Barry Sternlicht’s Starwood Capital Group is nearing an agreement to sell a portfolio of single-family rental homes to Invitation Homes Inc.
The transaction would include roughly 2,000 homes and value the properties at about $400,000 each, one source told Bloomberg, which first reported the story. The deal hasn’t been finalized and may not go through.
If it does however, it would generate funds for Starwood Real Estate Income Trust, which is facing redemptions, Bloomberg reported. The REIT said in a March filing that it recognized a nearly $80 million impairment charge on various single-family rental properties “due to an increased probability of a near-term disposition.”
For Invitation Homes, the deal further illustrates the return of Wall Street firms to the SFR market, as highlighted by HousingWire in June. The publicly traded company had more than $1.3 billion in unrestricted cash and undrawn credit facilities at the end of March, which could be enough to complete a deal without seeking new debt or equity, Bloomberg reported.
In early June, Pretium Partners agreed to buy 4,000 D.R. Horton rental homes in a $1.5 billion deal.
Hedging, Loan Production, Auditing, QC, Broker Marketing Products; Primer on the Cost to Hedge
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Hedging, Loan Production, Auditing, QC, Broker Marketing Products; Primer on the Cost to Hedge
By: Rob Chrisman
8 Hours, 39 Min ago
A “crisis” is a time of intense difficulty, trouble, or danger. Think calamity, catastrophe, or disaster. The word makes for attention-grabbing headlines, and a scan through the news shows a mental health crisis, child care crisis, migrant crisis, China property crisis, a climate change crisis, an opioid crisis, a housing crisis… Eventually people become immune to seeing the word, and it loses its effectiveness, especially when nothing pans out from the “crisis.” I mention this because, despite a lot of predictions to the contrary, the banking “crisis” from March seems to have been contained to a few well-known banks. (Let’s hope so.) The Federal Reserve Board, released its results of annual bank stress test, which demonstrates that “large banks are well positioned to weather a severe recession and continue to lend to households and businesses even during a severe recession.” Of course, not every bank is large, and Ken Sonner telexed over the “The 100 Largest U.S. Banks by Consolidated Assets” which is of interest to anyone who has money in a bank or has a bank for a client. Yes, Chase now equals Wells Fargo plus Citi. (Today’s podcast can be found here and is sponsored by Visio Lending. Visio is the nation’s premier lender for buy and hold investors with over 2.5 billion closed loans for single-family rental properties, including vacation rentals. Through its top-rated Broker Program, Visio brokers can earn up to 5 percent. Hear an interview with Optimal Blue’s Erin Wester on both Product and Pricing Engines (PPE) and how pricing in the secondary market flows into the primary market.)
Lender and Broker Services, Products, and Software
In 2021, Procter & Gamble won the title of largest advertiser in the world, spending a jaw-dropping $8.1 billion on ads. While the company’s monumental ad budget is impressive, enterprising individuals who find creative ways to succeed with limited resources are doubly inspiring. Mortgage brokers are a perfect example of these types, as the majority of these lone wolves have to juggle customer service, relationship management, marketing, processing, compliance and more. To help brokers run their one-person show more effectively, Surefire by Black Knight has compiled an eBook detailing the marketing strategies and tools needed to succeed in a high-cost market. Download A Mortgage Broker’s Comprehensive Guide to Mortgage Marketing now for free.
“Learn About Current QC Trends and Industry Insights in Our Latest Webinar! With upcoming QC requirements on the horizon, now is the time to familiarize yourself with how they will impact your business. In our highly anticipated webinar, you will hear from ACES Quality Management’s President, Phillip McCall and EVP, Nick Volpe on an analysis of recent Mortgage QC Industry Trends Report, a deep dive into mortgage quality control trend reporting and how it aligns with the current state of the industry, and industry insights and how to best navigate through the volatile financial landscape. Walk away with a better understanding of what’s to come and how you can best prepare for the future. Watch Now.
“Experience unrivaled mortgage lending expertise for your next audit. At Richey May, we don’t just hire from the mortgage industry, we have the top experts who build it. We have defined what it means to be a mortgage expert for almost 40 years and are proud of our team members like Jennifer Hannah, CPA, AMP, who leads our Mortgage Banking Audit practice. As leaders in the mortgage lending industry, we provide extensive education for our clients while forging genuine relationships, communicating effectively, and resolving issues before they become problems. Our team’s extensive knowledge in mortgage technical accounting and audit acumen ensures top-quality service delivery. Guided by strong values, we strive to significantly impact our clients’ success. Reach out or visit our website to learn more about how we can help your audit drive growth, not just check a box.”
Products and Tools for Loan Production
Interest rates may tick up again next month, with experts predicting that mortgage rates will remain around mid-6 percent in the near term, but buyers are still out there. The loan officers with the right tools in place will be the ones to secure their business. With Percy’s homeownership engagement solutions, you can maintain connection with customers even after they’ve closed on a home. Percy’s captivating Equity Insights offer details on a home’s value and show how this value can be leveraged to fund home improvement projects or finance the next move. Need to work more with agents? Percy has 250,000 agents waiting to work with you. With Percy in place, our clients are reaping an average 400 percent ROI… and you can too. Learn more here about how you can use Percy to gain a competitive edge.
“In California, Golden State Finance Authority (GSFA) celebrates 30 years paving a path to homeownership for low-and-moderate income California households, having helped over 85,000 individuals and families to purchase a home and provided more than $660 million in down payment and closing cost assistance. Join us this June and July as we showcase our beginning, our mission, and the many achievements of the past three decades. ‘Golden State Finance Authority, Where Affordability Meets Flexibility®.’ Join our lending team! Start helping more homebuyers in California to Achieve the Dream. Visit www.gsfahome.org and follow us on Facebook, LinkedIn or our YouTube channel.”
“Did you know that OptifiNow provides wholesale Account Executives with an amazing tool that can double their funding volume? OptifiNow TPO is a CRM that expertly manages your wholesale lending sales team, but our Loan Scenario Ticketing Module is an absolute game changer. This module integrates with many popular Product and Pricing Engines (PPE) to enable your AEs to provide instant quotes to broker loan scenarios. OptifiNow automatically emails loan scenario quotes to brokers and follows up with them using a sequence of emails or SMS messages designed to ensure consistent engagement. Every Loan Scenario Ticket is tracked, so you know how frequently brokers are engaging with your AE, the types of products they are interested in and the pricing that was available at that time. AEs using OptifiNow’s Loan Scenario Ticketing module have been shown to double their monthly fundings. Interested? Contact OptifiNow for more information.”
The Fabled “Cost of Hedge”
Home lending is one of the few industries where the customer can lock in a future rate & price. Put another way, if you went to the local gas station, or grocery store, and told them you wanted to pay now for a gallon of petroleum or milk two months from now, you’d be stared at in disbelief. But the futures market is alive and well with companies and individuals locking in prices now for things like bacon, orange juice, wheat, gold, and corn in the future, hedging any impact of prices on their profits. There is a cost, usually the bid/ask price spread, the drop in price from one month to the next, and commissions paid in actually trading the contracts.
I periodically receive questions about the “cost to hedge” for mortgage bankers with locked pipelines. It is not an easy question to answer, like the cost of unleaded gas down at the corner. Hedging is a loan level activity where each loan’s program, interest rate, lock period, etc., is analyzed. It is tricky because company policies like extensions and renegotiations enter into it. Specifically, extensions and renegotiations increase it, and while the production team is helped, the capital markets department usually incurs the expense. And the price drop in the securities market often changes during the lock period. And then there’s always the “what is the cost of a loan that falls out?”
Capital markets vet James Hedvall recently weighed in. “Manufacturing loans faster, and bringing loans to market quicker, reduces a lender’s interest rate exposure to some degree. Thus, the reason bond loans can be an issue for some lenders. Unfortunately, I think many hedge vendors look at the problem 2-demonsionally, when it’s a 3-D issue. The problem isn’t necessarily all “speed-to-originate,” but rather “hedge model efficiency.” What assumptions are being made about the duration/beta of the hedge instrument, and pull through, broken down by product groups and cross referencing at what stage in the loan life cycle loans have fallen out in the past. Volatility in the To Be Announced (TBA) markets will kill a lender’s gain on sale. Lenders can be profitable in a rising rate environment, and profitable in a falling rate environment, but sudden swings in the bond market, and therefore interest rates, will kill you every time and all models break down.
“The cost to hedge is constantly changing. Viewed in a vacuum, I can say right now our hedge cost is around $X per loan, while the market is behaving rationally and my pull through acts as it has historically. This is also assuming I’m sending loans to market at the right time, I’m using broker/dealers that aren’t trying to pick off an additional +, and all the while having a stable ‘best efforts to mandatory’ spread. Ask me in six months how much my hedge is running and I’ll no doubt have a different answer. I believe that the real value of originating the loan quicker is a reduction in your finance fees from your warehouse bank, and not necessarily on your hedge side.” Thank you, James.
Capital Markets
Are long onboarding processes stopping you from making a switch? In a recent case study, NBH Bank describes their process getting started with MCT and how they were able to get mortgage pipeline hedging and best execution loan sales up and running in just ten days. “MCT exceeded our expectations for this onboarding process,” said Ajay Timothy, Vice President and Director of Secondary and Capital Markets at NBH Bank. “We were in a compromised position with our previous hedge provider and needed to get this done quickly…we got this done in about 10 days.” NBH Bank relied on MCT to come together with multiple teams to support them in a safe, effective way outside of normal processing times to ensure there were no gaps in their hedge coverage. Download the case study to learn how MCT is innovating the onboarding experience for clients.
Rate-wise, the main economic headline yesterday was Fed Chairman Powell’s remarks at an ECB event in Portugal, where he said that core U.S. inflation won’t hit 2 percent until 2025. He also said that there is significant disinflation in the pipeline, but that the dot plot is projecting another couple rate hikes. On a separate note, as noted in the opening paragraph, the Federal Reserve released the results of its annual stress test of banks and Wall Street’s biggest banks passed, clearing a key hurdle for returning billions of dollars to investors. The 23 largest U.S. lenders showed they can withstand a severe global recession and turmoil in real estate markets.
Fed Chair Powell once again spoke in Europe before the open to kick off today’s economic calendar. Besides Chair Powell, Atlanta’s Bostic is scheduled to speak and Sweden’s Riksbank will also be out with its latest monetary policy decision where a 25-basis points hike is expected. We’ve also received the final look at Q1 GDP (+4.1 percent) and weekly jobless claims (down to 239k, down 26k, very strong; continuing claims 1.742 million). The core PCE (personal consumption) deflator came in at +4.2. Later this morning brings the Pending Home Sales Index for May, Freddie Mac’s Primary Mortgage Markets Survey. We begin the day with Agency MBS prices worse .250-.375 and the 10-year yielding 3.79 after closing yesterday at 3.71 percent; the 2-year is up to 4.84, up .13 on the news.
Jobs
“PrimeLending LOs “tell all” at our first ever Loan Officer Roundtable! Join us for a live webinar on July 11th at 1:00 PM Eastern, where you’ll gain invaluable insights from our top mortgage loan originators. You can learn firsthand why PrimeLending could be your next best professional move. Hear personal stories, explore our work culture, and get answers to your burning questions about a career at PrimeLending. This exclusive (and anonymous) event is designed for loan officers like you, seeking a career boost. Contact Nic Hartke today to secure your spot at this one-of-a-kind opportunity to get the inside scoop from your peers. What are you waiting for?”
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For many of us, the idea of making $60,000 a year is nothing short of a dream. But what does that really mean? How much is that an hour before taxes? And after taxes? What kind of lifestyle could you afford with this income?
These are all questions we’ll explore in this article as we take a look at the average hourly wage and how it affects your annual income and after-tax income. We’ll also make necessary calculations to figure out how much you can expect to make after taxes each year, along with strategies for budgeting and saving to make the most out of your money. So if you’re curious about how far $60,000 can stretch in today’s economy, keep reading.
Table of Contents
$60000 a Year Is How Much an Hour?
Assuming you’re working a standard 40-hour week, you’d be raking in a cool $28.80 per hour.
When working 40 hours per week for 52 weeks a year, you’ll clock in 2,080 hours of work.
Divide that $60,000 salary by the 2,080 hours, and there’s your savvy $28.80 per hour rate.
That’s quite the step up from the federal minimum wage, isn’t it? Of course, your exact hourly rate could vary based on your work hours, but one thing’s for sure, you’ll be making a pretty penny.
