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Understanding Home Loans for Self-Employed and Employed Individuals: A Complete Guide
Securing a home loan can be a complex process for anyone, but it can be particularly challenging for self-employed individuals. Traditional mortgage lenders often prefer applicants with a stable, regular income, which can make self-employed applicants seem risky. However, with the right knowledge and guidance, self-employed individuals can secure a home loan that suits their needs.
In this blog, we'll explore everything you need to know about home loans for self-employed individuals, and provide insights on various types of self-employed mortgages. We’ll also touch on how loans for commercial land work and what options are available to you.
Home Loans for Self-Employed: Challenges and Solutions
For many Home Loans for Self Employed, securing a mortgage can seem like an uphill battle due to the unconventional nature of their income. Lenders typically look for proof of income, stable employment history, and a strong credit score. Self-employed people, however, may not have the same consistency in pay, making them appear risky to lenders.
But this doesn’t mean that self-employed individuals are locked out of the home loan market. There are several strategies to improve your chances of getting approved:
Tax Returns: One of the most important documents for self-employed applicants is the tax return. Lenders will assess your income based on your tax returns, so it's crucial to ensure your returns are in order.
Profit and Loss Statements: This document shows your business's financial performance, helping lenders assess your stability and earning potential.
Larger Deposit: Offering a larger deposit can significantly improve your chances of getting approved for a home loan. It reduces the risk for the lender and shows that you are financially responsible.
Using a Broker: Home loan brokers specialize in helping self-employed applicants navigate the complexities of securing a mortgage. They can connect you with lenders who are more flexible with self-employed individuals.
Employed vs. Self-Employed Mortgages
Both Employed and Self Employed Mortgages can apply for mortgages, but the processes can differ. Employed individuals typically have a predictable income, which makes it easier for lenders to assess their ability to repay a loan. Self-employed applicants, on the other hand, must demonstrate financial stability in different ways.
Employed Mortgages: For those in full-time employment, securing a home loan is usually a matter of proving consistent income through pay slips or bank statements. Lenders assess the applicant's capacity to repay based on regular salary payments.
Self-Employed Mortgages: Self-employed borrowers don’t have a steady pay slip to present to lenders. Instead, they must submit tax returns, profit and loss statements, and other financial documents. Lenders may also require additional proof of business viability.
Self-Employed Home Loans: Types and Eligibility Criteria
When it comes to self-employed home loans, there are a few types of mortgages that may suit your needs:
Full Doc Loans: These loans require a complete set of documents, including tax returns, financial statements, and other proof of income. They are more common for established businesses with a proven track record of profitability.
Low Doc Loans: Low documentation loans are designed for borrowers who may not have all the usual paperwork but can still prove they are financially capable of repaying a loan. They often come with higher interest rates to compensate for the increased risk.
Specialist Self-Employed Home Loans: Some lenders offer specialized home loans for self-employed individuals who may not meet traditional criteria. These loans are tailored to address the unique needs of self-employed borrowers.
Key Factors to Consider for Self-Employed Mortgages
When applying for a self-employed mortgage, there are a few key factors you need to consider:
Income Verification: As a self-employed individual, you must be able to prove a steady income. Keep your financial records up to date, including tax returns, profit and loss statements, and business bank statements.
Credit Score: A good credit score is essential for getting approved for any mortgage, whether employed or self-employed. Lenders will assess your credit history to determine your ability to manage debt.
Business Stability: Lenders are more likely to approve loans for businesses that have been running for at least two years. The longer your business has been stable, the more likely you are to secure a loan.
Loans for Commercial Land: What You Need to Know
If you're looking to buy Loan for Commercial Land, whether for investment or for your business, the process is somewhat different from securing a residential home loan. Commercial loans typically have higher interest rates and stricter eligibility criteria. Lenders assess the viability of your business and the commercial property’s potential for generating income.
For self-employed individuals looking to invest in commercial land, securing the right type of commercial loan is essential. Many financial institutions offer tailored loans for commercial property, and a specialist broker can help you navigate the complexities of these options.
Conclusion
Whether you're employed or self-employed, securing a home loan is an important financial step, but it doesn't have to be daunting. Self-employed individuals may face extra hurdles, but with the right preparation, support, and financial records, it is possible to obtain a self-employed home loan. For those interested in loans for commercial land, working with a financial expert can help you choose the best options for your unique situation.
To explore more about home loans and mortgages for self-employed individuals, visit Wiz Wealth and take the first step toward securing your dream home or commercial property.
#Home Loans for Self Employed#Employed and Self Employed Mortgage#Self Employed Home Mortgage#Self Employed Mortgage#Self Employed Home Loans#Self Employed Mortgages#Loan for Commercial Land
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Commercial Loan Broker in Williams Landing
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Lost on You - Part 5
Pairing: Soldier Boy/Ben x F. Supe!Reader
Summary: 1983 is a big year for you. You’re finally chosen to join the ranks of Payback, led by the most (in)famous supe in the world: Soldier Boy. He’ll never admit that he’s trying his damndest to figure you out. You’ll never admit that he’s actually growing on you. But the problem with this game is deciding who’s the predator, and who is prey.
AN: We’re going deeper and darker on this one, with an ending you might not expect...
Word Count: 5.5K
Tags/Warnings: 18+ only. TW: attempted sexual assault (not successful), violence, character death, drug use, and a twist.
🎵 YouTube Playlist || Spotify Playlist
🎙️ Series Masterlist
Part 5: Eminence Front
Your last conversation with your mother was on a Sunday morning, in hospice.
You sat at her bedside and held her hand. Chris and your father were downstairs in the hospital food court, ordering sandwiches. You hadn’t had much of an appetite for three days.
“I had your father call the whole family so they could watch the music video with you and Soldier Boy,” your mom said. She wore a proud, if weak smile. “He even recorded a few tapes of it. He sent one to your aunt, another to your cousins, and another to our friends Leah and Stan.”
“Pretty sure that’s illegal piracy, Mom,” you said with a laugh.
“I don’t care. You’re my daughter, and you’ve worked incredibly hard to get here,” she said. Her eyes misted over a bit in memory. “We’ve all worked hard.”
You stilled at that. You didn’t know what memories she had filtering through her head, but you were sure your perspective behind the lens was…different.
In your mind’s eye, you saw yourself at twelve years old. Chris had been pestering you all day, as big brothers were wont to do sometimes. With a slap on his arm, you’d screamed at him to leave you alone.
He didn’t speak to you for a whole month. He didn’t go to your piano recital or your choir concert, where you had the best solo. He didn’t talk to you until you touched him again, grabbing his arm, pleading with him.
"Please, whatever I did, I'm sorry. Just talk to me!"
He startled as if he’d woken up from a dream.
Your parents had shared a look, and they’d known then that their gamble had worked.
You remembered being sat down by your mother and told that they had spent their entire life’s savings to make you a hero. So you were going to spend the rest of your young life training to be one.
“We’re investing in your future, but we’re also investing in ours.”
You remembered sleepover invites rejected and summer plans canceled on your behalf. Your mother used her meager retirement fund to sign you up for vocal lessons from a former opera singer. Your high school football coach father drilled you to condition your body like an athlete.
You never had a moment that wasn’t scheduled. You were always exhausted, taking whatever “supplements” your parents gave you to keep you going. (Often it was Adderall, until it started giving you insomnia, among other delightful side effects.)
You were miserable. Then again, you’d be surprised by what you could get used to.
