One of the most influential names in real estate is once again showing us how it’s done.
Influencer, motivational speaker, bestselling author, and prominent real estate investor Grant Cardone is selling his beachfront mansion in Florida for $42 million.
But throwing cash at the seasoned investor won’t do the trick.
He wants 646 Bitcoin for his one-of-a-kind house in Golden Beach, Florida — which was formerly home to fashion designer Tommy Hilfiger, who sold it to the billionaire businessman back in 2021 for $24 million.
Cardone, who founded Cardone Capital, a real estate investment firm that manages a portfolio of billions in assets, listed his Florida residence on PropyKeys, a leading blockchain-based platform for real estate transactions.
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The offering: what 646 Bitcoin will buy you in Florida
Photo credit: Elad Elkoubi / Swift Pics Photography
The Golden Beach residence sits on a 0.63-acre oceanfront lot, with its own private beachfront access and 100 feet of pristine shoreline.
Built in 2007, it features over 13,000 square feet of luxury interior space, with 7 bedrooms and 8 baths. Also on the grounds of the property, there is a heated saltwater pool and a private beach cabana.
The house has sophisticated interiors by Martyn Lawrence Bullard
Photo credit: Elad Elkoubi / Swift Pics Photography
Celebrity interior designer Martyn Lawrence Bullard — who was also one of the leading stars of Bravo’s short-lived Million Dollar Decorators — designed the interiors of the $42 million abode.
Bullard, who also decked out the homes of other celebs like Eva Mendes, Ellen Pompeo Kylie Jenner, Khloe and Kourtney Kardashian, Cher, Sharon and Ozzy Osbourne, to name just a few, is known for his broad-ranging, sophisticated yet eclectic style.
The interiors were designed to accommodate an extensive art collection
Photo credit: Elad Elkoubi / Swift Pics Photography
Bullard is the one who fitted the now-famous residence with vibrant spaces filled with patterned ceilings, walls and floors, interesting sculptures, and bright carpeting — meant to highlight the previous owners’ extensive pop art collection.
Previously home to fashion mogul Tommy Hilfiger
Photo credit: Elad Elkoubi / Swift Pics Photography
Cardone bought the house from fashion designer Tommy Hilfiger and his wife, Dee Ocleppo, who had been trying for years to land a buyer for their Golden Beach house. They had listed it for as much as $27.5 million, before the 10x Rule author took it off their hands in 2021 for $24 million.
Bold interiors, artsy decor & sophisticated touches hint at its famous past owner
Photo credit: Elad Elkoubi / Swift Pics Photography
While under Hilfiger’s ownership, the Florida mansion graced the cover of many interior design magazines, and was heavily featured in the media — Architectural Digest included.
And it’s easy to see why. Even after the Cardones toned down the interiors slightly with modern upgrades, the house still features dramatic interior touches that include a black marble staircase, chevron-patterned marble floors in the dining room, and reflective ceilings, to name just a few.
It underwent extensive renovations in the past three years
Photo credit: Elad Elkoubi / Swift Pics Photography
Grant and Elena Cardone invested heavily in updating the 2007-built mansion.
Since they purchased it back in 2021, the couple has meticulously renovated the property, replacing some of the finishes (like the patterned walls and floors) designer Martyn Lawrence Bullard added for the Hilfigers, and replacing them with designer choices that can appeal to a wider demographic of potential buyers.
The outdoor areas have been spruced up the most
Most recently, in 2023, the two have been hard at work updating the property’s outdoor areas, including renovating the pool deck and bar/grill area and upgrading the landscaping. They’ve also added new ocean-side windows and doors.
Photo credit: Elad Elkoubi / Swift Pics PhotographyPhoto credit: Elad Elkoubi / Swift Pics PhotographyPhoto credit: Elad Elkoubi / Swift Pics Photography
There’s also a charming beach cabana
Impressive as the main house might be, it’s not the only structure on the property. There’s also a charming beach cabana that neighbors the heated saltwater pool.
See also: Larry Ellison’s house, the $173M Gemini Mansion in Florida
Photo credit: Elad Elkoubi / Swift Pics Photography
Cardone is embracing blockchain technology
“We are all in on blockchain revolutionizing real estate! We are leveraging top-tier technology to make transactions seamless and unstoppable,” Cardone said in a statement, providing insight into his decision to list the property via blockchain, as opposed to more traditional platforms.
“This is the future of real estate, and we’re leading the charge,” the Sell or Be Sold author stated.
Photo credit: Elad Elkoubi / Swift Pics Photography
The platform he chose to list his property
As one of the most prominent figures in real estate, Cardone could have partnered with practically any platform. But he went with Propy, a Silicon Valley-based proptech company that’s happy to partner with the seasoned investor:
“It is a privilege to us to be the platform of choice for high-end property sales that we offer to our community of HNWI investors and crypto buyers,” said Natalia Karayaneva, CEO of Propy. “The inclusion of Cardone’s listing in BTC and USD on Propy, minted with our latest privacy deed feature, highlights our leadership in the intersection of real estate and crypto.”
Photo credit: Elad Elkoubi / Swift Pics Photography
Also publicly listed with his wife as the listing agent
The Golden Beach house is also up on the MLS, with Zillow and other property websites showing the billionaire’s wife as the agent attached to the listing.
Photo credit: Elad Elkoubi / Swift Pics Photography
An eXp Realty agent, Elena Cardone got her real estate license just a few years ago, per her LinkedIn profile, but has already been making a splash on the Miami real estate scene. An older LinkedIn post shows that Elena and her team had over $840 million in sales volume in 2022 alone.
Rumor has it he’s also selling his Malibu Beach abode
Photo credit: Elad Elkoubi / Swift Pics Photography
Over on the other Coast, Cardone owns a $40 million “Castle on the Sand” in Malibu, California a 6-bedroom, 10-bathroom beachfront residence that might have a similar fate to his Florida abode.
The Undercover Billionaire star paid a whopping $40 million for the house back in 2022, which sits in the pricey Carbon Beach area of Malibu, also known as Billionaire’s Beach.
He reportedly wants $65M for that one — preferably in Bitcoin
Photo credit: Elad Elkoubi / Swift Pics Photography
Several news outlets, including the New York Post, have reported that Cardone has been quietly looking to offload his Carbon Beach house for an even more ambitious asking: $65 million, also accepting payments in Bitcoin.
That mansion isn’t being floated on the open market though, and is likely being offered as a pocket listing that only vetted buyers can access.
Who is Grant Cardone?
Photo credit: Elad Elkoubi / Swift Pics Photography
One of the biggest influencers, authors, and speakers in the real estate space, Grant Cardone has made a name for himself as a serial entrepreneur and financial guru. He’s the founder of Cardone Enterprises, Cardone Capital, Cardone Training Technologies, The 10X Movement, and The 10X Growth Conference — one of the world’s largest business & entrepreneur conferences.
He also famously authored several best-selling books, including The 10X Rule, Be Obsessed Or Be Average, Sell Or Be Sold, and Millionaire Booklet, as well as several bestselling business programs.
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As a type of alternative investment, real estate can add diversification to a portfolio and act as a hedge against inflation. Real estate investment trusts (REITs) and real estate crowdfunding offer two unique entry points to this alternative asset class.
Both allow you to invest in real estate without being required to own property directly. Comparing the pros and cons of real estate crowdfunding vs. REIT investing can help you decide which one makes the most sense for your portfolio.
Understanding Real Estate Investment Trusts (REITs)
Real estate investment trusts are legal entities that own or finance income-producing properties or invest in mortgage-backed securities. The types of properties a REIT may invest in can include:
• Hotels and resorts
• Office space
• Warehouses
• Storage space
• Multifamily apartment buildings
• Data centers
• Medical facilities
• Retail shopping centers
• Single-family homes
The primary attraction of REITs is the ability to enjoy the benefits of property investment — namely, dividend income — without purchasing real estate directly.
REITs are also considered a type of alternative investment. As with many alternative investments, real estate-based assets don’t tend to move in sync with the stock market. For this reason, investing in REITs may provide portfolio diversification.
REITs may be publicly traded, meaning they trade on an exchange like a stock. REITs must pay out 90% of their taxable income to shareholders as dividends, though some may pay as much as 100%.
If you compare REITs vs. real estate mutual funds, dividends aren’t always required with the latter. Real estate mutual funds can invest in REITs, mortgage-backed securities, or individual properties. While you may have access to a broader range of properties, you may enjoy less liquidity with real estate funds.
Recommended: SoFi’s Alt Investment Guide for Beginners
Alternative investments, now for the rest of us.
Start trading funds that include commodities, private credit, real estate, venture capital, and more.
💡 Quick Tip: While investing directly in alternative assets often requires high minimum amounts, investing in alts through a mutual fund or ETF generally involves a low minimum requirement, making them accessible to retail investors.
