said Steve Murray, senior advisor to HW Media and a partner with RTC Consulting. “The relationships between the leader of the team and the agents of the team are necessarily tighter than larger teams with dozens or more agents. The value provided is more frequently reinforced. Some of these same trends have been noted among larger versus small brokerage firms for years based on data from RealTrends + Tom Ferry The Thousand and America’s Best agent and team rankings,” he adds.
How are teams spending money?
The largest expense for teams was employment cost — salaries, wages, employment taxes and contract labor. As a percent of GCI, the smallest teams had employment expenses of 11.2% of GCI, while the largest teams experienced costs of 17.4% of GCI. Much like any business, scale brings the need for higher personal costs.
“Larger teams have more personnel as the division of labor gets expanded as a firm gets larger. This is true not just for teams but for businesses of all shapes and sizes (outside of a few giant technology firms.),” says Murray. “The tasks handled by the leader of a small team are far more numerous and it is only when a team grows that these duties are dispersed to others in the organization. This factor enables a team to grow beyond the expertise of the owner of the team.”
Lead generation costs
What we found highly interesting is that lead generation expenses did not vary nearly as much as we would have thought between the smaller and larger teams. The percentage spent on lead generation by the smallest team category was 9.7% of GCI. The largest teams spent 10.2%. It makes sense that larger teams spend more absolute dollars on leads, but here scale does benefit larger teams.
Say Murray, “Lead generation is, of course, at the heart of a successful team regardless of its size. RealTrends has noted that as teams grow, they don’t require proportionately more spending as a percentage of gross revenues on lead generation for a few reasons. First, the cost per lead decreases as a team buys more of them.”
Second, generally larger teams have developed processes that enable them to process and capture more transactions per dollar spent on lead generation, “thus lowering the need to ramp up exponentially as they grow,” he says.
Operating expenses
In total operating expenses, when expressed as a percentage of GCI, the larger teams had the lowest number at 30.8% of total GCI spent on operations (these are costs not associated with the team’s agents.) The smallest teams spent 42.6%.
“There were no surprises in this category of expenses,” says Murray. “Larger teams are more efficient in operating overhead the same way larger brokerage firms have the same experience. Whether it be in accounting, marketing, occupancy, insurance, etc., larger firms will spend less per dollar of revenues than small entities.”
Extrapolating actual dollars is a bit imprecise but helpful. Taking the minimum of the smallest team and the maximum for the largest teams and the midpoint for the four categories in between, it indicates that actual dollar profits are $110,700 for the smallest teams and $444,000 for the largest teams.
In the middle, for example, teams producing between $550,000 and $800,000 in GCI showed a dollar profit on average of $226,800. It appears that while the largest teams, on average, are 275% larger in terms of GCI, they are only 96% larger in terms of their average profit.
Streamlined, RTC Consulting and HWMedia are teaming up to share this data with our readers to help create transparency in the results of over 200 teams. We will publish these results on a quarterly basis roughly 45 days after the end of each calendar quarter.
David Pittiglio is the CEO of StreamlinedBusiness Solutions.
In our latest real estate tech entrepreneur interview, we’re speaking with Stephen Arifin from The Closing Docs.
Who are you and what do you do?
My name is Stephen Arifin and I am one of the founders of The Closing Docs. Prior to serving as a software engineer at Microsoft, I had launched and supported several other revenue generating software tools. I am the technical founder and lead for our company. I graduated with an Electrical Engineering degree from the University of Texas at Austin.
I love bringing new technology and creative ideas into outdated industries, and that’s exactly what we’ve done with The Closing Docs. Our automation has streamlined the income verification process for companies managing more than 635,000 units.
What problem does your product/service solve?
The Closing Docs provides automated income verification to property managers and lenders. Historically, screeners and underwriters are collecting paper pay stubs and bank statements from applicants. This manual process is ripe for fraud, is really cumbersome and is burdened by many start/stop cycles in the set of related activities. By expediting deal closings and eliminating fraud, we have significantly compressed vacancy periods and underwriting cycles, getting applicants approved in minutes, not days or weeks. We provide a real solution to a very real and cascading problem. Even before COVID-19, pay stub fraud was on the march. And now, with rampant job loss, fraudulent pay stub and bank statement submittals are apt to increase in prevalence significantly. With the current rate of unemployment announcements, it is more important than ever to have a clear view of applicant income. The outdated method to verify an applicant’s income involves scanning or taking pictures of bank statements, W-2’s, and pay stubs. This form of income verification was a very manual process, which involved screeners deciphering bank statements and playing detective investigating whether the documents were falsified. Each applicant’s income documents arrived in a different format, which led to huge inefficiencies in approving a rental applicant. Many property managers also call the applicant’s employer, which can take days to get a hold of the right person in HR to confirm employment. Each day it takes to approve a tenant means your property is remaining vacant and not generating income. Using The Closing Docs, we pull the applicant’s bank statement data directly from the applicant’s bank account, with their permission. Since our data comes directly from the bank, our income verification completely eliminates fraud. Once the applicant decides to share the data, a standardized report is generated for the property manager instantly, verifying the applicant’s income in minutes rather than days. That means shorter vacancy periods, more income, and faster, more accurate data.