The end goal was always getting into Payback. It was where you’d garner the most fame and make the most money, and therefore, make the most returns on your parents’ investments.
So your father later took out a loan to get you some basic combat training from an ex-Vought employee. Your parents wanted you to be well-rounded and prepared for anything when you got onto the team—and it was always when.
If was not part of the story.
Any small commercials and modelling gigs you landed throughout middle school and high school helped pay for your family’s bills, and later for college, where you double majored in Vocal Performance and Marketing. You would learn how to become your own brand.
Through it all, you always remembered what your mom had said to you on the set of your first commercial. You were crying because the hours were long and you missed your friends, and even your brother.
“Come on, let’s wipe those tears. You don’t want to smudge your makeup,” she’d said. When you couldn’t be consoled, she guided you over to a quieter corner of the set. “Listen, sweetheart. Don’t let them see you upset. You'll get a reputation for being difficult to work with.”
“I don’t care! I don’t want to do this anymore,” you said, sniffling badly as you scrubbed at your eyes. Your mother sighed sharply.
“You’re just starting out. Of course there are going to be growing pains,” she said. “Showbusiness is a cutthroat world, and yes, you’re so young. Maybe too young.”
She wiped your face with gentler hands, then she laid them on your shoulders and made sure you met her eyes.
“But you’re going to be better prepared than most superheroes. You can literally read men. You know what’s in their hearts, and you can control them. As a woman in this world, do you know how damn powerful that is?” she said.
She squeezed your shoulders.
“That’s why you’ll be smarter than any of them, and you’ll only show the world what you want them to see.”
What you want them to see…
“We don’t have to talk about that right now,” you said at last.
Your mom nodded and stroked your hand. Her eyes fell closed in rest. She looked so small and frail in her bed.
“I’m so, so proud of you,” she said. “Always remember that.”
Your lower lip trembled, and your eyes stung. You couldn’t help but feel hollow. What was there to be proud of? You’d failed. All your hard work was meant to give your family a better life, not…this.
“You’re so beautiful and talented,” she continued. “And you’ll get your father out from under these medical bills I put on him, won’t you?”
Deep in your soul, a painful ache twinged.
You ignored it and nodded in agreement.
“I’ll take care of Dad, don’t worry.”
Your mother died the next morning. You wrote a statement about her passing to explain your absence to your fans. It went through Madelyn Stillwell and Arthur before they released the press release and even had it covered in Vought News. Then you spent the next week entrenched in funeral arrangements with your father and brother.
When you eventually returned to Vought Tower after the funeral, it felt like another part of you had chipped off.
Your room was filled with flowers and gifts from your fans, which managed to make you wide-eyed, and even tearfully touched. So this was the power of fame, then?
But there was one vase filled with beautiful scarlet roses. Attatched was a handwritten note:
Welcome home.
You thought you recognized the scrawl. A small smile graced your lips.
You gave into the desire to venture up to the penthouse floor, and knock on Ben’s door. He opened it himself. He was dressed down for once in the afternoon, in a normal sweater rolled up to his elbows and tucked into his slacks. Once he saw you, he was a little surprised.
You held up the note for his view. “Was this you?”
He smiled slightly, but he didn’t answer you. He just welcomed you inside. You followed him into the living room area and sat heavily on the couch. An album was playing on his record player. You recognized Sinatra’s smooth voice singing “My Way.”
“You want a drink?” Ben asked.
“Whiskey, neat,” you replied. He rose a brow, but he fulfilled your request.
While he was busy, you grabbed his forgotten half a blunt from the ashtray on the coffee table, and you lit up. You didn’t often partake in drugs because you didn’t like being out of your lucid mind. You preferred being in control.
Today was different. You needed a distraction. Maybe that was why you were here to begin with.
You accepted the glass he handed to you and took a generous sip, though you coughed at the burn on the way down. And you took a puff, the smoke irritating your throat even more. You practically coughed up half a lung, until he sat down beside you and reached out his hand. You passed the blunt back to him. You two traded off hits until it was more than halfway down to the roach, and he eventually put it out on the ashtray.
“My offer still stands, you know,” he said.
You turned to him. Even in your “enlightened” state, you could feel his intentions. The way he roamed your body with his eyes was unmistakable, but just then, you had a moment of clarity. You couldn’t be bothered to play this game, or hide your true thoughts for that matter. You smiled to yourself, and you stood.
Ben got up with you, trying to gauge your reaction.
“Thank you,” you said, “for finally showing me who you really are.”
His lips slowly pulled into a frown. “What the fuck is that supposed to mean?”
“My mom died,” you said. “I know you knew that, but you couldn’t even muster up a basic ‘I’m sorry for your loss,’ or whatever the fuck.”
You even laughed through the spark of tears. You wiped at your face. “This place is exactly what I thought it would be.”
The man was silent while you finished the drink in one long gulp. You slammed the glass on his counter, and you left his apartment.
It wasn’t the first time Ben watched you walk away from him, but despite his outward stoicism, it was the first time he felt the sting of it.
You knew it would be difficult at Vought, but you were finding it more and more challenging to keep focused as the months went by.
On one mission, Ben threw a man out of a three-story apartment. He lived, by some miracle, but shattered almost every bone in his body.
On another, Black Noir choke-slammed an escaped convict so hard, her esophagus caved in. And it was a good day if the TNT Twins even zapped the right culprit.
You were increasingly wary of the collateral damage and violence you were being complicit in, just by being there. You had to keep reminding yourself of why you were here. You needed to take care of your father, who was still swimming in your mother’s medical bills and funeral costs. You needed to prove to yourself that you could do this, with or without Ben’s help.
Even so, a day you were called to a full team mission made you more anxious than excited.
It was a drug ring that the police had been trying to dismantle for nearly a decade: Los Reyes. They were the "kings of cocaine," and they were brutal in their retaliations, locked in a turf war with one of the Italian mafias. As Stan Edgar had explained, the police were grateful for any help that Payback could provide.
You guys were sent to a warehouse in Hell’s Kitchen. According to law enforcement intel, it was the base of the Reyes gang's operations.
Infiltrating it was the easy part. Countess blasted right through the front doors, revealing your entire team to the group of men huddled around entire tables and crates filled with product.
When a man aimed a gun at you, Ben threw his shield. It hit the man, who then crashed into a support beam and broke his back in half. Your eyes went wide in horror at seeing his lifeless ones. You gaped up at Ben.
“Was that really necessary?” you asked in alarm.
"Would you rather get shot?” he said coolly.
The others picked off a few men in the room, but the rest of the gang scattered into other rooms within the large building. Ben barked commands for who should go in which direction.
“Sirena, you’re with Swatto. Head east towards the alley and cut off any rats,” he commanded.
You wanted to take issue with being partnered with Swatto. You glanced over at him. After how you compelled him a few months ago, he still had a grudge against you as well. But you two knew better than to argue with Soldier Boy on a mission.
You and your partner ducked out the east side into the alley. Sure enough, you saw blood splatters on the wall from a handprint, and drips of blood leading down the concrete path. After sharing a nod, you and Swatto followed the line of blood.
You turned the corner into a dusty construction site, where a new skyscraper was only partially built. Some walls were up along with the foundation, but it was mostly dirt, bare concrete walls, and piles of brick.
When you turned a corner, you and Swatto stopped short as bullets rained your way.