Overview of Real Estate Crowdfunding
What is real estate crowdfunding? It’s a strategy that allows multiple investors to pool funds for property investment. In return, investors share in the profits generated by the investments. Regulation crowdfunding makes real estate crowdfunding possible, as entities can raise capital from investors without registering with the SEC, as long as they offer or sell less than $5 million in securities.
In terms of how it works, real estate crowdfunding platforms seek out investment opportunities and fully vet them before making them available to investors. Individual investors can then choose which properties they’d like to invest in.
Depending on the nature of the investment, you may collect interest payments, rental income, or dividends. Real estate crowdfunding can offer access to a variety of property types, including:
• Multifamily housing
• Industrial space
• Build-for-rent projects
The minimum investment varies by platform — it is commonly upwards of $5,000, but may be $500 or even lower in some cases. Some real estate crowdfunding platforms require investors to be accredited, meaning they must:
• have an income exceeding $200,000 (or $300,000 with a spouse or spousal equivalent) in each of the two prior years, with an expectation of the same income for the current year, OR
• have a net worth exceeding $1 million, alone or with a spouse/spousal equivalent, excluding the value of their primary residence, OR
• hold a Series 7, Series 65, or Series 82 license in good standing
Comparing REITs and Real Estate Crowdfunding
When choosing between a REIT vs. crowdfunding, it’s helpful to understand each option’s potential advantages and disadvantages.
Pros and Cons of REITs
Here are the main benefits of investing in REITs vs. crowdfunding.
• Risk management. Alternative investments like real estate may help you balance risk in your portfolio. REITs and real estate in general have a lower correlation with the stock market.
• Accessibility. Purchasing an actual investment property usually requires getting a loan and raising capital for down payments and closing costs. REITs can offer a much lower barrier to entry for investors.
• Dividends. REITs must pay dividends to investors, which may be attractive if you want to generate passive income with investments.
• Liquidity. Publicly traded REITs offer liquidity since you can buy and sell shares as needed, similar to a stock.
• Returns. REITs can potentially generate significant returns in a portfolio compared to stocks or other investments.
Now, here are some of the drawbacks of REIT investing.
• Fees. You’ll typically pay management fees to invest in REITs, as with any investment, but some may charge more than others. Paying attention to investment costs is key, as the more fees you pay, the less of your investment returns you keep.
• Overweighting. You can choose which REITs to invest in, but you don’t have a say in the underlying properties. Investing in REITs that own similar properties could overweight your portfolio in a single sector (e.g., malls or office buildings) and thus increase your risk profile.
• Interest rate risk. Changing interest rates can affect the value of REITs, which can influence the yield you might get. When rates rise, REIT values can decline, requiring you to adjust your expectations for a profit.
• Taxes. REIT dividends are typically taxed as ordinary income, up to 37% (plus a 3.8% investment surtax). But investors may also see a short- or long-term profit from the REIT, which would be taxed as capital gains. There is also the potential for return on capital, which can be complicated. It may be wise to consult a professional.
Pros and Cons of Real Estate Crowdfunding
Here are the main pros of crowdfunding real estate investments.
• Diversification. As with REITs, real estate crowdfunding allows you to diversify beyond traditional stocks and bonds.
• Low minimums. Some, though not all, real estate crowdfunding platforms allow you to get started with as little as a few hundred dollars. That can make entering this alternative asset class or spreading your investment dollars out over multiple property types easier.
• Geographic diversification. Real estate crowdfunding platforms can offer investors exposure to markets across the country. That can make it easier to target a specific region if you’re looking for the next “hot” market.
• Returns. Crowdfunded real estate may generate above-average returns, or exceed the returns you could get with REITs.
• Passive income. Owning a rental property can be time-intensive if you’re managing the property yourself. Real estate crowdfunding allows you to reap the benefits of rental income, without the typical headaches that go along with being a property owner.
And now, here are the cons.
• Fees. Just like REITs, real estate crowdfunding platforms can charge fees. Fee structures can sometimes be complex, making it difficult to assess what you’ll pay to invest.
• Illiquidity. Liquidity in the stock market is one thing, but when it comes to real estate crowdfunding, it’s an even bigger consideration owing to the length of time your capital may be locked into an investment. Once you invest in a property, you’re essentially committed to owning it for the duration of the holding period. It’s not unusual for real estate crowdfunding platforms to offer investments with holding periods of five years or more, making them highly illiquid.
• Accreditation requirements. Some crowdfunding platforms only accept accredited investors. If you don’t meet the standards, you won’t be able to invest through those platforms.
• Taxes. Income from crowdfunded real estate investments is taxable, though not always in the same way. You may be subject to different tax rates based on how dividends and interest are paid out to you. You may want to consult with a professional.
Which Investment Strategy Is Riskier?
It’s difficult to pinpoint which is riskier when comparing a REIT vs. real estate crowdfunding, as each one has different risk factors.
With REITs, the biggest risks may include:
• Liquidity risk, which could make it difficult to sell your shares if you’re ready to leave an investment.
• Changing market conditions or rising and falling trends, either of which could directly impact real estate values.
• Interest rate sensitivity, which can influence REIT values.
The main real estate crowdfunding risks may include:
• Platform risk, or the risk that the marketplace you’re using to invest could shut down before you’re able to withdraw your capital.
• Poor vetting, which may allow unsuitable investments to make it onto the platform.
• Changing regulations, which may affect the real estate crowdfunding space as a whole.
Whether you choose a REIT vs. crowdfunding, lack of education or understanding is also a risk factor. If you don’t understand the basics of how either type of investment vehicle works, you could be putting yourself in a position to lose money.
Due Diligence Considerations
REITs and real estate crowdfunding platforms should perform due diligence in vetting investments to make sure they’re suitable. However, it’s wise to do your own research to understand what you’re investing in, who you’re investing with, and the potential risks.
As you compare REITs or real estate crowdfunding platforms, keep the following in mind:
• Minimum requirements to start investing, including accredited investor status
• Range of investment options
• Transparency concerning fees and investment selection
• Holding periods
• Performance track record
• Overall reputation
Talking to other investors who have used a particular crowdfunding platform or invested in a certain REIT can offer perspective on the good and bad.
The Takeaway
Real estate can be an addition to your portfolio if you already have some experience in the market, and have an affinity for real estate. As a type of alternative asset class, investing in real estate can add diversification to your portfolio, and potentially act as a hedge against inflation. Both REITs and real estate crowdfunding enable you to invest in real estate without the hassle of actual property ownership and maintenance, but come with different risk factors than you’d find with traditional securities.
Ready to expand your portfolio’s growth potential? Alternative investments, traditionally available to high-net-worth individuals, are accessible to everyday investors on SoFi’s easy-to-use platform. Investments in commodities, real estate, venture capital, and more are now within reach. Alternative investments can be high risk, so it’s important to consider your portfolio goals and risk tolerance to determine if they’re right for you.
Invest in alts to take your portfolio beyond stocks and bonds.
FAQ
What are the main advantages and disadvantages of investing in REITs?
Investing in REITs can offer the benefits of dividend income and portfolio diversification, without requiring you to own property directly. The disadvantages of REITs can include interest rate risk and market risk, both of which can affect the value of your investments.
How does real estate crowdfunding differ from traditional REIT investments?
Real estate crowdfunding allows investors to pool funds together to invest in property and collect interest, dividends, and/or rental income. REITs own and operate investment properties and pay dividends to investors. REITs and real estate crowdfunding can differ concerning the types of properties you can invest in, the minimum investment required, and the fees you’ll pay.
How are taxes treated for REITs and real estate crowdfunding?
REIT dividends are primarily treated as ordinary income for tax purposes (although you may face capital gains on any profits). Real estate crowdfunding returns may be subject to capital gains tax and/or ordinary income tax rates, depending on how they’re structured. Because the tax treatment of these two entities can be complicated, it’s probably wise to consult a professional.
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Looking for second job ideas to increase your income? You’re not alone. Many people look for side gigs to help pay bills, save for big purchases, or simply have extra spending money. Finding the right second job and making extra income can make a big difference in your financial life. With so many options available,…
Looking for second job ideas to increase your income? You’re not alone. Many people look for side gigs to help pay bills, save for big purchases, or simply have extra spending money.
Finding the right second job and making extra income can make a big difference in your financial life. With so many options available, there’s likely something that fits your skills and schedule. Whether you want a job you can do from home or one that gets you out and about, there’s a side job out there for you.
For me, I was able to find a second job and it completely changed my life. In fact, it’s how I paid off my $40,000 in student loans in just 7 months. Making extra money also helped me to stop living paycheck to paycheck and to save more money!
Best Second Job Ideas
Below are the best second job ideas:
1. Blogger
Blogging used to be my side hustle and it is now my full-time job where I have earned over $5,000,000 over the years.
