Hudson Berkshire Experience http://hudsonberkshireexperience.com/ Mon, 21 Jun 2021 22:38:28 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://hudsonberkshireexperience.com/wp-content/uploads/2021/05/cropped-icon-32x32.png Hudson Berkshire Experience http://hudsonberkshireexperience.com/ 32 32 UDR public offer price of 6,100,000 ordinary shares https://hudsonberkshireexperience.com/udr-public-offer-price-of-6100000-ordinary-shares/ https://hudsonberkshireexperience.com/udr-public-offer-price-of-6100000-ordinary-shares/#respond Mon, 21 Jun 2021 21:27:00 +0000 https://hudsonberkshireexperience.com/udr-public-offer-price-of-6100000-ordinary-shares/

DENVER – (COMMERCIAL THREAD) – UDR, Inc. (the “Company”) (NYSE: UDR) announced today that it has priced a binding takeover bid of 6,100,000 common shares at a price of 49, $ 38 per share, all of which are offered under the forward sales contracts described below and all of which will be sold to an institutional investor.

BofA Securities and Citigroup are acting as co-book managers for the offering.

The Company has entered into forward sales contracts with BofA Securities and Citigroup or their affiliates (the “Forward Buyers”) for 6,100,000 Common Shares. Under the forward sales contracts, the forward buyers or their affiliates are expected to borrow and sell to the underwriters a total of 6,100,000 common shares which will be delivered under this offering. Subject to its right to opt for settlement in cash or in net shares, which right is subject to certain conditions, the Company intends to deliver, upon physical settlement of these forward sales contracts to one or more dates specified by the Company occurring no later than June 20, 2022, a total of 6,100,000 common shares to forward buyers in exchange for cash proceeds per share equal to the applicable forward sale price, which is the price offer, less subscription discounts and commissions, and is subject to certain adjustments as provided for in forward sales contracts.

The closing of the offer is scheduled for June 24, 2021, subject to customary closing conditions.

The Company will not initially receive any proceeds from the sale of shares of its Common Shares by the Forward Purchasers or their affiliates under the Offer. The Company expects to use the net proceeds, if any, that it will receive in the future settlement of forward sales contracts for planned acquisitions or other investments, the existing pipeline of development and development capital program. of the Company, and working capital and general objectives of the business, which may include the repayment of outstanding debt under the Company’s commercial paper program, the unsecured revolving credit facility and the credit facility. working capital credit, if applicable.

Selling common shares through forward sales contracts allows the Company to price such shares based on the offer price (subject to certain adjustments) while delaying the issuance of such shares. and receipt of the net proceeds by the Company until the scheduled date the funding requirements described above have been met.

This offering is being made in accordance with the Company’s currently valid registration statement, which has been previously filed with the Securities and Exchange Commission (the “SEC”). This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, and there will be no sale of such securities in a State in which such an offer, solicitation or sale would be illegal before registration. or qualification under the securities laws of such state.

You can obtain copies of the prospectus supplement and the prospectus relating to the offering, when available, free of charge from the SEC at www.sec.gov. Alternatively, copies of these documents can be obtained by contacting (i) BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, or sending a e-mail to dg. prospectus_requests@bofa.com; and (ii) Citigroup, c / o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, phone: 1-800-831-9146, or by sending an email to prospectus@citi.com.

Forward-looking statements

Certain statements made in this press release may constitute “forward-looking statements”. Words such as “expects”, “intends”, “believes”, “anticipates”, “anticipates”, “,”. these forward-looking statements. Forward-looking statements, by their nature, involve estimates, projections, objectives, forecasts and assumptions and are subject to known and unknown risks, uncertainties and other factors that may cause actual results to occur. differ materially from those expressed or implied by these forward-looking statements. -forward-looking statements, due to a number of factors which include, but are not limited to, the impact of the COVID-19 pandemic and measures to prevent its spread or mitigate its effects, changes unfavorable conditions in the apartment market, changing economic conditions, the impact of inflation / deflation on rental rates and building operating costs, expectations regarding the availability of capital and the stability of property markets. capital, the impact of competition and competitive prices, acquisitions, developments and redevelopments not achieving the expected results, delays in the completion of developments, redevelopments and leases on time, expectations on growth of employment, affordability of houses and demand / supply ratio for collective housing, expectations regarding development and redevelopment activities, expectations on occupancy levels and s rental rates, expectations regarding joint ventures and partnerships with third parties, expectations that technology will help increase net operating income, expectations on annualized net operating income and other risk factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time, including the Company’s Annual Report on Form 10-K and the Company’s Quarterly Reports on Form 10-Q. Actual results may differ materially from those described in forward-looking statements. These forward-looking statements and these risks, uncertainties and other factors speak only as of the date of this press release, and the Company expressly disclaims any obligation or commitment to update or revise any forward-looking statement contained in this document, to reflect any change in the Company’s expectations in this regard, or any other change in the events, conditions or circumstances upon which such statement is based, except to the extent otherwise required by United States securities laws.

About UDR, Inc.

UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multi-family real estate investment trust with a proven track record of superior and reliable performance by managing, buying, selling, developing and redeveloping properties. attractive real estate properties in targeted US markets. As of March 31, 2021, UDR held or held an ownership position in 52,617 apartments, of which 1,417 were under development. For more than 48 years, UDR has provided long-term shareholder value, the highest level of service to residents and the highest quality experience for associates.


