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Rental property investment startup Arrived secures 0M in credit financing to fuel U.S. expansion

Rental property investment startup Arrived secures $100M in credit financing to fuel U.S. expansion

Arrived Homes, the Seattle startup that helps people invest in single-family rental properties, is taking on $100 million in new credit financing to fuel its expansion and the ability to purchase more homes across the U.S.

The real estate investment platform announced Thursday that it’s partnering with Certain Lending, a San Francisco-based fintech startup.

Arrived uses crowdfunding to help anyone purchase shares of rental properties for as little as $100 and earn a passive income while the company handles everything from property acquisition to necessary improvements and management of daily operations. The idea is to open up access to real estate investing beyond wealthy individuals and institutional investors, and use technology to help identify and manage rental properties.

The startup was founded by tech veterans including CEO Ryan Frazier (Simply Measured and Sprout Social); CTO Kenny Cason, (Simply Measured); and COO Alejandro Chouza, (Oyo and Uber). High-powered backers include the venture capital arms of Jeff Bezos (Bezos Expeditions) and Marc Benioff (Time Ventures); former Zillow Group CEO Spencer Rascoff; Uber CEO Dara Khosrowshahi, and other longtime tech execs.

“We think anyone who wants to invest in residential real estate should be able to do it,” Frazier said in a news release. “Opening up access to the wealth-building potential of single-family rentals has massive implications for the millions of Americans who have been locked out of these opportunities in the past.”

Arrived Homes co-founders, from left, COO Alejandro Chouza, CEO Ryan Frazier, and CTO Kenny Cason. (Arrived Photo)

Arrived previously raised $10 million in equity and $27 million in debt financing in June to help scale its model. The company says the new financing will allow it to keep pace with high consumer demand for its properties.

Since launching in March 2021, almost all shares for each single-family rental were purchased within 24 hours after the property was listed on Arrived’s website. Last month, Arrived’s latest batch of properties, valued at $7.5 million, fully funded in 10 days with an average of 167 unique investors per property.

Arrived now has fully invested properties in Arkansas, Arizona, Colorado, Georgia, North Carolina, and South Carolina, totaling $20 million in rental homes across 11 metropolitan areas. Arrived will also use the fresh capital to expand to short-term rentals as well as purchase additional single-family rentals in Texas, Florida, and Washington state.

Wolf Administration Offers Home Holiday Safety Tips

Harrisburg, PA – The Pennsylvania Insurance Department and the Office of the State Fire Commissioner today are highlighting the common dangers associated with holiday décor ranging from dehydrated Christmas trees to unattended candles to decorative outside lighting.

“This time of year, we are all eager to spend time with friends and family in front of warm fires, decorating trees and lighting candles,” said Insurance Commissioner Jessica Altman. “However, it is important for Pennsylvanians to remember the steps they can take to keep themselves, their families and property safe.”

Heating, holiday decorations, winter storms and candles all contribute to an increased risk of fire during the winter months. According to the National Fire Protection Association:

More than one-third of home decoration fires in December are started by candles
Christmas is the peak day for candle fires
More than one in every five Christmas tree fires were caused by a heat source too close to the tree

“Holiday lights and candles are a beloved part of the season, but they are an exceptionally common source of ignition for house fires,” said Acting State Fire Commissioner Thomas Cook. “Modern electric candles look realistic and greatly increase safety. Real candles should only be used when and where they can be monitored.”

Acting Commissioner Cook offered several suggestions for keeping homes safe this winter holiday season:

Choose decorations that are flame resistant or flame retardant.
Keep all holiday greenery, including trees, well-watered.
Never leave burning candles or cooking appliances unattended.
Always keep children and pets away from open flames and hot surfaces.
Replace light strands that have worn or broken wires or loose bulb connections, avoid overloading electrical outlets with too many cords, and do not run extension cords beneath rugs and carpet.
Be sure to turn off holiday lights before leaving home or going to bed.
Homeowners should be sure to place Christmas trees at least three feet away from a heat source, like a candle, radiator, or fireplace.

