TruPodcast Episode 2 Chasing Happiness

In this episode, I talk about how the Corona Virus has and will make HUGE impacts on our economy. And how we can use common sense when it comes to protecting ourselves from getting it. The first thing we need to do is to stop raiding stores for basic supplies! The world is not coming to an end, and you do not need a lifetime supply of toilet paper, paper towels, and top roman. The panic that we are displaying is just crazy, and when we start using common sense we will start seeing things change for the better! With all this panic going on there is a huge group of people that are being impacted by this virus. Small business owners all over the USA are wondering if they will be open when this all passes. We need to band together and help each other out and find ways to support small business owners around our great country. We at TruVest will do whatever we can to help other fellow small business owners. We are here for you!


U.S. Apartment Rents Are Rising Fastest & Most Expensive In These Cities

The latest analysis of U.S. apartment rent was released from RENTCafé. The national average rent for an apartment increased 3%, reaching $1,474 in December 2019. Renters were paying $43 more per month for an apartment than in December 2018. New York City is the most expensive place in the country to rent with a tenant having to fork over $4,211 per month on average.

The research also analyzed the cities experiencing the biggest increases in rent with Phoenix in the first position. It saw a 9.6% spike between late 2018 and 2019 with the average rent now standing at $1,123. Las Vegas came second with 6% growth while Austin had the third-highest pace of growth with%.

Infographic: Where U.S. Apartment Rents Are Rising Fastest | Statista You will find more infographics at Statista

 

The U.S. Cities Where Apartment Rents Are Astronomical

San Francisco has the highest rents for apartments in the U.S. according to a report from Zumper. Prospective tenants searching for an accommodation in the Bay Area will need extremely deep pockets with the median rental price for a one-room apartment there running to $3,330 per month.

New York City isn't far behind on the list of astronomical rents. A one-bedroom flat in the Big Apple would cost $3,000 every month to rent while an extra bedroom would push that up to $3,400. Toledo, Ohio is at the very bottom of Zumper's list with a rental prices for a one-bedroom apartment flat coming to just $440.

 

Infographic: The U.S. Cities Where Apartment Rents Are Astronomical | Statista You will find more infographics at Statista

 


The affordability crisis that is breaking America

While the stock market may be hitting new highs. It doesn't have a direct correlation to the bigger issue we still face in America. The cost of living is actually becoming a bigger issue with the markets rise creating a bigger spread between those who can, and cannot, afford to keep up with the rising cost of living. The Affordability crisis is here. The cost of living, and access to affordable housing are still a significant and growing vs shrinking issue for most Americans. We have decided to take a new TruVest approach in moving beyond affordable housing to a "sustainable housing" approach. Which takes a contemporary holistic vs black and white approach to address the housing crisis in relation to the growing affordability crisis we are "all facing.

The following article is an in-depth look at a critically important socio-economic issue that's not getting enough light in relationship to the things that truly matter. We look forward to your thoughts in the comments. We want to hear about your relationship with the affordability crisis.

In one of the best decades the American economy has ever recorded, families were bled dry.

By  For The Atlantic

In the 2010s, the national unemployment rate dropped from a high of 9.9 percent to its current rate of just 3.5%. The economy expanded each and every year. Wages picked up for high-income workers as soon as the Great Recession ended, and picked up for lower-income workers in the second half of the decade. Americans’ confidence in the economy hit its highest point since 2000, right before the dot-com bubble burst. The headline economic numbers looked good, if not great.

But beyond the headline economic numbers, a multifarious and strangely invisible economic crisis metastasized: Let’s call it the Great Affordability Crisis. This crisis involved not just what families earned but the other half of the ledger, too—how they spent their earnings. In one of the best decades the American economy has ever recorded, families were bled dry by landlords, hospital administrators, university bursars, and child-care centers. For millions, a roaring economy felt precarious or downright terrible.