I started Making Sense of Cents just as a hobby, and it eventually turned into my second job. I didn’t know that blogs could make money or that it could become my full-time job. I didn’t even understand what a blog was or how it worked.
Starting a blog can be a great way to earn extra income. You can write about topics you are passionate about, such as travel, food, or personal finance. The best part is that you have the freedom to work on your blog whenever you have free time.
For me, it was a great second job because I could work on my blog before I went to my day job, during my lunch break, after I got home from work, and on the weekends. You get to make your own schedule, so that is a huge plus!
You can learn more about how to begin in my free How To Start a Blog Course here.
Here’s a quick outline of what you will learn:
Day 1: Reasons you should start a blog
Day 2: How to choose what to blog about
Day 3: How to create your blog (you’ll learn how to start a blog on WordPress)
Day 4: How to make money blogging
Day 5: My tips for making passive income from blogging
Day 6: How to grow your traffic and followers
Day 7: Extra blogging tips to help you be successful
2. Proofreader
Being a proofreader is a great second job idea. It’s perfect if you love reading and have a good eye for catching mistakes. You get to find errors in spelling, grammar, and punctuation.
You can work from home as a proofreader. Many companies and websites offer remote proofreading jobs. Some popular platforms include Upwork, FlexJobs, and Scribendi.
You might proofread books, articles, or even student papers. The work can be flexible, letting you choose when to work. This makes it easy to fit into a busy schedule.
Proofreaders can earn a decent amount of money. Some jobs pay by the hour, while others pay by the project. According to some sources, full-time proofreaders can make around $50,000 per year. Even if you don’t work full-time, you can still make a good side income.
I personally have a proofreader for my blog, and I know many others who have proofreaders for their businesses as well. It’s a very much-needed and in-demand job.
You can learn more at How To Start A Proofreading Business And Make $4,000+ Monthly.
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This free training teaches you how to start a proofreading side hustle (and how to earn $1,000+ per month!), even if you are brand new and don’t have any previous proofreading experience.
3. Take online surveys
Taking online surveys can be a simple way to earn extra money in your spare time. Companies want to know what you think about their products, services, or marketing campaigns.
Many websites offer paid surveys. You can sign up for these sites and start taking surveys right away. Each survey usually takes a few minutes to complete.
You might earn anywhere from $0.50 to $5 per survey, depending on the length and complexity.
The survey companies I recommend signing up for include:
American Consumer Opinion
Survey Junkie
Swagbucks
InboxDollars
Branded Surveys
Prime Opinion
Five Surveys
PrizeRebel
Pinecone Research
Online surveys can be done from anywhere with an internet connection, making it easy to fit around your other commitments. Just remember, while this can add up over time, you will not make a full-time income from just taking surveys.
I have taken many, many surveys over the years, and what I like about them is that you can do them on your own schedule – in the mornings, during your lunch break, before you go to bed – whenever. There is no strict schedule and they are super easy to do.
4. Dog walker or pet sitter
Becoming a dog walker or pet sitter is a great way to make extra money. You can set your own schedule and enjoy spending time with furry friends. Plus, many people need reliable pet care (I have personally found it hard to find a good dog sitter in the past, so I personally know that there is a lot of demand for this second job!), so there are plenty of opportunities.
Using dog walking apps like Rover, you can easily find clients. These platforms connect you with pet owners in your area. Depending on how much time you invest, you could potentially earn between $400 and $1,000 a month.
When I have had dog sitters in the past, I was paying around $100 a day for my two dogs to be watched in the person’s home. So, a 10-day trip earned the person $1,000.
Taking care of animals can also be very rewarding. You get to exercise while walking dogs and enjoy the company of pets. It’s a job that keeps you active and can be a lot of fun if you love animals.
No special skills are needed, but being responsible and loving pets is important. You must be punctual and trustworthy since pet owners rely on you to take care of their animals.
My mother-in-law as well as my sister are both dog walkers and pet sitters and enjoy what they do.
5. Virtual assistant
Being a virtual assistant is a great second job idea. You can help businesses and professionals with tasks like managing emails, scheduling appointments, and handling social media. This role tends to have flexible hours, making it easier to fit into your schedule.
One of my first side jobs was working as a virtual assistant. It was a fun and flexible way to earn extra money. There are many kinds of virtual assistant jobs. The money I made helped me pay off my student loans quickly, stop living paycheck to paycheck, and become my own boss. I think it’s a great way to make money, whether you want a part-time or full-time job.
Starting as a virtual assistant can be easy. Websites like Upwork, FlexJobs, and Indeed have listings for virtual assistant jobs. You just have to set up a profile and start applying. For me, I also let my friends and those in my industry know that I was growing my virtual assistant business, and that helped me find jobs as well.
A virtual assistant’s tasks can include:
Managing social media accounts
Scheduling travel and appointments
Managing email inboxes
Organizing events
Communicating with clients
Ordering supplies
Managing calendars
Handling logistics
Coordinating Zoom calls
Moderating online forums
Running personal errands
Answering customer service questions
Performing data entry
Managing websites
Creating presentations
Sending invoices
Now, one virtual assistant most likely won’t do all of these tasks – it simply depends on what the company or person is looking for.
Learn more at Best Ways To Find Virtual Assistant Jobs.
6. Graphic designer
You can make extra money as a graphic designer, and this can be a good second job idea if you want to work from home. A graphic designer is what you think – they design different kinds of graphics.
One way is to create design templates. These can be for websites, social media, or even printable designs. You can sell these templates online and get paid each time someone buys them.
Another option is freelance work. You can sell services like logo design, branding, or social media graphics, and you can find clients on sites like Upwork or Fiverr.
7. Social media manager
Social media managers handle different social media platforms for businesses.
Your job can include creating content, posting updates, and responding to followers. You might also need to analyze data to see what posts are doing well and which ones are not.
They work for one company or multiple clients. It’s important to have good communication skills and a creative mindset. Some social media managers also do graphic design or video editing for their social media posts.
Being a social media manager can be fun and flexible. You can usually work from home and set your own hours. This control and flexibility make it an excellent job for people looking to earn extra income on their own terms.
For me, I have been a social media manager in the past as a second job. It was great as a flexible side hustle!
8. Online tutor
If you enjoy teaching and have a strong understanding of a subject, you can try finding online tutoring jobs. Online tutoring lets you share your skills and help students from anywhere, and you can tutor kids in math, science, and reading, or even help them prepare for tests like the SAT or ACT.
Platforms like Wyzant and Tutor.com connect you with students looking for help. You create a profile, list your skills, and set your rates. Most tutors charge between $30 and $60 per hour. Teaching English as a second language is also a popular option. Many companies need English tutors to teach students abroad.
Online tutoring is flexible because you can choose your own hours and work from home. This makes it easy to fit around your teaching job or other responsibilities. Some tutors even make up to $1000 a week by dedicating just a few hours each day.
9. Bookkeeper
Becoming a bookkeeper is a great second job, and it can typically be done from home.
Bookkeepers keep track of financial records for businesses. This could include recording transactions, managing payroll, and preparing financial reports.
You don’t need a special certification to become a bookkeeper, making it easier to start.
The best part is that you can do this job from anywhere with just a laptop and some software. This flexibility means you can work from home or even when you’re traveling.
Since bookkeeping services are always in demand, you can find clients easily. This can be a very profitable side hustle. Some bookkeepers even charge $60 an hour or more.
Learn more at How To Find Online Bookkeeping Jobs.
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This free training will teach you what you need to know to become a virtual bookkeeper and make money from home.
10. Freelance writer
Working as a freelance writer is a great way to make extra money.
Freelance writers are self-employed and work for magazines, blogs, websites, companies, and more. A lot of what you read online today is written by a freelance writer.
I have been a freelance writer for many years, and I really enjoy it. I have written for many different websites and companies, and I make good money doing so.
You can write from home, at your own pace, and choose projects that interest you. Many companies need blog posts, articles, web content, and social media posts.
11. Photography
Getting paid to take pictures is a popular second job idea.
What’s great is that there are many ways to get paid for photography, such as:
Stock photos – Stock image websites are popular places for photographers to sell their pictures. These sites let customers buy royalty-free photos for personal or business use. Websites, TV shows, books, social media accounts, and more use stock photos all the time. Some popular stock photo websites are Shutterstock, iStock by Getty Images, Adobe Stock, and Dreamstime.
Portraits and event photos – As a photographer, you can focus on taking portraits and event photos. This area is in high demand, especially for weddings, elopements, birthdays, and corporate events.
Post pictures on Instagram or Facebook – Social media platforms like Instagram are great for sharing your pictures and gaining followers. Many people make a full-time income from their Instagram accounts. They do this through sponsored partnerships with companies, affiliate marketing, and selling their own products.