But what if you work more or less than the standard work week?
Well, the lowest you could go while still making $60,000 a year is $6.8 per hour—albeit by working every waking (and non-waking) hour of the year, which is, let’s face it, impossible.
On the flip side, working less could bump your hourly wage up to a whopping $57.6. To earn this average wage, you would need to work 20 hours a week, which adds up to a total of 1,040 hours. However, this depends on your work schedule and other factors, such as other obligations you may have.
Earnings Disclaimer
It’s important to note that your earnings will remain constant even if you work fewer hours. Therefore, it’s essential to maximize your productivity during your designated work hours.
How Does 60K a Year Compare?
Let’s get down to the nitty-gritty of your $60,000 salary and see how it measures up. In 2023, the United States national median income is $80,893 – a sweet 3.4% jump from 2022. So, with your $60,000 paycheck, you’re actually earning 25% less than the average Joe. Fear not, though! Remember that median household income represents families, not solo earners.
If your household has more than one income earner and rakes in a collective $80,000, congrats! Your clan is pretty close to the median income party in the good ol’ US of A.
Is $28.80 a Good Hourly Rate?
Now, let’s shift gears and approach this with a more analytical lens. Earning $28.80 per hour results in an after-tax income of approximately $46,000 annually, placing an individual or a small family above the 2023 federal poverty threshold.
However, it is crucial to acknowledge that one’s location and the cost of living therein play a significant role in defining a viable salary. For urban dwellers, particularly in places like New York City, the cost of living tends to be higher than the national average.
Consequently, researching the regional costs and evaluating whether a $60,000 salary truly qualifies as a “livable wage” becomes a necessary and prudent step to take.
Is $60K a Year Worth Your Time?
While it might not make you a millionaire in NYC, this annual income can comfortably provide for a solid life in cities like Sioux Falls. All it takes is a knack for smart budgeting and cost-effective living arrangements to thrive on a 60K salary truly.
For singles enjoying solo living, $60,000 can be quite a generous budget.
However, if you have a family to provide for, you might place a higher importance on your time since you have to make sure your family’s needs are met. In the end, it is your decision whether earning $60,000 annually is worth the time you put in.
The key to thriving on this income is a spoonful of discipline in handling finances, carefully saving for retirement, and investing in experiences that enrich your life.
Remember: time is a finite resource – every hour spent on the job is an hour you won’t get back.
So find joy in what you do and make each moment count. Whether you’re a wide-eyed student trading monetary gains for the experience or a devoted family person, always remember that the optimal balance involves valuing both time and money.
How to Make More While Working Less?
Who wouldn’t want to make more money while cutting down on working hours? Guess what – it’s entirely achievable! To unlock this seemingly elusive treasure, you need to utilize your time efficiently and tap into your skills to their maximum potential. Ready to work smarter, not harder? Let’s dive in.
Obtain a High-Paying Position
As there is always room for growth, consider seeking a position offering an increased annual salary. The key to locating these jobs lies in networking within your industry and researching online job postings. An alternative approach is to employ the services of a career coach in discovering opportunities that provide better rewards for your efforts.
All of this can be improved if you focus on achieving high income skills . This includes mastering a particular trade, obtaining a higher degree of education, or investing in yourself so that your salary is more than what you currently make.
Boost Your Earnings with Passive Income
One clever way to maximize your earnings is by reinvesting a part of your salary (from that median wage of $60,000 a year) into opportunities that create passive income. This way, you can watch your bank account grow as you snooze or enjoy that long-awaited vacation without the nagging worry of federal tax.
Excited yet? Take a look at these passive income generators:
Rental properties for a steady income stream
Peer-to-peer lending, becoming the bank and collecting interest
Dividend stocks, reaping the rewards of business growth
Climb Corporate Ladder
Efficient and diligent work within your current job may open the doors for a promotion, increasing your annual earnings beyond median pay and widening your professional responsibilities.
Before taking any major steps, consult with your supervisor to gain insight into the available growth options within the company that may ultimately enhance your yearly salary.
Make Bank with Freelancing
Want more control over your schedule and your finances? Try freelancing! This side hustle lets you make some extra moolah while flexing your skills and giving you the freedom to manage your own hours. Trust us; your work-life balance will thank you.
Intrigued? Check out these freelancing side hustle gigs:
Editing, polishing ideas to perfection
Web design, making the virtual world your oyster
Graphic design, letting your creativity rake in the bucks
Bookkeeping, because everyone needs a numbers wizard
Writing, because the content is king
Remember, nearly anything you do at your 9-to-5 can also be turned into a lucrative freelance service. So go ahead, give it a shot, and earn more on your own terms.
How Does a $60,000 Annual Salary Break Down?
Biweekly Pay Breakdown
Crunching the numbers for a $ 60,000-a-year salary reveals some exciting insights about your earnings every two weeks. Picture yourself working a full-time job, clocking in 40 hours each week with no overtime. Divide that annual salary of $60,000 by the 26 bi-weekly pay periods, and you’re looking at a cool $2,307.7 in your paycheck.
But hold your horses.
Remember the saying, “Nothing’s certain but death and taxes?”
Well, your take-home pay usually ends up lesser than your biweekly paycheck, all thanks to taxes and other deductions such as income taxes, pre-tax deductions (retirement accounts, health savings bank accounts, etc.), FICA (Social Security and Medicare) taxes, state and local taxes, other miscellaneous deductions required by your employer, and health insurance premiums.
Monthly Pay
Now, what if you’re paid monthly? The anticipation of receiving your paycheck might be a tad longer, but imagine the thrill of seeing higher numbers! On a $60,000 annual salary, you’ll bag a monthly paycheck of a whopping $5,000 before taxes and deductions.
You may get paid time off and federal government holidays, depending on your company. For the average person, this means you’re effectively making more money per hour than your hourly rate implies.
How Much is $28.80 an Hour Annually?
Picture this: you make $28.80 an hour, which translates to roughly $59,904 annually. Not only are you ahead of the curve, but you’ll also be earning more than the national average of $58,563 per year, or $28.16 hourly, according to ZipRecruiter.
However, this number can fluctuate based on the total number of hours you work weekly. For instance, working 50 hours a week would increase your annual earnings to $74,880, while a 60-hour workweek would result in an impressive $89,856.
On the other hand, if you work less than 40 hours a week, your salary tapers off accordingly. A 30-hour workweek corresponds to $44,928 a year, while 20 hours of weekly commitment amounts to $29,952 per annum. Thus, it’s crucial to understand the expected work hours when considering a job that pays $28.8 an hour.
At the end of the day, it’s up to you to make the most out of your earnings and work smarter to increase your salary. Whether it’s freelancing, negotiating a higher wage, or taking on more responsibilities, there are numerous ways to increase your annual salary and take charge.
How Does Vacation Impact My Annual Salary?
Vacation offers necessary respite and rejuvenation, but it may come at the cost of impacting one’s annual salary. It is crucial to examine the effects of taking time off on one’s finances.
Paid vacation days are part of most employment contracts and would not result in a salary reduction. Conversely, for employees who must take unpaid vacation days, their annual salary may be affected.
For instance, an individual earning $60,000 annually would receive $2,307.60 bi-weekly. Should they opt for two weeks of unpaid vacation, it would reduce their annual earnings by the same amount. Furthermore, being absent from work may result in missed opportunities for raises or promotions.
Therefore, the importance of considering how vacation impacts one’s annual salary cannot be understated. A balance between taking time off and focusing on career growth should be achieved to ensure financial stability.
Notice
Please note that the salary examples provided are only meant to give you a general idea. Your actual salary will depend on your additional skills, experience, qualifications, and the number of hours you plan to work.
How Much Is $60 000 a Year After Taxes?
Tax implications on a $60,000 salary should be considered thoughtfully, and the actual take-home pay depends on various factors, including your residence. Here, we provide general calculations for residents of tax-free states (for, e.g., Florida) and states with taxes (for, e.g., New York).
For an individual living in Florida, the tax breakdown is as follows:
Annual pre-tax income:
$60,000
Deductions:
$5,968 federal income tax $3,300 FICA taxes
After-tax take-home income:
$50,732
On the other hand, a New York resident’s tax obligations would be:
Annual pre-tax income:
$60,000
Deductions:
$5,968 federal income tax, $3,300 FICA taxes $2,864 New York state tax
After-tax take-home income:
$47,868
Notice the significant difference in after-tax income due to state taxes. It’s essential to bear this in mind when calculating the final earnings from your annual salary.
State By State $60,000 a Year Salary After Taxes in 2023
Just like the federal government, each state and territory has its own tax brackets that are calculated in a similar way.
However, since each state or territory can establish its own marginal tax rates and laws regarding taxable items, the amount of taxes you pay on a $60,000 salary may differ depending on where you live. The following table shows your after-tax salary for the 2023 tax year on a $60,000 salary:
State
Average Income
Alabama
$46,607.00
Alaska
$49,442.00
Arizona
$48,061.71
Arkansas
$46,263.80
California
$47,483.87
Colorado
$47,301.23
Connecticut
$46,592.00
Delaware
$46,678.88
District of Columbia
$46,783.75
Florida
$50,732.00
Georgia
$46,429.00
Hawaii
$45,419.90
Idaho
$46,841.29
Illinois
$46,472.00
Indiana
$47,504.00
Iowa
$46,378.56
Kansas
$46,679.00
Kentucky
$46,580.50
Louisiana
$47,473.25
Maine
$46,484.63
Maryland
$46,756.13
Massachusetts
$46,442.00
Michigan
$46,892.00
Minnesota
$46,646.36
Mississippi
$46,857.00
Missouri
$47,090.06
Montana
$46,289.03
Nebraska
$46,792.90
Nevada
$49,442.00
New Hampshire
$49,442.00
New Jersey
$47,619.50
New Mexico
$47,416.05
New York
$47,868.09
North Carolina
$47,084.23
North Dakota
$48,863.12
Ohio
$48,401.64
Oklahoma
$47,082.13
Oregon
$44,660.75
Pennsylvania
$47,600.00
Rhode Island
$47,540.75
South Carolina
$46,693.40
South Dakota
$49,442.00
Tennessee
$49,442.00
Texas
$49,442.00
Utah
$46,510.46
Vermont
$47,231.98
Virginia
$46,508.25
Washington
$49,442.00
West Virginia
$46,667.00
Wisconsin
$47,194.39
Wyoming
$49,442.00
Source: Worlds Salaries
What Types of Jobs Pay $60,000 Per Year?
There are a variety of jobs that pay $60,000 per Year. Here are some examples:
Cargo pilot
Makeup artist
Real estate agent
Dental hygienist
Instrument technician
Insurance agent
Power plant operator
HVAC supervisor
Yoga Instructor
Nuclear medicine technologist
Railroad conductor
Web developer
Sales representative
Claims adjuster
Electrical foreman
Truck driver
Boilermaker
Occupational therapy assistant
MRI technician
Solar installer
Aircraft Mechanic
Physical therapist assistant
Radiation therapist
Nuclear technician
Owner-operator driver
There are numerous job opportunities available that offer an annual salary of $60,000, as shown in the provided list. You have several options to choose from if you desire a salary of this amount. However, note that the list is not exhaustive but gives a fair indication of the job positions that provide this salary.
How To Budget $60,000 a Year?
Cut Unnecessary Monthly Expenses
Regardless of an individual’s yearly income, living within one’s means should be a priority. Analyzing and adjusting budgets is an effective way to achieve this goal. Identifying and eliminating non-essential expenses can help allocate funds toward debt reduction or savings.
Potential areas for adjustments include:
Gym memberships
Entertainment expenses
Subscription services (magazines, music, etc.)
Frequency of dining out
Cable TV subscriptions
Clothing purchases
Travel expenditures
There could be more that can be reduced or eliminated to ensure proper budgeting of $60,000 a year.
Save for Retirement Early
The earliest you start saving for retirement, the better. Consider starting an IRA or contributing to a 401(k), especially while your income is still relatively high and you can benefit from the employer match. If your employer offers a 401(k) plan, setting aside just 10% of your annual salary (or $6,000 if you make $60,000 a year) can go a long way toward reaching retirement goals.
Avoid High Car Payments
Owning a set of wheels doesn’t have to equate to draining your wallet. Did you know the average monthly loan payment for a new car in the U.S. is almost $600, which represents more than 10% of a $60,000 annual income?