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Counting the benefits and costs of California deportation bans during the pandemic https://hudsonberkshireexperience.com/counting-the-benefits-and-costs-of-california-deportation-bans-during-the-pandemic/ https://hudsonberkshireexperience.com/counting-the-benefits-and-costs-of-california-deportation-bans-during-the-pandemic/#respond Mon, 21 Jun 2021 16:48:29 +0000 https://hudsonberkshireexperience.com/counting-the-benefits-and-costs-of-california-deportation-bans-during-the-pandemic/

Solano has been allocated $ 13.3 million in PIU funds, administered by Catholic Charities of Yolo-Solano. So far 3,064 applications have been received, requesting assistance totaling around $ 10 million, but only less than $ 200,000 has been paid to 16 applicants, with an additional $ 10,000 pending, according to Anne Putney, analyst at main management for the county.

“A number of requests are pending documentation,” Putney said.

Impacts on owners

The California Apartment Association has collected approximately 4,000 letters to lawmakers in its call to action among rental property owners and managers to oppose a substantial extension of SB 91, as long as applicants can document the impact. of the pandemic on their inability to pay rent.

“We’re saying the state only needs a month or so to withdraw the money,” said Debra Carlton, executive vice president of state public affairs, referring to the ERAP program. “State and local governments are extremely late in releasing the money.

In early June, one of the letter’s authors was FPI Management, which oversees more than 130,000 units in 17 states and is the largest manager of rental housing in California, with 89,670 units for approximately 1,000 homeowners.

REIT said it had about $ 40 million in rents, fees and utilities in arrears at the time. Just over 4,500 tenants requested help from state and local portals, asking for $ 23.2 million in assistance, but only about 3% had been received, for a total of $ 709,000.

Solano Property Management is still awaiting the outcome of dozens of claims submitted for tenants in arrears of nearly $ 100,000 in the more than 2,000 mostly residential units the company manages in Solano, Napa and Yolo counties, according to Susie Slankard, who runs the Fairfield office. A Vacaville tenant has $ 20,000 in arrears.

“We have tenants who haven’t asked for help. We’re trying to get them to apply, ”Slankard said. “Some don’t pay at all, and some pay what they can.”

Keith Becker, Managing Director of DeeDee’s Rental Property Management, manages more than 500 mostly single-family homes and condominiums in Sonoma County for approximately 400 clients. The number of tenants in arrears is only 14, or less than 3%. That’s about $ 100,000 in arrears for client landlords, but it’s on top of two other levels of rent restrictions in recent years, he said.

Among these is the state anti-scam law (passed as penal code 396), which limits price escalation by more than 10%. The law comes into play when jurisdictions approve declarations of emergency.

This cap came into effect with the Tubbs and other North Bay fires in October 2017 was extended by the Russian River flood in 2019 and the Kincade fire, as well as the Glass fires and of Walbridge in 2020.

And that was before a statewide rent cap and just cause evictions law (SB 1482) was signed early last year, limiting rent increases to the slightest. 10% per year or 5% plus the local consumer price index until 2030.

“There’s another ugly factor: Long-term tenants don’t pay the same amount in rent as new tenants,” Becker said. “If they paid a low rent before the fires, as soon as they hit, PC 396 says you can’t increase the rents by 10% over an already low rent. Some homeowners over the past four years have not caught up.

When Sonoma County passed emergency eviction restrictions limiting evictions to public health and safety concerns or the exit of landlords from the rental market, some landlords began to seek the exit, Becker said.

“We haven’t seen a massive exit yet,” he said. “I have 19 properties that, as of the start of 2021, are either owners or family members move in, taking them off the rental market, or they are sold. “

But one effect of the state’s emergency and rent control measures is a slowdown in the number of multi-family property sales transactions, according to Scott Gerber of Meridian Commercial.

While nationwide pandemic economic relief efforts have driven down the cost of financing single family homes over the past year and led to a surge in offers and soaring prices, the same is not happening. It’s not produced for sales of multi-family rentals, especially small complexes, he said.

“The prices haven’t gone down, but they haven’t gone up,” Gerber said. “Given the obstacles to the flow of income (due to non-payment of rents), it should be noted that we have not seen prices increase. The largest multi-family lender still requires a year of principal and interest to be impounded as protection against collections related to COVID and tenant financial hardship. “


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Oklahoma man drives eight miles to work, donations arrive for car https://hudsonberkshireexperience.com/oklahoma-man-drives-eight-miles-to-work-donations-arrive-for-car/ https://hudsonberkshireexperience.com/oklahoma-man-drives-eight-miles-to-work-donations-arrive-for-car/#respond Mon, 21 Jun 2021 14:22:26 +0000 https://hudsonberkshireexperience.com/oklahoma-man-drives-eight-miles-to-work-donations-arrive-for-car/

A stranger’s kindness has drawn attention to Donte Franklin and his commute to work.

I don’t know about you, but walking to work sucks. Granted, I’ve only done this once in my life and that was when I was working at the library in my town. This walk was maybe the equivalent of four blocks. Nothing compared to what Donte Franklin does in Moore, Oklahoma. He currently walks eight miles to get to his job at Buffalo Wild Wings.

Last week it was very hot and Michael Lynn walked past Donte. He asked if he was okay because going out in this heat is no fun. Donte said no, I’ll just go to work. Michael offered her a ride and the two got on the BWW road. Along the way, Michael couldn’t help but wonder how far Donte was walking. He said eight miles and he leaves about three hours before the start of his shift.