Viewing the economy through a cost-of-living paradigm helps explain why roughly two in five American adults would struggle to come up with $400 in an emergency so many years after the Great Recession ended. It helps explain why one in five adults is unable to pay the current month’s bills in full. It demonstrates why a surprise furnace-repair bill, parking ticket, court fee, or medical expense remains ruinous for so many American families, despite all the wealth this country has generated. Fully one in three households is classified as “financially fragile.”

Along with the rise of inequality, the slowdown in productivity growth, and the shrinking of the middle class, the spiralling cost of living has become a central facet of American economic life. It is a crisis amenable to policy solutions at the state, local, and federal levels—with all of the 2020 candidates, President Donald Trump included, teasing or pushing sweeping solutions for the problem. But absent those solutions, it looks certain to get worse for the foreseeable future—leaving households fragile, exacerbating the country’s inequality, slowing down growth, smothering productivity, and putting families’ dreams of security out of reach.

The price of housing represents the most acute part of this crisis.

In metro areas such as the Bay Area, Seattle, and Boston, severe supply shortages have led to soaring prices—millions of low- and middle-income families are no longer able to purchase centrally located homes. The median asking price for a single-family home in San Francisco has reached $1.6 million; even with today’s low-interest rates, that would require a monthly mortgage payment of roughly $6,000, assuming that a family puts down the standard 20%. In Manhattan, listings for sale now ask an average of nearly $1,800 per square foot.

The housing cost crises in the Bay Area and New York might be the country’s most obscene. But the problem is national, driven by a combination of stagnant wages, restrictive building codes, and underinvestment in construction, among other trends. Home prices are rising faster than wages in roughly 80% of American metro regions. In 2018, housing affordability declined in every one of the 160-some urban areas analyzed by the National Association of Realtors, save for Decatur, Illinois. Rising prices and housing shortages are squeezing families in RenoMinneapolis, and Phoenix.

The problem now even extends to rural areas, where income growth has lagged in the post-recession period. A recent report by the Pew Charitable Trusts found “sizable” increases in the number of households spending half or more of their income on housing in rural counties across the country. The housing crisis is hitting Bertie County, North Carolina, and Irion County, Texas, too.*

One central effect of the housing-cost crisis has been to turn the United States into a country of renters. The homeownership rate has fallen from a peak of nearly 70% in the mid-aughts to under 65 percent today; the numbers are more acute for Millennials, whose homeownership rate is 8 percentage points lower than that of their parents at the same age. Unable to buy, roughly 3.5 million younger families have kept renting—delaying the Millennial and Gen X cohorts’ wealth accumulation, thus consigning them to worse net-worth trajectories for the rest of their lives. And renting, for many families, is not affordable, either: Nearly half of renters are facing uncomfortable monthly bills, and the cost of renting has risen faster than renters’ incomes for a full 20 years now. >>> READ MORE HERE


TruHome Construction Services. Contracting & Renovation Done Right

We are really excited about how TruHome is going to change the construction, contracting and rennovation services industry. It all starts with our outstanding team and their passion for turning a house into a home!

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The Home Seller’s To-Do List for 2020

As the new year takes its first steps, the real estate business is closely analyzing 2019 to see what 2020 will bring. There were some pretty exciting developments last year, and they’ll definitely play a major role in the future. In fact, some trends, like those that SpendMeNot’s real estate market research noted, will be pivotal for anyone looking to sell this year.

So what will it take to turn the real estate market in your advantage as a property seller in 2020? Here’s a useful and to-the-point guide to tell you exactly that.

Prepare for Slow Growth of Home Prices

In line with the growth we’ve seen thus far, house prices should be increasing somewhat in the current year. This growth probably won’t be all that radical, measured at 2.8% by some estimations, but it will nevertheless impact the way you go about your job.

One consequence that you can look forward to is the fact that you’ll probably be making more of a profit. Though not an amazing rate, a bit shy of 3% is nothing to scoff at.

That said, you won’t be overjoyed when you hear that you probably won’t see as many offers as you could have in 2019. An increased price will unavoidably narrow down the amount of people that can afford to make an offer you’ll be satisfied with.