Keep in mind this figure doesn’t even include insurance, fuel, or maintenance costs. Try out these savvy strategies to stay car payment-free:
Opt for a pre-owned vehicle
Select a smaller, more economical car
Purchase a used car with cash
Avoid Credit Card Debt
Using credit cards to fund your lifestyle is a common mistake that can easily lead to debt. A way to avoid credit card debt is by limiting your credit card usage to expenses that you can pay off fully every month. If you can’t afford to pay your credit card bill each month fully, it’s crucial to reassess your spending habits.
Sample Budget For Individuals Earning $60,000 Per Year
If you want to understand better living on a $60,000 salary, consider comparing it to your monthly expenses. As an example, here’s a budget for someone earning $60k per year, which may be helpful.
Category
Monthly Amount
House Rent
$2,200
Utilities (electricity, water, etc.)
$200
Internet/Cable
$100
Transportation
$300
Insurance (car, health, etc.)
$400
Groceries
$400
Dining Out
$200
Entertainment
$100
Clothing
$200
Personal Care
$200
Emergency Fund
$200
Retirement Savings
$500
Total
$5,000
Note: This budget prioritizes basic expenses and avoids debt.
Final Thoughts on a 60K a Year Salary
Yearly salaries can be quite the conversation starter. They’re different everywhere you go, and they’re unique to each individual and profession. A 60K salary might be considered modest in certain corners of the world, while in other places, it’s a pretty sweet deal.
Just imagine living in the bustling metropolis of New York City – you’d need almost twice that amount to make ends meet! But set foot in rural Mississippi, and you’ll find that life on a 60K income can be quite lavish. To live your best life on a $60,000 salary, you only need a bit of financial savvy:
Live beneath your means.
Keep an eye on your expenditures.
Always invest in yourself and your future.
So, what do you think – could you make it on 60K a year? Share your thoughts in the comments below.
I have owned rental properties for more than 13 years and being a landlord was one of the best choices I ever made but it is not easy. There are many aspects to owning rentals from finding good properties, to financing them, to managing them. Many people may think the hardest part of being a landlord is unclogging toilets at 2 am but I have never done that and never plan to. There is a lot that goes into owning rentals but you don’t have to do all of it yourself and owning good rentals will give you the income to pay for help. Good rentals can also build a tremendous amount of wealth!
How hard is it to become a landlord?
Being a landlord means many things and how hard it is depends on what tasks that landlord chooses to do. Sometimes landlords do all or most of the work on the properties they own, and sometimes they do very little if any work on them. The hardest part of becoming a landlord for most people is finding good properties and finding the money or financing to buy them. Not every property will make a good rental, in fact, many properties will lose money if you buy them at retail value and use an investment loan for the financing.
Here are the basic steps to becoming a successful landlord, not just owning rentals that may or may not make any money.
Find a market or type of rental property that makes money. Many single-family homes will not make any money as rentals. It is important to choose a market with good rent-to-value ratios. You may also consider multifamily or commercial rentals which can sometimes have better numbers but may take more work, have more risk, or need more management.
Get the money to buy a rental. Most landlords will use loans to buy properties but even with loans the down payments are usually at least 20 percent of the value of the property. A $200,000 property could require $50,000 or more in cash to buy with a loan after the down payment and closing costs.
Repair and maintain the property. Most properties are not ready to rent right away. You may need to make repairs and you will for sure have to maintain the property while you own it. You can do this work yourself or hire it out.
Find tenants for the rental property. Once the home is ready to rent you will need to find someone who wants to rent it. The home will have to be marketed, tenants screened, leases created, and money collected. The landlord can do this themselves or hire a property manager to do the work.
Keep tabs on the property and tenants. After finding tenants the work is not done. Landlords will have to check on the property, handle maintenance requests, and possibly handle late rent, hostile tenants, or even evictions. Again, the landlord can do this or have a property manager handle these tasks.
Why spend all this money and do all this work to buy rentals?
A lot of people are probably thinking to themselves why do I want to do all of this to own a few rentals? A few rentals may not make you rich, but once you buy a few, it becomes easier to scale and buy more. If you can buy 10 or more rentals it can provide you with a healthy income and a sizeable net worth that will increase with time. My rentals have made me millions of dollars in less than ten years thanks to getting great deals, market appreciation, cash flow, and the tax advantages that come with them.
Why do some landlords work harder than others?
As you can see there is a lot of work that is needed to be done when you own rental properties. Some landlords will try to do almost all of the work themselves, even the repairs. Other landlords will hire out as much of the work as they can. However, there is still work to be done by landlords, and finding and financing properties is often the hardest part of being a landlord.
Doing the work yourself can save money but it also costs you time and often peace of mind. Working on houses is hard and dealing with stressful tenant situations is also hard. Many people underestimate just how much work is involved and get out of the business as fast as they can. However, owning rentals can be very rewarding financially and spiritually knowing you are providing housing or a place to do business.
How much work should the average landlord expect to do?
When I bought my first rentals I managed them myself with the help of my wife but I never did any repairs to them. I hired out all of the maintenance and remodeling work to my contractors since I also flipped houses. Obviously, I had a huge advantage over many new investors since I already had people who could do the work. If I were to start over again not knowing anyone in the business here is what I would do. This strategy would also apply to me buying properties out of state in an area I have no contacts in.
I would decide what kind of properties to buy and where to buy them. This can take a lot of time and work, especially if you are new to real estate. My book Build a Rental Property Empire goes over everything you need to know if you are brand new. It can take months before you have learned enough to pull the trigger. For some, it may take longer but that is okay as this is a big investment.
I would work to find the right financing which can also take a lot of time. Finding local banks where you want to buy is often the best option but there are many other ways to get the money for rentals. You also may need to be saving money or finding a partner if needed. A lot of the time landlords spend on the business is preparing to buy properties.
Once you know where to buy and have the financing lined up, I would have an agent help you find properties but I would not rely on them to do all the work. There are many ways to find deals and getting a great deal is the fastest way to build wealth in real estate. If you had to spend time doing anything, I would learn how to get great deals.
Before you buy a property you should have some idea of who will be managing it and repairing it. If you choose to use a property manager they may also have contacts or in-house people who can repair and maintain the property. If I were buying properties out of my area this is the route I would take. Take your time finding the right company and don’t pick the first one that says yes!
Once you own the property I would have someone else manage it but you will need to check on it once in a while to make sure the people you hire are doing their job. If the property is far away, hire a third party to check on it for you. You don’t need to be the one taking calls from tenants or renting the property, or collecting rent. The property will also need to have accounting set up and tax information collected which property managers can also handle.
You can scale with rentals by refinancing properties or selling them. I think the landlord should be actively looking at their loans, and returns every year on the properties they own. A lot of landlords have trouble scaling but a refinance or selling properties or using a 1031 exchange can increase the portfolio and ROI.
I think most of the work a landlord does should be in the beginning finding and buying deals. If you want to scale and make the most of your time, leave the management and maintenance to someone else. Focus on the most important tasks and remember to look at the big picture.
Why do I have my property management in-house?
I just told people I think they should hire a property manager but I don’t do that myself, why? I own a real estate brokerage (Blue Steel Real Estate) and my staff manage my properties. I am not the one showing properties (unless they are big commercial properties), and I am not collecting rent, or taking any calls from tenants. I have my own property management company in-house that can handle that for me and I focus on the big picture.
Conclusion
Buying rentals has made me many millions of dollars but it is not easy and it takes work. If landlords focus on the right work it can be a great business. Once you learn how to buy the first properties, the next purchases get much easier. If you are willing to put in the work to buy the right properties and hire the right people to take care of them it is a wonderful business/investment.
Servicing, Lead Source, AI, MERS Review Products; Cybersecurity News; STRATMOR on Artificial Intelligence
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Servicing, Lead Source, AI, MERS Review Products; Cybersecurity News; STRATMOR on Artificial Intelligence
By: Rob Chrisman
8 Hours, 47 Min ago
As the U.S. faces nationwide flight delays, one must ask if there are processes in place for the FAA to deal with them. “Trust the process” is a common thing to hear, but attorney Brian Levy reminds us of why process is important in the actions of government in light of the FHFA’s rescinded DTI pricing. The CFPB knows a thing or two about the process, and the Consumer Financial Protection Bureau issued an order against Nebraska’s ACI Worldwide and one of its subsidiaries, ACI Payments, for improperly initiating approximately $2.3 billion in unlawful mortgage payment transactions. ACI’s data handling practices negatively impacted nearly 500,000 homeowners with mortgages serviced by Mr. Cooper (formerly known as Nationstar). “By unlawfully processing erroneous and unauthorized transactions, ACI opened homeowners to overdraft and insufficient funds fees from their financial institutions. Today’s order requires ACI, among other things, to pay a $25 million civil money penalty.” (Today’s podcast can be found here and is sponsored by Visio Lending. Visio is the nation’s premier lender for buy and hold investors with over 2.5 billion closed loans for single-family rental properties, including vacation rentals. Through its top-rated Broker Program, Visio brokers can earn up to 5 percent. Hear an interview with Visio Lending’s Jeff Ball on all things rental lending and debt service coverage ratio – DSCR – lending.)
Lender and Broker Services, Products, and Software
“Need a third-party reviewer for your 2023 MERS® Annual Report? Look no further than Falcon Capital Advisors. Only our review team consists of former members of the MERS legal, operations, membership, and compliance departments, who have first-hand experience developing, reviewing, and enforcing the requirements of the Annual Report. The MERS® Annual Report is not due until 12/31, but the submission window has already opened. Don’t delay. Contact Tim Renner today to learn more about how Falcon can put our unmatched experience and expertise to work for you. Discounted pricing available to those who sign up by September 1.”
Hey there, mortgage industry movers and shakers! Let’s talk tech, baby! Technology has been revolutionizing the mortgage industry, from LOS systems and underwriting systems to cloud-based credit reports. But wait, there’s more! Artificial Intelligence (AI) is on the horizon, and we’re here to explore how it’s going to shake things up. Love it or hate it, understanding its potential is crucial to staying relevant in the industry. Our free eBook is your ticket to discovering how AI can take your customer experience to the next level, boost productivity, slash costs, keep you compliant, streamline workflows, and give you a crystal ball into your borrowers’ future. Don’t miss out! Download Artificial Intelligence: 7 Ways AI is Transforming the Mortgage Industry today. Follow Birchwood Credit Services to gain access to a plethora of industry-related news and informative content that will aid you in closing more loans at lightning speed!
Own Up is the nation’s only mortgage concierge marketplace enabling mortgage companies, banks, credit unions and brokers to access exclusive, high intent and highly qualified borrowers. A recipient of numerous accolades, including Fintech Breakthrough’s “Best Digital Mortgage Platform,” Own Up is currently onboarding select lenders to further its national expansion. Own Up seamlessly integrates into all major lender CRMs, lead management systems and pricing engines. Lenders interested in acquiring qualified leads with industry-leading conversion should reach out to [email protected] to learn more.
Servicing Products and Tools
It’s time for a quick riddle! Every company wants this, but few achieve it. And when you have it, it speaks for itself. The answer? CREDIBILITY. Mortgage servicers of all sizes trust their portfolios to MSP®, Black Knight’s loan servicing system – and for good reason. MSP has consistently set the industry standard for delivering best-in-class functionality and fully integrated solutions that support every servicer’s unique needs. No need to take our word for it, though, just check out what MSP clients are saying. Credibility speaks for itself. If you want to learn more about the proven system capabilities to transform your servicing operations, contact our team today.
Top mortgage subservicer PHH is asking “what if?” What if you could reduce your servicing complaints by 75%? What if you could save more than $1 million per year just by switching subservicers? What if your subservicer could help reduce defaults and increase recapture? What if your customers loved your servicing technology, including mobile apps, videos, and online chat capability? No other servicer has been more highly decorated for servicing excellence over the past two years than PHH with top awards from Fannie Mae STARTM and Freddie Mac SHARPSM. Clients like Curtis Dair, CFO of Sierra Pacific Mortgage Company, said “PHH has shown an unwavering commitment to providing the highest levels of customer service.” In 90-120 days, PHH can help you make the jump to the next generation of subservicing: cost savings, customer-centric tech, and award-winning service. Find out how to join the PHH Mortgage family, starting with a call or email to Chris Sabbe at 415-828-1222.
