Nowadays, landlords are perceiving the rental trends that most millennials have introduced. First off, millennials are looking to rent for quite a long time, if not permanently.
After all, even if this generation of renters have landed stable jobs after graduating from college, most of them still have a substantial amount of student loan to settle. Besides, many are earning wages that do not leave them with much extra money. Any amount saved is hardly enough to include homeownership in their future plans.
According to a 2019 survey conducted by Apartment List, the required down payment in buying a home, represents the biggest obstacle for most millennials. Others cite their poor credit score as main barriers.
In a way, this trend has made the rental business more lucrative, but only if landlords pick high-quality tenants. Otherwise, renting out housing units to tenants who cannot pay rent when due, or cause damage to the property, will only lead to stressful financial problems caused by losses of business income.
Seeking Professional Property Management Assistance as a Means to Take Advantage of Current Trends
If I am in the rental business myself, I would seek professional assistance from one of the rental property management companies near me.
In my view, professional property managers possess higher levels of expertise and experience in dealing with the important aspects of the rental business. Such aspects include collection of rents, screening and background checking of applicants, taking care of property maintenance and repair issues, as well as pursuing evictions when necessary.
Some other property management companies I have looked into, are also offering marketing strategies and services designed to attract quality tenants. These firms even offer guarantees in the form of promises such as “Tenant Placement,” “21-Day Leasing,” “Best Repair Price,” “One-Year Repair Warranty” and “Pet Damage Protection.” There is even a “No-Cost Easy Cancellation Promise” in case you are not satisfied with their service. That is, if you serve them notice within 30 days.
Considering those kinds of property management services that come with assurances, contracting with a reputable firm would be a wise move for landlords to make. That way, they can devote time in embarking on projects that would make their rental housing units attractive to high-quality millennial tenants.
What Makes a Rental Housing Unit Attractive to Millennials?
Millennial renters are very different from the renters of previous generations. The former are inclined to choose an apartment that offers flexible, energy-efficient and sustainable living conditions. Since they intend to live in a rented unit for a long time, flexibility of the living spaces would allow them to have somebody move in with them as housemate.
Most millennials maintain an environment-friendly outlook, making energy efficient and sustainable features attractive to them. Moreover, installations like low-flow toilets and showerheads, LED lights, programmable thermostats and insulations against draft, can help them curb the cost of utilities.
Rental properties located in areas that receive strong communication signals are the best, because most millennials engage in work-from-home arrangements. That being the case, they prefer an apartment with fewer concrete walls and metal objects that can affect the strength of Wi-Fi or broadband connections in other rooms.
Yet, just like any other type of business, funding its capital has never been easy.
In todays industry where different type of cannabis-related businesses are penetrating the industry, various ways to finance it are available. However, when it comes to cannabis-related businesses, it is pretty much surprising that financing options are getting more complex. That’s why it is very important to know the structured trade finance for this industry as well.
Considering its legalization concerns, borrowing from a bank is not a good option. But, this should not stop you from finding for the best funding option for your business like the weed stocks in Canada. Along with the laws governing the production and use of marijuana, new financing options are also opening up to help you with your weed-based business.
Financing Options Available for Cannabis Business
Since bank won’t offer financing help for weed businesses, options like these are available:
This financing option works by allowing individuals to invest around $2,000 in small firm having a stake in business in return. Generally, this is permitted by the US SEC. Via the crowdfunding, businesses can earn as much as $1 million and above. One of the equity crowdfunding platform is Fundanna which focus on financing cannabis businesses.
In most type of industries, there are some investors who are really wealthy enough interested to assist small businesses to grow. This is often operates in exchange for an equity.
Angel investors operate in a similar way like the venture capitalists. It helps business start-ups by funding them through small amounts of money.
Credit business lines
In order to help cannabis business to grow, there are alternative companies that offer credit lines. This funding option helps to cover the ongoing business expenses in starting up.
Private equity firms
These firms are financial companies that are willing to provide loans for a short-term goal with a high-interest rate. Otherwise, it also funds large cost in your business.
Alternative financing firms offering business loans
There are lenders that specialized in the cannabis business. Example of this is the Diamond Business Loans which operates to meet cannabis business needs. A standard term loan option is available for this type of funding which is payable on a one-time, big time payment.
In case you have a good credit standing, personal loan is the best option to fund your weed business start-up.
Real estate loans
Real estate loans are considered as secured loans. It is pretty much applicable to fund purchasing or refinancing of the buildings or land where your business will be operating.
The way you’re handling your money daily plays a significant factor to how successful you would be in building your wealth. If you’re watchful with your budget and careful on how you handle it, then it is going to help in developing your wealth. However, if you do apply negative habits in handling your finances, then there is a big chance that you might end yourself broke and fail to achieve your financial goals.