In all of his years, Donte has never been late for work. Michael couldn’t believe Donte was doing this almost every day to get to and from work. Especially during the brutal summer months. Michael shared Donte’s story on Facebook and a GoFundMe was started for him. Thanks to the kindness of strangers, over $ 26,000 has been donated so far for Donte to buy a car.

Donte doesn’t even have a driver’s license, so while learning to drive, another stranger donated a bike to him so he could get to work a little faster. “I can really help my family with this”, said Donte, “It’s just a very good blessing.” If you would like to donate to Donte, you can do it here. I think I might be able to walk to work in the fall, but I don’t do it every day from June to August.

WATCH: Here are 25 ways to start saving money today

These tips for saving money, whether it’s finding discounts or just changing your day-to-day habits, can come in handy whether you have a specific savings goal, or want to save money. money set aside for retirement or just want to withdraw a few cents. It’s never too late to be more financially savvy. Read on to find out more about how you can start saving right now. [From: 25 ways you could be saving money today]

KEEP READING: Discover The Richest Person In Each State


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JOHN DEMONT: Ron Lovett: on the Gracies, Shaun Majumder and helping workers progress https://hudsonberkshireexperience.com/john-demont-ron-lovett-on-the-gracies-shaun-majumder-and-helping-workers-progress/ https://hudsonberkshireexperience.com/john-demont-ron-lovett-on-the-gracies-shaun-majumder-and-helping-workers-progress/#respond Sun, 20 Jun 2021 18:39:23 +0000 https://hudsonberkshireexperience.com/john-demont-ron-lovett-on-the-gracies-shaun-majumder-and-helping-workers-progress/

Ron Lovett has been a bouncer, bodyguard, entrepreneur. Now, at 42, he wants to change the affordable housing landscape with his business Vida Living, which owns some 600 affordable housing units in Nova Scotia, New Brunswick and Manitoba. It’s a serious idea, but Lovett, whose principal in Halifax Elementary School sent him to the Citadel Boxing Club instead of detention, is not a stern capitalist. He is a fine foodie who speaks Spanish and has already studied ju-jitsu under the direction of the legendary Gracies. At the end of our interview, Shaun Majumder, the comedian and actor, and sometimes business partner, came just to catch up with his boyfriend. This interview has been narrowed down for brevity.

JD: Where does your story begin?

RL: I grew up on Ralston Avenue (in West Halifax) with my grandmother, mother and sister. My grandfather, whom I did not have the chance to meet, was James Connolly, Alderman, Speaker of the House and Deputy Mayor. My dad lived in the United States and I didn’t meet him until I was 21. But I didn’t know the difference.

I went to a lot of schools. First, I was kindly asked to go to grade 8. I just didn’t do well. I have ADHD and dyslexia. Then after high school I worked a bit at a place called Seaside Kayak and for a company called Premier Travel, running these party trips for all high schools in Nova Scotia. Maybe, I think of a credit from Mount Saint Vincent, then I started to travel.

He was looking for experiences. My sister just put on a backpack and went on a trip and it blew me away. It was time to do it. I’ve been to 56 countries, and it introduced me to food and different things. On a trip to Colombia, I was reading a book called Stop the Ride, I Want to Get Off, by this British gangster David Courtney, and he was hiring his friends to do nightclub security companies in the UK where I was training ju-jitsu. the time under Gracie’s camp, so I thought I might be a bodyguard. But there was no job for a bodyguard in Halifax, especially 20 years ago. And so, I came back and decided that this was going to be my entry into my first real business, which was the security company, providing security for nightclubs as well as events and concerts.

AC / DC to Jay-Z

It was a really bumpy, bumpy road, as I think all entrepreneur trips are. But in the summer, we (Source Security & Investigations) would have over 3,000 employees in Kelowna, BC, Newfoundland. We were doing executive protection. I’ve been on tour with AC / DC and Jay-Z. And we’ve done a lot of executive protection across the country and sometimes outside the country. Then we entered the static day care, which kept the lights on.

JD: But from the start, you saw yourself as an entrepreneur?

RL: I think I have always been an entrepreneur. I feel like it was probably my blood from my father and my grandfather. As I was starting to mature in my early 30s, I started to think I had to build this to sell. And there was a pivotal moment: I was on the Rails-to-Trails bike path and the question that struck me was: would I be happy to reinvest in the private security industry if someone did? was approaching? And the answer was no. And so right away, I went to the market.

JD: What was your plan?

RL: The constant advice when I sold was to do nothing; wait two years. I have always been in real estate. And then there was this real estate opportunity in (the Halifax suburb of) Fairview, from those places that got hit by the city, 100 units on Evans Avenue and Dawn Street.

Columnist John DeMont takes a selfie with entrepreneur Ron Lovett and his friend and business partner Shaun Majumder. – Eric Wyne

Vida alive

I called a great mentor and friend of mine, John Risley, and said, “John, you know, everybody says, don’t do anything for 24 months, and I have this opportunity. What do you think? ”John said,“ You know, the best time to make a deal is when you don’t need to make a deal. ”And I didn’t need to make a deal. there was no pressure, it was the start of Vida Living.