Prepare to act on your servicing portfolio when delinquencies increase! Do you have the right team in place to help manage your servicing portfolio when borrowers become delinquent? When it comes to mortgage delinquencies, getting in front of distressed borrowers is important. Velocity Servicing™, a LoanCare® division focused on specialty servicing and investor ROI, can provide you with critical and specialized support for your distressed loan portfolio. Within 12 months, Velocity achieved a 36% lift in loan resolution compared with traditional servicing models for their specialty servicing clients. We accomplish return on investment earlier through an intelligent network of triggers, exceptions, and loan-level conditions to keep your most distressed customers’ loans on their pathway to performance. Velocity’s team prioritizes maximizing opportunities to return your distressed loans to performing portfolios faster by using an award-winning data analytics platform to drive payment success. Click to learn more or call today: 646-361-6808.
STRATMOR on Artificial Intelligence
Let’s face it: AI is part of our industry’s future, and we’d all like to have insight into its potential impact. In the June issue of STRATMOR Group’s Insights Report, STRATMOR experts including Senior Partner Garth Graham, Senior Advisor Brett McCracken and Principals Jennifer Fortier, Jennifer Smith and Kris van Beever answer questions about artificial intelligence and its future in our industry. For the AI perspective, STRATMOR went to ChatGPT, the current poster child for AI, and asked it the same questions posed to STRATMOR’s team. On some questions STRATMOR and ChatGPT agree; on others, the experts with decades of mortgage experience show why AI isn’t the be all, end all answer. Read, “The Rise of AI: STRATMOR Experts and ChatGPT on Artificial Intelligence in the Mortgage Industry,” for a glimpse into what may be a best-case scenario for how we share the future with these powerful new technologies in the June Insights Report.
Cybersecurity and Protection
Kris Van Beever with STRATMOR observes, “Everyone needs to be ultra-diligent in watching out for fraudulent texts and emails. With the availability of highly functional AI, perpetrators of fraud are now able to leverage this new tech to eliminate many of the things that used to give them away. All employees should be trained in looking for misspellings, poor grammar, and otherwise inappropriate tone. ChatGPT and similar tools now eliminate all the obvious telltale signs of fraudulent messages. They can even mimic the style and tone of humans with references that are near impossible for us to decipher. We may be heading into an electronic world where we have to use complicated multi-factor authentication for all interactions. I am not claiming the sky is falling… It has fallen.”
Along these lines, FundingShield announced a partnership with Mastercard. “As payment related fraud spikes, we are addressing the cybersecurity-based challenges with solutions that deepen our ability to serve the mortgage and real estate sector but provide industry agnostic payment verification tools. FundingShield entered a partnership with Mastercard to leverage its open banking platform delivered by Finicity, a Mastercard company. FundingShield provides live, source data-based technology products and SaaS solutions that have been used to secure the funds of over $2.5 trillion in mortgage closings.”
FundingShield CEO Ike Suri shared, “FundingShield has over 95% coverage of licensed service providers in the real estate, mortgage, closing and settlement space in our live repository. This partnership with Mastercard allows us to leverage its open banking connectivity of over 95% of U.S. based deposit accounts for consumer-permissioned access to real-time, bank-sourced data to expand our B2B and B2B2C payment verification solutions for clients.”
“FundingShield’s solutions manage risk for B2B and B2B2C firms facing a surge of cybersecurity threats like hacking and fraud. FundingShield’s payment verification solutions support bank account ownership that is confirmed with consumer-permissioned data from the banking institution where the account is held, using Mastercard’s open banking platform. This source data is then used to help approve payments ahead of a FundingShield client initiating a wire, ACH, or other payment method from the customer’s banking institution.”
Capital Markets
Economies have so far proved more resilient to rate hikes than most had expected, with the Fed’s benchmark rate now north of 5%. There are several explanations for the phenomenon, ranging from pandemic-era forces and tight labor markets to wage gains and consumer spending. It also takes time for higher rates to filter through the economy, with many economists still anticipating a recession over the next six to 18 months if central banks extend their hiking cycles. The yield curve between the 2-Year Treasury (US2Y) and 10-Year (US10Y) has even widened by more than 100 basis points, marking the greatest disparity between the two instruments since late 1981. But…
Looking forward, expectations stubbornly call for a recession starting in a few months, but various economic data are telling a far different story. Stronger than expected durable goods orders data and an above-consensus and highest year-to-date Consumer Confidence report for June released yesterday morning helped harden sentiment that the Fed will remain hawkish, with rates subsequently rising as a result. It was a busy day for data, most of which depicted continued strength and resilience in several corners of the U.S. economy, including the May New Home Sales report that came in at 763k, easily beating 665k estimates. That was the fastest annual rate of new home purchases in more than a year, and up 15.5 percent compared to May of last year. Markets also responded to the day’s $43 billion 5-year note auction, which met weaker demand than Monday’s stellar 2-year note sale.
The May New Home Sales figures are consistent with the recent firming in home price growth and homebuilder optimism over the past few months. Steady buyer demand and low existing home supply continue to bolster the new home market across all regions. May saw the second largest increase on record for sales of new homes that have not yet been started, which surged to an annual rate of 195k, the highest level since January 2022. Also aiding homebuyers is stalling home price growth: the Case-Shiller Home Price Index reported an annual overall decrease of 0.2 percent in April. The median new home price fell 7.6 percent on a year-over-year basis to just over $416k. The average sales price fell 6.6 percent to $487k. Separately, FHFA reported that home prices rose 0.7 percent month-over-month in April and 3.1 percent on a year-over-year basis, though there were declines in the West and the Mountain states.
On the central bank front, ECB President Christine Lagarde indicated yesterday that the European Central Bank will likely hike rates in July and that additional rate hikes may be required to thwart inflation. That largely echoes the Fed’s message that rates are likely to remain elevated throughout 2024. However, there have been some Fed members that think the Fed should stand pat, such as Atlanta Fed President Raphael Bostic. “My baseline is that we should stay at this level for the rest of the year (to assess the impacts of the Federal Reserve’s rate-hiking cycle on the real economy),” he said. Market participants are slowly capitulating to the Fed’s “higher rates for longer” theme, as pricing in fed funds futures have largely priced in another 25-basis points rate hike at the upcoming July FOMC meeting. That said, markets continue to price in a nearly one-in-three chance that the Fed pulls an about-face and cuts rates by a quarter percentage point by December.
Mortgage applications from MBA kicked off today’s economic calendar, increasing 3.0 percent from one week earlier. The week’s results included an adjustment for the Juneteenth holiday. We’ve also received Advanced indicators for May with the goods trade deficit (down to $91.1 billion which could add to GDP), wholesale inventories (+.8 percent), and retail inventories (+.8 percent, strong). Later today brings remarks from Fed Chair Powell in Portugal and Treasury auctions of $22 billion reopened 2-year FRNs and $35 billion 7-year notes. We begin the day with Agency MBS prices a few ticks (32nds) better, the 10-year yielding 3.73 after closing yesterday at 3.77 percent, and the 2-year’s at 4.74.
Employment and Transitions
“Homestead Funding’s commitment to community service is evident through the involvement of our Loan Originators in various volunteer activities. By living in the same areas they serve, our LOs are deeply connected to their communities and actively contribute to their betterment. Debb, for instance, selflessly volunteers her time as a driver for Disabled American Veterans, supporting veterans in need. Joel’s annual golf game raises funds for the local Boys & Girls Club, showcasing his commitment to empowering youth. Phil’s involvement in National EMT Day demonstrates his recognition of the vital role emergency medical technicians play in saving lives. Mark’s hockey team raises funds for Make-a-Wish, supporting critically ill children. We not only recognize the efforts of our LOs, but we provide corporate, marketing, and financial support, which helps amplify their impact and enables them to contribute more effectively. Interested in pursuing a career with Homestead Funding? Call Michele Teague (518)-368-1494.”
Agile, the industry’s first MBS fintech, has appointed a new company president, Greg Vacura, former SVP of Correspondent Pricing at Wells Fargo Funding. “He’s now been tasked with applying that deep industry expertise towards achieving Agile’s mission of creating a better MBS market… to fulfill Agile’s mission to create a better mortgage-backed securities (MBS) market through increasing liquidity and automation in TBAs, MBS pools, and AOTs.
And there was this news recently out of St. Louis: Employee-owned USA Mortgage, announced new leadership roles for three senior executives. Announcing the transition was Doug Schukar, who formed DAS Acquisition Company, LLC, (marketed as USA Mortgage nationwide) in 2001. Schukar handed off his duties as DAS Acquisition’s Chief Executive Officer to current President and Chief Operating Officer Linda Pring. (Schukar retains his role as Chairman of the Board.) Ron Mueller assumed the role of President of DAS Acquisition. And Dani Ploch, Chief Administrative Officer, succeeds Pring as the company’s Chief Operating Officer. The company has offices in 34 states and licensed in 49 plus the District of Columbia. Currently, it employs nearly 800 people at 142 locations nationwide.
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Inside: Are you looking for ways to make money quickly and easily? This guide has a variety of tips and tricks to help you make 1000 a day.
Making money is something that everyone is interested in. And why wouldn’t we be? Money gives us the ability to buy the things we want, travel, and live a lifestyle that most people can only dream of.
But what if I told you that it was possible to make $1000 a day? Would you believe me?
Well, in this blog post, I’m going to show you some of the best ways to make money really fast.
So if you’re looking to make some quick cash or consistent income, then this is the post for you!
In this post, I will share with your some of the best ways that I know of to make money $1k a day on a regular basis.
So if you’re ready to learn how to make 1000 a day, then let’s get started!
Is it possible to make $1000 a day?
Yes, it is possible to make $1000 a day.
In fact, this is something I regularly do (see picture to prove it).
However, achieving this goal requires commitment, hard work, and a solid plan. Factors that contribute to achieving this goal include finding a method that works for you, sticking with it, and putting in the necessary effort.
Additionally, having a unique skill set and interest in a particular method can increase the chances of success.
How to make $1000 a day?
Making $1000 a day is an appealing goal for many people, whether it’s a one-time need or a consistent source of income. Fortunately, there are several ways to achieve this goal.
Here are the top ways to make $1000 a day:
Start a high-paying job: Some jobs pay over $300k a year, and while they may require advanced degrees and education, there are also a few that don’t require a college degree.
Offer high-value services: You can offer services such as pet-sitting, tutoring, design work, or writing to make money.
Start a business: You can start a business that generates $1000 a day, such as a digital marketing agency, freelancing, or a service-based business.
Sell items you no longer need: You can sell items on eBay, Craigslist, or other online marketplaces to make quick cash.
Let your money work for you: You can invest in stocks and shares, real estate, or property to earn upwards of $1000 a day.
While each method has its own advantages and disadvantages, with the right strategy and dedication, making $1000 a day is achievable.
So, get started today and see how much money you can make.
Are you passionate about words and reading?
If so, proofreading could be a perfect fit for you, just like it’s been for countless of readers! Learn how you can create a freelance business as a proofreader.
Check out this free workshop!
Bookkeeping is the most stable, reliable & simple business to own. This is how to make a realistic income -either part-time or full-time.
Find out TODAY if this is THE business you’ve been looking for.
Best ways to make 1000 a day
We’ve compiled a list of our favorite ways to make money really fast – specifically $1k a day!
Many times, you will have to invest 100 to make 1000 a day.
If you’re looking for ways to make some extra cash, or even earn a full-time income, this post is for you.
1. Freelance Writing
Freelance writing is a great way to make extra money or even replace your full-time job. There are various types of content that freelance writers can specialize in, such as long-form content or shorter direct-response copywriting.
With freelance writing, you can earn over $.50 or even $1 per word, which means that a 1,000-word article could net you $1,000 quickly.
To start, you need to establish a portfolio of your work to pitch to new clients. This portfolio should include links to any relevant articles or copy you’ve written that’s related to the client you’re pitching. If you don’t have a portfolio yet, you might need to do some work at lower rates to get your foot in the door.
Even if you don’t consider yourself a writer, don’t strike it off the list just yet. With the right approach and mindset, anyone can become a successful freelance writer.
2. Crafting
Crafting offers many benefits beyond just making extra cash. It allows for flexibility in your schedule, creativity in your work, and the ability to turn a hobby into a lucrative business.
If you are creative and have a talent for creating handmade items, then starting a crafting business is the perfect way to monetize that skill by doing something you enjoy. There are plenty of crafts to choose from and you may even become an instructor!