“Oh, fuck!” Swatto shouted. He pulled out his gun and decided to fly above. You heard more shots and men screaming, and then, it was quiet. You cocked your own gun, though you hoped you didn’t have to use it. The problem with your powers was you needed to be close enough to touch someone to actually compel them, man or woman.
Your last resort was your actual siren song, a power you rarely used. Mainly because it was lethal to any man who heard it. For that reason, it had to be your in case of emergency break glass tactic.
So you crept around the corner to see what Swatto had done. You were surprised to find that he fought well. He managed to kill a few of them, but one large man was still alive. He was on his knees in the dirt with his hands folded behind his head.
“See? Ain’t so fuckin’ tough now, huh?” Swatto taunted. “Get ready to get fucked in the ass in jail, Paco.”
You grimaced in disgust. “All right, that’s enough. Just—”
Before you could realize what was happening, the man raised up from the ground and swept the gun from Swatto’s hands. It flew across the clearing and hit the wall, setting the gun off. A bullet ricocheted and grazed Swatto in the side.
“Aw, fuck! I’m fucking hit!” he yelled in alarm. His wings expanded from his back, and he raised off the ground in flight. Your eyes widened.
“Where the hell are you going?” you shouted.
“I’m hit! I need a hospital!” His voice grew smaller as he flew away like a fucking coward.
It left you alone with a man twice your size. He seized you up with a smirk.
“Hey, baby,” he said. “You’re the new one, right?”
You raised your gun and fired, but you were too late. He evaded and grabbed the gun from your hands. You held your ground after the first punch, but the second and third made your legs shake. You were more durable than the average human, and you were well trained. Unfortunately, you didn’t have super strength like most of your teammates.
You blocked when you could and gave blows of your own, but this man was large enough that it didn’t slow him for long. He wore a sweatshirt with long sleeves, so you couldn’t easily compel him with a touch.
Okay, this warrants an emergency, you thought in alarm. When you opened your mouth to sing, he shot out a sharp blow to your throat. Maybe he thought you were going to scream for help, but it had its intended effect of choking you into silence.
He grabbed you and proceeded to beat you down, until you felt the sharp breaking of ribs and blood and dirt in your mouth. Every time you tried to slip away or get to your feet and escape, he knocked you back down. He was toying with you, and having fun with it too. You could sense his sick enjoyment.
But then, you felt his intentions shift. Darker, and more carnal. A more intense fear coiled in your stomach, rising up into your throat. A gasp got stuck there as you tried harder to crawl away.
He grabbed your ankle and dragged you back towards him. He took your wrists when you tried to claw at his eyes, or even just touch his face to try and enforce your power over his.
Just a scrap of skin. That’s all you need.
A whimper escaped you as you struggled, but you kneed him hard between the legs. That managed to stop him for a moment as he grunted and cursed. He got a hold of a meaty hand around your neck. Your eyes glowed in desperation.
Suddenly, the man’s weight lifted off you.
You panted for breath and raised yourself up on your elbow. You watched with wide eyes as Ben slammed your attacker’s face into the dirt until he couldn’t breathe. Ben glanced at you, taking in the sight of your bloody face and cut lip, your arm wrapped around your battered ribs.
His frown deepening in displeasure, he bent the man’s arm until it broke in at least two places. His howls of pain echoed into the night. Ben cut it off by twisting the man’s neck, until it released a loud crack.
He threw the body to the ground in disgust. He barely even wiped his gloves before he stood straighter. Then he went back to you.
“You all right?” he asked gruffly.
You stared up at him with tears shining in your eyes. You tried to answer, but it hurt your throat. It was also painful for you to move your body. You tasted blood in your mouth and knew it had dribbled down your chin.
With a rough exhale through his nose, Ben lowered down and slid his hands underneath your body. You cringed and cried out when he moved you, but you were grateful. You were embarrassed. And you were exhausted.
Tears streamed down your cheeks as you folded your arms over your battered middle. You couldn't help but lay your head against his chest.
The rest of the team was waiting at the other end of the clearing, except for Swatto. Even Countess was quiet as she watched Ben carry you out of the construction site.
You spent a couple of days in the hospital. There you were surrounded by Vought security fielding off any journalists or tabloids, and you were accompanied by your dad and brother.
Chris especially was angry for you, not to mention worried, but you tried to hide your pain and reassure them that you would be okay. This was just par for the course when taking down the bad guys.
Yeah, that one sounded hollow, even to you.
You were grateful when you got out of the hospital and were sent back to the Tower. Even so, the doctor had you mostly on bedrest until your ribs healed up. You weren’t proud of it, but you wallowed in your embarrassment and a bit of self-pity while you watched a marathon of Cheers and ate from a box of assorted chocolates. You dug around for your favorites, but you kept getting the weird shitty filling ones.
“Sometimes you wanna go where everybody knows your name, and they’re always glad you came,” sang the TV show theme song. “You wanna be where you can see, our troubles are all the same. You wanna be where everybody knows your name…”
“Bullshit,” you muttered aloud. Such was your grouchiness that you had half a mind to change the channel. This godforsaken sitcom was too damn cheery, no matter how much you loved Ted Danson’s fine, rugged ass.
God. Maybe I do have a type.
That was when a knock at the door threatened to disrupt your solitude.
“Who is it?”
“It’s me.”
You’d now recognize that smooth, deep voice anywhere. Sighing, you closed the box of chocolates and hid them under your pillow before you turned off the TV.
“Come in,” you said.
Ben stepped into your apartment and soon found you in your room. It was the first time he’d ever been in here, and he took a subtle look around. He wore his suit and tactical gear.
“Just come from a mission?” you asked.
He nodded and approached your bed. He smiled slightly.
“Eating your feelings in Whitman’s, huh?” he teased, tapping his nose. He could probably smell the chocolate.
You blushed and crossed your arms on reflex, but you grimaced when the motion made your ribs twinge sharply. You made a sound of discomfort and lowered your arms back to your sides. You shifted in the bed as slowly as you could. You’d been in this position for a while.
“How’re you holding up?” he asked.
“Oh, I’m peachy,” you groused. When you looked up at him though, you realized that he hadn't needed to come visit you. He was here of his own free will…and there was something you had yet to say to him. You sighed and met him with sincerity.
“Look…thank you, for saving me,” you said.
Ben inclined his head. He lowered down and sat beside you on the edge of your bed.
“You may not like how I run things here, but this is the way of it,” he said, holding your gaze. “This is the real fucking world. If you’re going to stay here, you need to get with that program, or this place is going to chew you up and spit you out.”
That fell between you two for a moment. The more you turned his words over in your mind, the more you realized that he was right, to a point. If you stayed, this was your life. You couldn’t keep handwringing. You had to be smarter.
“I’m sorry, I’m not looking very camera ready,” you said eventually. You meant it to be joking, but your voice was heavy. “I wouldn’t blame you for averting your eyes.”
You half expected him to make a joke about your black eye and torn lip. But to your surprise, Ben picked up your hand with a kind of gentleness. He raised the back of it up to his lips for a kiss. He gave you a reserved smile.
“Rest up,” he said.
He got up and strode out of your apartment. Not for the first time, he left you feeling unbalanced…and this time warm.
It took a few weeks for you to fully heal. You agreed to do an interview with Jason Carver, the anchor of Vought News. It was a bit intimidating being in yet another studio, and this was live.
The cameras aren’t there. This is just a stage like any other. You’re just…having a conversation, you coached yourself. You sat in an uncomfortable leather chair across from Jason at his desk.
