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Introducing the Greenwood Card for the New Black Wall Street | OneUnited Bank

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State-Of-The-Art: OneUnited Bank Continues The Legacy Of Black Wall Stre...

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This is One way to Unite...

[133crowdfundph]

How to Fund Your First Real Estate Investing Philippines: 7 Options

I previously wrote about five factors a cash-strapped investor should take into account before making their first real estate transaction.

More detailed instructions on how to become a successful real estate investor, including how to finance a first acquisition, were requested by readers in response. Let's face it, not everyone has a wealthy, well-connected father who can assist in establishing a real estate career, like a young Donald Trump did.

However, you don't need a tremendous sum of money to get started in real estate investing Philippines. In actuality, astute investors frequently buy properties with no personal down payment, financing the full purchase (and sometimes more), and still making a healthy profit. (In fact, the more you leverage, or borrow, the better your return on equity becomes, making putting no or little money down a smart buyer's plan. However, that is a tale for another day.

In reality, you can create a million-dollar portfolio on your own in less than a year with little to no cash or credit by making very little changes to your expenditures.

Here are seven methods for financing your first purchase.

1. Purchase a Home Using an FHA Loan

Get a mortgage that is insured by the Federal Housing Administration if this is your first investment. You may purchase a multifamily property, live in one of the units, and rent out the other units for just 3.5% down.

Three-family homes are still available in Jersey City, New Jersey, just a 10-minute PATH train trip from midtown Manhattan, for $250,000 ($8,750 down payment), with lots of space for appreciation. While you own the property, you'll also earn handsome rental revenue. In other words, you'll enjoy a rent-free lifestyle while accumulating a growing nest egg.

Teri Williams, president of Oneunited Bank, the biggest African American-owned bank in the nation, says "That's the way to accomplish it." And a fantastic method to increase wealth in a neighborhood is through real estate. The lender offers multifamily mortgages with loan-to-value ratios of up to 75%, ranging in size from $500,000 to $7 million (LTV).

Hard Money Lending 2.

Traditional mortgages easily take approximately 60 days to complete, which is a lengthy time when you're negotiating a transaction and interest rates are at historic lows. Even while hard money loans have higher interest rates, they provide you the freedom to act swiftly if you have a lot of extra cash.

According to Steven Christmann, managing principal of Christmann & Gutermann, a family office with $6 billion in assets under management, which provides short-term financing to real estate investors, "It's not a sustainable option long term, but it's a valuable resource if you need to close quickly." If they make it online at all, really good discounts don't last more than a few days. Even if the rates are higher, bridge loans are a fantastic option to seal the sale until you can get standard financing.

The high interest charges at the purchase price, let's say $250,000, must be paid until you refinance to a conventional 4% mortgage at the property's market value, let's say $300,000, assuming you find a fantastic deal with plenty of built-in equity.

Another benefit of the refinance is that you receive an extra $50,000 tax-free (with interest, though), which you can use to fund a larger investment. The wealth cycle thus gets started.

Third-Party Mortgage Lending

Due to the challenges in obtaining mortgages, a number of nonbank lenders, including SoFi and LendingHome, are displacing traditional banks. By 2025, their market share might increase by $150 billion, or 33% annually, according to PwC. Nonbank lenders originated 48% of all mortgages as of April this year, an increase of 400 basis points from their market share in 2015.

According to LendingHome's website, internet lenders complete the application online in 20 minutes, as opposed to large banks, which take a long time to examine income, FICO scores, tax returns, and other factors. They complete the transaction in two weeks, as opposed to 45 to 60 days with banks, and occasionally they fund the entire purchase price.

The CEO of online mortgage lender SoFi, Mike Cagney, told Bloomberg last year, "We're aiming to make these folks extinct." And I'm hoping I'm the asteroid that kills them all.

4. The asset-based mortgage, or "Buy 2 Rent"

There are alternative ways to acquire a deal if hard money and non-banks aren't your thing, such asset-based mortgages. The primary consideration for "Buy 2 Rent," a mortgage product from Blackstone-owned B2R Finance, is the rental income the asset will provide.

Additionally, it doesn't consider personal income as traditional banks do, which is a significant bonus if you don't have a steady source of income (although a 660 FICO score and other underwriting criteria are required).

According to Matt Weaver, manager of the Boca Raton, Florida, location of Finance of America Mortgage, "B2R's product provides an alternative to hard money loans and standard finance." "The product is a wonderful alternative for beginning investors because it is based mostly on the rental revenue from the property."