Overall, it’s a bit of a give-and-take situation where you need to take advantage of both the good and the bad. The best way to do that, in this case, would be to make your house stand out as much as you can. In the highly discriminating market we’re looking at right now, a property with more to offer will get a lot more attention from buyers.

Facts About Housing Data

  • 50% of buyers found their home on the internet
  • 5.34 million existing homes were sold in 2019
  • The US housing market was worth $33.3 trillion in 2018
  • Sales of existing homes will fall 1.8% from 2019
  • The cost of renting has gone up by 66%
  • 6% of younger millennials were first-time homebuyers

Cater to Today’s Main Buyers: MIllennials

Millennials (people born roughly between the 1980s and 2000s) currently represent the majority of home buyers. How large a majority? As many as 67% of all buyers come from this generation.

What does this mean for you? Well, it means that, if you want results, you will need to adjust the way you sell. Here are a few pointers to help you do that.

 

  • Highlight certain features that they’re on the lookout for. Garage storage, patio, laundry room, and hardwood front exteriors are among the popular home features for millennials, but there are plenty more, so don’t worry if your property doesn’t have those. Highlight the ones that it does have, though, and you’ll quickly see more interested parties.

  • Make sure that your online listings are high-quality. Practically everyone (especially millennials) relies on the internet to find whatever they need, and homes for sale are no exception. Therefore, anything you have about your property online should be updated and looking sharp - high-quality photos and a video recording of the place will get you a long way.

  • Emphasize qualities other than square footage. Nine times out of ten, given a choice between a large house and one that’s near good schools or has a good commute, millennials will choose the latter. As long as you make these perks a priority to emphasize, you’ll do great.

Expect Low Mortgage Interest Rates, but Don’t Count on Them

Last year, mortgage interest rates fell under 4% for common kinds of loans. For 2020, the trend will likely remain the same, and this rate shouldn’t go anywhere above 3.7%. That said, interest rates can fluctuate depending on economy shifts, so it isn’t a prophecy set in stone.

For you, a low interest rate will translate into more interest from people. It’s only logical, after all, since they will have to pay less overall in these conditions. But there’s little guarantee that the rate will stay as is, so be prepared for the opposite.

Should the interest rate rise, you’ll see plenty of prospects beginning to hesitate, so you’ll likely be in a bit of a bind if you’re pressed for time to sell that house of yours. It could theoretically swing either way, but the chances are that the rates will stick to their current estimates.


Buying a Home can be Overwhelming.. But You Have a Friend in the Business

YES… it is possible to buy a home for your family, even if you do not know where to start! We are here to guide you.

 

Buying a home can be overwhelming and there are so many things you have to do before you can get your keys to your home. 

 

The very first thing you should do is find out what your credit score is. If you do not know what your score is you can get a copy of your report for free from annualcreditreport.com

 

Once you have your report look at the following items:

  • Locate and know your score
  • Are there any errors? For example Payment history, balance, date opened/closed
  • Do you have any collection, charge off or judgment accounts?

 

If there are any errors in your credit report you should dispute them to the credit bureaus. We found a free app that allows you to dispute your errors all in one place. The app is called UpTurn. We are still testing this app, but thus far we are quite pleased with the app. And you cannot go wrong with FREE!

 

If you’d like to talk to us about purchasing your first home, just leave a comment or send us a message! 

Get Your Free Guide:

How to Overcome The Four Obstacles That Are Holding You Back From Home Ownership!


Why Credit is Your Secret Weapon in Getting a Mortgage

Do you know how important your credit is in obtaining a mortgage? It is the secret weapon that will put you at the top of the lender’s list to approve your mortgage. But you have to do some work to ensure that your credit is ready to take on a mortgage. Before you start the house-hunting process you need to have your “Credit House” in order.    

 

There are three critical aspects of obtaining a mortgage; your credit report, the money you have allotted for the down payment as well as closing costs, and your income. Lenders want to paint a picture that encompasses all these aspects to make sure they minimize their risk and ensuring they are setting you up for success.