When he got the green light from the producer, he kicked off the show by introducing you as his special guest.
“Can I just say, Sirena, we’re all very glad to see you’re all right,” he said, with a very convincing note of sincerity. Your abilities allowed you to read the truth.
Only show them what you want them to see.
You gave him a grateful smile.
“Thanks, Jason. I appreciate that. It’s just…hazards of the job description, you know?” you said. “But I’m doing much better, and I’m very thankful that my team was there to support me.”
“Yes, the rest of Payback really stepped up to not only apprehend your attacker, but round up the entire Reyes gang. Is that right?” he said.
You nodded, reading the teleprompter. You were meant to go on a mini monologue about how great your team was, and how grateful you were to be a part of it. It was a script approved by Madelyn, and even Stan Edgar.
You paused, glancing over to where Arthur and Madelyn stood in the dark with the rest of the crew. They were both looking at you encouragingly, but expectant.
You took a steadying breath, and you decided to go a bit off-script.
“Well, actually, it was Soldier Boy who saved me,” you said. Jason’s brows rose at your shift in direction, but he reacted with all due interest.
“Really?” he prodded.
“Yes, he did,” you said. The memories of that night filtered through your mind with harrowing detail, including the way Ben stepped in and brutally handled that man. “He didn’t even hesitate. He just threw himself into the fray…and when it was over, he carried me to the hospital himself.”
That part wasn’t exactly true. He’d carried you over to a Vought-owned SUV, and the director of the camera crew drove you over to the hospital. You decided to gloss over that detail, and many others.
“Wow,” Jason said. He shook his head in wonder. “He truly lives up to the legend, doesn’t he?”
You smiled. “He’s more than that. Believe it or not, Soldier Boy was the first one to take me under his wing. He knew I was new to the city, so he guided me all over New York to see the sights like a tourist. Stuff I’m sure he’s seen millions of times, like Top of the Rock and Times Square. Oh, and he was also very gracious when my nephew came to visit. Got me some major brownie points for ‘Best Aunt in the World.’”
That earned you a congenial smile from your host. Your expression faded with a kind of weight in your heart.
“Ever since I got here, he’s been the one to tell it like it is, with that deep, authoritative voice of his,” you said, laughing a little when you tried to imitate Ben’s voice. It got you a laugh, even from those in the studio. “In a way, he’s the one who’s looked out for me the most. I’m very grateful for Soldier Boy, and of course for the rest of my team.”
When you finished, Jason nodded and clapped along with everyone else in the studio.
“Well, that’s just wonderful. Well said,” he said, and he looked straight into the camera with two fingers poised at his temple. “Soldier Boy, if you’re watching, we all appreciate you. And we salute you.”
Ben watched the clip from his living room with a small, incredulous smile on his face.
He wiped the remnants of white powder from his nose and sneezed. Blinking the bleariness out of his eyes, he refocused on the screen while you talked about him. He knew you had to be playing it up for Jason and the cameras, but you also seemed so sincere.
“He’s more than that.”
After the segment was over, he enjoyed the climax of his high while sitting back on his plush sofa. He tossed up an old baseball from his collection up towards the ceiling, this one signed by Babe Ruth. He caught it when gravity pulled it back down towards his face.
That was how Donna found him when she let herself into his apartment. She was out of her suit and wearing a little red dress, one of his old favorites. She graced him with a sultry smile.
“Busy?” she asked.
“Evidently,” he said.
She pouted, almost like a little girl. She went to him and curled herself under his arm and against his chest, draping a smooth thigh over his.
“I miss you,” she purred.
He smiled wryly and turned off the TV.
“Really now?” he drawled. “Because by my calculations it’s been…what, a few months since we’ve fucked?”
Donna paused, the smile slipping from her face.
“And I’m not counting that hand job a couple weeks back. That shit was pitiful, and a little chafing,” he said.
For the past few months, he’d been wracking his brain to remember what it was that had attracted him to this woman, besides the obvious outer packaging. He knew the difference now.
In the beginning, she idolized him. Worshipped him. Loved him. These days, she only came to him when she wanted something, and he had gotten bored. Bored of her.
As if sensing his shift, Donna moved her leg off his lap and sat up with a frown.
“Well, then let me fix it,” she said, as she slid a hand up his thigh. Suddenly she was all too willing to use those red-painted lips to service him.
Ben couldn’t help but envision those lips as yours, a sinful red, while your mouth did sinful things. He’d gotten off more than once to the thought of it alone, ever since he shot that goddamn music video with you.
So he grabbed Donna’s wandering hand and looked at her coolly.
“Look, for whatever reason, I know you’re not happy,” he said, waving dismissively with his other hand. “Neither of us are. So let’s just stop wasting time.”
Her eyes widened. “What’re you saying?”
Ben’s brows furrowed. “Am I speaking fucking English? It’s time to call it quits, sweetheart.”
Donna’s jaw worked as she fought to keep herself under control. He had a feeling she’d be angry. She always was a little spitfire.
Her body was coiled like a spring when she withdrew her hand from his and got to her feet. She gave him an icy look.
“This isn’t going to last,” she claimed, with a prideful tilt of her chin. “In a month, a week, you’ll get tired of her. And you’ll remember that I’m the one who looks best by your side.”
Ben huffed in amusement before he laid back again. He continued to toss up his baseball.
“Keep telling yourself that,” he said dismissively.
Donna let loose an aggravated breath, but she kept most of her reaction inside. She turned on her heel, prideful as ever, and left his apartment.
When her fingers landed on the doorknob, however, she turned back for just a moment. Silence greeted her.
It wasn’t until then that her tears finally bubbled over.
Days later, a knock on your door drew your attention out of pulling on some jeans. You were intending to go on a walk through the city, take some time to get out of the Tower and just be you for a change.
That had better not be Madelyn at the door again. She had chastised you for going off-script at the studio twice already. She made the point that she and Stan had gone over those talking points for weeks, and agreed that framing your rescue as a team effort would cover Swatto as well.
He was still laid up with a broken leg, long after the scrape of the bullet had healed. He was tight-lipped about how he’d broken said leg, but you’d heard from Tommy that he’d shattered it…somehow.
Arthur had smoothed things over about your adlib though. He pointed out that talking positively about Soldier Boy helped the whole team. He was the leader, after all.
So yeah, you hoped this visit wasn’t another passive aggressive dress down from the head of PR. You sighed and went over to get the door. You were thoroughly surprised to see Ben.
And a Ben that was wearing a regular suit, for that matter. He looked like he’d stepped out of a Hugo Boss catalogue, steeped in charcoal gray with a long black coat draped over his arm. Your mouth parted in soft shock, especially when he produced a single rose from behind his back.
You took it with tentative fingers and a blush rising hotly in your cheeks.
“Okay, what—”
“Let me take you out,” he said. “One night. You’ll get to see what it’s like to be with the most famous man in the world.”
What an opening line that was. You sensed he was in full Charm City mode, complete with a suave smile. Yours was more amused, even though you twisted the flower's soft petals lightly on your chin in contemplation.
After a few seconds to think, you gave him a patient look.
“Ben, nothing’s changed for me. I told you, I–”
“Countess and I are done, for real this time,” he said.
Once again, you were taken by surprise—mostly because he was telling the truth. You felt it.
Your brows knitted together in confusion. “When did this happen?”