With interest rates ranging from mid-6% to mid-8%, investors can obtain up to 80% LTV for an acquisition or up to 75% for a refinance. This provides opportunity for new real estate businesses to close on properties.

Weaver adds that because there are no restrictions on how many properties an investor may finance through B2R, they have more freedom to keep expanding their portfolio without having to worry about the difficulties associated with more conventional financing.

5. Support from Friends and Family

What do World Trade Center developer Larry Silverstein and Warren Buffett have in common? After using family and friends to finance their initial transactions, they both amassed billion-dollar fortunes.

This tactic's attractiveness is that it doesn't need any startup money. Ten families can pool less than $1,000 and purchase a multifamily home by using the FHA procedure (Step 1).

Silverstein and his father invested money from 20 individuals in their initial purchase of a troubled Manhattan property, while making little money as brokers. In an interview earlier this year, Silverstein admitted, "We were not doing well at all financially. We're going to starve to death until we become owners, I eventually told my father one day, because owners make the money. Brokers do not.

The Silversteins bought the property, renovated it, secured a new loan, and paid investors back (plus profits), laying the groundwork for one of the largest real estate fortunes in history.

6. Investing in trust deeds

In a variation on the friends-and-family strategy, you essentially obtain a mortgage from one or more private lenders who would act as banks in exchange for a deed of trust as security for the property.

In plain English, this indicates that you consent to financing conditions that you must fulfill. If not, the private lender may foreclose on the property, just like a bank would.

This concept is being used by more and more real estate investors to fund deals, giving 8%–10% APR to lenders to invest in high yield ventures as a way to insulate investors against recession.

7. Hybrid Financing: A Combination Of Debt And Equity

Although it seems complicated, it's really not. Finding the money is the least of your concerns if you locate a great deal. Assuming you don't have the cash on hand, you would need to come up with the remaining 25% of the LTV if you had received 75% of it.

You can obtain a hybrid loan to close this gap by combining the conventional mortgage payment schedule with a stake in the business (equity) for the lender. But watch out for dishonest lenders.

The most crucial step in creating a hybrid capital stack, according to Charles Adkins, founder of real estate investment bank The Titan Group, is to conduct your research to avoid wasting anyone's time. Over the past 16 years, Adkins has underwritten and placed complicated capital structures worth over $3 billion, the majority coming from private investors.

"Private equity and mezzanine equity have a considerable degree of flexibility, but they also frequently cling to specific markets. To choose a capital provider who will feel at ease with your particular deal, you must know what areas of expertise they have.

"If the agreement makes sense, you will wind up in a "no lose" situation. You may have to pay a higher rate or give up some control; you may even have to let them participate actively in the investment."

For more info, kindly visit: https://133crowdfund.com

#realestate #real estate property

[thunderrabby-blog]

The Best Banks and Credit Unions in Massachusetts of December 2022

The Best Banks and Credit Unions in Massachusetts of December 2022

Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page. We selected Synchrony, Rockland Trust Bank, Salem Five Bank, Digital Federal Credit Union, and OneUnited Bank as the best banks and credit unions in…

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Are Black Businesses Ready For Another Recession?