Even before having bought a 12 units with Shaun Majumder, the Canadian comedian. I went with my typical safety mindset: I’ll clean this place up if people don’t play by the rules. It was a very rudimentary building. No security in the doors. Diapers out the window; crushed eggs in the hallway. Bullet holes in the doors, totally dangerous. And I was going to say, “I can handle this; I can clean it. And then I kind of took a break. Because one of the big questions I asked myself in the private security industry that really rocked the business was, should I restart this industry from scratch? And this question led me to the path to answer it, which is lacking in this workforce housing space.

Workforce housing is housing that is safe, clean, secure and has a strong sense of belonging to the community, and with working people. You think of the real estate sector, I think there can always be more, but there are plenty of associations that come to the aid of the most vulnerable. People who just work, be it blue collar or gray, it’s really hard, they’re caught in the middle, and I wanted to fix that.

Very quickly it became apparent that there was a lack of security in this asset class. No sense of community and it starts with the basics. You see smaller businesses or families that own small groups of real estate, and they have a tenant who mows the lawn so we wanted to take it to the next level. Not just finding someone who could do all kinds of repairs and maintenance, but finding people who. . . possessed the skills, whether soft or hard, (to) give them an invested interest in the building and tap the untapped potential that is not being used.

So we go to the tenant base first as best we can, and they get the right of refusal first. So whatever we’re going to market with we’re going to explode to the whole community, if you or your neighbor, anyone in this community has this type of skill, please give us a call.

Affordable housing

JD: Where does that fit into the affordable housing crisis we hear about?

RL: I think Vida helps solve the problem; that does not solve the problem. Our business model is about helping Canadians move forward and keep things affordable. So, mellow as it sounds, the company’s goal is to revolutionize affordable communities. Every building from our point of view is a community. We do not consider the people who live in these buildings as tenants, we consider them as customers. And that’s what I think separates us in space.

What we’re trying to do is create an environment where it’s clean, that’s for sure. There is a sense of community, there is a sense of belonging. And we want to help people move forward, so we’ve had initiatives over the last six months that were saying, look, if you’re a Vida Living tenant, anywhere in the country, and you’re buying your first vehicle, or a new vehicle, we will give you a rent credit. You get your first job or a promotion at work, we’ll give you a rent credit. If you’re buying your first home and you want to break the lease, we’ll break the lease, and we’ll give you financing and invest the money for your move. If you are elderly and re-enter the workforce, we will grant you a rent credit.

JD: Why?

RL: I think that there are a lot of people from different backgrounds who are in difficulty, that it is difficult for them to move forward in this sector. I’m really excited to know that Vida’s business model is to help people.


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Housing market explodes for sellers, buyers and agents | Business https://hudsonberkshireexperience.com/housing-market-explodes-for-sellers-buyers-and-agents-business/ https://hudsonberkshireexperience.com/housing-market-explodes-for-sellers-buyers-and-agents-business/#respond Sat, 19 Jun 2021 06:00:00 +0000 https://hudsonberkshireexperience.com/housing-market-explodes-for-sellers-buyers-and-agents-business/

Betsy and Bill West are a longtime real estate team in this part of Pennsylvania. Over the past 15 months, the pandemic has impacted their livelihoods in a variety of ways, first feasting them and then creating a feast of opportunity for the Cecil Township couple and their brothers and sisters of estate agents and agents.

Residential real estate has become a nationwide nascent industry, which has been essentially a sellers’ market and a buyer’s market for months – and perhaps a year in the Pittsburgh area, some analysts say.

The main reasons are simple: Although interest rates have risen since hitting historic lows last summer, they are still below 3%. The rates, along with the injection of federal stimulus funds, made it a fortuitous moment for sellers and, to a lesser extent, potential buyers.

Demand in many parts of the country is outstripping the supply of housing, causing potential buyers to compete for a particular home. A number of them may offer thousands of dollars above the list price, but only one will prevail. Salespeople, meanwhile, are shining like never before. Yet in many cases it is a victory for both parties.

That’s why the West, agents of Berkshire Hathaway Home Services in Washington, have adopted some house rules.

“We are telling everyone who has a house to sell and a place to go, that they will never get more than they do today,” Betsy said last week. “Salespeople are getting $ 10,000 to $ 20,000 more than they ask for. We’ve never seen that. Now is a great time for sellers to list and sell quickly.

On the other hand, she added, “We tell buyers to be aggressive, to be ready to take a chance. Some take over the 1% transfer tax for them and the seller. Some offer to pay the owners closing costs.

“Sometimes six or seven offers come in in the first 48 hours (that a home is listed). We sit down with the seller and present maybe six offers and the pros and cons of each. Maybe someone isn’t offering the most money, but is willing to pay the closing costs.

This contrasts sharply with the second quarter of 2020, when Governor Tom Wolf included the real estate industry in his late March shutdown of “non-core” businesses. Agents struggled, working mostly from home, and consumers – some of whom had already put homes on the market – had to wait. Real estate returned on June 5, during a partial reopening by Wolf.

Since then, said Scott Cavinee, his business has been “inundated” with work. Cavinee is the founding broker of SWC Realty, which has offices in Washington, Waynesburg, Uniontown, and Lycoming and Clinton counties.

“It was crazy, and it’s been like that since the governor reopened,” he said. The market boom “lasted longer than I thought”.

Cavinee said Pennsylvania was the only state where real estate was completely shut down during the pandemic, “and it absolutely shouldn’t have happened.”

Ovi Manciu is amazed at how the industry is changing now.

