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Op/Ed

Governors fail renters miserably, a 90-day rent freeze is the only option now

Independent contractors whose only sin is renting instead of owning, are facing evictions even as Governors put tiny bandaids on the situation. A 90-day freeze is the nation’s only option to avoid mass migrations or spikes in homelessness.

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New York Governor, Andrew Cuomo announced Friday the state would observe a 90-day moratorium on commercial and residential evictions to give residents and businesses a break after so many have been ordered to halt operations during the COVID-19 global pandemic.

Various states are debating moratoriums on mortgage payments, and for those that aren’t, banks are frequently tweeting that forbearance options are available and reminding property owners of the allure of current refinancing rates.

Several states are announcing similar moratoriums on evictions, but in some states it’s a ruse.

For example, Texas Governor Greg Abbott issued an emergency order to suspend all residential evictions (barring criminal activity) through April 19th. But what the press releases don’t include is this is business as usual. Not only can evictions still be filed for April rent, many counties in Texas accept filings and set court dates around the 19th already. The only relief this ruse of a suspension offers is people being evicted for failure to pay in March.

Other states are renter-friendly and a renter can be months late – in Texas, landlords can issue a 24-hour notice to vacate on the 4th and file for eviction on the 5th, get a hearing roughly two weeks later, and an immediate order for the renter to vacate the property. Many other states are also fast to evict like Texas.

One renter opined, “Yeah sure, once evicted in April, I’ll just take my zero thousand dollars and put a rent and pet deposit down on a new place, buy packing supplies, and then hire expensive movers to take me to my new imaginary home that doesn’t exist because you can’t rent ANYWHERE if you’ve been evicted here [in central Texas].”

Meanwhile, landlords, especially multi-family properties, are able to refinance their holdings at historically low interest rates or negotiate forbearance options on their loans. This is welcome good news for landlords that own one to four units and rely on rents as their primary income. If they can all hold off payments for 90 days, the hit isn’t as devastating, plus they don’t have to turn those units at a cost.

In the meantime, national relief efforts have stalled. Senators are battling over the stimulus package (Phase 3 has failed to pass as expected today) as their political war wages on. Americans hold out hope that three weeks after being announced, a few cash money dollars might still eventually make it their way.

If you’ve spent any time on Facebook or Twitter, you’ve probably seen petitions in your state demanding a rent freeze, and you might have rolled your eyes. At first, I did too, because I secretly love the beauty of capitalism and typically balk at government intervention into much of anything.

But take a moment to think about a 90-day rent freeze.

This isn’t about empathy, it’s about an imbalance in the marketplace where some are favored over others and our government is picking winners and losers. It’s about business and the shortsightedness of this situation, particularly the willingness to get rid of renters, carrying the cost of a makeready and marketing and staff to refill those units which will be wildly difficult with so many new evictions on peoples’ records.

We spoke to several multi-family property management companies in Texas, and universally there is no plan to suspend rents owed, waive late fees that keep accumulating, or halt evictions.

One landlord told us that for his two properties, he is asking people to pay rent as they can, but as most of his tenants are freelancers, he says it’s unlikely, but he’d “rather keep them in their homes and eventually collect rent, as opposed to coordinate a makeready in this environment, not to mention the fact that no one wants to move to a new place right now when they’re told to shelter in place.”

That takes us to today in politics. Let’s say the Senate passes the wildly expensive relief bill and businesses can make payroll, and families get some money. That’s great. But what about the millions of independent contractors in America? Freelancers, Realtors, stylists, and millions more didn’t lose a traditional job, they’re not on payroll and they don’t have staff on payroll (therefore don’t qualify for most disaster assistance) – many just lost everything with no promise of a future income, tossed into a situation they have no control over.

Many of these folks are renters. And they’re screwed. Why is multi-family the only sector of the economy protected right now? They’ll get funds to make payroll, they’ll be able to skip paying their loans for a few months, but there is not a consensus in the industry that they should extend that grace to option-less people they rent to.

Some will say that putting a 90-day halt on evictions helps, but at the end of June, those people owe 3 months worth of rent or they’ll be immediately evicted. Some believe putting off the inevitable at least keeps these people off the streets. Local news is outlining resources, including motel-vouchers for the newly evicted.

How condescending, insensitive, heartless, and insulting to American renters whose only sin was renting instead of owning.

Right now, President Trump appears to be in the mood to empower governors, so governors must step up and order 90-day suspension of all rent and accumulating rent fees – landlords can’t be the only exempt entities in the nation.

Multi-family property managers will eventually get funds to cover operations and along with landlords, most will be able to take advantage of refinance and/or forbearance options, and while some states have attempted eviction freezes, nothing short of a 90-day suspension of rent (including removing all potential predatory late fees and penalties), both residential and commercial, will help the millions in America who will still be facing eviction at the end of the existing moratoriums.