12. Personal trainer
Becoming a personal trainer is a great second job idea. You can help people get in shape while earning extra money.
You can work at a gym or do private sessions at clients’ homes. Some trainers also provide online coaching, which gives you more flexibility.
Personal trainers sometimes create workout plans tailored to each client’s needs. They might also give advice on nutrition, and this way, they can help clients with both exercise and diet for better results.
Personal training can be done part-time, which makes it a good fit if you have another job. Many people want training in the mornings, evenings, or weekends.
13. Etsy seller
Starting an Etsy shop can be a fun and rewarding second job. If you enjoy crafting or creating handmade items, this might be perfect for you. Etsy is a popular online marketplace where you can sell unique products.
There are many things you can sell on Etsy, such as:
Etsy can be a great way to turn your hobbies into extra income.
You can learn more at How To Sell On Etsy Successfully: A Beginner’s Guide.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
14. Babysitter
Babysitting is a great way to earn extra money. You can choose your own hours, making it easy to fit it around your main job or school.
Parents always need trustworthy people to watch their kids, and they might need help for an evening out or during the day if they work long hours.
As a babysitter, you can earn around $15 to $25+ per hour, depending on your experience and location. Some families might even pay more if you have special skills, like CPR training or if you are watching multiple children.
You can find babysitting jobs through local community boards, babysitting apps, or word of mouth. Sometimes, friends or family might also need help.
15. Delivery driver
A delivery driver job is one of the most popular side hustle ideas. You don’t need a lot of experience to get started, and all you need is a vehicle and a driver’s license. Many services, like DoorDash, Uber Eats, and Instacart, let you choose your own hours. This flexibility is perfect if you have a busy schedule.
You can deliver different items depending on the service you work for. Some companies focus on food delivery, while others may deliver groceries or packages.
The pay can vary based on where you live and how much you work. Some drivers make around $15 to $25 per hour including tips.
16. Bartender
Bartending is a flexible and fun second job. You can work at bars, restaurants, or special events like weddings.
Some bartender jobs don’t require a lot of experience. You usually have to start as a barback, helping with stocking and cleaning, then learn to make drinks. Then, you may be able to move up and find a part-time job as a bartender.
17. Transcriptionist
Being a transcriptionist can be a great second job. Transcriptionists listen to audio recordings and type out what they hear. It’s a simple job and doesn’t require a lot of training.
You can do this job from home and all you need is a computer and good internet. This makes it a flexible option where you can work on transcriptions during your free time or on weekends.
There are usually some requirements. Many places want you to type fast and accurately. For others, you might need to pass a background check or transcription tests.
You can learn more at 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly.
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In this free training, you will learn what transcription is, why it’s a highly in-demand skill, who hires transcriptionists, how to become a transcriptionist, and more.
18. Rent your extra space
Do you have an extra room, basement, or garage? Renting out your extra space can be a great way to earn some extra cash each month passively.
You can list your spare room on websites like Airbnb or Vrbo if it’s a room or apartment.
If you have a garage or storage space, you can rent it out for storage. Websites like Neighbor allow people to find storage options nearby.
Before you start, check local laws and regulations. Some areas have rules about renting out space, so it’s important to be informed.
19. Handyperson
Being a handyperson can be a great way to make extra money. You can help people fix things around their homes, such as fixing leaky faucets, repairing doors, or assembling furniture.
You don’t need fancy tools for many jobs, just a good set of basic tools.
Many people need small repairs done but don’t have the skills or time. That’s where you come in. You can find clients through local ads, word of mouth, or online platforms like Taskrabbit.
Working as a handyperson has flexibility too and you can choose jobs that fit your schedule.
20. Rideshare driver
Apps like Uber and Lyft allow you to drive people around and get paid for it.
One of the best parts about driving for rideshare apps is the flexibility. You can set your own hours and work whenever you want.
Most rideshare companies have an easy sign-up process. They usually require a background check, a valid driver’s license, and a car that meets their standards. Once approved, you can start accepting rides and earning money.
The earnings vary depending on your location, the time of day, and how many hours you drive. Some drivers make a nice side income by working during peak hours when rates are higher.
21. Restaurant server
Being a restaurant server can be a great way to earn extra money and is popular for evening second jobs. Many restaurants have flexible hours, which is perfect if you need to juggle another job or school.
Servers often get tips, so your income can vary day to day. Some nights are busier and can bring in more money.
22. Clean houses
Cleaning houses is a good way to earn extra money with a second job. You can work on the weekends or after your regular job.
Plus, you can choose your clients and set your own hours.
To get started, all you need are basic cleaning supplies. You can sell your services to friends and family first. Word-of-mouth is powerful, and you might get more clients through recommendations.
23. Write book reviews
If you enjoy reading and sharing your thoughts about books, you can earn money by writing book reviews. Authors and publishers value your honest opinions because they help other readers decide what to read next. Readers also enjoy reading these reviews, making it helpful for everyone involved.
Here are some websites where you can earn money by writing book reviews:
OnlineBookClub.org – They provide free books at first. After your first review, you can earn cash for each review you write, typically between $5 and $60.
Kirkus Media – They look for reviewers for both English and Spanish books, especially for the Kirkus Indie section. Reviews are around 350 words and due two weeks after the book assignment. They cover all genres, with over 10,000 books reviewed annually.
Upwork – Create a profile and set yourself up as a book reviewer. This freelance platform allows you to set your own rates, with book reviewing rates ranging from $15 to $75 per hour.
The US Review of Books – They hire freelance writers for 250- to 300-word reviews that go beyond summary to provide insights into the book. Applicants need to submit a resume, writing samples, and references.
Reedsy Discovery – Review books before they are published and earn through tips from readers, typically ranging from $1 to $5 per review. It’s a way to influence which books gain popularity early on.
Other opportunities – Websites like Booklist (pays $15 per review, focused on short reviews for libraries), BookBrowse, Women’s Review of Books, and Publishers Weekly also pay for book reviews and are actively looking for new reviewers.
You can learn more at 16 Best Ways To Get Paid To Read Books.
24. Mow lawns
Mowing lawns can be a great second job. It’s simple, flexible, and very profitable.
You can start with not a lot of money too. For example, if you already have a lawn mower, you’re ready to go, and you can start by seeing if anyone in your neighborhood needs their lawn mowed.
Pricing your services depends on the size of the lawn and the complexity of the job. Some lawns might be easy and quick, others might take more time. Many people charge between $40 and $50+ per lawn.
Frequently Asked Questions
When looking for second job ideas, it’s important to find something that fits your schedule and goals. Here are answers to some common questions about picking the best side gig and managing two jobs.
What is the best 2nd job to have?
The best second job depends on your interests and skills. Some popular side hustle ideas include blogging, proofreading, taking online surveys, dog walking or pet sitting, and being a virtual assistant. These jobs have flexibility and can often be done from home.
What are some good jobs I can do at night after my day job?
Jobs you can do at night include customer service representative, security guard, bartender, or freelance work like writing and graphic design. These jobs usually have evening shifts or can be done remotely, fitting in well with a daytime schedule.
What are some good second jobs at night from home?
If you want to learn how to make extra income while working full-time, then my favorite way is to find good second jobs that you can work at night from home. This way, you don’t have a commute and it won’t interfere with your day job. Some good evening jobs from home include blogging, taking surveys, proofreading, bookkeeping, writing book reviews, and transcribing.
How can I make an extra $1000 a month?
To make an extra $1000 a month, you may want to try freelance writing, virtual assistant work, or becoming a part-time tutor. These jobs can pay well and offer flexible hours, allowing you to work around your primary job.
How can I make an extra $2000 a month?
Earning an extra $2000 a month may require a higher-paying side gig. Options include freelance web development, consulting, or starting a small business like dropshipping. These jobs can have higher earnings but may require more specialized skills or time investment.
How to get a second job with a 9-5?
You can get a second job with a nine-to-five by looking for evening or weekend positions and looking for jobs with flexible hours such as bartending, retail cashier, or working as a rideshare driver. Online jobs like tutoring or freelancing can also have nice flexibility to work after your main job.
What is the highest paying side hustle?
The highest-paying side hustles can include freelancing in tech fields like software development, graphic design, or consulting. Real estate investment, if you have the money to start investing, can also be very high paying.
Do you get taxed more if you have two jobs?
Having two jobs can put you in a higher tax bracket, meaning you might pay more in taxes. It’s important to understand how this affects your overall earnings. I recommend talking with a tax professional to talk about your tax situation and to make sure that you aren’t overpaying (or underpaying!).
How will my employer know if I have a second job?
Your employer may know if you have a second job if it affects your primary job performance or if you disclose it. Some employers also run social media checks to see if they can learn anything about you that may hurt their business. You may want to check your employment contract if you are worried, as some employers may have clauses about working multiple jobs.