“Christmas tree fires often start very quickly, and they can fill a room with toxic smoke in under 30 seconds,” Acting Commissioner Cook added. “It is crucial for Pennsylvanians to take necessary precautions throughout the holidays and beyond.”

The National Fire Protection Association reports that Christmas trees contributed to an annual average of two civilian fire deaths, 10 civilian fire injuries and $10 million in direct property damage during a four-year span.

“The holidays are generally full of thoughtful, fun and sometimes expensive gifts, which is why I encourage homeowners to review their insurance policies to make sure the coverage allotted for contents is enough,” said Altman. “Generally, most homeowners’ policies have specific, lower limits for valuable items.

“I also want to urge consumers to think about how they display unwrapped expensive gifts,” continued Altman. “Make sure items are not visible through windows or doors. When discarding boxes for bigger items like televisions and computers, be sure to break down the boxes and put them out as close to trash day as possible, if not the morning of.”

It is also important to note that if you rent, your belongings will not be covered unless you have a renters insurance policy. Your landlord’s insurance will likely cover the building, but not the contents you own, so if you rent, make sure you have renters’ insurance.

“Small choices for safety can pay large dividends and keep you and your loved ones safe this season,” said Acting Commissioner Cook. “No matter how you choose to celebrate this season, it’s always important to take the proper safety precautions.”

Visit osfc.pa.gov/BeFireSafePA for more seasonal fire safety tips.

For additional resources regarding homeowners or renters insurance, visit www.insurance.pa.gov., or call the Insurance Department’s Consumer Services Bureau at 1-877-881-6388.

MEDIA CONTACTS:
Thaisa Jones, Insurance, thajones@pa.gov
L. Paul Vezzetti, OFSC, 717-651-2169

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Lowe’s says pandemic-fueled home improvement demand could cool in 2022

An employee organizes buckets for sale inside a Lowe’s Cos. store in Burbank, California.

Patrick T. Fallon | Bloomberg | Getty Images

Lowe’s sales outlook disappointed investors on Wednesday and raised concerns the pandemic-fueled boom in do-it-yourself and decorating projects is cooling.

The company’s shares dropped by as much as 4{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} in premarket trading. Then, the stock rose later Wednesday as new data from homebuilders showed a huge appetite for housing — even during a typically slow season and a period of inflation. That backdrop coupled with Lowe’s executive comments about the possibility for market share gains, help the stock bounce back.

Shares rose 2{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} to close at $257.54 on Wednesday. The company’s stock is up about 60{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} this year, bringing its market value to $173.52 billion.

During an analyst meeting, Chief Financial Officer Dave Denton said the retailer anticipates its sales will outpace competitors and it will win more business from home professionals. Still, he acknowledged that Lowe’s is preparing for a “modest sector pullback in 2022” when compared with a year of such high demand and sales fueled by government stimulus.

Lowe’s sales have gotten a lift from Americans who fixed up their yards, tackled DIY projects and redecorated rooms during the Covid pandemic. Even as some of those “nesting trends” recede, however, its sales have been buoyed by the strong real estate market.

The company projected that same-store sales could drop by as much as 3{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} or be roughly flat in fiscal 2022 compared with this fiscal year. Total same-store sales will range from $94 billion to $97 billion in its upcoming year. That fell below analysts’ estimates of $97.64 billion, according to Refinitiv.

Lowe’s is estimating overall sales of about $95 billion for this fiscal year, which is one week shorter than next fiscal year.

For fiscal 2022, Lowe’s expects to earn between $12.25 and $13.00 per share. On average, analysts were expecting Lowe’s to earn $12.93 per share, according to Refinitiv.