“Recently,” he shrugged. “But like I said, it hasn’t been working for a while. It was a mutual thing.”
You weren’t so sure about that, but…
This is what I wanted, you reminded yourself. In fact, it had been half what you’d hoped for when you went off-script. You just couldn’t believe it had worked this well, so soon. As much as you probably shouldn’t, part of you began to feel bad for manipulating him. For lying to him.
But it’ll be good for my career.
“…Okay,” you agreed, glancing down at your plain shirt and jeans. “Just give me some time to change.”
He raised a brow. “How much time?”
You gave him a slightly cheeky smile. “An hour, and I’ll meet you in the lobby.”
He sighed, but he agreed.
“Just don’t keep me waiting all fucking day,” he said.
“Come on. What’s a little delayed gratification?” you teased. Then you gave him a more sincere smile. “I’ll see you later.”
Ben nodded, with some added charm in the look he gave you in return.
You slipped back into your apartment and shut the door. You paused there when a thought struck you.
Shit, now what am I going to wear?
AN: Did you see that one coming?
A lot of darker angst and drama in this one, sorry for that. But I think you may like what's coming up...
Next Time:
You slid your hand over his on the table. You felt him stiffen slightly, his body tensing up at your touch. You frowned when you saw the glint of wariness cross his face.
“I won’t compel you again, Ben. I promise,” you said. As long as you don’t give me a reason to.
Your hand traveled up his arm, soothing along his neck, your palm finally resting against his cheek. His green eyes stared into yours.
Soon enough, his wariness bled away into desire.
▶️ Keep Reading: PART 6
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[ID: A bowl of avocado spread sculpted into a pattern, topped with olive oil and garnished with symmetrical lines of nigella seeds and piles of pomegranate seeds; a pile of pita bread is in the background. End ID]
متبل الأفوكادو / Mutabbal al-'afukadu (Palestinian avocado dip)
Avocados are not native to Palestine. Israeli settlers planted them in Gaza in the 1980s, before being evicted when Israel evacuated all its settlements in Gaza in 2005. The avocados, however, remained, and Gazans continued to cultivate them for their fall and winter harvest. Avocados have been folded into the repertoire of a "new" Palestinian cuisine, as Gazans and other Palestinians have found ways to interpret them.
Palestinians may add local ingredients to dishes traditionally featuring avocado (such as Palestinian guacamole, "جواكامولي فلسطيني" or "غواكامولي فلسطيني"), or use avocado in Palestinian dishes that typically use other vegetables (pickling them, for example, or adding them to salads alongside tomato and cucumber).
Another dish in this latter category is حمص الافوكادو (hummus al-'afukadu)—avocado hummus—in which avocado is smoothly blended with lemon juice, white tahina (طحينة البيضاء, tahina al-bayda'), salt, and olive oil. Yet another is متبّل الأفوكادو (mutabbal al-'afukadu). Mutabbal is a spiced version of بابا غنوج (baba ghannouj): "مُتَبَّل" means "spiced" or "seasoned," from "مُ" "mu-," a participlizing prefix, + "تَبَّلَ" "tabbala," "to have spices added to." Here, fresh avocado replaces the roasted eggplant usually used to make this smooth dip; it is mixed with green chili pepper, lemon juice, garlic, white tahina, sumac, and labna (لبنة) or yoghurt. Either of these dishes may be topped with sesame or nigella seeds, pomegranate seeds, fresh dill, or chopped nuts, and eaten with sliced and toasted flatbread.
Avocados' history in Palestine precedes their introduction to Gaza. They were originally planted in 1908 by a French order of monks, but these trees have not survived. It was after the Balfour Declaration of 1917 (in which Britain, having been promised colonial control of Palestine with the dissolution of the Ottoman Empire after World War 1, pledged to establish "a national home for the Jewish people" in Palestine) that avocado agriculture began to take root.
In the 1920s, 30s, and 40s, encouraged by Britain, Jewish Europeans began to immigrate to Palestine in greater numbers and establish agricultural settlements (leaving an estimated 29.4% of peasant farming families without land by 1929). Seeds and seedlings from several varieties of avocado were introduced from California by private companies, research stations, and governmental bodies (including Mikveh Israel, a school which provided settlers with agricultural training). In these years, prices were too high for Palestinian buyers, and quantities were too low for export.
It wasn't until after the beginning of the Nakba (the ethnic cleansing of Palestinians from "Jewish" areas following the UN partition of Palestine in 1947) that avocado plantings became significant. With Palestinians having been violently expelled from most of the area's arable land, settlers were free to plant avocados en masse for export, aided (until 1960) by long-term, low-interest loans from the Israeli government. The 400 acres planted within Israel's claimed borders in 1955 ballooned to 2,000 acres in 1965, then 9,000 by 1975, and over 17,000 by 1997. By 1986, Israel was producing enough avocados to want to renegotiate trade agreements with Europe in light of the increase.
Israeli companies also attained commercial success selling avocados planted on settlements within the West Bank. As of 2014, an estimated 4.5% of Israeli avocado exports were grown in the occupied Jordan Valley alone (though data about crops grown in illegal settlements is of course difficult to obtain). These crops were often tended by Palestinian workers, including children, in inhumane conditions and at starvation wages. Despite a European Union order to specify the origin of such produce as "territories occupied by Israel since 1967," it is often simply marked "Israel." Several grocery stores across Europe, including Carrefour, Lidl, Dunnes Stores, and Aldi, even falsified provenance information on avocados and other fruits in order to circumvent consumer boycotts of goods produced in Israel altogether—claiming, for example, that they were from Morocco or Cyprus.
Meanwhile, while expanding its own production of avocados, Israel was directing, limiting, and destabilizing Palestinian agriculture in an attempt to eliminate competition. In 1982, Israel prohibited the planting of fruit trees without first obtaining permission from military authorities; in practice, this resulted in Palestinians (in Gaza and the West Bank) being entirely barred from planting new mango and avocado trees, even to replace old, unproductive ones.
Conditions worsened in the years following the second intifada. Between September of 2000 and September of 2003, Israeli military forces destroyed wells, pumps, and an estimated 85% of the agricultural land in al-Sayafa, northern Gaza, where farmers had been using irrigation systems and greenhouses to grow fruits including citrus, apricots, and avocados. They barred almost all travel into and out of al-Sayafa: blocking off all roads that lead to the area, building barricades topped with barbed wire, preventing entry within 150 meters of the barricade under threat of gunfire, and opening crossings only at limited times of day and only for specific people, if at all.
A July 2001 prohibition on Palestinian vehicles within al-Sayafa further slashed agricultural production, forcing farmers to rely on donkeys and hand carts to tend their fields and to transport produce across the crossing. If the crossing happened to be closed, or the carts could not transport all the produce in time, fruits and vegetables would sit waiting in the sun until they rotted and could not be sold. The 2007 blockade worsened Gaza's economy still further, strictly limiting imports and prohibiting exports entirely (though later on, there would be exceptions made for small quantities of specific crops).
In the following years, Israel allowed imports of food items into Gaza not exceeding the bare minimum for basic sustenance, based on an estimation of the caloric needs of its inhabitants. Permitted (apples, bananas, persimmons, flour) and banned items for import (avocados, dates, grapes) were ostensibly based on "necessary" versus "luxury" foods, but were in fact directed according to where Israeli farmers could expect the most profit.