The most difficult side is you are trading your time for money and it may be difficult to scale.
3. Day Trading Stocks
Day trading stocks is a high-risk, high-reward investment strategy that involves buying and selling stocks within a single trading day. It requires a great deal of knowledge, discipline, and risk management to be successful.
However, there is a large group of us who have made the $1000 in a day club.
Successful day traders use a combination of technical analysis, risk management, and discipline to make profitable trades.
This choice requires discipline, a proper trading education, knowledge, and risk management.
Trade and Travel with Teri Ijeoma is a popular course that investors can take to learn about trading stocks and options and begin their journey to making $1,000 a day.
4. Trading Options
Trading options can be a lucrative way for seasoned investors to make money.
With options, investors can speculate on different stocks with only a fraction of the investment capital needed to buy the stocks outright.
Investors who are familiar with investing in individual stocks can take the next step in the process by trading options. While options may seem exotic on the surface, they are a common tool used by seasoned investors and are especially valuable during volatile activity in the stock market.
To trade options successfully, investors need research skills, investing knowledge, discipline, and patience.
Trading options can be a high-risk option, especially for those who lack expertise in the area. However, it can be extremely lucrative for those who have experience and knowledge in the stock market.
Investors should consider taking courses to learn more about trading options.
5. Youtube
YouTube can be a great source of income for those who are willing to put in the effort to create quality content. It offers multiple ways to generate revenue, including sponsorships, affiliate marketing, and Google Adsense.
With the right approach, it’s possible to make $1000 or more per day on YouTube.
Remember, success on YouTube takes time and hard work, but the potential rewards are significant.
6. Selling on Amazon
Selling products on Amazon can be a highly profitable business opportunity.
Amazon FBA, or Fulfilled by Amazon, is a business model where you send your inventory to Amazon warehouses and they handle the rest, including storage, shipping, customer service, and returns.
This makes it a great option for digital nomads and those looking to scale their business quickly.
With an average profit margin of $20 per sale, it’s possible to make $1,000 per day by selling just 5 units per day of 10 different products.
7. Sell Printables Online
Selling printables online has become a popular way to make passive income.
With the rise of digital products, creators can sell anything from coloring pages to budget spreadsheets on platforms like Etsy. Thousands of creators make a living selling digital products, and it’s easy to see why.
Learn how these sellers got started.
The key is to pick a topic you’re knowledgeable in and passionate about, so you can create high-quality products that people will want to buy.
8. Dropshipping
Dropshipping is one of the best ways to make $1000 a day, especially for those looking to start a business with minimal initial investment.
This business model allows entrepreneurs to sell products to customers without ever holding a single piece of stock.
Dropshipping is a viable and profitable business model that can generate high profits without the hassle of managing inventory. With the right niche, platform, supplier, and marketing strategy, entrepreneurs can make $1000 a day or more with dropshipping.
9. Consulting
Consulting is one of the best ways to make $1000 a day!
It’s a lucrative career option that allows you to provide expert advice to clients and help them solve problems.
The first step to becoming a consultant is to determine your area of expertise. This could be anything from personal finance to marketing to human resources. Your expertise should be something that you have significant knowledge and experience in.
One of the most important aspects of becoming a consultant is building your network. This includes reaching out to potential clients, attending networking events, and connecting with other professionals in your field.
10. Become a Virtual Assistant
Being a virtual assistant can be a great way to make money while setting your own hours.
As a virtual assistant with no experience, you can work from home and typically on your own schedule. You can choose to work part-time or full-time based on your availability and the workload of your clients.
The tasks that you are asked to perform as a virtual assistant can vary widely, but commonly needed skills include administration, accounting and bookkeeping, marketing, communications, customer service, and many other capacities.
You don’t need special skills or training for this job, as most clients will bring you up to speed on what they need to do. However, having organizational, communication, and time-management skills can be helpful.
Check out the checklist to get started as a virtual assistant.
11. Side Hustles
Side hustles are a great way to earn extra income and supplement your regular income. With a little effort and some creativity, you can make up to $1000 a day with certain side hustles.
Here are some of the best side hustles that can help you achieve this goal:
Deliver food: You can make good money by delivering food with these apps. You can choose your own hours and work as much or as little as you want. DoorDash is a great option.
Drive with ridesharing apps like Uber and Lyft: If you have a car and some free time, you can earn money by driving people around. You can make up to $1000 a day, depending on how much you work.
Pet sit or walk dogs: If you love animals, you can make money by pet sitting or dog walking through Rover.com. You can earn up to $50 per day, depending on the services you offer.
Babysit or tutor: If you have experience with children or are good at a particular subject, you can offer your services as a babysitter or tutor through Care.com. You can make up to $50 per hour, depending on your qualifications.
Side hustles are a great way to make extra money and reach your financial goals.
12. Start a Business
Starting a business is one of the most effective ways to make 1000 dollars a day on a regular basis. However, it requires careful planning and execution to succeed.
The first step is to research the market and identify a profitable business idea and build it to profitability.
Challenges may arise, such as competition, financial setbacks, and marketing difficulties, but with persistence and determination, you can overcome them and achieve financial success.
The potential for significant financial gain from starting a successful business is immense, making it a worthwhile endeavor for anyone willing to put in the effort.
13. Yard Work
Yard work is an excellent way to make $1000 a day, especially if you have some extra time and don’t mind getting dirty.
If you want to get up and running quickly, there is nothing better than a local side hustle to earn extra money such as mowing lawns in your neighborhood.
Mowing lawns is not only a great side hustle for adults but also for teens. For an average size lot, you could expect to make at least $35. If you could line up a few lawns each weekend, you could easily make an extra $1000 each month.
Landscaping, leave pickup, and bush trimming are all simple tasks that you can complete quickly if you have the right equipment. You can choose to set an hourly rate or get paid for the entire job, depending on the task.
You may have to start hiring crews in order to hit $1k a day.
14. AirBnb or VRBO Rentals
Airbnb or VRBO are popular platforms for renting out your property to travelers.
Many successful hosts have earned $1000 or more per day because they have accumulated more than one property.
One tip for success is to garner excellent reviews that people want to come back time and time again.
15. Affiliate Marketing
Affiliate marketing is a lucrative way to make money online and has the potential to earn you $1000 a day.
This works well for influencers who have a reach of thousands of people. Another way is creating a niche website that focuses on a specific product or market segment.
It’s essential to promote products effectively to generate revenue. Successful affiliate marketers have earned six figures or more per year.
16. Flip Products or Retail Arbitrage
Retail arbitrage is a popular business model that can help you make $1,000 per day or more. The premise is simple – buy or find things cheap and resell them for a higher price.
This is a great example of how to flip money.
To be successful, you’ll need to have an eye for the right product and do product research to choose products that will sell.
Here is a list of the most popular items to flip.
17. Pickup Services
Pickup services refer to businesses that provide transportation and delivery services for goods, furniture, or other items. These services are in high demand, especially in urban areas where people are always on the move and need help with moving heavy or bulky items.
Starting a pickup service business requires some equipment, such as a truck or van, and marketing strategies to attract customers.
So, if you are looking for a new side hustle or business opportunity, consider pickup services as a viable option.
18. Casino Gambling
While casino gambling is not a recommended way to make $1000 a day, it is still worth mentioning as a potential option.
However, it is important to note that gambling should always be done responsibly and within one’s means.
If you are considering casino gambling as a way to make quick money, it is essential to understand the most profitable games and their strategies. Here is an ordered list of the best casino games to play to make money:
Blackjack: This game has one of the lowest house edges, making it a popular choice for professional gamblers. The objective of the game is to beat the dealer’s hand without going over 21. The key to winning at blackjack is to use basic strategy, which involves making the mathematically correct decisions based on the dealer’s upcard and your own hand.
Craps: This game has a low house edge and offers a variety of betting options. The objective of the game is to predict the outcome of a roll or series of rolls of the dice. To win at craps, it is essential to understand the different bets and their odds and to follow a betting strategy that suits your playing style.
Baccarat: This game is easy to learn and has a low house edge. The objective of the game is to bet on the hand that will have a total of 9 or closer to 9. The key to winning at baccarat is to understand the different bets and their odds and to follow a betting strategy that suits your playing style.
When playing these games, it is important to practice good bankroll management by setting a budget for yourself and sticking to it. It is also crucial to know when to quit to avoid losing money.
A winning streak can lead to making $1000 a day, but it is important to be cautious and not get carried away.
19. Freelance Graphic Design
Graphic designers create visual concepts using computer software or by hand to communicate ideas that inspire, inform, and captivate consumers. They work on various projects such as branding, marketing materials, website design, and more.
Freelance graphic design is a lucrative option because there is always a demand for graphic design services, and businesses are willing to pay top dollar for high-quality designs.
By building a strong portfolio, staying up-to-date with the latest design trends, and providing excellent service to your clients, you can earn a substantial income as a freelance graphic designer.
20. Make Money Flipping Items
Flea market flipping is a great way to make some extra cash on the side or even turn it into a full-time business. It involves buying items for a low price and reselling them for a profit.
One couple, Rob and Melissa Stephenson, have become full-time flea market flippers and even host their own website, Flea Market Flipper, to help others find success in the venture. They offer several courses to help individuals turn this into a serious side hustle or even a full-time business earning six figures.
Learning from successful flea market flippers like Stephenson’s can be a great way to get started. They have the skills and knowledge to help individuals find valuable items, network, and use social media and photography to their advantage.
21. Photography
Photography is a lucrative career option that has the potential to generate high income or as a side hustle.
There are different types of photography that one can explore to make money, including wedding photography, family photography, real estate photography, and stock photography.
By building a strong portfolio, networking, finding clients, investing in high-quality equipment, and constantly improving your skills, you can become a successful photographer and make a great income. Don’t underestimate your potential in this field.
22. Rental Income
Passive income through rental properties is a great way to generate consistent long-term income. Here are the steps to follow in order to make $1000 a day through rent income:
Find a suitable property: Look for properties that are priced reasonably, require minimal renovations, and are located in areas with high rental demand. You are likely to start making $1000 a month.
However, the earning potential is dependent on the ability to scale multiple properties, keep them occupied, and increase monthly income streams.
Investing in rental properties can be a lucrative and rewarding experience for those willing to put in the effort.
23. Amazon Merch
Amazon Merch is a platform that allows you to create and sell your own merchandise on Amazon. It’s an excellent way to make money because Amazon handles all of the heavy lifting, such as printing, shipping, and customer service.
Using Amazon Merch, you can sell a variety of products from t-shirts to phone cases, and best of all, you don’t need to invest in inventory or equipment.
All you need to do is create the designs.
Successful Amazon Merch sellers include graphic designers, artists, and entrepreneurs who have created unique and appealing designs that resonate with their target audience.
24. Creative Skills like Video Editing
Creative skills can be a valuable asset when it comes to generating income. Video editing is another skill that can be monetized.
With the rise of video content, businesses, and individuals are always in need of skilled video editors. One can offer video editing services for YouTube creators, and businesses, or even edit personal videos for clients.
Freelance platforms like Upwork and Fiverr are great places to find video editing jobs.
25. Fashion Design
Fashion design is one of the most lucrative ways to make money, and it’s an industry that’s always in demand.
Whether you’re interested in starting your own fashion label, working for a fashion house, or becoming a freelance designer, there are plenty of opportunities to make a living in this field.
Marketing yourself is also key to success in fashion design. Use social media platforms like Instagram and Pinterest to showcase your work and build a following.
Networking is also an important part of building a successful career in fashion design. You must stay up-to-date on industry trends, make valuable connections, and potentially land new clients or job opportunities.
Create a website or blog where you can share your designs, offer fashion tips, and connect with potential clients.
Pay attention to industry trends, stay creative and original, and focus on developing your skills and building your brand. Then, there are plenty of opportunities to make a living in this exciting and dynamic industry.
26. Start a Blog
Many people say blogging is dead. But, it’s not.
Starting a blog can be a great way to share your interests, skills, and experiences with others while also creating a new income stream for yourself. The flexibility of blogging allows you to turn your current job or passion into a successful blog.
However, starting a blog can be challenging, and it requires technical knowledge, writing ability, social media skills, and topical expertise.
Once you have started your blog, it’s essential to treat it like a business and monetize your content.
27. Self-Storage Business
Self-storage business is a lucrative venture that involves renting out storage units to customers who need extra space for their belongings. These businesses are in high demand, especially in urban areas where living spaces are often small and cramped.