CEO Marvin Ellison said the company can keep driving growth by launching new private labels, expanding its e-commerce business and becoming a one-stop shop for supplies to help older adults age in their own homes. For example, he said it is debuting a modern decor brand called Origin 21. He said it is speeding up deliveries of big and bulky purchases, such as appliances, with a new pilot in Florida and Ohio. That more efficient process is boosting profits and customer satisfaction, he said.

Together, he said, those efforts will “expand our share of wallet with both the DIY and pro customers.”

Ellison said the retailer will benefit from a favorable backdrop, too, including more money in consumers’ savings accounts, historically low interest rates, rising home values and an aging inventory of U.S. homes. About two-thirds of the company’s sales are driven by repairs and maintenance, he said.

Plus, Ellison said the pandemic has inspired people to invest more in their homes, from millennials who are buying first homes to baby boomers who are adapting an older home.

“There’s been a longer-term shift in the consumer mindset about the importance of the home,” he said. “Our view of the home is a sanctuary that may need to serve several multiple purposes: residence, office, school, gym, and a gathering place for indoor and outdoor entertainment. And given the extension of remote work, we’re expecting a permanent step up in repair and maintenance cycle.”

Separately, the company said it plans to buy back about $12 billion in shares both this year and next year.

DoD’s average housing subsidy sees big increase as real estate continues to get pricier

The average amount of housing subsidies the Defense Department will give out to service members in 2022 is increasing substantially compared to previous years.

The Pentagon says the mean increase of basic allowance for housing (BAH) will go up by 5.1{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9}, a wide jump from the past two years, which have averaged just below 3{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9}. DoD will spend $25.6 billion on BAH for 2022.

Depending on grade and dependency status, service members will see BAH go up by a range of $74 to $168. Allowances will not decrease.

“The department is committed to the preservation of a compensation and benefit structure that provides members with an adequate standard of living to sustain a trained, experienced, and ready force now and in the future,” DoD wrote in a Wednesday press release.

It’s important to note that the BAH increase is only an average. Some service members may not see the full 5.1{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} increase; others could see allowances even higher than that.

“The Department collects rental housing cost data annually for approximately 300 military housing areas in the United States, including Alaska and Hawaii,” the release states. “Median current market rent and average utilities (including electricity, heat, and water/sewer) comprise the total housing cost for each military housing area and are included in the BAH computation. Total housing costs are developed for six housing profiles (based on dwelling type and number of bedrooms) in each military housing area. BAH rates are then calculated for each pay grade, both with and without dependents.”

Part of the reason for the hefty increase in BAH may be because housing and rental prices rose in 2021 and 2020.

According to Redfin, a real estate brokerage firm, the median sales price for a house increased by 13.2{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} when comparing settlements from October 2020 to October 2021. Sales prices increased 14{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} from October 2019 to October 2020.

Meanwhile, the number of homes for sale is down nearly 18{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9}, and 44.3{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} of houses sold over their listing price.

The housing market became so competitive last year that DoD temporarily increased BAH in 56 areas for the last quarter of the year.

“Rental housing market data collected by the Department of Defense from March-August 2021 indicates that the COVID-19 pandemic has had a significant impact on rental housing costs in the 56 affected markets. Notably, low availability and turnover of rental housing stock during the spring and summer months led to rental cost increases in many locations,” a DoD September release read.

The 2022 BAH rate supersedes those temporary increases.

According to Redfin, some of the areas with the fastest growing sales prices are cities in Florida and Arizona, as well as Detroit. The military has multiple bases in all of those areas.

Lawmakers have recently had some concerns about BAH. The 2022 Defense Authorization Act requires a report from DoD on whether BAH is sufficient enough for an average military family.

BedBrock Developers form luxury real estate brokerage

Award-winning BedBrock Developers with a stellar reputation for building the finest ultra-high-end luxury homes and communities in the Valley and with a full design-build process in house including architecture and design, announced its newest addition, BedBrock Real Estate Company, a luxury real estate brokerage founded by Rich Brock, founder of BedBrock Developers, Business Loan.