Though most of the imports admitted into Gaza continued to come from Israel, Gazan farmers kept pursuing self-sufficiency. In 2011, farmers working on a Hamas-government-led project in the former settlements produced avocados, mangoes, and most of the grapes, onions, and melons that Gazans ate; by 2015, though still forbidden from exporting excess, they were self-sufficient in the production of crops including onions, watermelon, cantaloupe, grapes, almonds, olives, and apples.
Support Palestinian resistance by calling Elbit System’s (Israel’s primary weapons manufacturer) landlord, donating to Palestine Action’s bail fund, and donating to the Bay Area Anti-Repression Committee bail fund.
Ingredients:
2 medium avocados (300g total)
1/4 cup white tahina
2 Tbsp labna (لبنة), or yoghurt (laban, لبن رايب)
1 green chili pepper
2 cloves garlic
2 Tbsp good olive oil
Juice of 1/2 lemon (1 1/2 Tbsp)
1 tsp table salt, or to taste
Pomegranate seeds, slivered almonds, pine nuts, chopped dill, nigella seeds, sesame seeds, sumac, and/or olive oil, to serve
Khubiz al-kmaj (pita bread), to serve
Instructions:
1. In a mortar and pestle, crush garlic, pepper, and a bit of salt into a fine paste.
2. Add avocados and mash to desired texture. Stir in tahina, labna, olive oil, lemon juice, and additional salt.
You can also combine all ingredients in a blender or food processor.
3. Top with a generous drizzle of olive oil. Add toppings, as desired.
4. Cut pita into small rectangles or triangles and separate one half from the other (along where the pocket is). Toast in the oven, or in a large, dry skillet, stirring occasionally, until golden brown. Serve dip alongside toasted pita chips.
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Ko-fi prompt from @thisarenotarealblog:
There's a street near me that has eight car dealerships all on the same lot- i counted. it mystifies me that even one gets enough sales to keep going- but 8?? is there something you can tell me that demystifies this aspect of capitalism for me?
I had a few theories going in, but had to do some research. Here is my primary hypothesis, and then I'll run through what they mean and whether research agrees with me:
Sales make up only part of a dealership's income, so whether or not the dealership sells much is secondary to other factors.
Dealerships are put near each other for similar reasons to grouping clothing stores in a mall or restaurants on a single street.
Zoning laws impact where a car dealership can exist.
Let's start with how revenue works for a car dealership, as you mentioned 'that even one gets enough sales to keep going' is confusing. For this, I'm going to be using the Sharpsheets finance example, this NYU spreadsheet, and this Motor1 article.
This example notes that the profit margin (i.e. the percentage of revenue that comes out after paying all salaries, rent, supply, etc) for a car dealership is comparatively low, which is confirmed by the NYC sheet. The gross profit margin (that is to say, profits on the car sale before salaries, rent, taxes) is under 15% in both sources, which is significantly lower than, say, the 50% or so that one sees in apparel or cable tv.
Cars are expensive to purchase, and can't be sold for much more than you did purchase them. However, a low gross profit margin on an item that costs tens of thousands of dollars is still a hefty chunk of cash. 15% gross profit of a $20,000 car is still $3,000 profit. On top of that, the dealership will charge fees, sell warranties, and offer upgrades. They may also have paid deals to advertise or push certain brands of tire, maintenance fluids, and of course, banks that offer auto loans. So if a dealership sells one car a day, well, that's still several thousand dollars coming in, which is enough to pay the salaries of most of the employees. According to the Motor1 article, "the average gross profit per new vehicle sits at $6,244" in early 2022.
There is also a much less volatile, if also much smaller, source of revenue in attaching a repairs and checkup service to a dealership. If the location offers repairs (either under warranty or at a 'discounted' rate compared to a local, non-dealership mechanic), state inspections, and software updates, that's a recurring source of revenue from customers that aren't interested in purchasing a car more than once a decade.
This also all varies based on whether it's a brand location, used vs new, luxury vs standards, and so on.
I was mistaken as to how large a part of the revenue is the repairs and services section, but the income for a single dealership, on average, does work out math-wise. Hypothesis disproven, but we've learned something, and confirmed that income across the field does seem to be holding steady.
I'm going to handle the zoning and consolidation together, since they overlap:
Consolidation is a pretty easy one: this is a tactic called clustering. The expectation is that if you're going to, say, a Honda dealership to look at a midsize sedan, and there's a Nissan right next door, and a Ford across the street, and a Honda right around the corner, you might as well hit up the others to see if they have better deals. This tactic works for some businesses but not others. In the case of auto dealerships, the marketing advantage of clustering mixes with the restrictions of zoning laws.
Zoning laws vary by state, county, and township. Auto dealerships can generally only be opened on commercially zoned property.
I am going to use an area I have been to as an example/case study.
This pdf is a set of zoning regulations for Suffolk County, New York, published 2018, reviewing land use in the county during 2016. I'm going to paste in the map of the Town of Huntington, page 62, a region I worked in sporadically a few years ago, and know mostly for its mall and cutesy town center.
Those red sections are Commercially Zoned areas, and they largely follow some large stroads, most notably Jericho Turnpike (the horizontal line halfway down) and Walt Whitman Road (the vertical line on the left). The bulge where they intersect is Walt Whitman Mall, and the big red chunk in the bottom left is... mostly parking. That central strip, Jericho Turnpike, and its intersection with Walt Whitman... looks like this:
All those red spots are auto dealerships, one after another.
So zoning laws indicate that a dealership (and many other types of commercial properties) can only exist in that little red strip on the land use map, and dealerships take up a lot of space. Not only do they need places to put all of the cars they are selling, but they also need places to park all their customers and employees.
This is where we get into the issue of parking minimums. There is a recent video from Climate Town, with a guest spot by NotJustBikes. If you want to know more about this aspect of zoning law, I'd recommend watching this video and the one linked in the description.
Suffolk county does not have parking minimums. Those are decided on a town or village level. In this case, this means we are looking at the code set for the town of Huntington. (I was originally looking on the county level, and then cut the knot by just asking my real estate agent mom if she knew where I could find minimum parking regulations. She said to look up e360 by town, and lo and behold! There they are.)
(There is also this arcgis map, which shows that they are all within the C6 subset of commercial districting, the General Business District.)
Furniture or appliance store, machinery or new auto sales - 1 per 500 square feet of gross floor area
Used auto sales, boat sales, commercial nurseries selling at retail - 5 spaces for each use (to be specifically designated for customer parking) - Plus 1 for each 5,000 square feet of lot area
This is a bit odd, at first glance, as the requirements are actually much lower than that of other businesses, like drive-in restaurants (1 per 35 sqft) or department stores (1 per 200 sqft). I could not find confirmation on whether the 'gross floor area' of the dealership included only indoor spaces or also the parking lot space allotted to the objects for sale, but I think we can assume that any parking spaces used by merchandise do not qualify as part of the minimum. Some dealerships can have up to 20,000 gross sqft, so those would require 40 parking spaces reserved solely for customers and employees. Smaller dealerships would naturally need less. One dealership in this area is currently offering 65 cars of varying makes and models; some may be held inside the building, but most will be on the lot, and the number may go higher in other seasons. If we assume they need 30 parking spaces for customers and employees, and can have up to 70 cars in the lot itself, they are likely to have 100 parking spaces total.
That's a lot of parking.
Other businesses that require that kind of parking requirement are generally seeing much higher visitation. Consider this wider section of the map:
The other buildings with comparative parking are a grocery store (Lidl) and a post office (can get some pretty high visitation in the holiday season, but also just at random).