 

According to the American Bankers Association, less than half of all U.S. consumers know their credit score is or have reviewed their report in the last 30 days. Your credit score is the first thing a lender reviews and it determines if you get to go to the next step of the application process. TIP: Your credit score will determine your interest rate on your mortgage and what type of loan you will be offered.  

 

The next item is your down payment and monies you have saved for closing costs on your mortgage.  The more money you have saved towards both these will make the lenders’ decision much easier to approve you. Yes, there are loans, such as FHA loans that only require 3.5% as a down payment. Closing costs typically run between 2% and 4% of the loan amount. For example, on a loan of $100,000, there could be between $2,000 and $4,000 in closing costs. On that $100,000 loan, you would have to have $3,500 saved for your down payment. TIP: There are down payment assistance programs available for first-time homebuyers.

 

The last but not least important item in obtaining a mortgage is your J-O-B. The lender is looking for the following: how long have you worked at your current employer, do you earn enough to pay the mortgage and your bills on a monthly basis, lastly are you able to save money after all your bills are paid. These are basic items lenders look at, but the lender could ask for additional financial documents. TIP: The more you can save the better your application looks to the lender and the better your loan terms could be. 

 

Once you have all these items to your lender they will then produce a pre-approval letter that you can use to find a home. The pre-approval letter will explain all the terms of your loan and the all-important dollar amount you are approved for your home purchase.  At this point, you are ready to go out and start looking for a home. TIP: Your pre-approval has a 90 to 120-day expiration, meaning if you do not purchase a home during that time the lender will have to pull your credit again.  

 

If you are ready to be a homeowner the first thing you need to arm yourself with is your credit score. Get your free annual credit report and know where you stand with your credit. If you need assistance or have questions feel free to reach out to us by email or call us at (812) 777-5850.  

 


homebuyer

How To Purchase a Home When You Have Less-Than-Perfect Credit

How To Purchase a Home When You Have Less-Than-Perfect Credit

While not having such a great FICO Score does make it a little trickier to purchase a home, but there are alternatives out there to help you become a homeowner. Keep reading to discover what you can do to become a homeowner even if your FICO Score is less-than-perfect.

 

Research government-backed funding programs

 

While standard financing programs normally have a minimum FICO Score of 620, government-backed mortgage programs - such as FHA, VA, and also USDA - tend to have looser credit qualifications. In each case, the Federal Government is the entity that backs your loan if you default, which assists lenders with their losses.

 

The minimum FICO Score for each loan type are below:

 

FHA: 500 - 579 FICO Score with a 10% down payment or 580+ FICO Score with a 3.5% down payment.

 

VA: VA loans have no official FICO Score requirements. Instead, each application is evaluated on a case-by-case basis. All though, the mortgage provider you select could have a minimum FICO Score requirement.

 

USDA: Like VA loans, USDA loans have no defined FICO Score requirements. While a FICO Score of 640 is required for a streamlined approval process, homebuyers with lower FICO Scores could be approved based upon extenuating circumstances.

 

Keep in mind that if you're looking at one of these options to purchase your home you should determine if the lender you are wanting to work with has extensive experience. Take your time and research the lender, and do not be afraid to ask questions.

 

Saving More Can Help You Get Approved

 

Keep in mind, your FICO Score is only one of the elements that are taken into consideration when obtaining a mortgage. Your yearly earnings, work history, as well as the amount of money you have saved - or the funds you have for your down payment and closing expenses - will certainly also play a role. If you have a lower FICO Score one of the best ways to get a mortgage is by showing your lender your savings. Tip: The larger percentage of your down payment to your purchase price equals LESS risk to your lender.

 

Take a Look at Portfolio Lending (Owner Financing)

 

If you don't qualify for traditional lending, your lender could offer you another option that is called Portfolio Lending. With portfolio lending(Owner Financing), your lender does not sell your loan to a third-party company like Fannie Mae or Freddie Mac, the lender will maintain your loan as part of their in-house portfolio.

