Rent America The Show Michael Thomas Broker-Talk v 1 E 33, was just published this morning on our Broker-talk.com real estate podcast. Michael Thomas is an innovative, seasoned loan professional working across America creating affordable rental home projects. Rent America The Show is where you can view one of the completed projects.
Finding affordable rental housing has grown more difficult. Rent costs have gone up over the last 10 years while most wages have been stagnant or grown at a much slower rate than rental costs. It used to be a renter/owner would spend a third of the income on rent/mortgage and now that percentage is pushing up to fifty percent. With gas, food, insurance and all other costs going up the average American is struggling in this economy no matter what you are hearing from Washington. American families are struggling to make ends meet.
Michael Thomas, a VA-HUD certified lender through Gershmann Mortgage, has started actively looking for development partners across the US and particularly in the West and Southwest to finance projects. Taking existing rental units or starting over from the beginning the process is longer than traditional lending because of the HUD process, but the projects get done and the communities are better served because of this opportunity to have a lending partner on your project.
Broker-talk is a weekly show discussing all matters of real estate. The rising costs of housing is staggering for many people and this is particularly true in places like San Francisco, Boston and New York. New York is trying to get rid of the rental commission fee which will take out agents wanting to spend time with renters. Boston is also considering this measure as well as rent control in Somerville and a transfer tax paid by both the buyer and seller of a property in the Boston area. If you like this show please share. This is Rent America The Show Michael Thomas Broker-Talk v 1 E 33