Is having two jobs worth it?
Having two jobs can be worth it if you need extra income for savings, paying off debt, or reaching financial goals. It requires good time management and can be tiring, but many find the financial benefits to be rewarding. For me, I found having more than one job well worth it because it allowed me to pay off my student loan debt quickly, save more money, and pursue my passions.
Second Job Ideas – Summary
I hope you enjoyed this article on the best second job ideas.
As you can see, there are many popular second job ideas that may interest you. From online jobs like blogging, proofreading, and bookkeeping to in-person jobs like personal training, delivery, restaurant jobs, and more, there are many ways to make extra money so that you can reach your goals.
If you need a second job while working full-time, you are not alone. Many people are in your shoes. I recommend finding something that best fits your schedule and is at least somewhat flexible so that you aren’t making yourself too tired.
For me, I have had many side jobs. One thing that has always helped me is to make sure that it would fit with my day job and be flexible – because my day job did come first. Plus, I didn’t want to waste more time than I would need to by commuting back and forth or doing things that weren’t needed.
AIR Communities, a publicly traded real estate investment trust (REIT), owns 76 rental housing communities in major coastal markets, including Miami, Los Angeles, Boston, and Washington D.C. Blackstone intends to invest more than $400 million to maintain and improve these communities, with the potential for further capital to support growth. “The business the AIR team … [Read more…]
If you’re considering a home in Chicago, an apartment in New York City, or a rental in Los Angeles, you might have come across the term “duplex.” By definition, a duplex is a single building divided into two separate living units, either stacked vertically or placed side-by-side. Each unit has its own entrance, providing privacy and a home-like feel. For renters, duplexes offer an attractive option, providing more space at a lower cost, greater privacy, and more amenities.
The multifamily home market is a growing segment of the U.S. housing landscape, and is creating more affordable options for renters. Multifamily real estate investment accounted for 42% of the total U.S. market in 2021 and exceeded $111 billion that year, and is expected to increase until 2025. ‘
There are both benefits and drawbacks to living in duplexes, so it’s essential to weigh them carefully. This ApartmentGuide article provides a rundown on what a duplex is and whether it might be the right choice for you. You may even find yourself moving into one by the end.
What is a duplex?
A duplex apartment is a single building comprising two separate living units. They are often referred to simply as a dual-living properties or a two-family houses. Duplexes can be configured in two main ways:
Vertical duplex: In this layout, one unit is located directly above the other. The floor of the upstairs unit forms the ceiling of the downstairs unit.
Horizontal duplex: Here, the two units are side-by-side, sharing a common wall. This wall typically houses the staircase, assuming each unit spans two floors.
Most of the time, each unit is self-contained with its own entrance, and they usually have similar square footage. Different families or tenants occupy each unit, living independently. The definition of duplex apartments can be somewhat confusing, as it varies depending on the location.
What does a duplex apartment look like?
Here’s the bottom line: the key distinction to look for in identifying a property as a duplex is that it has two separate living units within a single structure. Here are a few other dead giveaways.
Key features of a duplex include:
Two separate units: Again, each unit has its own living spaces, kitchen, and bathroom. Units can be stacked vertically (one above the other) or placed side-by-side (sharing a common wall).
Independent entrances: Each unit has its own entrance, providing privacy and independence for the occupants.
Shared structure: Both units share the same building structure, including the foundation, roof, and exterior walls.
Common ownership: Typically, a duplex is owned by a single entity or landlord who rents out both units. The owner is responsible for the overall maintenance of the building, while tenants maintain their individual units.
Separate utilities: Duplexes often have separate utility meters for each unit, allowing for independent billing of services like electricity, water, and gas.
Duplex living: pros and cons
Living in a duplex offers several benefits, such as a yard, garage, and privacy, similar to a standard residential home. Additionally, duplexes are typically more affordable than single-family homes, allowing you to rent a nicer place in a better location. On the other hand, you will have a neighbor living next to you, above, or below, which might impact your privacy. To help you decide if a duplex is right for you, let’s run through some more pros and cons.
The pros of living in a duplex
Affordability: Duplexes are often more affordable than single-family homes, making them a cost-effective option for renters and buyers.
Privacy: Unlike apartment buildings, duplexes typically share only one wall with a neighbor, providing more privacy.
Outdoor space: Many duplexes come with a yard or garden, offering outdoor space for relaxation, gardening, or play.
Garage or parking: Duplexes often include a garage or designated parking space, which can be a significant convenience.
Home-like environment: Duplexes offer a more residential feel compared to apartments, making them a cozy and home-like living option.
Investment potential: For owners, living in one unit and renting out the other can generate rental income and help with mortgage payments.
Less noise: With fewer neighbors compared to an apartment complex, there is generally less noise and foot traffic.
Community feel: Living in a duplex can foster a sense of community, as you often get to know your immediate neighbor well.
Flexibility: Duplexes can offer flexible living arrangements, such as multi-generational living or accommodating extended family members.
Maintenance: In rental duplexes, landlords typically handle exterior and structural maintenance, reducing the burden on tenants.
The cons of living in a duplex
Shared walls: Sharing a wall with neighbors can result in noise disturbances and reduced privacy compared to standalone homes.
Limited outdoor space: While many duplexes have yards, the outdoor space may be smaller or shared with the neighboring unit.
Potential for conflict: Living in close proximity to neighbors can sometimes lead to conflicts over noise, parking, or shared areas.
Less control: Renters in a duplex may have less control over modifications or landscaping compared to owning a single-family home.
Property maintenance: In some cases, tenants may be responsible for certain maintenance tasks, like lawn care or snow removal.
Limited availability: Duplexes are not as common as other types of housing, which can limit options in some areas.
Resale challenges: For owners, selling a duplex can be more challenging than selling a single-family home, as it appeals to a more specific market.
Parking issues: Shared driveways or limited parking spaces can sometimes be a point of contention between neighbors.
Noise and privacy concerns: Despite having fewer neighbors than an apartment, the proximity to another household can still lead to concerns about noise and privacy.
How to find a duplex
Duplexes are a popular rental choice for many due to their combination of space, privacy, and affordability. They tend to be rented out quickly, so finding one can be competitive. Start your search here on Apartmentguide, Rent.com, or Redfin, which frequently list available duplex rentals. Duplexes typically offer more square footage than apartments and sometimes even come with garages, providing a more home-like living experience. Additionally, they often come with flexible lease terms because they’re usually leased out by a private owner.
Other types of multi-unit, residential buildings
The term duplex specifically refers to multi-family housing with two individual units. However, duplexes are just one type of multi-unit apartment building with their own entrance. When a structure features three apartments, it’s called a triplex. Conversely, a structure with four units is a fourplex. Here are some other types of multi-unit residential buildings.
Is a duplex the same as a condo?
No, a duplex is not the same as a condo. While both are types of residential properties, they have distinct differences. Both offer private living spaces, but a duplex is a single building divided into two separate units, typically owned by one person who may rent out one or both units. In contrast, a condo is an individual unit within a larger building or complex, and each unit is owned separately. Condo owners share ownership of common areas like hallways, pools, and gyms, and they pay monthly fees for maintenance and amenities. Both options provide a sense of community, but duplexes offer more privacy with fewer neighbors and typically include some private outdoor space, while condos often come with additional amenities and shared facilities.
Duplex vs twin home
A duplex and a twin home may appear similar at first glance, but they have distinct differences. In contrast, a twin home consists of two separate units that share a common wall but are considered individual properties. Each unit is owned separately, much like two adjoining houses. Homeowners are responsible for their respective sides, including maintenance and insurance. This ownership distinction sets twin homes apart from duplexes, where tenants do not have ownership rights.
Duplex vs accessory dwelling unit
The difference between a duplex and an accessory dwelling unit (ADU) is significant. An ADU is a secondary housing unit on the same lot as a single-family home. ADUs can be attached to the main house, such as a basement or garage conversion, or they can be a separate, smaller structure, like a backyard cottage. ADUs are typically used to provide additional living space for family members, guests, or renters but are not considered separate properties. The primary residence remains the main dwelling on the lot, and the ADU is supplementary.
The NYC definition of duplex apartments
In New York City, the definition of a duplex apartment is different. Here, a duplex refers to a single apartment spread over two floors, connected by stairs or an elevator.
Key features of NYC duplexes include:
Single unit: Despite having two floors, it’s listed as one unit.
Separate bedrooms and bathrooms: Each floor typically has its own bedroom and bathroom.
Shared common areas: The first floor usually includes shared spaces like the living room and kitchen.
Because of their spacious layout, NYC duplexes are often considered luxury apartments, offering renters the benefits of a two-bedroom apartment with added privacy and convenience.