The upscale brokerage will represent a curated collection of real estate, starting first with $150 million in listings in BedBrock Developers’ captivating Crown Canyon community. The impressive development offers seven extraordinary luxury homes currently in design and three homesites exclusively reserved for custom estates up to 24,000 square feet in size. Crown Canyon, with 12 total estate sites, will be the most prestigious address in Paradise Valley with its first two homes already under construction. Crown Canyon is the next chapter for BedBrock following a record-setting success with Cameldale Estates.

READ ALSO: Here’s why the luxury housing market is exploding in Metro Phoenix

BedBrock Real Estate Company will additionally represent BedBrock Luxury Certified estates, vetted by the company and deemed a good fit for the exclusive brokerage portfolio. The brokerage will be working with clients to deliver an elevated experience buying and selling luxury real estate. An experienced, in-house marketing team will bring an elegant, fresh approach to creating results in the real estate business.

The upscale brokerage will be led by designated broker Lenny Traw and the founding real estate sales director with the group is Brian Kusmer. Traw and Kusmer have a combined 65 years’ experience in the real estate industry in the Valley and will guide the formation of the brokerage with alignment to the company’s core values of exceptional service, attention to detail and exceeding expectations. The boutique firm will invite select agents to join the exclusive brokerage in first quarter 2022.

Using BedBrock’s profound reputation for luxury and quality, the team will bring its signature attention to detail into this new venture.

“It is a natural progression for us. Based on our growth and volume, we felt bringing sales in house was the logical next step for us. My vision is to make this a successful venture and the ultimate, high-end experience for our clients, elevating the expectations for how real estate transactions are conducted. We believe there is an opening in the marketplace to provide the next level of professionalism in the ultra-luxury real estate market,” says Brock.

“In addition to representing our own homes and communities, our objective is to vet preowned homes to give confidence to both the buyer and seller of a home, providing a seamless sales transaction. It’s been my vision to offer a full array of top-notch services under one roof from construction to development to architecture and design to concierge home maintenance. Launching our brokerage allows us to be truly full-service with our cherished clients, providing consistency and seamlessness to the customer experience,” says Brock.

Traw has been an industry veteran for 42 years and bring exceptional experience to the new brokerage.

“I couldn’t imagine partnering with a better developer than Bedbrock. Rich and I have been friends for years, and we’ve talked about this for a very long time. There’s never been a better time than now, and I couldn’t be with someone I trust more. It’s a privilege for me to be involved with BedBrock in this way,” says Traw.

New to the team with 23 years of real estate experience is Kusmer, who joined the boutique brokerage from its inception.

“The vision I had when I got into the business in my 20s was to work hard to be a part of an organization like Rich Brock’s company. I worked my whole career to have this opportunity to partner with a top developer in town. My passion is the high-end luxury market, and this opportunity couldn’t be a better fit for me to work with the most extraordinary homes and communities,” says Kusmer.

Beginning today, BedBrock Real Estate Company is proud to offer extraordinary homes represented in Crown Canyon and a select number of BedBrock Luxury Certified homes for sale.

Visit : https://hobartloans.com/

Should You Include Real Estate in Your Retirement Plan?

Investing in real estate is one of many ways to set aside funds for retirement. If you are looking to…

Investing in real estate is one of many ways to set aside funds for retirement. If you are looking to diversify your savings, you might consider including real estate in your retirement plan. There are advantages and disadvantages that come with property investments, along with different options to consider.

Including real estate in your retirement plan might consist of:

— Selling your home.

— Owning a rental property.

— Purchasing and selling property.

— Contributing to a real estate fund.

Read on to learn more about what to expect if you include real estate in your retirement plan.

Sell Your Home to Help Fund Retirement

If you have paid off the mortgage for your current home, you could sell it in retirement to bring in cash. You could then use the proceeds from the sale to fund part of your retirement lifestyle or invest the funds to generate future returns. You might rent an apartment or purchase a smaller place that requires less maintenance to reduce your living expenses.