What are you most excited about right now?
Well, implementing new customers on first phone calls and inside of 30 minutes is pretty exciting – I’ve never experienced that before now! Property managers know how painful the income verification process is, and when they finally find a product that makes it easier by light years, their eyes spark up. It’s really fun to know you have true product market fit.
What’s next for you?
Growth, growth, growth. With the customer adoption and retention we’re experiencing, it’s time to grow the business hockey-stick style. We’re leveraging sales channels through integrations with a bunch of property management software programs, like Appfolio, Buildium, Yardi, and Propertyware, and we also support Chrome, Safari, Firefox, and Edge browsers for our integrations. We’re focused on increasing our sales and have expanded our marketing budget to expedite uptake.
What’s a cause you’re passionate about and why?
Being an entrepreneur myself, I’m extremely passionate about helping other entrepreneurs succeed. The best place I’ve found to give back in this way is through Seattle’s Community Carrot program.It takes another founder that’s been in the trenches to truly understand what starting a business is like. While building The Closing Docs, I’ve received a tremendous amount of support from my friends and family, along with other like-minded founders and mentors. Now, I am happy to step out of my way to help other aspiring entrepreneurs achieve their dreams.
Thanks to Stephen for sharing his story. If you’d like to connect, find him on LinkedIn here.
We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).
It’s no secret that mental health is an incredibly important part of overall well-being. From anxiety to depression and beyond, our emotions, moods, and behaviors are impacted by how we take care of ourselves. But with all the demands on your time, it can seem daunting and overwhelming to give yourself the attention needed for good mental health—right? Wrong! There are some simple steps you can take each day that will help keep your brain in tip-top shape!
1. Work Out
One user shared, “Working out. Made all the difference.”
Another user replied, “I swear by this. Worst bout of depression in 2021 until I started exercising. Even now when I have a sh*tty day, an hour of exercise makes all the difference. It’s like the sweat washes away all the negative toxins from your body or something.”
One Redditor added, “This. I can’t stress it enough. I would work out 24/7 if I could as it just blocks out all my thoughts and lets me focus on the gains.”
Another commenter said, “That’s it. For me it’s really the feeling of being in control and actively working on feeling better. It also does something to your biochemistry that is extremely beneficial but if you just look at factors that lead to depression, losing control or feeling like other people determine your fate is quite at the top of the list. I feel like I’m turning that around somewhat by working out.”
2. Delete Social Media
One user commented, “Not having any social media accounts.”
Another Redditor asked, “Does Reddit not count?”
The OP answered, “I also deactivated all social media except for Reddit and Twitter (which I will soon deactivate too) I feel these two platforms are different in the sense that they don’t lead the users to constantly compare themselves or expose you to falsehoods of what a ‘perfect’ life others have. This wasn’t personally the reason I deactivated, for me it was a useless time suck that I just wanted to eliminate.”
3. Keep a Gratitude Journal
“Journal of gratitude. Writing in it every night before bed. Keeps me focused on positives,” one user replied.
One user added, “I moved to Japan. I originally visited temples and shrines because I like the environment and collecting the official seal from each. Somewhere along the way it turned into an exercise of gratitude. At each place, I think about how the aspect of the place is there for (Love, knowledge, travel, etc) has been good for me and give thanks. It gets really niche sometimes (Last month I went to a shrine about teeth!) but what that means is that there’s so much I realized I can be thankful for.”
Another user concluded, “I love this idea.”
4. Practice Sobriety
One Redditor added, “Sobriety. More than any other single change. Second biggest? Taking one or two meds that could help with the symptoms I couldn’t resolve myself.”
“Same. Got my 2 month chip today. It’s still new but yeah,” another user replied.
One user commented, “Congrats! keep it up! It just gets better.”