Additionally, duplexes can sometimes be confused with twin homes or accessory dwelling units, further adding to the confusion.
Duplex FAQs
Is a duplex the same as a semi-attached home?
No, a duplex is one building with two units, while a semi-attached home shares one wall with another house but is otherwise separate.
Can a duplex have multiple owners?
Yes, each unit in a duplex can be owned by different individuals, especially in cases where the property is subdivided.
Can you rent both units of a duplex?
Yes, it is possible to rent both units of a duplex, either for residential or investment purposes.
Is living in a duplex more private than an apartment?
Yes, duplexes generally offer more privacy than apartments because they only share one wall and often have separate entrances.
Do duplexes have separate addresses for each unit?
Yes, each unit in a duplex typically has its own address, mail delivery, and entrance.
Finding an affordable city to buy a house can be challenging. Getting a good deal is key to my investing strategy. To help you find the best investment opportunities, here’s a list of the top ten most affordable large cities to buy houses in the US. These cities offer not only affordable housing but also promising growth prospects and quality of life.
To measure, we’ll look at housing prices and wages.
Table of Contents
Overview
Of course, a low price doesn’t necessarily mean a great deal. To learn more about finding great deals, check out my Master the Deal course.
This data is from May 2024 and comes from National Association of Realtors (NAR), the Zillow Home Value Index, U.S. Census Bureau, Local Economic Development Reports, and the U.S. Bureau of Labor Statistics (BLS).
There are many smaller towns that are even more affordable in many areas of the country. It may surprise many people but people making lower wages actuallty have a better shot of buying a house than many who make much more in expensive areas.
Top Ten Most Affordable Cities (Wages and House Prices)
1. Detroit, Michigan
Detroit has been making a remarkable comeback over the past decade. The city is known for its affordable housing market, with the median home price around $70,000.
The median wage in Detroit is approximately $36,000.
With ongoing revitalization projects and a growing tech scene, Detroit is becoming an attractive option for first-time homebuyers and investors alike.
2. Cleveland, Ohio
Cleveland offers a blend of affordable housing and vibrant cultural life. The median home price in Cleveland is approximately $85,000.
The median wage in Cleveland is around $38,000.
The city’s diverse economy, driven by healthcare, education, and manufacturing sectors, makes it a target for real estate investment.
3. Pittsburgh, Pennsylvania
Pittsburgh is another city where affordability meets opportunity, with a median home price of about $150,000.
The median wage in Pittsburgh is approximately $42,000.
Pittsburgh provides a strong job market, particularly in technology, healthcare, and education. The city’s rich history and growing infrastructure add to its appeal.
4. Indianapolis, Indiana
Indianapolis combines affordability with a high quality of life. The median home price is around $175,000.
The median wage in Indianapolis is about $44,000.
The city is known for its strong job market, excellent schools, and vibrant cultural scene. Indianapolis may be ideal for families and investors seeking long-term growth.
5. Buffalo, New York
Buffalo is experiencing a resurgence, with a median home price of approximately $130,000.
The median wage in Buffalo is around $40,000.
The city’s affordable cost of living, coupled with its robust job market in healthcare and education, makes it an attractive place for homebuyers.
6. Memphis, Tennessee
Memphis offers an affordable housing market with a median home price of about $120,000.
The median wage in Memphis is approximately $37,000.
Known for its rich musical heritage and vibrant culture, Memphis also boasts a strong economy driven by transportation, healthcare, and education sectors.
7. Birmingham, Alabama
Birmingham combines affordability with economic growth. The median home price is around $160,000.
The median wage in Birmingham is about $38,000.
The city’s economy is diverse, with strong sectors in finance, healthcare, and manufacturing. Birmingham’s southern charm and historical significance make it a desirable place to live.
8. Kansas City, Missouri
Kansas City offers affordable housing with a median home price of approximately $190,000.
The median wage in Kansas City is around $45,000.
The city is known for its robust job market, particularly in the finance, healthcare, and engineering sectors. Kansas City’s thriving arts scene and friendly community add to its appeal.
9. Oklahoma City, Oklahoma
Oklahoma City provides affordable housing with a median home price of about $160,000.
The median wage in Oklahoma City is approximately $40,000.
The city has a growing economy driven by energy, aerospace, and biotechnology industries. Oklahoma City’s low cost of living and family-friendly environment make it an excellent place to buy a home.
10. St. Louis, Missouri
St. Louis rounds out our list with a median home price of around $150,000.
The median wage in St. Louis is about $41,000.
The city offers a diverse economy with strong healthcare, education, and manufacturing sectors. St. Louis’ rich history, cultural attractions, and affordable housing market make it an interesting place to invest.
This table summarizes the information here. The Affordability Ratio is the wages divided by home price. The higher the Affordability Ratio, the more affordable.
City
Median Home Price
Median Wage
Affordability Ratio
Detroit, Michigan
$70,000
$36,000
0.51
Cleveland, Ohio
$85,000
$38,000
0.45
Buffalo, New York
$130,000
$40,000
0.31
Memphis, Tennessee
$120,000
$37,000
0.31
Pittsburgh, Pennsylvania
$150,000
$42,000
0.28
St. Louis, Missouri
$150,000
$41,000
0.27
Indianapolis, Indiana
$175,000
$44,000
0.25
Oklahoma City, Oklahoma
$160,000
$40,000
0.25
Birmingham, Alabama
$160,000
$38,000
0.24
Kansas City, Missouri
$190,000
$45,000
0.24
Conclusion
These ten cities offer some of the most affordable housing markets in the US, each with its unique blend of economic opportunities, cultural attractions, and quality of life. Whether you are a first-time homebuyer or an investor looking for promising real estate markets, these cities provide a great starting point.
What do you think of this list? Let me know in the comments below.
Real estate investment trust Redwood Trust is expected to close on Tuesday on the offering of $85 million in debt, following on the heels of other companies in this space. Analysts say the resources could be used to buy back other outstanding notes or improve the company’s cash position in the near term.
Redwood’s unsecured debt consists of senior notes due in 2029 that pay 9% annually. The offering can be increased by $12.75 million in aggregate principal amount available for 30 days to cover over-allotments.
The company said the proceeds of the debt offering are expected to fund, among other things, the firm’s residential lending business, the acquisition of mortgage-backed securities (MBS), and strategic acquisitions and investments.
It can also repay indebtedness, such as a subsidiary’s 5.75% exchangeable senior notes due in 2025 and Redwood’s 7.75% convertible senior notes due in 2027.
BTIG analysts Eric Hagen and Jake Katsikas estimate that the debt offering will bring the company’s total unsecured debt stack to $850 million, supported by about $1 billion in stockholder equity.
According to the analysts, at wider spreads, the company “could look to buy back its 2025 and 2026 notes with a portion of the proceeds.”
In the near term, however, the analysts expect Redwood’s leadership to “opportunistically keep a higher cash balance,” mainly because a new facility will provide $150 million in borrowing capacity.
Morgan Stanley; Goldman Sachs; RBC Capital Markets; Wells Fargo Securities; Keefe, Bruyette & Woods; and Piper Sandler were the book-running managers for the offering. The notes, which had an investment grade rating of BBB from Egan-Jones Ratings Co., are expected to be listed on the New York Stock Exchange.
Other companies in the space have also recently issued or are about to issue debt.
loanDepot plans to extend its $497.8 million in senior notes due in the fourth quarter of 2025. Mr. Cooper issued senior notes to qualified investors in January that will mature in 2032 and bear interest at 7.125% per year.
In addition, Pennymac issued new debt last year that will mature in December 2029 and pay 7.875% annually. And Rithm Capital priced an offering of $775 million in aggregate principal of senior unsecured notes due in 2029 at 8% per year.
Inside: Learn what 50 an hour is how much a year, month, and day. Plus tips to budget your money. Don’t miss the ways to increase your income.
You’re probably wondering if I made $50 a year, how much do I truly make? What will that add up to over the course of the year when working?
Is my $50 an hour take home pay comparable to others in my industry? Is $50 an hour paycheck a good salary?
First of all, this is a wage you can actually live on and should be able to thrive and reach your financial goals. Annually $50 an hour should help you to breathe easier with your finances. You might wonder how can I start to increase my hourly wage to $55, $60, or $65 per hour?
Most of the hourly jobs that pay over $50 an hour do not require a degree, which is great news! Those paid on a salary basis tend to have a college degree and do not even calculate their hourly wage.
In this post, we’re going to detail exactly what $50 an hour is how much a year. Also, we are going to break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
By taking a step ahead and making a plan for the money, you are better able to decide how you want to live, make sure that you put your money goals first, and not just living paycheck to paycheck struggling to survive.
The ultimate goal with money success is to be wise with how you spend your money.
If that is something you want too, then keep reading. You are in the right place.