Before putting your home up for sale, it’s worth researching the real estate market both where you currently live and in the new location. “In some circumstances, downsizing square footage may still end up costing the same, depending on the location of the new home,” says Ross Cohen, a financial advisor at Bartlett Wealth Management, which has offices in Cincinnati and Chicago. If you relocate to a cheaper area, you may find housing costs are lower in the new place.

Even if you sell your home, you’ll likely want other sources of income to help support your retirement lifestyle. These funds could come from other accounts like a traditional or Roth IRA, an annuity or a pension. “While some individuals may want to downsize their primary residence in retirement, it’s not wise to rely upon the proceeds from the sale of a primary residence,” Cohen says.

[SEE: The Most Affordable Places to Retire.]

A Rental Property Can Generate Retirement Income

Purchasing a second property in the city where you live or owning a place in a popular vacation spot can help generate income to use in retirement. You could buy an apartment, lease it to tenants and collect monthly rent. If you buy a cabin in the mountains, you could use it as a getaway and rent it to others when you are not using it.

Owning rental property typically requires a large upfront investment. You might pay for the place with cash or use your savings to make a down payment and take out a mortgage. If you have funds in a self-directed IRA, you can use money from the account to invest in real estate, but there are various requirements you’ll have to meet. “The investor must buy the real estate strictly for investment purposes,” says Daniel Milan, managing partner of Cornerstone Financial Services in Southfield, Michigan. You’ll have to pay in cash from the IRA and also must use the IRA to pay for all the expenses related to owning the property.

Carefully consider whether the rental income the property generates will be enough to cover the related expenses. “To make an investment property a worthwhile endeavor, you need to calculate the expected income and subtract the costs,” Cohen says.

A drawback of owning and renting property is that the investment is typically not very liquid, meaning if you have a financial emergency, it might not be possible to sell the place quickly and receive cash when it is needed. Even if you sell, you might not get the best price if the market prices are lower than normal in that area.

[See: The Best Places to Retire in California.]

Buy and Sell Multiple Properties

If you live in an area where housing prices are expected to rise, you might be interested in purchasing multiple homes with the plan of selling them later for a higher price. You could also acquire several properties that you rent to tenants. As your income goes up, you could build a real estate portfolio which could help fund retirement.

While owning properties may help your retirement funds increase, there is often a vast amount of legwork involved with finding places, acquiring them, making needed repairs or renovations and then renting or selling them. The time requirement is typically much more demanding than what’s needed for other types of investments. “Real estate, unlike stocks, requires management and ongoing maintenance,” says Pam Krueger, founder and CEO of Wealthramp, an advisor matching platform that connects consumers with vetted fee-only financial advisors. Hiring a property manager can alleviate some of the burden of caring for multiple properties, but you will have to pay for the service, which will cut into your profit.

[READ: How to Use Home Equity in Retirement.]

Contribute to a Real Estate Fund

Rather than purchasing and renting or selling property yourself, you might include real estate in your retirement plan by contributing to a fund. “Within 401(k)s or other retirement plans, typically there will be some type of real estate indexed mutual fund available for the investor to invest in a broad basket of real estate investment trusts,” Milan says. “Within a traditional or Roth IRA, the investor will have more options to invest in real estate ETFs or other vehicles that provide more targeted or thematic real estate exposure.”

These arrangements allow you to invest in real estate without purchasing and owning a home yourself. As such, you won’t have the responsibility of managing a property or collecting rent, and the investments you make are more liquid. However, a potential downside is the risk that the fund could decline in value. “You see more volatility within traded real estate, as they are subject to the whims of the equity markets and not necessarily the net asset value of the underlying real estate owned,” Milan says.

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Should You Include Real Estate in Your Retirement Plan? originally appeared on usnews.com