MULTIFAMILY NEWS
- Robert Morgan of Morgan Management, one of the largest multifamily owners in the country has been accused of a Ponzi Scheme. Allegedly, Morgan directed employees to falsify financial documents to get bigger loans. Investors in the scheme are owed $63m according to the SEC.
- Pay your rent online. With more than 43 million households paying rent each month, Rentals.com might be onto something. The platform will allow renters to pay their rent online even if their landlords don’t accept online payments. Rentals.com will then mail a check directly to the landlord. Yes, it comes at a fee. A 3% charge will be incurred for credit/debit card transactions.
- The traditional security deposit is changing. LeaseLock Insurance Services is ‘partnering with Boost Insurance to offer a program called “LeaseLock Zero Deposit,” which replaces the upfront security deposit with a monthly charge that renters pay as part of their rent payment.’ Renters won’t get their security deposit back like a traditional security deposit but will save significantly on the front-end. The typical fee is $29/month.
- The Sunshine State is winning…to the tune of $17.2 billion. Wealthy northerners are heading to the sunshine state in droves. The job market, lower costs of living, and no state income tax top the list. Florida saw an inbound gain of $17.2 billion dollars.
NATIONAL NEWS
- Sears gets a second life. After declaring bankruptcy, Sears is changing things up. The department store is rolling out smaller stores called “Sears Home & Life.” The focus and branding will be on mattresses, appliances, tools and smart home services. The first 3 locations are in Kansas, Louisiana, and Alaska.
- It’s like LinkedIn, but in person. The Network Bar is located in Dallas, Texas. Founded by restaurateur, Phil Romano, the Network Bar allows paying members to network, drink, eat and connect in person via a digital app.
- The Arlington housing market is taking off. After Amazon’s HQ announcement, Arlington, VA home sales jumped 50% year-over-year. The median home price jumped from $640k to $750k in 5 months. As supply dwindles, look for surrounding neighborhoods to appreciate quickly.
- How would you like to sit somewhere different every day at work? It’s called hot-desking and a lot more companies are starting to implement it. This strategy saves employers a lot of money by reducing office costs, but it comes at a cost. Learn all about hot-desking here.
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