Because your lender is not selling your loan to a third party, they can establish their own underwriting criteria. Additionally, be cautious about the terms the lender offers you. Lenders that provide portfolio lending typically offer higher interest rates, and could also charge more origination fees (Which have to be disclosed). 

 

Work with a Non-Profit that Provides Credit Services

 

If all else fails, you can always find a local non-profit to work with to improve your FICO Score. Do not be afraid to ask for assistance! With all the different pieces of information that go into your FICO score, it is hard to know what piece(s) will improve your score. Design a plan with your counselor that works for you, and provides clear milestones.

 

BONUS TIPS:

 

  1. Know your credit! Get a free copy of your credit report
  2. If you need help understanding your Credit Report….Get Help
  3. If your FICO Score is at or above 620...Great
  4. Find a Lender that you want to work with. There are some great 1st-time home buyer programs out there. Here is a list of them by State
  5. Understand how much you can afford and what costs are part of your mortgage payment 
  6. Save for a Down Payment. As little as 3.5% of the purchase price (Grant options are available)
  7. Know what Closing Costs will be on your loan and have those monies set aside
  8. Start researching homes in your budget 
  9. Attend open houses and THINK…..Long Term
  10. Prepare to close on your new home and move

 

 BONUS BONUS TIPS

 FICO Scores below 620...Here is what you can do to supercharge your Score!

 

  1. Pay off any collection accounts. If you cannot pay off all at once start with the smallest balances. The others work with the creditor on a payment plan that works for your budget. 
  2. Judgments/Liens- Contact the Creditor to work out payment terms. The longer they are unpaid the more accrued interest you will have to pay. 

 


TruHome FOR SALE: 1627 East Indiana Street, Evansville, Indiana

Great Starter Home-You Just Move In! No Work Needed!
Price: $87,500

Renovation in Progress-House will be ready April 5th (2 Beds/1 Bath). Great starter home that only needs for you to move in. First-time homebuyers we want to talk to you! Financing available through Old National/ Land Home Financial. Down Payment Assistance is Available! This home includes:
-New Roof
-New HVAC 95% efficient unit with a 2 Ton AC Unit
-The entire home was re-wired with new electrical and a new Breaker Box
-All new Double Pane Low E 
-6-foot privacy pressure treated wooden fence in backyard with a Fire Pit
-Gravel driveway
-New downspouts and soffit
-EcoBee Thermostat
-Ring Doorbell
-Ring Security System
-1 Year Home warranty

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Who We Are:

TruVest collaborates with local communities, homeowners, and cities to develop affordable housing. Investing in communities to drive economic growth, create quality housing and financing options to improve neighborhoods and families quality of life. We strive to make a meaningful impact in every aspect of our collaborations and companies culture and core values

Contact Us: Phone:(833) 878-8378
E-Mail:info@truvest.co


Affordable Housing Project Aims to Revitalize Jacobsville Neighborhood on 44 News

Our affordable housing collaboration officially launched in Evansville, Indiana with Mayor Lloyd Winnecke and Evansville Promise Zone. We are thrilled to have such amazing coverage by 44News on how we are making an impact on families quality of life by owning a TruHome.

The Promise Zone and a company called TruVest are partnering to not only create affordable housing in Evansville but also create homeownership opportunities for the people living there.

Instead of knocking down homes, and building new ones, TruVest is renovating blighted homes in the Jacobsville neighborhood. At the same time, those who need affordable housing will have the opportunity to actually own homes instead of renting them.

This partnership will help provide first-time homeowners with the tools they need to keep their credit up, continue to pay mortgage payments and all the other things that go into owning a home.

TruVest co-founder Peter Bordes says, “We’re going to find a balance between what we renovate, and then what we do helping the land bank taking those empty lots, and then developing new homes on them, but always with the idea that we’re not looking to gentrify neighborhoods, and we’re not looking to make the prices go up. We want to be able to keep them in line with the integrity of the neighborhoods.”

Mackenzee Pagett and her two children will be moving into this first house within the next few weeks. She tells 44News Evansville she’s very excited being a first-time homeowner.