Compare them, then, to the "old town" section of the same town.
There are a handful of public parking areas nearby (lined in blue), whereas the bulk of the businesses are put together along this set of streets. While there is a lot of foot traffic and vehicle passage, which is appealing for almost any business, opening a car dealership in this area would require not only buying a building, but also the buildings surrounding it. You would need to bulldoze them for the necessary parking, which would be prohibitively expensive due to the cost of local real estate... and would probably get shot down in the application process by city planners and town councils and so on. Much easier to just buy land over in the strip where everyone's got giant parking lots and you can just add a few extra cramped lanes for the merchandise.
Car dealerships also tend to be very brightly lit, which hits a lot of NIMBY sore spots. It's much easier to go to sleep if you aren't right next to a glaring floodlight at a car dealership, so it's best if we just shove them all away from expensive residential, which means towards the loud stroads, which means... all along these two major roads/highways.
And if they're all limited to a narrow type of zoning already, they might as well take advantage of cluster marketing and just all set up shop near each other in hopes of stealing one of the other's customers.
As consumers, it's also better for us, because if we want to try out a few different cars from a few different brands, it's pretty easy to just go one building down to try out the Hyundai and see if it's better than a Chevy in the same price group.
(Prompt me on ko-fi!)
#economics prompts#marketing#zoning laws#ko fi prompts#ko fi#auto industry#automotive dealerships#car dealerships#phoenix posts
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[T]he advent of imperialism in Myanmar. [...] [An] episode in the history of the ecological impact of imperialism [...]. During the late nineteenth century and into the early twentieth century, Myanmar [British "Burma"] became one of the world's biggest exporters of hardwoods. [...] The rapid development of the timber industry was a vital motor in the expansion of capitalist and colonial relations in this often neglected corner of the Raj. Teak traders financed from Britain were vocal in lobbying Westminster and the [British] Government of India to colonise the [...] territory [...]. Following the eventual annexation of upper Myanmar in 1885, they continued to inveigle the local government into interceding on their behalf in the borderlands [...]. The booming rice industry developed alongside the growth of the teak industry [...]. Like teak extraction, rice cultivation in Myanmar was of transnational importance.
The rich alluvial soil provided fertile ground for the Ayeyarwady delta to undergo a dramatic transformation to become the largest rice-producing region in the world, having a ripple effect across the global cereal market. The white rice exported from Myanmar fed colonised labouring peoples (and some non-human animals) engaged in commodity production across the Empire, most notably in neighbouring Bengal. The delta was crucial to an interdependent network of food security established through and underpinning British imperialism.
The changes on the delta itself were profound, both socially and ecologically. [...] [F]rom the 1850s what was still predominantly a mangrove-forested backwater at the margins of political power became a febrile hive of activity.
Sparsely populated, isolated hamlets, hemmed in by the thick jungles and thickets of dense grass in the tidal delta, became enmeshed in an extensive tapestry of paddy fields, their populations growing fivefold to become thriving commercial hubs, connected by a busy riverine transport network to the bustling imperial port cities of Akyab (now Sittwe), Mawlamyine and Yangon. [...] Thick forest needed to be felled, the undergrowth burnt, and the remaining dense network of roots dug out [...]. Even then, they were in a precarious position. [...] This work was underpinned by heavy borrowing, mostly from local Burmese and overseas Indian sources, and misfortune could lead to them defaulting on their loan and losing their land to their creditor. [...] [P]rimary producers did not retain the wealth generated through rice production, and many agriculturalists were in a vulnerable position when the market went into crisis in the early 1930s. [...]
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All text above by: Jonathan Saha. “Accumulations and Cascades: Burmese Elephants and the Ecological Impact of British Imperialism.” Transactions of the Royal Historical Society, 32, pp. 177-197. 2022. [Bold emphasis and some paragraph breaks/contractions added by me. Presented here for commentary, teaching, criticism purposes.]
#ecology#abolition#landscape#elephants#tiger#indigenous#multispecies#colonial#imperial#tidalectics#archipelagic thinking#carceral geography#geographic imaginaries#victorian and edwardian popular culture#haunted
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It was the most spectacular trial ever held in Vietnam, befitting one of the greatest bank frauds the world has ever seen.
Behind the stately yellow portico of the colonial-era courthouse in Ho Chi Minh City, a 67-year-old Vietnamese property developer was sentenced to death on Thursday for looting one of the country's largest banks over a period of 11 years.
It's a rare verdict - she is one of very few women in Vietnam to be sentenced to death for a white collar crime.
The decision is a reflection of the dizzying scale of the fraud. Truong My Lan was convicted of taking out $44bn (£35bn) in loans from the Saigon Commercial Bank. The verdict requires her to return $27bn, a sum prosecutors said may never be recovered. Some believe the death penalty is the court's way of trying to encourage her to return some of the missing billions.
The habitually secretive communist authorities were uncharacteristically forthright about this case, going into minute detail for the media. They said 2,700 people were summoned to testify, while 10 state prosecutors and around 200 lawyers were involved.
The evidence was in 104 boxes weighing a total of six tonnes. Eighty-five others were tried with Truong My Lan, who denied the charges and can appeal.
All of the defendants were found guilty. Four received life in jail. The rest were given prison terms ranging from 20 years to three years suspended. Truong My Lan's husband and niece received jail terms of nine and 17 years respectively.
"There has never been a show trial like this, I think, in the communist era," says David Brown, a retired US state department official with long experience in Vietnam. "There has certainly been nothing on this scale."
The trial was the most dramatic chapter so far in the "Blazing Furnaces" anti-corruption campaign led by the Communist Party Secretary-General, Nguyen Phu Trong.
A conservative ideologue steeped in Marxist theory, Nguyen Phu Trong believes that popular anger over untamed corruption poses an existential threat to the Communist Party's monopoly on power. He began the campaign in earnest in 2016 after out-manoeuvring the then pro-business prime minister to retain the top job in the party.
The campaign has seen two presidents and two deputy prime ministers forced to resign, and hundreds of officials disciplined or jailed. Now one of the country's richest women has joined their ranks.
Truong My Lan comes from a Sino-Vietnamese family in Ho Chi Minh City, formerly Saigon. It has long been the commercial engine of the Vietnamese economy, dating well back to its days as the anti-communist capital of South Vietnam, with a large, ethnic Chinese community.
She started as a market stall vendor, selling cosmetics with her mother, but began buying land and property after the Communist Party ushered in a period of economic reform, known as Doi Moi, in 1986. By the 1990s, she owned a large portfolio of hotels and restaurants.
Although Vietnam is best known outside the country for its fast-growing manufacturing sector, as an alternative supply chain to China, most wealthy Vietnamese made their money developing and speculating in property.
All land is officially state-owned. Getting access to it often relies on personal relationships with state officials. Corruption escalated as the economy grew, and became endemic.
By 2011, Truong My Lan was a well-known business figure in Ho Chi Minh City, and she was allowed to arrange the merger of three smaller, cash-strapped banks into a larger entity: Saigon Commercial Bank.
Vietnamese law prohibits any individual from holding more than 5% of the shares in any bank. But prosecutors say that through hundreds of shell companies and people acting as her proxies, Truong My Lan actually owned more than 90% of Saigon Commercial.
They accused her of using that power to appoint her own people as managers, and then ordering them to approve hundreds of loans to the network of shell companies she controlled.