In fact, the self-storage business is expected to bloom to $64.17 billion by 2026.
Starting a self-storage business can be a profitable venture if done correctly.
28. Invest in Cryptocurrencies
Cryptocurrencies have gained popularity as a potential source of significant income. Bitcoin, Ethereum, and Litecoin are some of the best cryptocurrencies to invest in.
To invest in cryptocurrencies, one must first set up a digital wallet and choose a reputable exchange such as Coinbase or Bitstamp.
It is important to research the market and understand the volatility of cryptocurrency before investing. While the potential for high returns exists, it is important to approach cryptocurrency investing with caution.
29. Invest in Real Estate
Investing in real estate can be a lucrative way of making money.
To make $1000 a day through real estate investing, there are several steps you can take.
First, set aside a few hundred dollars each month to invest in real estate over time.
Second, consider the different types of real estate investments available, such as rental properties, commercial properties, and fix-and-flip properties. Each investment type has its own advantages and disadvantages, so it’s important to research and choose the one that fits your financial goals.
Third, consider investing in real estate investment trusts (REITs) or crowdfunding platforms like Fundrise, which allow you to invest in real estate without purchasing a property.
Remember that investing in real estate carries a degree of risk, so it’s important to do your research and seek advice from successful real estate investors.
30. Make Money on the Internet
Making money online has become a popular option for those looking to earn a substantial income. The internet provides a wealth of opportunities for anyone with an internet connection and a bit of creativity.
You need to learn how to make money online for beginners.
There are so many options today and you never have to leave your house!
When it comes to making $1000 a day online, it’s important to acknowledge that it’s not a quick or easy process. It takes time and effort to build a successful online business or generate significant income through freelance work or other online opportunities.
However, with dedication and hard work, it is possible to achieve your financial goals.
How to make $1,000 really fast?
If you’re in a financial bind and need to make $1,000 quickly, there are several options available to you.
Here are the top ways to make $1,000 a day quickly:
Sell items on eBay or Craigslist: If you have items that you no longer need, consider selling them online. This could include clothes, furniture, or electronics. This is a quick and easy way to make money fast.
Offer freelance services: You can offer services such as tutoring, design work, or writing. If you have a specific skill or talent, you can find customers online who are willing to pay for your services.
Do odd jobs for people in your community: You can offer to mow lawns, rake leaves, or shovel snow for a fee. This is a great way to make money quickly, especially if you live in an area with a lot of homeowners.
Participate in paid focus groups or surveys: This is a great way to make money quickly without leaving your home. Companies are always looking for feedback on their products and services, and they are willing to pay for it.
Rent out a room in your home on Airbnb: If you have a spare room in your home, you can rent it out on Airbnb and make money quickly. This is a great option if you live in a popular tourist destination.
Manage social media accounts: Many businesses need help managing their social media accounts, and they are willing to pay for them. If you have experience with social media, this could be a great way to make money quickly.
Start a blog: If you have a passion for writing or a specific topic, you can start a blog and sell advertising space or products/services to your readers. This takes some time to build up, but it can be a lucrative way to make money in the long run.
Sell handmade crafts or goods online: If you’re crafty, you can make items and sell them online, such as on Etsy. This is a great way to turn your hobby into a money-making opportunity.
Borrow money from friends or family: This is not an ideal option, but if you’re in a bind and need money quickly, consider asking for a loan from someone you trust.
Pawn items for cash: This is a last resort option, but if you have items of value, you can pawn them for cash quickly.
Don’t be afraid to try different methods and see what works best for you.
This is the perfect side hustle if you don’t have much time, experience, or money.
Many earn over $10,000 in a year selling printables on Etsy. Learn how to get started by watching this free workshop.
If you’ve ever wanted to make a full-time income while working from home, you’re in the right place!
This intensive training combines thousands of hours of research, years of experience in growing a virtual assistant business, and the power of a coach who has helped thousands of students launch and grow their own business from scratch.
FAQ
Passive income is a form of earnings that is generated without active involvement.
It is a way to make money while you sleep and can provide financial stability and independence.
This is one of three types of income and the one you want to strive towards building.
Ultimately, the best side hustle for making $1000 a day is one that meets your needs and interests while providing a good return on investment.
Here are several factors to consider before choosing the best option.
Think about your skills, interests, and availability. If you have a full-time job, you may want to consider a side hustle that allows you to work flexible hours.
Next, consider the earning potential of the side hustle you are considering. Some side hustles pay more than others, and you want to choose one that will give you the highest return on investment.
Additionally, consider the start-up costs associated with the side hustle. Some require significant investment, such as buying a car for ride-sharing apps or purchasing an online course.
Most importantly, choose a side hustle that aligns with your passion and expertise. This will make the work more enjoyable and increase your chances of success.
There are many ways to make money from your expertise.
You can start a consulting business, offer services such as coaching or speaking, create and sell information products, or build a following and sell advertising or sponsorships. The possibilities are endless.
What’s important is that you start somewhere and then take action to turn your expertise into cash.
Ready to Make 1000 in a Day?
There are many ways to make money quickly and easily.
The best way to make money fast is to find a way that best suits your skills and interests.
Whether it’s graphic design, content creation, photography, or trading stocks, there are plenty of opportunities to turn your passions into profit. So, start honing your skills and explore the endless possibilities of the gig economy.
Learning how to make quick money in one day is possible. You just need to be determined and disciplined.
So, which method do you choose on how to make $1k a day?
Know someone else that needs this, too? Then, please share!!
Information Sharing, Home Equity, Fulfillment, Marketing Products; Conventional Conforming News
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Information Sharing, Home Equity, Fulfillment, Marketing Products; Conventional Conforming News
By: Rob Chrisman
8 Hours, 4 Min ago
How can it be that it’s been 14 years since Michael Jackson died of acute propofol intoxication? (A drug that is used for the induction and maintenance of general anesthesia.) The world certainly took notice of his death, and moving into mortgage banking, any time the same news story contains words like “FHFA,” “socialism,” “Congress,” and “credit scores” everyone takes notice. People are taking notice of bank and credit union performance in this environment. Unlike non-depository lenders, they’re faring okay in this environment. Personnel can be shifted to other channels within the company, such as auto loans, credit cards, or customer service. They generally have a different set of concerns than independent mortgage banks. For example, how does the referral process work, and who is compensated along the way? How are potential non-mortgage customers identified? How are marketing expenses handled… does the mortgage arm of the bank do its own marketing? How are management costs allocated? What is the reporting structure: who does “mortgage” report to and how? Are mortgage employees actively trained on other bank channels such as auto lending or credit card work? IMBs, of course, must compete with bank and CU comp structures which often involved a salary (let’s say, $5k per month) plus commissions (let’s say, 50 basis points). (Today’s podcast can be found here and is sponsored by Visio Lending. Visio is the nation’s premier lender for buy and hold investors with over 2.5 billion closed loans for single-family rental properties, including vacation rentals. Through its top-rated Broker Program, Visio brokers can earn up to 5 percent. Hear an interview with Black Knight’s Frank Poiesz on the current regulatory environment and what parts of the origination cycle AI will likely benefit first.)
Broker and Lender Services, Products, and Software
Whether you’re looking to funnel more leads, increase repeat business or forge valuable connections, the Surefire℠ CRM and Mortgage Marketing Engine by Black Knight has got you covered! In its latest ‘Mortgage Marketing Essentials’ quick guide, Surefire breaks down some simple, cost-effective strategies used by many of the mortgage industry’s top-producing loan originators to help you hone your marketing efforts! In today’s difficult housing market, there’s no better time to kickstart your journey to the top of the lending leaderboard. Get a bite-sized overview of proven tactics from loan officers who have perfected their marketing skills by downloading the ‘Top Producer Quick Guide’ today.
Are you a warehouse lender seeking to optimize operations, reduce costs and enhance customer satisfaction? Look no further than ProMerit, the industry’s leading warehouse lending platform brought to you by SitusAMC. As a SaaS-enabled and cloud-hosted system, it offers the flexibility and resilience required to thrive in the ever-evolving technological landscape. Effortlessly manage, track, fund and secure repayments while supporting your reporting, audit, and compliance requirements. Seamlessly integrate with LOSs, general ledgers, wire systems, DDA systems and more, enabling more smooth data flow and streamlining processes. Experience the power of automation, allowing you to schedule and execute tasks, import files, generate reports, and receive notifications of work complete. Elevate your warehouse lending business with ProMerit. Discover a world of enhanced efficiency, reduced costs, and unparalleled customer satisfaction. Contact Anthony Beshara or Rich Berg.
“Do you want to win more business and gain more agents? Then you need Loangendary Marketing, a marketing partner for mortgage companies and loan officers. With the market wreaking havoc on budgets and marketing departments, Loangendary Marketing was created to help you affordably grow and scale your origination business without growing your team. With our customizable contract terms, our lightning-fast turnaround times, and our talented team of mortgage marketing experts, we’re here to help your business grow in any market condition. Imagine having a team of the best mortgage marketers in the business focused solely on helping you win more loans and growing your brand. That’s what we do. And with over 20 years of experience working with some of the leading mortgage companies in the country, we know what it takes to help you win more business. Book a discovery call today to see what we can do for your business!”
Cover your staff’s time off with Maxwell’s on-demand underwriting. As a mortgage professional, you know the value of an uninterrupted workflow. Maxwell Fulfillment services empowers you to seamlessly maintain your operations while your team enjoys time off this summer (and beyond). With direct integrations to your LOS, our experienced onshore team of underwriters provides a seamless, fast, and cost-effective experience. To learn more about Maxwell’s on-demand underwriting or other fulfillment services, click here or schedule a call today.
Homeowners with mortgages, which account for roughly 63 percent of all properties, gained $1 trillion in equity between the fourth quarter of 2021 and the fourth quarter of 2022. Along with this increase in equity, there has been an increase in demand by borrowers to tap into that equity. Join executives from FirstClose, Space Coast Credit Union and HousingWire this Wednesday for a 1-hour for a virtual event that will discuss today’s levels of home equity, and how to successfully help homeowners utilize their equity with different home equity products. Register today!
The CWDL mortgage banking leaders had a great time in California last week, as we co-hosted Power Lunches with Michael McAuley and Joe Garrett of the renowned consulting firm Garrett, McAuley & Co. Mark Wilson and Dustin Pfluger helped to facilitate roundtable discussions with C-level executives of leading lenders in both the San Diego and Bay Area markets, hitting on topics such as getting to breakeven, dealing with margin compression, when/how to acquire other mortgage companies, and strategies for profitability in a hyper-competitive market. If you’re interested in CWDL bringing these Power Lunches to your market in the future, reach out to Kasey English (619-302-0010), and learn more about our industry-specific tax, audit, accounting and consulting services here.
Conventional Conforming Products in the News
Freddie and Fannie’s policies, procedures, underwriting guidelines, and activities in the capital markets impact roughly 3/4 of current production. Let’s see what’s happening in that channel.
FHFA Released 1st Quarter 2023 Foreclosure Prevention and Refinance Report.
Effective August 1, 2023, Freddie Mac is retiring the Loan SellingAdvisor® CTE01 environment. If you’re a current CTE01 user, you’ll need to migrate to the UAT Production Baseline CTE. All functionality you have had access to in CTE01 will be available in UAT Production Baseline CTE.
Fannie Mae Positive Rent Payment Success Stories.
Fannie Mae June Appraiser Quality Monitoring (AQM) list.
Based on recent GSE feedback and QC findings, Pennymac clarified requirements related to documentation received with the loan file. Regardless of AUS documentation requirements, all documentation submitted with the loan file is subject to review and analysis and may be used for qualification purposes. PennyMac is analyzing the documentation to assess the impact.
All Fannie Mae, Freddie Mac, and AUS Jumbo Product Profiles were recently updated.
In Announcement 23-45, Pennymac provided a reminder regarding Fannie Mae and Freddie Mac’s condominium project insurance requirements and the importance of ensuring the insurance coverage is adequate to meet GSE requirements as well as protect the project from damage and loss.
Citi Correspondent Lending Bulletin 2023-05 contains credit policy updates regarding Quarterly Depreciating Markets List Update & New Format, Full Review Fannie Mae’s Condo Project Manager (CPM) –and Alternatives for Tax Filing Documents for DU Loans. The bulletin also provides notifications on Batch Funding for loan purchase wires and mandated screening for non-Obligated parties.