$50 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $50 per hour is as an annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $50 = $104,000
$104,000 is the gross annual salary with a $50 per hour wage.
As of June 2023, the average hourly wage is $33.58 (source).
Let’s Break Down Of 50 Dollars An Hour Is How Much A Year
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiply the hourly salary of $50 times 2,080 working hours, and the result is $104,000.
That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
You cross the 6 figure salary, which is a huge step with your income! That is way higher than the average $60000 salary threshold, which is desired to become middle-income worker.
Work Part Time?
But you may think, oh wait, I’m only working part-time. So if you’re working part-time, the assumption is working 20 hours a week at $50 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $50 times 1,040 working hours and the result is $52,000.
How Much is $50 Per Month?
On average, the monthly amount would average $8,667.
Annual Amount of $104,000 ÷ 12 months = $8,667 per month
Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid and on which days you get paid.
This helps a financially stable person manage their finances without a bunch of stress. And if you are making $100k a year and still stressing about money, then you need to learn to drastically cut your expenses.
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $4,333.
How Much is $50 per Hour Per Week
This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?
Once again, the assumption is 40 hours worked.
40 hours x $50 = $2,000 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $1000.
How Much is $50 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $2,000 and double it.
$2,000 per week x 2 = $4,000
Also, the other way to calculate this is:
40 hours x 2 weeks x $50 an hour = $4,000
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $2,000.
How Much is $50 Per Hour Per Day
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x $50 per hour = $400 per day.
If you work 10 hours a day for four days, then you would make $500 per day. (10 hours x $50 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $200.
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Whether you want to:
Retire in peace without financial anxiety
Pay your bills without taking on a side hustle
Quit your 9-5 and do what you love
Or just make more than your current income….
Making $1,000 every.single.day is NOT a pie-in-the-sky goal.
It’s been done over and over again, and the 30,000 students that Teri has helped to be financially independent and fulfill their financial dreams are my witnesses…
$50 Per Hour is…
$50 per Hour – Full Time
Total Income
Yearly Salary (52 weeks)
$104,000
Yearly Wage (50 weeks)
$100,000
Monthly Salary (173 hours)
$8,667
Weekly Wage (40 Hours)
$2,000
Bi-Weekly Wage (80 Hours)
$4,000
Daily Wage (8 Hours)
$400
Net Estimated Monthly Income
$6,617
**These are assumptions based on simple scenarios.
Paid Time Off Earning 50 Dollars an Hour
Does your employer offer paid time off?
As an hourly employee, you may or may not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Case # 1 – With Paid Time Off
Most hourly employees get two weeks of paid time off which is equivalent to 2 weeks of paid time off.
In this case, you would make $104,000 per year.
This is the same as the example above for an annual salary making $50 per hour.
Case #2 – No Paid Time Off
Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.
Life happens. There will be times you need to take time off for numerous reasons – sick time, handling a family emergency, or even vacation.
So, let’s assume you take 2 weeks off without paid time off.
That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiply the hourly salary of $50 times 2,000 working hours, and the result is $100,000.
40 hours x 50 weeks x $50 = $100,000
You would average $400 per working day and nothing when you don’t work.
$50 an Hour is How Much a year After Taxes
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $104,000
Federal Taxes of 12%: $12,480
State Taxes of 4%: $4,160
Social Security and Medicare of 7.65%: $7,956
$50 an Hour per Year after Taxes: $79,404
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$79,404 ÷ 2,080 hours = $38.18 per hour
After estimated taxes and FICA, you are netting $38.18 an hour. That is $11.83 an hour less than what you thought you were paid.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
Plus budgeting for under $38 an hour wage is much different.
$50 An Hour Salary Calculator
Now, you get to figure out how much you make based on your hours worked or if you make a wage between $50.01-50.99.
This is super helpful if you make $50.15, $50.45, or $55.90.
Plus many of the best paying jobs in real estate investment trusts pay in this range.
You are probably wondering can I live on my own making 50 dollars an hour? How much rent or mortgage payment can you afford on 50 an hour?
Using our Cents Plan Formula, this is the best-case scenario on how to budget your $50 per hour paycheck.
When using these percentages, it is best to use net income because taxes must be paid.
In this example, we calculated $50 an hour was $38.18 after taxes. That would average $6,617 per month.
According to the Cents Plan Formula, here is the high-level view of a $50 per hour budget:
Basic Expenses of 50% = $3308.50
Save Money of 20% = $1323.40
Give Money of 10% = $661.70
Fun Spending of 20% = $1323.40
Debt of 0% = $0
Can You Make These Percentages?
For someone making over $100K gross annually, this is completely doable assuming there is no debt involved. The risk most people find themselves in is lifestyle creep and keeping up with the Joneses.
You can be strategic with your saving and investing to quickly become the millionaire next door. Then, that will allow a level of time freedom you have never experienced.
To further break down an example budget of $50 per hour, then using the ideal household percentages is extremely helpful.
recommended budget percentages based on $50 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$693
Savings
15-25%
$1733
Housing
20-30%
$1820
Utilities
4-7%
$347
Groceries
5-12%
$607
Clothing
1-4%
$65
Transportation
4-10%
$347
Medical
5-12%
$443
Life Insurance
1%
$43
Education
1-4%
$87
Personal
2-7%
$160
Recreation / Entertainment
3-8%
$282
Debts
0% – Goal
$0
Government Tax (including Income Taxes, Social Security & Medicare)
15-25%
$2050
Total Gross Income
$8,667
**This is a sample budget. You can adjust your categories based on your personal situation.
Learn how much house can I afford with 100k salary.
Can I Live off $50 Per Hour?
At this $50 hourly wage, you are making more than $100K per year. So yes, you should thrive on this annual salary.
This is well over the median income of $60,000 salary. That means you should be able to increase your savings percentage each year and live better than 80% of the world.
The question is, are you? Or are you straddled in debt? Struggling and living paycheck to paycheck?
Unfortunately, too many people are still struggling even though they are making nearly 4x the minimum wage.
Should living on $100K be doable? Absolutely.
Don’t be caught in a tough situation. You need to live below your means. If not, you are wasting too much of your hard-earned cash.
Can you truly live off $50 an hour annually?
Just like any wage… you must spend less than your income. Plus consistently save.
If you are constantly struggling to keep up with bills and expenses, then you need to break that constant cycle. It is possible to be smart with money.
Your mindset is everything.
This is what you say to yourself… Okay, I am blessed to make more than the average worker. So, I must live on that paycheck or find ways to start diversifying my income into multiple streams and start investing. Then, I am going to give back to what helped me to get where I am today.
In the next section, we will dig into ways to increase and diversify your income, but for now, is it possible to thrive on $50 an hour?
Yes, you can do it, and as you can see it is possible with the sample budget of $50 per hour.
Living in a higher cost of living area would be more difficult. So, you may have to get a little creative. For example, you might have to have a roommate. Move to a lower cost of living area where rent is cheaper.
Also, you must evaluate your “fun spending” items. Many of those expenses are not mandatory and will break your budget. You can find plenty of free things to do without spending money.
5 Ways to Increase Your Annual Salary
This right here is the most important section of this post.
Even though, you are making good money. You might have reached a maximum ceiling of income in your field. You may need to change companies.
More often than not, you need to find ways to diversify your income. One type of income will get you far in your personal finance journey, but to truly see faster progress you need multiple streams of income.
Finding ways to increase your monthly pay by $500 or $1000 will add up over the year.
1. Find Alternative Ways to Make Money
In today’s society, you need to find ways to make more money. Period.
There is no way to get around it. You need to find additional income outside a traditional nine-to-five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.
So, you need to find a side hustle – another way to make money.
Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.
Must Read: 20 Genius Ways on How to Make Money Fast
2. Earn Passive Income
This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and becoming financially stable.
By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.
Here is an example:
You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.
One gentleman started with $5,000 in his trading account and now has well over $36,000 in less than a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.
Related Reading: How Fast Can you Make Money in Stocks? The Real Answer
3. Become a Freelancer
When you make $50 an hour, you are good at your job. You know what you are doing and people are willing to pay you for it.
Pick up side jobs and spend your free time as a freelancer.
This is one of the best ways to make extra money without a lot of upfront effort or costs.
I know plenty of people who make a living as freelance writers.
The options are endless if you are willing to think outside of the box.
4. Ask for a Raise
The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.
If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.
If that does not pan out, then look for a new job. Maybe a completely new industry.
It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $50 an hour isn’t worth it for you if you’re not able to enjoy life; maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.
5. Find a New Career
Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.
I was in the same situation for many years until I decided to make a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.
Tips to Live on $50 an Hour
In this last section, grasp these tips on how to live on $50 an hour. On our site, you can find lots of money saving tips to help stretch your income further.