We MUST take action. Local petitions are floating around, so sign and share them.

But the most powerful thing you can do right now is to send this story to your local representative – you can enter your address here and get the names, Twitter accounts, and Facebook Pages of every politician that represents you down to the local level.

The only way renters (especially independent contractors) will be treated like the rest of the nation is for people like you to speak up – tweet this and tag every one of your representatives. Then do the same tomorrow. And the next day. And the next. And don’t stop until change has been made.

Otherwise, landlords will enjoy a mass migration of family evictees come May 1st, while politicians can scramble to address spikes in homeless populations nationwide.

Op/Ed

Your career depends on you, and the mentors you select

(EDITORIAL) Moving up in your career can be dependent on your drive to be better, but improving does depend on who you choose to teach you

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Remember when you were younger and were encouraged to join extra-curricular activities because they would “look good to colleges”? What if the same were true for your career?

While applying to a university may be a thing of the past for you, there are still benefits to having extra-curricular activities that have to do with your career. Networking is a major piece of this, as is finding mentors who will help point you in the right direction.

These out-of-office organizations or clubs differ for every industry, so for the sake of this article, I will use one example that you can then interpret and tailor towards your own career.

The Past President of the national Federal Bar Association, Maria Z. Vathis, is someone who has taken the extra-curricular route throughout her entire career, and it has paid off immensely. Working as an attorney in Chicago, Vathis joined the FBA shortly after beginning her legal career and now is the Past President of the almost 100-year old organization.

She started working her way up the ladder of the Chicago Chapter of the association, and eventually became the president of that chapter. At the same time, she was also becoming involved in the Hellenic Bar Association, and would eventually become national president of that organization, as well.

“Through these organizations, I was fortunate to find mentors and lifelong friends. I was also lucky enough to mentor others and to have opportunities to give back to the community through various outreach projects,” said Vathis. “As a young attorney, it was priceless to gain exposure to successful attorneys and judges and to observe how they conducted themselves. Those judges and attorneys were my role models – whether they knew it or not. I learned how to be a professional and how to work with different personality types through my bar association work.”

Finding people in your industry – not just in your office – can be of great help as you go through the journey of your career. They can help you in the event of a job switch, help collaborate on volunteer-based projects, and help collaborate on career-advancing projects (like writing a book, for example).

And all strong networks often start with the help of a mentor – someone who has once been in your shows and can help you handle the ropes of your new career. Most importantly, they’re someone who you can seek advice from when you’re faced with someone challenging – either good or bad.

“I have been unbelievably fortunate with my mentors, and I cherish those relationships. They are good people, and they have changed my life in positive ways. I still draw on what they taught me to help make important decisions,” said Vathis. “My career success is due in large part to the fact that my mentors took an interest in my career, had faith in my abilities, and supported me while I held various positions in the organizations. Not only is it important to continue having mentors throughout your career, but it is important to recognize that mentors come in all shapes and sizes. You never know who you will learn something from, so it’s important to remain open. Also, after you become seasoned, it is important to give back by mentoring others.”

When asked why it’s important to be part of organizations outside of the office, Vathis explained, “To build a book of business, you need to be visible to others.” She also stresses the importance of putting yourself out there for new affiliations and challenges, because you never know where it may lead.

If you’re unsure of how to start this process, try asking co-workers and other people in your professional life if they have any advice or recommendations of organizations that can help advance your career. Another simple way is to Google “networking events in my area” and see what speaks to you. In addition, never be afraid to reach out to someone with a bit more experience for some advice. Take them out to coffee and pick their brain – you never know what you may learn.

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Op/Ed

Kakeibo: The Japanese art of spending wisely

(EDITORIAL) If regardless of how much money you make, it seems like you’re always short a buck, take a hard look at how you are spending. It could save you a lot.

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Raise your hand if you have cash in your wallet.

What is a wallet you ask.

I jest. I know you know what a wallet is. (I hope.) But, sometimes I wonder if cash will go the way of the rotary phone. Seems most folks I know use debit cards, Venmo or their phones to pay for things nowadays.

Ever notice when you go to the store and have a debit or (worse) a credit card at your disposal, your plan to spend $20 ends up more like $50-$100. For example, anyone who shops at Target knows that when they ask you at the checkout, “Did you find everything you needed,” the answer is “ugh… Yes, and then some.”

Living in a plastic economy has made us less cognizant of how we spend money. But, leave it to the Japanese to have a system for putting the thought into buying. It’s called Kakeibo (pronounced kah-ke-boh) and it translates to “household finance ledger” and it’s something most Japanese folks learn to use from the time they are wee children.