Another user added, “I can’t begin to tell you how much of a difference this has made for me. I am coming up on 9 months sober on July 5th. My psychiaTRIST kept asking me to quit the alcohol but I kept drinking for years. Now that I am feeling the benefits I am just blown away. I’ve already decreased my psych meds once and I feel like I am ready for another decrease.”
5. Get Professional Help
“Seeing someone about it,” one user commented.
Another Redditor replied, “Seeing a private therapist about it and starting ADHD medication the past 6 months has helped so much more than 5 years of various medication and therapy in the public psychiatry did it was truly wild the difference it made being properly medicated with something that actually worked for me (compared to all the antidepressants, antipsychotics and anxiety medications i’ve been on) along with a therapist who genuinely was willing to help me, rather than one who just wanted me out of the psychiatric system as soon as possible.”
One also confirmed, “Counseling really helps.”
6. Take Medications
One user commented, “My medication. Thank you Lithium and Seroquel for controlling my type two bipolar which enables me to participate in my life in a meaningful way. It has also made it possible for me to deal with unresolved issues and now I only need the meds listed above. Been almost twenty years now and not a hint of mania or depression.”
Another user replied, “How is your memory with seroquel? I’ve only been on a very low dose for 3 weeks but my memory is horrible all of a sudden. I’m also sleeping a lot.”
Another user shared, “It can take up to six weeks for it to reach therapeutic levels. The sleepiness will abate. I don’t recall specific memory issues when I started but I was also dealing with the memory issues of the depression I was slowly coming out of. Talk to your pharmacist about the side effects. They will know what you should be concerned about and what will pass.
“Getting the right meds at the right dose requires patience but it is so worth it. Hang in there. Being able to meaningfully participate in your own life once you get this sorted is a blessing I can’t describe. I am grateful every day for my meds.”
7. Make New Friends
One Redditor shared, “Leave all my old friends behind and look for new ones to forget my old struggles. I know it’s bad but I don’t care. I love my two only friends and they are enough for me.”
Another user affirmed, “It’s not bad at all; sometimes you must leave people in the past.”
8. Positive Existentialism
One user stated, “Optimistic nihilism. One day I realized I’m not actually going to be here forever, and the things I do now aren’t going to matter in the long run. Did something embarrassing? So what, they’ll forget about it eventually. Made a mistake at work? Dude the bosses make way more money anyway, why should I care if I already gave it my all? I’ve learned that I can be a good person and still not give a shit, that the only opinion that matters is mine, and if someone wants to stomp all over that I don’t need them in my life. Edit: it’s officially called absurdism/existentialism! I recommend looking it up.”
One user responded, “I call this ‘zooming out’. I do it periodically. I think it’s healthy to recognize that each of us is 1 in 8 billion living people, probably 100 billion ever. That only spans a few thousand years. The world has been around billions of years before us, and will last billions of years after we’re gone. Our tiny planet is one of billions (trillions?) of planets that have existed or will exist. We are so small.”
Another user added, “Yes! So many people are miserable because they want to look good for everyone else, but what’s the point when in a year, a month, even a week from now no one will remember what you said or did. Most people are too absorbed in their own insecurities to focus on yours, and the ones that make it a point to focus on yours aren’t worth it. In the end, you’ll be gone and no one will remember you, even celebrities will be distant memories one day.”
9. Delete Toxic Messages
“Deleting my ex-wife’s emails without reading them,” one user commented.
Another user replied, “Boss move. Well done!”
10. Leave Unhealthy Relationships
One commenter posted, “Being single again. Two weeks after being dumped, I was still feeling less emotional distress than what I did on a regular basis while in that relationship.”
11. Plant a Flower
“Moving into a house with a garden after years in a flat, sitting out in nature is so relaxing, being able to enjoy the fruits of my labour by seeing the flowers and plants grow that I planted is so rewarding, especially when you see bees enjoying the flowers. I have honestly gone from around a 2-5 in mood up to a 9-10, even on the most difficult days, the garden is my sanctuary, I didn’t think it could make such a difference, but it does,” one Redditor added.
Another user added, “That’s happy! Nature makes such a huge difference in well being. Being outside pretty much immediately improves/regulates my mood.”
12. Go Outside Near Water
Another user shared, “Going to the beach.”
One added specifically, “Newport Beach, Crystal Cove Beach. . . California.”
“Little Corona,” another commenter responded.
One user suggested, “Rio Del Mar, Capitola, Santa Cruz CA.”
13. Meditate
“Meditation,” one user posted.