“When something is on the market now, it sells very quickly,” said Manciu, an agent for Howard Hanna Real Estate in Peters Township. “There are bidding wars.”

He was recently in the midst of such a “conflict”. Manciu said that one of his clients was in love with a house for sale in Peters “and was prepared to pay $ 25,000 more than the asking price”.

Speaking with an agent representing another interested party, Manciu found that eight offers had been made on this house, and five were more lucrative than the one made by his client.

This individual, Manciu said, is still looking for a home in Peters.

“This is the best opportunity to sell in 10 years,” said Manciu, a resident of North Strabane Township. “Things have completely changed. Before, people would bid 10% below the asking price. Now they are prepared to pay that much, no matter if the house needs to be renovated.

Buyers appear to be flooding the market, and probably are, in part because the rapid sales drive inventory of available existing homes down, Manciu said. But he also believes a number of apartment dwellers, working from home while dodging the dangers of the pandemic for more than a year, “felt trapped in a cage. They had good credit, the rates were low, and now they want a house with more space and gardens.

Another problem, according to West, “is that the construction of new homes is so slow now.” Supply chain outages and delays have been formidable, and the costs of lumber and building materials have skyrocketed, limiting opportunities for future homeowners.

“There is a percentage of buyers looking to build, but new construction is expensive now,” Manciu said. “Builders are struggling to get materials. The price of lumber became so high that builders could only guarantee lumber prices for 30 days. “

So how long will this phenomenon last? None of these real estate professionals called themselves Nostradamus, and could offer no waterproof forecasts.

The Federal Reserve gave no clarity on Wednesday when its policymakers indicated that due to inflation, they could increase their benchmark short-term rate – which includes mortgages – twice by the end of 2023 They had previously estimated that there would be no increase until 2024.

“I don’t see how (the real estate boom) can continue, but some people think it’s going to continue,” Cavinee said. ” I’ve no idea. It’s already gone on longer than I thought. “

Manciu said, “I see it’s slowing down a bit now, but interest rates are still low and houses are still selling.”

“How long will it last?” Betsy West asked, repeating the question. “The speculation is that we are going to enter into a change. But Bill and I have been around long enough to know that real estate is like a water tap. It flows, then just as quickly, the tap closes.


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Paying Rent, And The Rest: Tenants Fight Back To Rise In Third Party Processing | Housing https://hudsonberkshireexperience.com/paying-rent-and-the-rest-tenants-fight-back-to-rise-in-third-party-processing-housing/ https://hudsonberkshireexperience.com/paying-rent-and-the-rest-tenants-fight-back-to-rise-in-third-party-processing-housing/#respond Fri, 18 Jun 2021 20:02:00 +0000 https://hudsonberkshireexperience.com/paying-rent-and-the-rest-tenants-fight-back-to-rise-in-third-party-processing-housing/

When Max * moved into a new rental property in Queensland earlier this year, one of his first questions, naturally, was how to pay the rent.

So he called his new real estate agency, Harcourts Chermside, a Brisbane company that boasts of its “high ideals and standards”. The agent sent Max an email explaining that a third-party company called RentPay was his “primary and preferred” method of collecting rent.

RentPay, according to the email, was “the easiest, most cost-effective way” for tenants to pay their rent. If Max disagreed, it didn’t seem to matter: “All future new leases will have to use RentPay as their preferred method of paying rent amounts,” the email read.

What he didn’t say was that by signing up to use RentPay, Max would be forced to pay a setup fee of $ 3, plus a monthly fee of $ 2 as well as 1.25%. for each transaction for any payment via Visa or Mastercard. Using BPay would incur a transaction fee of 88c.

“I know it’s not a huge amount of money, but it’s a crappy thing for them to do. We are paying over $ 600 a week, so why should we pay a fee to pay our own rent? Max said.

The use of third-party rental processing companies by real estate agents was in the spotlight this week when Scott Pape, author of the best-selling books Barefoot Investor, wrote a column highlighting how a company called Rental Rewards was charging fees. charges to tenants to pay their rent. .

The column has elicited an indignant response from Rental Rewards and the real estate companies that use it, as well as other third-party processing companies.

Rental Rewards said the column was “incorrect, misleading and misleading” and threatened legal action. Company spokeswoman Sharon Samson said Pape mistakenly described Rental Rewards as rent collectors when in fact it was a “payment processing platform.” It was up to real estate agents, she said, to decide who paid the fees associated with the service.

Pay cash or pay the fee

As the Guardian reported this week, real estate agents are increasingly using third-party processing companies to outsource rent payments despite laws to restrict the practice.

In New South Wales, landlords are required to offer a reasonable and free way of paying rent.

But the definition of what is reasonable is elastic: in some cases, the free option offered by real estate agents is much less convenient, such as payments by check or cash.

In Victoria, laws introduced in March require agents to provide at least one free way to pay rent, as well as an option for electronic funds transfer.

The previous regime – which mirrored NSW – led Melbourne resident Orlando Skeete to roll out drastic measures to avoid using third-party services. In 2018, Skeete had been paying his rent by direct debit for about a year when a new agency took over and told him he should start paying through Rental Rewards.

Skeete and his partner read the contract and saw some of the same issues Pope raised: a $ 5 membership fee, a $ 2 transaction fee plus a 1.1% fee with credit card payments. or debit, a $ 10 cancellation fee when the tenant terminates the contract and a $ 15 dishonor fee. Some cards have a transaction fee of $ 10 for payments over $ 500.