From left, Bazaar Los Angeles co-founders Imani Watts and Alexandria Hadley. Bazaar Los Angeles Black businesses were slammed by the pandemic-induced recession of 2020. Although they bounced back fairly strongly in 2021–according to research by Robert Fairlie, a professor at University of California, Santa Cruz–many Black businesses still have some of the vulnerabilities that existed before, such as low cash reserves and difficulty accessing credit relative to other groups. These vulnerabilities will likely still exist in the event of another downturn, the odds of which are growing. “If we do slip into a recession I predict that it will be bad for Black-owned businesses,” Fairlie tells Forbes. He added that many such businesses already struggled through the pandemic “and don’t have large cash reserves, owner wealth, or access to bank credit to weather another recession.” The Wall Street Journal reported earlier this week that the economists it surveys have dramatically raised the probability of recession, now putting it at 44% in the next 12 months, up from 28% in April and 18% in January. A reading at that level is rarely seen outside of actual recessions, the report said. During the last recession, the number of Black-owned businesses fell by 31%, to about 770,000, in April 2020 from pre-pandemic levels, according to Fairlie’s research. His latest research indicates that the ranks of Black business ownership is 9% higher than its pre-pandemic level, trailing only that of Latino business ownership. Kevin Cohee, CEO of OneUnited Bank, thinks Black America is better positioned to weather a downturn now than they had been in the past. The economic strength of this demographic will help dictate the fortunes of many Black-owned businesses, especially those like OneUnited that primarily serve Black customers. “As people we’re becoming much stronger,” Cohee says. “We’re moving further and further away from the old model of …last ones hired and the first ones fired.” Cohee added that he doesn’t believe the Federal Reserve Board will be too aggressive in raising interest rates and trigger a recession. Regardless, he said, the bank is diversifying its revenue streams, with products such as business loans and mortgages. Some Black entrepreneurs are bracing themselves for a possible downturn. Imani Watts and Alexandria Hadley are co-founders of apparel company Bazaar Los Angeles. The two started their business in September 2020 during the pandemic. Hadley said she’s not heard advice for how to prepare for an upcoming recession, but the two said they believe the pandemic helped fortify their business. For instance, instead of simply selling clothes, the company also leases retail space for other small, local clothing companies. ”We’d done a lot of planning into how another pandemic would affect us, so we made sure that our business model was set up to have flexibility and leverage to grow,” Watts says. A growing number of Historically Black Colleges and Universities have programs designed to nurture Black entrepreneurship, and their leaders feel that such offerings will be vital to young entrepreneurs in the event of a downturn. One example is Bowie State University and its Entrepreneurship Academy, which offers more than 500 students physical space and other resources to build businesses. “HBCUs are in a unique position because we are in areas where black consumers’ needs are not being met,” says Johnetta Hardy, executive director of Entrepreneurship Academy. “If that recession comes, programs like ours are going to be even more needed to work in helping to not just nurture ideas, but create ideas that are sustainable.” – Jair Hilburn contributed to this report. https://ift.tt/gRnhiMH https://ift.tt/TAUNonw

#Saas #softwaresystems #productdevelopment #software #practice #optimization #accuracy #efficiency #productivity #softwareprojects #cracksthecode

[africanglobe]

AFRICANGLOBE – OneUnited Bank, the largest Black-owned bank in the U.S., has partnered with Lendistry, a Black-owned financial technology company, to offer business loans of $50,000 up to $5 million to help Black entrepreneurs maintain working capital and build wealth.

https://www.africanglobe.net/business/americas-black-bank-business/

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When Your Vision Is Clear You Have Trust In GOD Even When You Don't Know Where Your Path Is Taking You 🖤 3/22 We Rode For L♡VE ♡♡♡♡♡ Happy Anniversary To Us 🖤❤️ #GodFirst #OneUnit #TeamUs #Blessed #OutDaMud #TimelessLove #HappyAnniversary #ADecadeAndAFew #LoyaltyMakesFamily @bigjaketatlyfe (at Tatlyfe Studios)

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🗣 The Goal In A GOD Centered Relationship Should Be To Point Your Better Half Towards Christ Not Draw Attention Towards Yourself 💯 #GodFirst #OneUnit #SelfLess #Character #Is #OUTDAMUD® @aniya_pinnjeff @bigjaketatlyfe (at North Beach - Tybee Island, GA) https://www.instagram.com/p/CCufEymg6Gj/?igshid=1sx7au3cqj2jp

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स्वतंत्रता दिवस की हार्दिक शुभकामनाएं। #independenceday #india #love #freedom #independence #happy #patriotic #celebration #thaugust #happyindependenceday #blooddonation #blooddonationcamp #donateblood #savelife #oneunit #threelives #humanity #blooddrive #blooddonors #giveblood #donatebloodsavelife❤️ (at Gurgaon The Cyber City) https://www.instagram.com/p/CD5reLDlbBH/?igshid=kg128i7twrx2

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Long live Pakistan Happy Independence Day to All #pakistan #pakistaniseafarers #sealife #seafarers #lahore #peshawer #karachi #islamabad #quetta #oneunit #solidarity #kashmir #inde#paradiseonearth #paradise (at Lahore, Pakistan) https://www.instagram.com/p/CD2ARWLHI2D/?igshid=1iepudny25wum

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Let’s get it! See y’all Monday 01/06/2020 let’s gooooo!!! #OLPWay #sasasquad #buildingstrongerfastersmarter #strongFive #oneunit #trenchesstrong #lvfootball (at Las Vegas, Nevada) https://www.instagram.com/p/B6wCh0Sn_P9/?igshid=1vbsp2slf80jo

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Forgive me Lord, I'm the satan type. #badboysclan #VERSE #Versemania #Rap #music #itunes #spotify #soundcloudrapper #musicvideo #newmusic #recordlabel #oneunit #bbc (at Lahore, Pakistan) https://www.instagram.com/p/Bt5yW2OFlZe/?utm_source=ig_tumblr_share&igshid=tiq6nm3h6zp7

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