Another Redditor confirmed, “Yes meditation has done wonders. For me guided meditation. There are tons of free ones on YouTube. It can take a few times but it does help big time.”
One commenter asked, “Please suggest a good yt video if you can. If you don’t know of a good video, can you please take the pain of writing it? I will be so grateful…”
Another user said, “Look into Dr Joe Dispenza.”
14. Get a Dog
One user shared, “Getting a dog.”
Another user replied, “Ooff, so much agreement here. A dog gives you routine, which is key when your life is disrupted by big events.”
“Honestly, I’ve noticed my anxiety always gets a lot worse when I have no routine. Even little things like going to the gym/walking everyday, getting up at a certain time, etc helps me,” one commenter added.
Another Redditor responded, “I was going to write the same. My furry little friend has made a huge difference.”
15. Don’t Watch the News
One user suggested, “I stopped watching the news about 7 years ago. I cannot describe how blissful ignorance is.”
Another replied, “Fr tho.”
16. CBD
One user posted, “Unironically, smoking a bunch of weed. That’s not saying it’s a healthy way to go about it, but when I’m baked, I want to be as comfortable as possible. To get that, I actually had to clean my living space and do basic hygiene. Over time, taking care of those things was a bit easier because I wasn’t letting mountains of trash pile up. Cleaner space and slightly healthier living gave me a morale boost I wasn’t expecting and it pushed me to be more diligent in cleaning myself and my area. I’m still not in a great place mentally, but I’m leagues ahead of where I was a year ago.”
“Exact opposite for me. Weed takes away any energy I have to actually make my life better. It systematically ends up destroying any good intentions I have,” replied by one user.
17. Get a Better Job
“A better paying job with more interesting work, better coworkers, less hours and a boss who believes in making sure people have what they need to function instead of putting pressure on them. Give me far more time to be at home to take care of things there (and to chill, mind you) plus a bigger spending range and so much more happiness in the job itself,” one Redditor shared.
18. Quit a Toxic Job
One online user shared, “Quitting my job!! I’ve been at a new job for about three months now and have really been doing so much better. I had previously worked in an animal control facility for about 3.5 years. I had been promoted several times, was the head of my department and several unrelated projects and was completely overwhelmed. Asking for help because I didn’t have time to do everything I needed to was met with unhelpful answers about figuring out how to balance everything. Not having any ideas of how to balance it, I was literally told, ‘It’ll be easier when you figure out how to balance everything.’ I took a $4 pay cut to go to a new job. I’m the newest and dumbest person in an art department, have no customer interaction, and don’t see animal death daily. This is the best pay cut I’ve ever taken. I’m only now starting to notice how much the compassion fatigue at animal control was affecting me.”
19. Set Boundaries With Family
“Pulling away from family. I love them, truly, but no one needs constant reminders of mistakes in their teens when you’re almost 30. Not to mention I have the kind of family if I return such a favour that I am told I am a child for bringing up the past. I used to call my brother and sister almost daily and I stopped last month. Best decision I have made in a long time,” one user commented.
Do you have more healthy ways of keeping up your mental health aside from the list above? Share it in the comment section!
Source: Reddit.
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If you are young, you may not think you need to invest or open a retirement account. You probably think it is easier to worry about it five years from now — or ten. You’re wrong. Time is on your side now, especially when it comes to compound interest.
No matter what your age,now is the time to begin saving for retirement. In The Automatic Millionaire, David Bach writes, “The single biggest investment mistake you can make [is] not using your [retirement] plan and not maxing it out.”
Saving is the Key to Wealth
The only way to attain the wealth you desire is to spend less than you earn and to save the difference. The rich are not rich because they earn a lot of money; the rich are rich because they saved a lot of money.
You may be skeptical. I was once skeptical too. But many books I have read on the subject of wealth-building have convinced me — books like Stanley and Danko’s The Millionaire Next Door make it abundantly clear that it isnot a high income that leads to wealth — though, obviously, a high income does not hurt — but saving.
Those who become wealthy do so by spending less than they earn. There is no other source of saving, and, by extension, of building wealth.
If saving is the key to wealth, then time is the hand that turns the key to unlock the door. There is no reliable method to quick riches. There are, however, proven methods to get rich slowly. If you are patient, and if you are disciplined, you can produce a golden nest egg that will hatch later in life. It might appear that the pittance you save now could not possibly make a difference, but that is because you haven’t considered the extraordinary power of compound interest.