Impact of Fannie Mae SEL-2023-05 and DU/DO August Release Notes to AmeriHome Correspondent Products were posted in Announcement 20230606-CL.
PRMG Product Update 23-30: Conventional and Government Products updates include clarification on unique or non-traditional homes (such as barndominiums, tiny homes, geodesic dome, earth homes) are not eligible. Expanded Access clarification that Tax Professional Attestation Form allowed in lieu of written letter from Tax Professional (form ensures borrower’s Tax Professional meets all attestation requirements). Product codes added for High Balance options with repayable DPA on Chenoa Fund FHA. Clarification on requirements for Florida Assist and Florida HLP 2nd mortgage DPA documents.
Capital Markets
We had a little bond market rally in price to close last week as the market responded to releases of flash June Manufacturing and Services PMI readings from major economies which showed a clear trend of weakening activity. (When there isn’t much news, something 2nd or 3rd tier news can move prices in a thin market.)
This weakening activity comes at a time when central banks like the Fed, ECB, and the Bank of England are threatening more rate hikes. Domestically, the S&P PMI surveys for manufacturing and services were both lower, showing that the sector is contracting while growth in services also slowed. Other economic releases of note showed initial jobless claims were unchanged at 264k while the four-week moving average trended higher. While initial claims have been higher as of late, they are currently around the average seen from 2015 to 2017. Meanwhile continuing claims have been near their 2018 – 2019 range, consistent with 3.5 percent to 4.0 percent unemployment. Housing starts were higher than expected and may prove to be a boost to economic activity in the later part of the year. A 27 percent increase in multifamily starts led to the surprise reading. Builders continue to benefit from the lack of resale home supply as would-be sellers remain in place not wanting to give up their historically low fixed mortgages rates. The National Association of Homebuilders’ Housing Market Index increased from a revised 50 to 55 in June.
Despite being a slower week for economic releases last week, the sparse data points, as well as Fed comments, provided insight as to the strength of the U.S. economy. Fed Chair Powell reiterated the modest economic expansion that is being driven by consumer spending indicates that more work is needed to bring inflation down to the FOMC’s 2 percent target. Housing, which accounts for roughly one third of CPI, is being buoyed by limited supply as well as demographics which are keeping demand steady even with higher interest rates. Single-family permits increased for the fourth straight month and multifamily units under construction tied a record high. There was a slight uptick in resale home inventory last month as available homes increased to a still low 3.0 months’ worth. Single-family home prices rose for the fourth consecutive month in May to a median price of $401,100 due to low inventory and stabilizing demand.
This week concludes with month and quarter-end trades on Friday. Data includes regional Fed surveys, housing data, durable goods, consumer confidence, and final Q1 GDP before concluding with May PCE on Friday. Fed Chair Powell is scheduled to appear on Wednesday before the ECB Forum on Central Banking. Today’s calendar kicks off with the non-market moving Dallas Fed Texas manufacturing for June and a Treasury auction of $42 billion 2-year notes. We begin the week with Agency MBS prices better .125-.250, the 10-year yielding 3.68 after closing last week at 3.74 percent, and the 2-year is at 4.70 for no real reason, although there is some talk of the Russian political scene’s unrest.
Employment and a Retirement
Ready to take your career to the next level? Making certain borrowers have a smooth experience is vital in today’s competitive market, which is why Mortgage One provides all the tools you need to succeed. Through its partnership with Lender Toolkit, the Michigan-based lender helps its loan officers streamline the underwriting process with AI Underwriter™️ , which automates and applies underwriting conditions in 60 seconds. With just one click, you can review credit reports, income, assets, appraisals, loan data, fraud reports and more. “Research shows that consumers don’t like being asked for documents more than once, and AI Underwriter makes sure that doesn’t happen,” says Mortgage One CEO Mark Workens. “By moving underwriting upstream, we’re able to deliver a better customer experience, giving our loan officers more repeat and referral business from satisfied borrowers.” If you’re looking for a company that invests in your success, check out Mortgage One’s careers page today.
A Mortgage Boutique, the wholesale division of First Community Mortgage, has several zero or low down payment options: Conventional up to 97 percent, USDA 100 percent, VA 100 percent, FHA 100 percent CLTV, and HomeZero just announced NO income limitations! A Mortgage Boutique is looking for skilled Account Executives nationwide to join its team. Committed to delivering exceptional service to clients and partners, A Mortgage Boutique considers top talent as a crucial element in achieving this goal. If you are passionate about excellence and seeking to join a thriving team, consider a career with A Mortgage Boutique. Contact DJ Ziggas to learn more.
FHA job opportunity to make up to $166k per year: Director in its Real Estate Owned Division. Duties include reviewing technical reports of property damage, coordinating the completion and processing of necessary documents, and overseeing the preparation of deeds and mortgages and close sales.
“Liz Scott, Regional Managing Director with National MI has decided to retire from National MI after serving 11 years with the company. Her career has spanned more than 30 years in the mortgage industry, and we are deeply and sincerely grateful for Liz’s contributions. She was one of the first salespeople hired at National MI during its founding stage, and she helped craft our customer development strategy. She steadfastly believes that achieving homeownership offers the ability to improve families’ quality of life and has held the privilege of fostering broad and deep relationships with customers and members of the industry she considers partners and friends. She has built and led a best-in-class team of exceptional National MI sales advisors in the western territory who will continue to serve our clients with the highest standard of service. Liz looks forward to spending more time with her family, enjoying international travel, and soon welcoming her first grandchild to her family. We are grateful for the opportunity to have worked with Liz and wish her the best in her retirement as she begins a new life chapter.”
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Have you heard of house hacking? With house hacking, you may be able to learn how to live for free!
If you’re new to house hacking, it’s finding ways to make money while you live in your house. You hack your costs to possibly live free and maybe even make money.
House hacking can be a great way to save money on your monthly living costs and even build equity in the property that you own.
After all, your housing costs are probably one of your highest monthly bills, if not the highest. Most homeowners spend around 30% of their monthly income on housing costs, which is a lot!
So what if you could find a way to lower your housing costs or use being a homeowner to your advantage?
Now, perhaps you recently put a down payment down on an investment property with the sole intention of house hacking it in order to better afford your monthly mortgage payment. Or maybe you are currently looking for ways to lower your monthly mortgage payment and you have some spare bedrooms that you could rent out.
Whatever your reason may be, as a homeowner, you may be able to save a lot of money and start house hacking.
Back when we were living in a traditional house, we house hacked for a little while and had a few different roommates live with us. The monthly rent we collected allowed us to lower our house payment and put more money in savings.
We house hacked with our first house, and it was really great for us. Being able to set more money aside even helped me get ready to quit my job to become a full-time blogger.
I only house hacked for a short amount of time, but it was such a great experience, and I’ve heard the same thing from many other house hackers.
Because house hacking can help you save money, make money, offset your mortgage payment and other housing costs, I wanted to create a post that explains what house hacking is and how to get started.
So if you are interested in house hacking, then please continue reading this article. Today, I will answer some of your common questions so that you can get started as soon as possible as a house hacker.
Related content on house hacking:
Guide to House Hacking for Beginners
What is house hacking?
House hacking is when you find ways to make money from your home. You can do it with a multi-family property, house, apartment, additional dwelling unit, and so on.
Typically, house hacking means that you live in one room or unit, and then you rent out the other rooms/units and put that money towards your mortgage.
Depending on the situation, you may be able to earn enough to completely cover your monthly mortgage payment (plus more), or you may choose to earn just enough to cover some of your monthly housing bills. Whatever you decide to do, as a house hacker, you are lowering your monthly housing expenses and freeing up more of your money.
Is house hacking profitable?
Yes, house hacking can be very profitable!
From house hacking, you may earn a little bit of extra money to help pay down your mortgage, enough to cover your entire monthly housing costs, and perhaps even more so that you are able to save some money on top of paying down your mortgage.
Because there are so many different ways to house hack, it would be hard to say exactly how profitable it will be for you.
If you decide to start house hacking, I recommend starting an emergency fund as soon as possible.
An emergency fund is exactly what it sounds like – it’s money you set aside in case of an emergency. Because house hacking means you’ll have other people living in your house, there may be a greater chance of repairs, and it will be your responsibility as the landlord to deal with them as quickly as possible.
Having an emergency fund can help you cover any unexpected expenses that may come up, such as rental property repairs or even needing to replace appliances. While house hacking can be profitable, it can also be expensive if you are not careful.
Is house hacking legal?
The rules for house hacking depend on where you live.
House hacking is legal in many places, but there may be simple rules that you need to follow, these may be city or even subdivision specific.
For example, some cities or neighborhoods may not allow Airbnbs and other short-term rentals, or they may have occupancy limits. You need to find out what the local laws in your area are before you start.
That being said, many people house hack all over the world, so it is likely that you will be able to find a way to make it work for you while also staying legal and following the rules.
Plus, you will have to comply with federal and state housing laws. The Fair Housing Act prohibits discrimination in housing because of race, color, national origin, religion, sex, familial status, or disability. You can learn more about this here.
What is a good house hacking book?
If you are looking for a good book on the subject of house hacking, then I recommend reading The House Hacking Strategy: How to Use Your Home to Achieve Financial Freedom by Craig Curelop.
This is a great book on house hacking and teaches you many different house hacking strategies, how to start house hacking for beginners (even if you don’t have much money), how to find the best property to house hack for your situation, and much more.
There is a lot of information packed into this book, making it a must-read if you’re interested!
Pros and cons of house hacking
Of course, like with anything, there are pros and cons. This is your home after all, and you want to make sure that you are fully prepared for what the reality of house hacking will be like.
You may have never lived with roommates before or have been a landlord, and that will affect your experience, so let’s talk about the advantages and disadvantages.
Benefits of house hacking include:
You can build home equity.
You can lower your housing costs significantly.
You can earn extra money and improve your cash flow.
You can have more freedom because your housing costs are covered. Perhaps, you’ll feel more free and flexible to pursue a passion project now?
Now, I will admit that I am a little biased because I had such a great experience.
But there are reasons why you shouldn’t house hack, and it definitely is not for everyone.
Here are the most common disadvantages to house hacking:
You will likely lose some privacy, especially if your situation involves renting out a room in your home.
Being a landlord can be incredibly stressful for some people.
There will be more wear and tear on your property.
When I was house hacking, I thought privacy would be more of an issue than it was. Fortunately, we had a basement to rent out that had a bathroom in it, and for the most part, our spaces felt very separate.
However, if you are in a situation that involves sharing a bathroom or other living spaces, such as a kitchen or living room, that can be too much for some people. If you like your privacy, then this is a big thing that you should think about before you rent out space in your actual home, and you may want to look into owning something like a multifamily property instead. This could make the experience far better for your personal situation.
As far as being a landlord, you will have to deal with problems with tenants. This may include covering the costs if something on your property breaks.
Keep all of those things in mind before you get started!
House Hacking Ideas
There are many different house hacking strategies that you may be interested in, and below are some house hacking examples.
1. Rent out rooms in your home
If you’re not interested in purchasing new real estate in order to get into house hacking, then the easiest way to get started may be to rent out rooms in your single-family home.
Yes, this means getting roommates.
So if you have a three bedroom home, you can decide to rent out the other two bedrooms, and then live in the third bedroom yourself. If you are renting out the home that you live in, then it means you may be sharing your kitchen, bathrooms, living room, and other spaces with someone who is a stranger at first.
Another option you might consider is to rent out rooms in your home on a short-term basis, such as through Airbnb or VRBO.
If you don’t currently have an extra bedroom or living space, you may need to convert a space into an accessory dwelling unit (ADU) such as a basement, a room above a garage, building a guest house, and more. You may decide to add a kitchenette or even a full bathroom in order to get a higher monthly rent from your tenants.
You can learn more about this at What You Need To Know About Renting A Room In Your House.
2. Multi-family home
A multi-family home can be a duplex, triplex, or apartment building. It simply means that it’s a structure built for multiple families to live in separate units. As far as house hacking, you would buy the whole building with the intention of living in one unit and renting out the other units.
One positive of this situation is that you would not be sharing personal space with anyone else. You would have tenants, and you would be their landlord.
The money that you earn from your tenants may be enough to cover your monthly mortgage payment for the whole building that you own, which means that you may be able to live for free. That’s a major perk!