Unimpressed, Skeete asked to continue paying by direct debit card, but was told he could only do so if he signed up for Rental Rewards.

Eventually, Skeete and his partner, a lawyer, read the Competition and Consumer Law and told the agent that what they were doing “could be illegal and constitute third-line coercion” – a practice that requires tenants to use a ploy with no alternative.

“To be honest it wasn’t about the money, it’s the fact that I already don’t really like rental agents to begin with, and that was just the principle, like, fuck these guys- there, “he said.

The officer told him he could pay in cash. So for the next two months, Skeete hopped on his bike, withdrew $ 3,000 in cash from his bank, and drove about an hour across town to deposit the rent.

“When I got to the agent, they clearly weren’t set up to accept cash payments, so they tried to get me signing up to Rental Rewards again,” he says.

Eventually, they agreed to accept the money, but only after insisting that he pay exact change, which he predicted.

After two months, the agency relented, but Skeete and his partner left the property soon after. He happily accepts that the saga was more about his own “stubbornness”, but it annoyed him to think of others less aware of their forced-to-pay rights.

“One of the things they told me when I was in the office was that I was their only customer who insisted on not using Rental Rewards. Everyone, you know, you get a form, you sign it, ”he said.

“I’m an engineer in a heavily regulated industry and my partner is a lawyer, so we’re both used to reading the fine print, and luckily I have the flexibility in my job to take a half-day off to walk around. city ​​by bike to pay my rent.

“What pisses me off about this is that there are so many people out there who don’t know their rights or don’t have the ability to jump through all of these hoops.”

Tenants don’t want to “shake the boat”

Victoria’s new legislation does not prohibit the use of third-party programs, which Melbourne resident Bec Tsiamas recently discovered. Tsiamas signed with Rental Rewards when she took out a lease last year, unaware she had any other options.

“I didn’t know any better and I clicked straight away,” she says.

Not knowing that she would be charged for the transactions, Tsiamas kept her rent in a separate account with the exact amount. Because the cost of the transaction was short, she was then billed a $ 15 denial fee. More recently, when she signed a new lease, she was put on Rental Rewards again: this time paying her deposit and rent deposit cost her around $ 65 in fees.

“For a youngster trying to make his way through the world, it frustrates me that, you know, I can’t afford a house, and now I’m spending more and more money on things that I shouldn’t. not having to pay, “she says.

Max, the tenant from Queensland, says the agent told him his only no-charge option was to pay in cash. Fearing he might miss a rent payment or get on the wrong side of the agency, he nodded and signed with RentPay.

“I knew it was fucked up, but look, it’s usually better when dealing with rental companies not to rock the boat too much because they can ruin your fucking life,” he says.

“They can kick you out a lot easier than you can do anything to them.”

In Queensland, if a real estate company wants to use a third-party processing platform, they must offer tenants two other approved payment options. As the Residential Tenancies Authority of Queensland states on its website, third-party processors typically mean that a tenant has to pay a monthly service charge “and may be responsible for a range of other fees and charges (for example, refusal fees) ”.

As the court stated, a property manager “must ensure that the tenant is fully aware of all fees, charges and rules associated with rental cards.”

It wasn’t until Max returned and read his rental agreement that he realized what he had missed. It allowed payment by check or cash, and an appendix to the document included RentPay’s fees, which the real estate agency said is enough to comply with the legislation.

Business owner Julie Thornton is unsympathetic to tenants in Max’s situation. She says the company uses RentPay because of its “convenience” and doesn’t receive any financial incentives.

“The advantage for us and the tenant is that they are given their own unique code, which reduces the risk of human error,” she says.

“I’m sure you’ll think I’m making this up [but] if a tenant deposits money by direct debit, he will put “rent” as a reference. When we have 400 properties and you have 15 tenants who put in “rent”, it takes a long time to figure out where that money is coming from.

“They don’t need to use RentPay… I’m more than happy that they come and pay in cash.

RentPay did not respond to a request for comment.

* not his real name


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US stocks collapse; The S&P 500 has its worst week since February | national https://hudsonberkshireexperience.com/us-stocks-collapse-the-sp-500-has-its-worst-week-since-february-national/ https://hudsonberkshireexperience.com/us-stocks-collapse-the-sp-500-has-its-worst-week-since-february-national/#respond Fri, 18 Jun 2021 14:30:33 +0000 https://hudsonberkshireexperience.com/us-stocks-collapse-the-sp-500-has-its-worst-week-since-february-national/

NEW YORK (AP) – Stocks fell widely on Wall Street on Friday, sending the S&P 500 to its worst weekly loss since February. The index fell 1.3% and fell 1.9% during the week. Among the biggest losers were banks and other stocks that soared earlier this year due to expectations about the economy and inflation. Investors are still recalibrating their moves after the Federal Reserve signaled this week that it may hike rates sooner than expected. Short-term Treasury yields continued to climb, and the Dow Jones Industrial Average suffered its worst weekly loss since last October.

THIS IS A CURRENT UPDATE. AP’s previous story follows below.

NEW YORK (AP) – Stocks crash on Wall Street on Friday, and the S&P 500 is on track for its losing first week in four, as more steam comes out of banks and other stocks that have soared in boomed earlier this year with expectations for the economy and inflation.