The Power of Compound Interest
The best way to ensure your future financial success is to start saving today, even if all you have seems like a paltry sum. “The amount of capital you start with is not nearly as important as getting started early,” writes Burton Malkiel in The Random Walk Guide to Investing. “Procrastination is the natural assassin of opportunity. Every year you put off investing makes your ultimate retirement goals more difficult to achieve.”
The miracle of compound interest is the secret to getting rich slowly. Even modest returns can generate real wealth given enough time and dedication … mainly time.
On its surface, compounding is innocuous, even boring. “So what if my money earns less than 3 percent in a savings account?” you may ask. “What does it matter if it averages 8 percent annual growth in a mutual fund? Why is it important to start investing now?”
In the short-term, it doesn’t make a huge difference — but don’t let that fool you. On the slow, sure path to wealth, we need to keep focused on long-term goals. Short-term results are not as important as what will happen over the course of 20 or 30 years.
Related >> Find the best high-yield savings account for you.
Growth of a Single $5,000 Contribution
For example, if 20-year-old Britney makes a one-time $5,000 contribution to her Roth IRA and earns an average 8 percent annual return, and if she never touches the money, that $5,000 will grow to just under $180,000 by the time she retires at age 65, as you can see from this chart:
You can see how the money earned dwarfs the initial investment more and more as time goes by.
If she waits until she is, say, 40 to make her single investment, that $5,000 would only grow to less than $40,000. (On the chart, the red dotted line shows you the total value after 25 years is still less than $40,000.) Waiting 20 years will cost her more than $130,000 in “free” money. Time is the primary ingredient to the magic that is compounding.
Growth of Annual $5,000 Contributions with Compound Interest
Compounding can be made even more powerful through regular investments. It is great that a single $5,000 IRA contribution can grow to more than $170,000 in 45 years, but it is even more exciting to see what can happen when Britney makes saving a habit. If she were to contribute $5,000 annually to her Roth IRA for 45 years, and if she left the money to earn an average 8 percent return, her retirement savings would grow to more than $2 million, as you can see from this chart:
A golden nest egg indeed! She will have more than eight times the amount she contributed. Again, the dark green portion of the chart dwarfs the light green, which is the money she put in.
This is the extraordinary power of compound interest.
Related >> See a guide for Roth IRA rules and requirements.
The cost of waiting one year
It’s human nature to procrastinate. “I can start saving next year,” you tell yourself. “I don’t have time to open a Roth IRA — I’ll do it later.” But the costs of delaying your investment are enormous. Even one year makes a difference. Every year that Britney in the example above waits, she loses one year at the end of the chart. In the first example representing a single investment, waiting one year will cost her almost $14,000 (the column highlighted in red).
Like many people, she may be tempted to think she is only losing the first year’s return, i.e., around $400, but that isn’t the case. She is actually losing the last year’s return ($14,000), not the first. That is a steep price to pay for a single year of procrastination.
The difference is even more dramatic when you look at what Britney loses by waiting a year even though she contributes regularly to her savings. If Britney makes annual contributions of $5,000 to her Roth IRA as shown in the second example, waiting just one year will cost her more than $150,000! That is probably more than her annual income.
There is another way to look at the cost of procrastination. If she still wanted to have a $2 million nest egg at age 65 but she waits five years to get started, her annual contributions would have to increase to nearly $9,500 — that’s almost double! And if she were to wait until age 40, she’d have to contribute nearly $55,000 a year!
How to Get Rich Slowly
You can make compounding work for you by doing a few simple things:
1. Start early. The younger you start, the more time compounding has to work in your favor and the wealthier you can become. The next best thing to starting early is starting now.
2. Make regular investments. Don’t be haphazard. Remain disciplined, and make saving for retirement a priority. Do whatever it takes to maximize your contributions.
3. Be patient. Do not touch the money. Compounding only works if you allow your investment to grow. The results will seem slow at first, but continue on. Persevere! Most of the magic of compounding returns comes at the very end. Compounding creates a snowball of money. At first, your returns seem small; but if you are patient, they will become enormous.
The GRS Introduction to Roth IRAs Series
Understanding how important it is to get started saving for retirement, check out the rest of our Roth IRA series to learn about how to start your Roth IRA, which investments are best, and other general questions about these great accounts.
Part 1: The extraordinary power of compound interest Part 2: What is a Roth IRA and why should you care? Part 3: How to open a Roth IRA (and where to do it) Part 4: Which investments are best for a Roth IRA? Part 5: Questions and answers about Roth IRAs