The system began in 1904 and was “invented” by a woman name Hana Motoko (also known as Japan’s first female journalist), according to an article on MSNBC. The system is a no-frills way of approaching finances, whether personal or business.

Now, some folks are great at keeping a budget and knowing where the money is going. My mom, for example was the best bookkeeper. Unfortunately, her skills with money didn’t pass down to me. So, I actually purchased a Kakeibo book to try and get my finances in better shape.

You don’t need some special book (save your money), though you can find lots of resources online, including these downloadable forms, but in actuality all you need is a notebook (preferably one to take with you) and a pen. No Technology Required.

If you have been spending money and not knowing where it is going, then it’s going to take some work to change your habits around money.

In her article on MSNBC, Sarah Harvey says what makes Kakeibo different than using an Excel spreadsheet or budget software is the act of physically writing purchases down – it becomes a meditative way of processing spending habits. “Our spending habits are deeply cemented into our daily routine, and the act of spending also includes an emotional aspect that is difficult to detach from,” Harvey says.

As a business owner or entrepreneur, it is also easy to get sucked into believing you have to have new technology, systems and bells and whistles that maybe you don’t need – just yet. Spending goals for a business, just like a personal budget, are important if you plan to stay on track and not lose sight of where your money is going. Lord knows the money flies out the door when starting any new project.

Based on the Kakeibo system, there are some key questions to ask before buying anything that is nonessential (whether for your home or business):

• Can I live without this item?
• Can I afford it? (Based on my finances)
• Will I actually use it?
• Do I have space for it?
• How did I find the item in the first place? (Did I see it in an IG feed? Did I come across it after wandering into a store, am I bored?)
• What is my emotional state today? (Calm? Stressed? Celebratory? Feeling bad about myself?)
• How do I feel about buying it? (Happy? Excited? Indifferent? And how long will this feeling last?)

For Harvey, who learned about Kakeibo while living in Japan, using the system forced her to think more about why she was making purchases. And, she says it doesn’t mean you should cut out the joy of buying, just possibly making better choices when needing retail therapy on a crappy day. She found the small changes she was making were having a positive impact on her savings.

How to be more mindful when spending:

• See something you like, wait 24 hours before buying. Still need it?
• Don’t be a sucker for sales.
• Check your bank balance often. Can you afford what you’re buying?
• Use cash. It’s a different feeling having that money in your hand and letting it go.
• Put reminders in your wallet. What are your goals? Big trip. Then, do you really need new headphones, a bigger TV, a new iPhone, etc.
• Pay attention to what causes you to spend. Are you ordering every monthly service because of some Instagram influencer or, because of some marketing you get online. Change your habits, change your life.

Using the Kakeibo system of a notepad and pen or a Kakeibo book for the process can help you identify goals you have for the week, month and year and allow you to stay on track. Remember, cash is still king.

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Op/Ed

5 Things your home office may not need

(EDITORIAL) Since many of us are working entirely from home now, we are probably getting annoyed at a messy desk, let’s take a crack at minimalism!

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COVID-19 is changing our behaviors. As more people stay home, they’re seeing (and having to deal with) the clutter in their home. Many people are turning to minimalism to reduce clutter and find more joy. There are many ways to define minimalism. Some people define it as the number of items you own. Others think of it as only owning items that you actually need.

I prefer to think of minimalism as intentionality of possessions. I have a couple of dishes that are not practical, nor do I use them very often. But they belonged to my grandma, and out of sentimentality, I keep them. Most minimalists probably wouldn’t.

They say a messy desk is a sign of creativity. Unfortunately, that same messy desk limits productivity. Harvard Business Review reports that cluttered spaces have negative effects on us. Keep your messy desk, but get rid of the clutter. Take a minimalistic approach to your home office. Here are five things to clean up:

  1. Old technology – When was the last time you printed something for work? Most of us don’t print much anymore. Get rid of the old printers, computer parts, and other pieces of hardware that are collecting dust.
  2. Papers and documents – Go digital, or just save the documents that absolutely matter. Of course, this may vary by industry, but take a hard look at the paper you’ve saved over the past month or so. Then ask yourself whether you will really ever look at it again.
  3. Filing cabinets – If you’re not saving paper, you don’t need filing cabinets.
  4. Trade magazines and journals – Go digital, and keep your magazines on your Kindle, or pass down the print versions to colleagues who may be interested.
  5. Anything unrelated to work – Ok, save the picture of your family and coffee mug, but clean off your desk of things that aren’t required for work. It’s easy for home and work to get mixed up when you’re working and living in one place. Keep it separate for your own peace of mind and better workflow. If space is tight and you’re sharing a dining room table with work, get a laundry basket or box. At the start of the workday, remove home items and put them in the box. Transfer work items to another box at the end of the day. It might seem like a little more work, but it will give you some boundaries.

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