The S&P 500 was down 0.9% in afternoon trading and losses were widespread. More than four out of five stocks on the index were down, and it is on the verge of having its worst day in a month.

The Dow Jones Industrial Average was down 406 points, or 1.2%, at 33,416 at 2:10 p.m. EST, and the Nasdaq composite was down 0.6%.

Investors are still recalibrating their moves following the Federal Reserve’s signal this week that it may increase interest rates earlier than expected. Policymakers have indicated they could hike short-term rates twice by the end of 2023, and they have also started discussing the slowdown in the bond buying program that is keeping long-term rates low. St. Louis Federal Reserve Chairman James Bullard told CNBC on Friday that his personal prediction was that the first rate hike could come as early as next year.

It’s recognition that a recovering economy with near record high prices for homes and stocks may not need very low rates for much longer. A recent surge in inflation could also increase the pressure. But any pullback in Fed support would be a big change for markets, which have been feasting on ultra-low rates for over a year. It marked a “U-turn on Easy Street,” as strategists at BofA Global Research described it.

This hurt the stocks of banks, oil producers and other companies whose earnings are closely tied to the strength of the economy in particular. On the other hand, stocks of companies capable of growing almost independently of the fortunes of the economy held up better.

The Dow Jones Industrial Average, which is full of companies whose profits move more with the economy, is expected to fall 3.1% this week. It would be his worst since the end of January. The Nasdaq composite, which has more high-growth tech stocks, was virtually unchanged for the week.

Of course, all of the major U.S. stock indexes remain relatively close to their all-time highs as the economy continues to emerge from the recession caused by the pandemic. The S&P 500 is less than 2% below its all-time high set Monday, and the Dow Jones is within 4% of its record set last month.

A measure of stock market nervousness, known as the VIX, rose on Friday, but only returned to its level about a month ago.

Banks are suffering as the spread between short and long-term interest rates narrows, which helped push S&P 500 financial stocks down 2.2% on Friday. This is the largest loss among the 11 sectors that make up the index.

When the spread is large, the industry can make large profits by borrowing liquidity from short-term markets and lending it at long-term rates. But short-term yields have jumped sharply this week after the Fed hinted it could bring forward the timing of rate hikes. The two-year Treasury yield fell to 0.25% on Friday, from 0.23% the day before and 0.16% the week before.

The 10-year Treasury yield, which is less directly affected by the Fed’s movements, ended the week near its starting point, although there were some irregular upward and downward movements in the ‘interval. It stood at 1.44% on Friday afternoon, down from 1.51% on Thursday night, but not far from its level of 1.46% a week earlier.

Pressure on rates helped push JPMorgan Chase down 2.6%, and it was one of the heaviest weights in the S&P 500. Bank of America fell 2.8%.

The rapid recovery in the economy and some supply shortages have recently helped push prices up across the economy, from lumber to airline tickets to used cars. The Fed has said it expects high inflation to be only “transient” and that lumber prices at least have already started to moderate a bit. Much of Wall Street also claims that inflation appears to be only temporary, but part of the Fed’s mission is to keep prices under control.

“You just don’t have the companies that can build the capacity to meet the demand,” said Ken Johnson, investment strategy analyst at the Wells Fargo Investment Institute. “Investors are nervous about this.”

The first step the Fed is likely to take would be a slowdown in its $ 120 billion monthly bond purchases, which help keep mortgages low, but the Fed chairman said such reduction was probably still “a long way off”.

Besides keeping inflation stable, the Fed’s other main job is to keep the job market healthy. Employment has improved, but growth has slowed in recent months.

“It reassures investors that the Fed will not change rates when the economy, from a labor market perspective, is not back to where it was,” Johnson said.

Among the few winners in the market on Friday was software maker Adobe. It rose 1.9% after posting stronger results for the last quarter than analysts had expected and gave encouraging guidance for the current quarter.

Arms maker Smith & Wesson jumped 16.9% after raising its quarterly dividend and reporting stronger-than-expected results for the last quarter.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.


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Maine strawberry season starts early https://hudsonberkshireexperience.com/maine-strawberry-season-starts-early/ https://hudsonberkshireexperience.com/maine-strawberry-season-starts-early/#respond Fri, 18 Jun 2021 12:01:39 +0000 https://hudsonberkshireexperience.com/maine-strawberry-season-starts-early/

The strawberry picking season starts early for 2021. For my part, I say “yum”!

The hot spring and very summery weather recently allowed the berries to be ready to go earlier than most years. Many U-pick locations are already open or about to open for the season.

I even saw that the guy selling strawberries by the roadside in Manchester is set up and ready for business.

According to centralmaine.com, growers say the berries are beautiful and also taste great. But remember the season goes by quickly, so if you are planning on picking your own strawberries, now is the time to start planning your visit to your favorite spot.

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Self-represented double murder accused cross-examines son https://hudsonberkshireexperience.com/self-represented-double-murder-accused-cross-examines-son/ https://hudsonberkshireexperience.com/self-represented-double-murder-accused-cross-examines-son/#respond Fri, 18 Jun 2021 05:06:34 +0000 https://hudsonberkshireexperience.com/self-represented-double-murder-accused-cross-examines-son/

A man acting as his own lawyer cross-examined his own son, forcing him to describe the night he allegedly tried to kill him.

Ronnie O’Neal III went viral earlier this week after raising his voice in his opening statements to the jury in a case where he was accused of killing his daughter and girlfriend and attempting to kill his son and to have set fire to the house.