There’s a difference between how rich and poor people handle their finances. These differences are what setting them apart. It is recommended that you start abandoning the poor habits discussed below:
Not Following a Budget
A broke person never seems to understand the true value of budgeting. Budgeting is actually your biggest strength in having control over your finances. This helps big time in determining how much you are spending on things. This is giving you the power of learning how to save or to pay your debts. So if you have lawsuit loans that you’ve taken out, following a budget can help you to still keep the lifestyle you are used to have and pay for the loan at the same time.
There are a lot of people who do not like budgeting or think that things would work for themselves eventually. But in reality, everyone regardless of how much you are making has to follow and stick to a budget. Unless you have limits of your own, you can spend more than what you are earning.
Spending more than they on Discretionary Purchases
It is understandable that we need to have a bit of fun every now and then. But if most of your money goes on discretionary purchases, then you might end up being financially thin or worse, not being able to pay your bills.
These discretionary purchases may include spending on stuff like:
- Eating out
- Video games
The small steps you do in cutting back on unnecessary spending makes a huge difference on your finances. Make a goal to limit how much you should spend in a month on clothing, eating out and such and see how much change this can bring to your financial situation.
No Financial Planning
Broke people never understands the reasons for having a clear financial plan. This is the same with hiking without a route or map to follow. You’re going blind with your finances. Sure, you might have the good things in life but you’re more likely to be lost in your destination.
It may happen that there is not enough money at the end of the month. Above all, those who need money quickly and easily will not get ahead with the multi-day application process for a regular installment loan (https://newhorizons.co.uk/quick-loans/). In such a case, taking out an expensive instant loan should only be the very last option. It’s worth checking some simple options in advance to bridge the bottleneck.
Ten Legit Ways To Get Money Fast
Check the discounts on the current account
Everyone has a checking account. If you have had yours for a long time and have also received regular salaries, chances are good that the bank has also granted you a credit line. This means that you can overdraw your account with a certain amount.
It’s not for nothing that the bank lends you money in this way. Some banks charge 10 percent or more of overdraft interest per year, others offer their customers better conditions. If you have a regular salary and a sufficient credit score, you can consider switching banks if your previous bank is too expensive to do so. You can find an overview of the cheapest overdraft conditions in our comparison of overdraft and overdraft interest.
Check credit line of credit
There is often a credit card for the current account. If you have one, check what type of card it is. The so-called charge credit card charges expenses once a month – often on a day of the current month – with the checking account. In this case, the bank grants a certain credit line for at least one month.
The DKB currently offers a free charge credit card with otherwise good conditions. If you have a regular salary and a sufficient credit score, you can think about such a card.
You can also borrow money for a month free of charge with a revolving credit card, a card with which you can pay off your debts in installments. However, you should not use the installment payment due to the high-interest rates. The Santander Consumer Bank offers a revolving card on good terms, but you have to take action yourself and pay your card debts once a month. Because the Santander Consumer Bank does not automatically debit sales.
Credit from friends and family
Those who are in financial need and for whom neither overdraft nor credit card is an option can ask friends and relatives for a personal loan. The loan from private individuals is a loan without credit.
Another advantage: Both contracting parties can determine the conditions (term, repayment, collateral) for the loan themselves. If in doubt, you will receive the money immediately. In order to avoid later disputes, we recommend that you write down the most important points of the agreement (loan amount, payment and repayment dates, interest rate). Use our contract template.
Loan from private via platforms on the Internet
If you are denied the opportunity to borrow money from friends or family, you can also try to get a loan from private individuals via platforms on the Internet. The credit agency plays a role here. However, providers also use their own models to assess the creditworthiness (creditworthiness) of their customers.
The platforms work with both private lenders and banks. The customer receives the loan from the bank; he also pays the loan installments back to them. The bank then passes the interest on private lenders. You can find out more about our personal loan guide.
Expensive instant money and short-term loans only in an emergency
If you want to borrow money quickly, you will also find offers on the Internet such as instant money from Targobank, emergency money calls from Fidorbank – or short – term loans. Providers are Vexcash, Cashper, and Xpresscredit.
All offers have in common that the money is transferred to the account on the same day. However, that costs extra. Anyone wishing to receive the Targobank instant money on the application day must pay 25 euros. Short-term loans are more expensive: depending on the amount of the loan, Xpresskredit also charges a fee of EUR 99 for the transfer on the same day. If you do not repay the loan on time, you will have to pay interest on late payments and dunning fees.
Instant credit or short-term loans are not possible without a credit check. Some providers check whether borrowers have a negative credit statement. In that case, no credit is given. Others check the creditworthiness according to their own criteria.