Here are the most important tips to live on $50 an hour. More importantly stretch how much you make, in case you are in the “I don’t want to work anymore” mindset. Highlight these!
1. Spend Less Than you Make
First, you must learn to spend less than you make.
If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.
In order to break that dreadful cycle, it means your expenses must be less than your income.
And when I say income, it’s not the $50 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is $50 an hour minus all the taxes, FICA, social security, and Medicare is taken out. That is your net income.
So, your net income has to be less than your net income. Learn the difference between gross pay vs net pay.
2. Living Below Your Means
You need to be happy. And living on less can make you happier. Studies prove that less is better.
Finding contentment in life is one thing that is a struggle for most.
We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.
Have you ever taken a step back and looked at what you really need?
Once you can find contentment with life, then you are going to be set for the long term with your finances.
Here is our story on owning less stuff. We have been happier since.
3. Make More Money
If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.
You need to be an advocate for yourself.
Find ways to make more money.
It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.
Whatever path you take, that’s fine. Just find ways to make more money. Period.
4. Make Saving Money Fun
You need to make saving money fun. If you’re good, since you must keep your expenses low, you have to find ways to make your savings fun!
Find new ways of saving money and have fun with it.
Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.
Here are plenty of things to do with no money. Free activities without costing you a dime. That is a fantastic resource for you and you will never be bored.
And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.
5. No State Taxes
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
6. Stick to a Budget
You need to learn how to start a budget. We have tons of budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.
Budget Help:
7. Pay Off Debt Quickly
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money from the interest you pay on debt.
If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.
Here’s a debt calculator to help you. Figure out your debt-free date.
Make that paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until we paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money and set money aside in separate bank accounts and pay for cash for things.
It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt-free journey.
Jobs that Pay $50 an Hour
You can find plenty of jobs that pay $50 per hour. Polish up that resume, cover letter, and interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas:
$50 Per Hour Annual Salary
In this post, we detailed 50 an hour is how much a year. Plus all of the variables that can impact your net income. This is something that you can live off.
$104,000
That is making over $100000 a year.
In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
Now, think back to when you were making $11 an hour… a lot has changed since then, right?
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Still thinking I don’t want to work anymore, you aren’t alone and need to start to plan for your early retirement.
Learn exactly how much do I make per year…
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Redwood Trust is the latest nonbank lender to turn to the debt markets to support its operations.
The Mill Valley, California-based real estate investment trust has priced $85 million of senior unsecured notes due in 2029 at 9%. The underwriters have an option to purchase an additional $12.75 million for 30 days to cover over-allotments.
Proceeds can be used for Redwood’s residential and business purpose mortgage lending operations, acquiring mortgage-backed securities for investment and/or for funding long-term portfolio investments and potential acquisitions.
The new funds can also be used to purchase or pay down prior debt, including the 5.75% exchangeable senior notes due 2025 issued by one of its subsidiaries or the 7.75% convertible senior notes due 2027. The notes will be traded on the New York Stock Exchange. It is expected to close on June 18.
Net proceeds from this offering are expected to be approximately $81.7 million, or about $94 million if the underwriters exercise their over-allotment option in full.
This is Redwood’s second debt offering this year. In January, it sold $60 million of senior unsecured notes at a 9.125% interest rate, with the primary reason being to pay down or repurchase the older debt above, as well as from the 5.625% convertible senior notes due 2024 offering.
In the latest offering, note payments will be made on the first day of each quarter, starting on Sept. 1. They can be redeemed in whole or in part anytime after Sept. 1, 2026.
Morgan Stanley & Co., Goldman Sachs & Co., RBC Capital Markets, Wells Fargo Securities, Keefe, Bruyette & Woods and Piper Sandler & Co., are acting as joint book-running managers for this offering, while Citizens JMP Securities is the co-manager.
In the first quarter, Redwood Trust had GAAP net income of $29 million. It locked $1.8 billion of jumbo mortgages during the period, up from $1.2 billion in the fourth quarter.
The REIT participated in three jumbo securitizations during the quarter totalling $1.2 billion, as well as whole loan sales of $202 million.
Redwood Trust also funded $326 million of residential investor loans in the first quarter, down from $343 million in the fourth quarter of 2023.
In March, Redwood Trust entered into an agreement with the Canada Pension Plan Investment Board for a $750 million transaction. The deal included a $250 million corporate secured revolving financing facility CPP provided to Redwood Trust, as well as creating a $500 million joint venture that will invest in residential investor bridge and term loans.
The CPP facility has a two-year term, with a one-year extension option.
Among some recent debt transactions involving publicly traded nonbank mortgage lenders includes Loandepot exchanging nearly $500 million in 6.5% notes coming due in 2025 for 8.25% notes due in 2027.
Rithm Capital, the parent of Newrez that is also structured as a REIT, in March conducted a $775 million offering of 8% unsecured senior notes to come due in 2029.
A January $1 billion debt offering from Mr. Cooper was one of the factors that pushed its common stock to a new high at that time. Subsidiary Nationstar Mortgage Holdings priced the senior notes at 7.125%, and they are due on Feb. 1, 2032.
Pennymac upsized its December debt sale by $100 million to $750 million of senior unsecured notes at a 7.875% rate.
Newrez is asking a Pennsylvania federal court to throw out OneTrust Home Loans’ recent counterclaims.
The two lenders have been sparring via legal filings following the departure of James Hecht, former head of production at Newrez, and a handful of executives to OneTrust in the first half of the year.
Newrez has accused Hecht, OneTrust’s CEO, of being a mastermind behind an elaborate ruse to raid employees from the Pennsylvania-based company and steal trade secrets.
In response to Newrez’s litigation, OneTrust accused Newrez of unfair competition, tortious interference with contract, and defamation. Specifically, Newrez has made it hard for OneTrust to recruit future employees, the San Diego-based company claims.
The lender in its counter complaint also alleges that Newrez has had a “love and hate” relationship with its retail channel, which it purportedly tried to sell twice.
Newrez notes in a filing June 5 that OneTrust has “failed to state any claim upon which relief can be granted.”
It also added that over 70 Newrez employees (and counting) have actually transitioned to OneTrust since the departure of Hecht and others, which has resulted “in substantial loss to Newrez.”
“OneTrust lobs unwarranted allegations of wrongdoing premised on Newrez bringing this lawsuit against OneTrust and vague, speculative allegations of defamation against Newrez,” the recent filing reads.
The mortgage lender goes on to take apart the claims made by its competitor, noting the “counterclaims contain conclusory allegations of unlawful conduct but lack any…factual substance.”
OneTrust’s unfair competition claim depends greatly on Newrez filing the suit against it, alleging it was done for improper purposes and to unfairly compete against it. Newrez’s recent filing argues this “is not the type of conduct that supports an unfair competition claim [in Pennsylvania.]”
Additionally, OneTrust’s tortious interference of contract claim alleges Newrez is “preventing the departure of Newrez employees who seek better job opportunities with OneTrust.” But the Pennsylvania-mortgage lender and servicer argues this claim “consists of nothing more than conclusory allegations and fails to specifically identify what contracts — existing or prospective — with which Newrez allegedly interfered.”
Newrez does admit, however, that around February 2024 OneTrust entered an employment contract with a former Newrez employee. She was going to be a manager but ultimately opted to not work at OneTrust because of fear of litigation.
“This individual resigned her position with OneTrust, and, instead, joined a competing mortgage servicer,” the filing says.
Joshua Eskine, founder of OneTrust Home Loans, said in a statement Thursday the company fully stands behind the “facts and claims we set forth.”
“[We] will forcefully respond to Newrez’s baseless motion in due course in the litigation where the truth as we explained it will prevail.”
Meanwhile, a spokesperson for Newrez said the company does not “comment on active litigation.”
“However, this filing reiterates our commitment to protecting our company’s interests, values, and reputation, and we will vigorously pursue all legal remedies available to us,” he added.
Earlier this year, Newrez reasserted its dedication to retail with an executive noting that it is “100% committed to the distributed retail channel.” They also highlighted that “connecting our servicing portfolio and our servicing leads on a localized basis is really the differentiator on how we connect with our customers.”
Speaking of servicing, Newrez finalized the acquisition of Computershare Mortgage Services and affiliate Specialized Loan Servicing LLC in early May.
Real estate investment trust Rithm Capital Corp, parent company of Newrez, bought the company for close to $720 million as a means to further expand its servicing presence.
The integration of Computershare adds $149 billion in unpaid principal balance to the company. This includes $104 billion in third-party servicing to Newrez’s portfolio, the company said in a recent press release
The New York-based company posted net income of $261.6 million, equivalent to 54 cents per share in the first quarter. The mortgage originations and servicing segment at Rithm, the parent company of Newrez, brought in $311.9 million in net income during the quarter as loan production and fair value of MSRs both improved.