Since Mr O’Neal is representing himself, there was a moment in the courtroom where he cross-examined his own 11-year-old son who prosecutors say survived the attack. O’Neal despite his father’s attempt to kill him.

The boy was 8 years old at the time of the alleged attack, but was still able to easily remember the events of that evening, which made him difficult to listen to at times. He told prosecutors how his father set the house on fire with gasoline.

O’Neal remained adamant that investigators “fabricated evidence” and that his son was “trained on what to say”.

The evidence will show that I love my children. The evidence won’t show you that my son saw me beat his mother to death, nor did he see me shoot his mother. In fact, he didn’t witness much.

At one point, the exchange became tense when the father asked the boy direct questions about the events that unfolded that tragic night.

“Did I hurt you that night?” The boy replied, “Yes. “

“How did I hurt you?” Oneal asked.

“You stabbed me,” his son replied.

Social media had immediate reactions to the video and story, with many saying it just wasn’t something the little boy should have endured.

The trial is continuing and could easily last until next week. O’neal could face the death penalty if convicted.

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Most Stocks Fall, Technology Resists As Markets Digest Fed Moves | national https://hudsonberkshireexperience.com/most-stocks-fall-technology-resists-as-markets-digest-fed-moves-national/ https://hudsonberkshireexperience.com/most-stocks-fall-technology-resists-as-markets-digest-fed-moves-national/#respond Thu, 17 Jun 2021 19:12:14 +0000 https://hudsonberkshireexperience.com/most-stocks-fall-technology-resists-as-markets-digest-fed-moves-national/

NEW YORK (AP) – The S&P 500 ended barely changed on Thursday after stocks hovered in mixed trading, as investors brace for a future where the Federal Reserve is no longer doing all it can to keep interest rates very low.

Markets around the world have been mixed but mostly calm after investors in Asia and Europe had their first chance to respond to the crisis. Federal Reserve Report Wednesday that it could start raising short-term interest rates by the end of 2023. The Fed chairman also said that it had started discussing the possibility of slowing its buying program. obligations. Such support has been one of the main reasons for the stock market’s resurgence to record highs, with the most recent coming on Monday.

The S&P 500 slipped 1.84 points, or less than 0.1%, to 4,221.86 after falling from a gain of 0.2% to a loss of 0.7%. Most stocks in the Index and Wall Street were down, but gains from Apple, Microsoft and a few other tech heavyweights helped offset the losses.

The Dow Jones Industrial Average fell 210.22, or 0.6%, to 33,823.45, while the Nasdaq composite rose 121.67, or 0.9%, to 14,161.35, driven by technology gains and other high growth stocks.

In the bond market, the yield on the 10-year Treasury bill returned almost all of its surge from the previous day. It fell to 1.51% against 1.57% Wednesday night.

The two-year yield, which tends to move more with Fed stock expectations, was more stable. It went from 0.21% to 0.22%.

The first step the Fed is likely to take would be a slowdown in its $ 120 billion monthly bond purchases, which help keep mortgages low, but the Fed chairman said such reduction is still probably “a long way off”.

Any easing of Fed aid to the economy would be a big change for markets, which feasted on easy terms after the central bank cut short-term rates to zero and put other programs in place. emergency.

While the economy still needs support, the recovery is proving to be strong enough that it does not need the same emergency measures taken at the start of the pandemic, said Stephanie Link, chief investment strategist and portfolio manager at Hightower.

“We’re going to get a reduction,” she said. “They need it, we don’t need emergency measures right now.”

The economy has started to explode out of its coma as more widespread vaccinations help the world get closer to normal. At the same time, soaring commodity prices are forcing companies across the economy to raise their own prices for customers, from fast food restaurants to used cars.

This is fueling concerns about inflation. Much of the concern is whether the rise in inflation will be temporary, as the Fed predicts, or more durable. The reality could be more mixed. The rise in commodity prices is likely related to increased demand as the economy recovers, but the rise in wages is likely to be more sustainable as employers raise wages to attract workers, Link said.

Investors received somewhat disappointing economic news when the Labor Department said the number of Americans who apply for unemployment benefits last week increased slightly. The total of 412,000 workers claiming unemployment benefits was worse than economists expected. If this turns out to be a trend rather than an aberration, it could push the Fed to hold the line longer on supporting the economy.

Stocks of companies whose earnings are most closely tied to a strong economy and interest rates suffered some of the largest losses in the market.

S&P 500 energy stocks fell 3.5% after the price of crude oil fell.

Banks have struggled after falling long-term yields hurt their prospects for profit from loans. Bank of America fell 4.4% and JPMorgan Chase lost 2.9%.

Commodity producers were also weak, with miner Newmont losing 7% after the price of gold fell 4.7%. Gold tends to struggle when the Federal Reserve raises interest rates.

On the winning side were the large, tech-driven companies, which dominated the stock market for years as they continued to grow almost regardless of the strength of the economy. Amazon grew 2.2%, Microsoft 1.4%, and Apple 1.3%.

Homebuilder Lennar rose 3.6% after reporting second-quarter earnings and earnings above Wall Street expectations.

In Europe, German and French equities edged up, while the FTSE 100 in London fell 0.4%. In Asia, Japan’s Nikkei 225 fell 0.9% and South Korea’s Kospi fell 0.4%, but Hong Kong’s Hang Seng rose 0.4%.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.


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