Some people like to house hack this way because they are close to their tenants and can keep an eye on the building they own, but they are still able to maintain their own private and personal space. Not having to share common areas, such as your kitchen and bathroom, can be a great thing after all.
3. Rent out an RV on your property
Another possible form of house hacking is to rent out an RV that you have on your property or rent it out to others to travel in.
If you have an RV that you aren’t don’t use all of the time, then you may be able to earn $100 to $300 a day, or more, by renting it out to others through RVShare.
RVshare is like Airbnb for recreational vehicles.
You can rent all kinds of RV on the RVShare website, such as:
Camper vans
Travel trailers
Pop-ups
Class C Motorhome
Class A Motorhome
Toy hauler
RVshare has a secure payment system to accept payments from those renting out your RV and then securely releases the funds to your bank account one business day after the start of each rental.
The money that you earn from renting out your RV can help you lower your housing costs, which can be quite easy if you have an RV that you aren’t using all the time. Or perhaps the RV you rent out just covers your RV payment, which would be like “RV hacking” instead of house hacking, and you can then pay off your RV much faster in this scenario.
Related: Have an RV that you want to rent out? Check out How To Make Extra Money By Renting Out Your RV.
4. Closet, driveway, storage space
Do you have unused storage space? If so, you may be able to earn money with it.
Neighbor is a peer-to-peer rental platform and is like the Airbnb of storage space.
With Neighbor, you would not be renting out space for someone to live in, instead you are renting out your space so that people can store their stuff!
You can use Neighbor to list your unused space for rent and earn up to $15,000 per year. With Neighbor, you can rent out your garage, driveway, basement, or even an unused closet that you have. You can even rent out parking spaces, a shed, or room in your backyard.
You can set your own prices and decide for yourself what storage reservations you want to approve. You also reserve the right to know what the people are storing in your house and approve it before they rent space from you.
Because so many people pay to store their stuff, so this can be an in-demand business to get into. It’s also generally more affordable than traditional storage units, making it more appealing to renters.
You can sign up for Neighbor for free here.
You can also learn more in my Neighbor Review.
How to know if house hacking is right for you
Before you start renting out space in your house to save money or pay off your mortgage, there are a few questions I recommend asking yourself. It’s a big decision, and these questions will help you decide if this is the right choice for you.
What to ask yourself before house hacking:
What is my short-term goal for house hacking? Do I hope to make enough to pay my monthly mortgage? Or do I want to make a little extra each month to save or offset some housing expenses?
What is my long-term house hacking goal? Do you want to own rental properties one day?
Do you currently have extra space in your house to rent to someone? Or will this require purchasing a new property?
Are you in a good spot financially to start house hacking? At the very least, you will need to have an emergency fund. But if you need to purchase another property, consider all of the costs associated with that.
Will your house hacking plans require that you sell your current property? Some people may decide to keep their current home and rent it out as well. But if you are selling, what are the steps and costs associated with selling your house?
How do you feel about having roommates? Do you know anyone who would be a good fit, or would you be okay living with a stranger?
How do you feel about becoming a landlord? This involves collecting rents, repairing things, replacing things, and more.
How you answer those questions will help you decide if house hacking is the right choice for you overall.
Is house hacking possible? Is house hacking worth it?
Yes, house hacking may be possible for you, and you may find it to be well worth it.
If you already own a home, then one of the easiest ways to start house hacking is by renting out spare space that you already have in your home. That could be to store other people’s stuff or like a bedroom for someone to stay in.
House hacking is a real estate investment strategy that can allow you to lower your expenses, improve your cash flow, and save money.
The rental income that you earn from your tenants as a house hacker can help you to pay down the mortgage on your primary residence, retire early, and possibly even allow you to purchase another rental property (if that’s a goal of yours – if not, you can simply just save more money!).
Through house hacking, you can live for cheaper or even free by simply using your owner-occupied investment property to your advantage. This may allow you to better afford the purchase price of a home, as well as lower your risk.
Who knows, maybe house hacking will even allow you to save enough money to put a down payment on your next investment property as well. This could put you on the right path to reaching your goal of becoming a real estate investor.
Are you interested in house hacking? Why or why not?
While the first four and a half months of 2023 had significantly more housing demand than we expected coming out of the ice-cold fourth quarter, the real story of the year is the restricted supply of homes to meet that demand. Low inventory continues to be a major issue for the market, and we’re seeing signs that there’s no end in sight.
What’s normal for this time of year?
Normally in the spring — the pandemic years notwithstanding — we see inventory rising as sellers put their homes on the market readying for the summer home-buying peak. In typical years, the low point for homes on the market is mid-February. This year that low point was 10 weeks later, in late April as the quantity demanded exceeded the quantity supplied for homes during the entire first quarter.
In this chart we’re showing the inventory curve of unsold single family homes weekly for each year. Each line here is a year. The pandemic years’ inventory are the lines at the bottom. From May 2020 through March 2021, the market was characterized by few sellers and ravenous buyer demand. You can see how last year inventory started rapidly increasing in the second quarter as mortgage rates rose. That’s the light red line. Later in 2022 inventory had a second burst of inventory growth in September, which was very unusual, and was a reflection of how dramatically homebuyer demand slowed as mortgage rates spiked over 7%.
As of mid-May 2023, there were only 424,000 single family homes on the market across the country. The lowest point was officially in mid-April. Available inventory of homes for sale is starting to inch up 1% per week now. Contrast that with the same period in 2022, when inventory was climbing as much as 6% weekly.
Why is inventory so restricted this year?
The first half of this year has seen significantly more demand than we expected, and fewer sellers, so inventory has fallen. It’ll take sellers to emerge, or buyers to drop out, for active inventory to finally rise again. We saw last year how abruptly and completely buyers could freeze when the tides turn against them.
This article is part of our ongoing 2023Housing Market Forecast series. After this series wraps, join us on May 30 for the next Housing Market Update Event. Bringing together some of the top economists and researchers in housing, the event will provide an in-depth look at the top predictions for this year, along with a roundtable discussion on how these insights apply to your business. To register, go here.
With the debt ceiling crisis in Congress, we now have a new wrinkle that could slow the housing market. Mortgage rates have climbed to 7% for the first time since October as the uncertainty of the potential default looms over us. Home buyers are sure to feel this cost pain. If it lasts for very long, inventory will rise.
Inventory of homes could come from three possible seller sources: existing homeowners who trade up or down; investors who are selling to perhaps de-leverage or unload newly unprofitable properties; or distressed / forced sellers — usually people out of work because of a slowing economy. None of those groups has emerged as home sellers yet this year.
With high interest rates making it harder for current homeowners to trade up (or even down), especially when they likely have a low mortgage on their current home, most of them just aren’t interested in moving. But even those who are moving, due to life events for example, are often holding their existing home as an investment property, even when they buy the next home, because they’re locked in at a low rate. Result: no new inventory.
Why aren’t investors selling even as mortgage rates have climbed and made some properties less profitable? In addition to cheap financing, investors who own rental properties have enjoyed another powerful windfall in recent years: low levels of unemployment leading to rising rents. Most investors, especially the mom-and-pop owners of 1-4 homes which make up 90%+ of all real estate investors, have fixed-rate financing.
So when rates rise, the next investment becomes more expensive and less desirable. Owners of big apartment buildings are more likely to have variable financing, and we’re starting to see some of those owners be caught in unsustainable debt. That impact of commercial real estate owners has not been seen in the smaller investors market at all.
Americans are still near record levels of employment, so there has been no notable downward pressure on rents. Even if it’s harder to unload a rental property than it was 18 months ago, the vast majority of those deals are still very profitable. Result: no new inventory.
This record level of employment also means that we have record-few mortgages in any stage of delinquency right now. Based on this measure, American homeowners are in really strong financial shape. They’re well-employed, with cheap mortgages, and a lot of equity. Unless that equation dramatically, we won’t see inventory from distressed sellers.
What’s next?
The question for the rest of the year is how quickly the dark red line on the chart above climbs. Does demand weaken again like last year? That’s going to be a question of mortgage rates and the economy. Does the debt ceiling crisis break worse or get resolved? Do we have big job losses coming? Do we have banking crises or other shocks coming? Even the uncertainty itself is a risk to derail housing demand from here.
If these major shocks are held at bay, this year’s curve will look more like most of the years on this chart, and we’ll end the year with under 500,000 homes on the market again — staying in this pattern of incredibly restricted supply.
If the economy tanks hard, then the curve could pick up quickly like last year. This is a real possibility, but there’s no indication anywhere in the data yet that any surge of inventory is imminent.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.
To contact the author responsible for this story: Mike Simonsen at [email protected]
To contact the editor responsible for this story: Brena Nath at [email protected]
In a week where the entire nation has been gripped by interest rate panic, the loudest voices in the room are those of the mortgage bores.
Every workplace, family and social circle has one. Been prattling on about how you signed up for a 10-year fix at a smidgen over 1 per cent long before the chaos of Kwasi Kwarteng’s “mini” Budget”? I’m afraid that person is you.
Those less likely to speak up are those whose fixed-rate deal is nearing expiry as interest rates — and anxiety levels — climb higher.
Mortgage bores might claim that they saw it coming, but the reality is more arbitrary. Unless you paid to end your fix early, the precise timing of when deals start and end is mostly down to luck. Nevertheless, mortgage rates beginning with a 6 or 7 are going to be a painful adjustment for hundreds of thousands of households coming to the end of their deals, potentially adding hundreds of pounds to monthly outgoings.
If your agreement has a few years left to run, don’t feel too smug. You might not be making lifestyle economies to deal with payment shock now, but your friends and colleagues certainly are (even if they don’t want to talk about it). And the pain of higher repayments will hit all borrowers in time — it could well cost the Conservatives the next election.
Amid the drama of this week’s great repricing — with HSBC raising rates twice in one week and other lenders looking to follow suit — the polls tell us that twice as many people blame the government for rising mortgage costs as those who blame global crises such as the war in Ukraine or the effects of the pandemic.
There have been calls for Downing Street summits with mortgage lenders and even Covid furlough-style payouts to help struggling borrowers. But taming inflation by squeezing people’s finances is exactly what rate rises are designed to do.
“If the policy isn’t hurting, it isn’t working,” was how then-chancellor John Major put it in 1989 as rates headed towards 15 per cent. But such rises are a blunt tool. The mortgage bores (and the mortgage free) can still consume with wild abandon; the pain is concentrated on those whose fixes have expired. The lottery of it all can be both personally and politically unpleasant.
By and large, mortgage lenders acted admirably during the pandemic, offering forbearance to distressed borrowers. Regulators have been clear this support must continue. Yet even if rates drop back in coming years, we will not see the return of mortgage rates starting with a 1 or a 2. Those refinancing home loans face a further dilemma. Should they risk a tracker rate or short-term fix in the hope of locking into a lower rate in future?
People feel painfully ill-equipped to deal with a decision that could make or break the family finances for years to come — it’s a particular problem for millennial couples saddled with bigger mortgages and childcare costs. Advice only goes so far. Brokers can find you the best deals on the market but they can’t tell you which option to pick. A five-year fix at current levels means borrowers could be stuck making higher repayments for longer than they need to, but many crave certainty — and protection from further increases.
In the UK, the value of our homes is firmly shackled to our sense of self-worth. The current situation is politically toxic for the Tories, long regarded as the party of home ownership. From Right to Buy in the Thatcher era to Help to Buy in recent years, owning your own home has symbolised success; a one-way ticket to financial prosperity — even if you borrowed heavily to get on the ladder.
Since the financial crisis, average pay growth has been puny in real terms but average house prices have soared, making property owners feel considerably richer. Seeing a neighbouring property advertised for a handsome sum on Rightmove is the equivalent of financial Viagra, helping alleviate the pain of expensive mortgages. But as more fixes expire over the next 18 months, the impact of higher rates will inevitably cause house prices to fall.
This is terrible timing for a government heading into a general election. But however worried borrowers might be feeling, anxiety among those renting privately is even higher. In April, letting agent Foxtons said it had 97,000 tenants chasing after just 2,000 available rental properties.
Annual rent increases have hit record highs, making it even harder for the 5.5mn UK households renting to ever achieve the dream of property ownership. So while higher mortgage payments will smart as the era of cheap money comes to a close, homeowners still have reasons to count their blessings.
Claer Barrett, the FT’s consumer editor, is the author of ‘What They Don’t Teach You About Money’. [email protected]