The amounts taken out are staggering. Her loans made up 93% of all the bank's lending.
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According to prosecutors, over a period of three years from February 2019, she ordered her driver to withdraw 108 trillion Vietnamese dong, more than $4bn (£2.3bn) in cash from the bank, and store it in her basement.
That much cash, even if all of it was in Vietnam's largest denomination banknotes, would weigh two tonnes.
She was also accused of bribing generously to ensure her loans were never scrutinised. A former chief inspector at the central bank was given a life sentence for accepting a $5m bribe.
The mass of officially sanctioned publicity about the case channelled public anger over corruption against Truong My Lan, whose fatigued, unmade-up appearance in court was in stark contrast to the glamorous publicity photos people had seen of her in the past.
But questions are also being asked about why she was able to keep on with the alleged fraud for so long.
"I am puzzled," says Le Hong Hiep who runs the Vietnam Studies Programme at the ISEAS - Yusof Ishak Institute in Singapore.
"Because it wasn't a secret. It was well known in the market that Truong My Lan and her Van Thinh Phat group were using SCB as their own piggy bank to fund the mass acquisition of real estate in the most prime locations.
"It was obvious that she had to get the money from somewhere. But then it is such a common practice. SCB is not the only bank that is used like this. So perhaps the government lost sight because there are so many similar cases in the market."
David Brown believes she was protected by powerful figures who have dominated business and politics in Ho Chi Minh City for decades. And he sees a bigger factor in play in the way this trial is being run: a bid to reassert the authority of the Communist Party over the free-wheeling business culture of the south.
"What Nguyen Phu Trong and his allies in the party are trying to do is to regain control of Saigon, or at least stop it from slipping away.
"Up until 2016 the party in Hanoi pretty much let this Sino-Vietnamese mafia run the place. They would make all the right noises that local communist leaders are supposed to make, but at the same time they were milking the city for a substantial cut of the money that was being made down there."
At 79 years old, party chief Nguyen Phu Trong is in shaky health, and will almost certainly have to retire at the next Communist Party Congress in 2026, when new leaders will be chosen.
He has been one of the longest-serving and most consequential secretary-generals, restoring the authority of the party's conservative wing to a level not seen since the reforms of the 1980s. He clearly does not want to risk permitting enough openness to undermine the party's hold on political power.
But he is trapped in a contradiction. Under his leadership the party has set an ambitious goal of reaching rich country status by 2045, with a technology and knowledge-based economy. This is what is driving the ever-closer partnership with the United States.
Yet faster growth in Vietnam almost inevitably means more corruption. Fight corruption too much, and you risk extinguishing a lot of economic activity. Already there are complaints that bureaucracy has slowed down, as officials shy away from decisions which might implicate them in a corruption case.
"That's the paradox," says Le Hong Hiep. "Their growth model has been reliant on corrupt practices for so long. Corruption has been the grease that that kept the machinery working. If they stop the grease, things may not work any more."
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A Little Practice (Trent Northwick X Male Reader)
“O Romeo, Romeo! Wherefore art thou Romeo?”
As Y/N walks in the almost empty music classroom, he spots his boyfriend, Trent, practicing his acting. With much passion and drama, the blonde actor is giving out his best Juliet impression.
“Deny thy father and refuse thy name; Or, if thou wilt not, be but sworn my love, And I'll no longer be a Capulet.” Trent ahem his voice as he switches character. “Shall I hear more, or shall I speak at this?”
“Thou art a arsehole, thy beloved.” Y/N says with a angelic voice, making Trent look back at him with a smirk.
“You were always the best at improv.”
“Still am.” Y/N walks over to Trent to give him a peck on the lips. “Practicing again?”
“Yes. The play is next week. I got a commercial to shoot this Saturday. Audition about two weeks. I’m thriving!” Trent proudly smiles, until he drops his façade. “But I’m also stressing the fuck out.”
“Figured. Thought you may need me.” Y/N reassuringly smiles. “We can hang out or I can help you practice.”
“Second one.” Trent walks over to a table to put down the Romeo and Juliet script down, grabbing another one in return. He walks back to give Y/N one of the script. “It’s the commercial. You’re person 2.”
Y/N hums and looks at the script. “America, a land of opportunity, dreams, and pride. When we got to the US, I expected everything to go perfect.” Y/N slows down his voice by the following lines, being extremely confused. “Turns out illegally crossing the border brings problems. My wife is going to be a whore if we don’t enough money.”
“No need to worry!” Trent says with a chivalrous voice, not bothered by the unusual script. “We at Blackshark reassures anyone to live a happy life with their family. No matter the background, we like to give anyone the opportunity to blossom. Don’t worry about paying your loans. Spend it to whatever you desire, and we promise you, at the end of the day, you will prosper.”
“Wow! Now I don’t have to sell my organs. Thanks Blackshark.”
Y/N looks up to see Trent smirking proudly. “I nailed it. You on the other hand.”
“The fuck is this script?” Y/N merely blurts out. “And your commercial is about loan sharks?”
“It sure is.”
Y/N wonders that his boyfriend know the possible consequences. “Isn’t this bad for your brand? Being revolved with scammers?”
“Look, if Paris Hilton is allowed to get in drama without issue, so am I.”
-
Minutes later, and Trent decides he had practice enough with his scripts. After convincing Y/N to do something else, they change into more flexible clothes.
“You know everyone is going to bully you if they discover you can do ballet.”
“Ballet is the core of dancing. It comes back in many other genres. Also, it’s good for the body. So if anyone is going to harass me, I remember their name and call them out once I’m rich and famous.” Trent says without a doubt.
“Don’t you mean we?”
“Depends. I don’t want to associate with lower class people.” Trent respond without remorse. He and his boyfriend begin sitting on the ground and do some stretching. “I suggest working on that football dream, buddy.”
“It’s not my fault Ted keeps hogging the quarterback spot.” Y/N groans. “I hope after all the bootlicking he gives the spot after he graduate.”
“You need to do better. Have you tried sleeping with him?”
Y/N deadpanned at his boyfriend. “You want me to cheat on a straight guy?”
“If it makes you famous like I’m going to be.” Trent merely replies. “Besides, I’m sure he swings both ways.”
“According to who?”
“My gaydar.”
Y/N sighs. “I think yours broken.”
“Na-ah. 100% accurate. You, gay. Gord, Kirby, Cornelius, Vance, definitely bi. Troy, gay. Ted, bi as fuck, he just doesn’t know it.”
“Look, just because you’re right the previous ones doesn’t mean you’re always right.” Y/N corrects him. “Wait, aren’t we supposed to do ballet?”
“Oh, yeah.” Trent forgot. He and Y/N stands up. “Let’s begin with some poses, relevé.”
“Rele-what?”
“Relevé.” With elegance, Trent jumps up a bit and with his tips of his toes, stands on the ground. With his hands, he lifts them up and make a circle out of them. “Voilá.”
Y/N is amazed by the sight, especially the ridiculous strength his toes has to balance him. “Since when do you know all this shit?”
“Since I was young. Practice makes perfect.” Trent comments. He stops posing and expectedly looks back at his boyfriend. “Now you.”
“You expect me to stand on my toes?” Y/N barely have any experience with ballet. The only experience he has is when Trent tries to flex his skills and try to compare his with his boyfriend.
“I help, since apparently you can’t do it on your own.” Trent playfully mutters the last part. He gets behind Y/N to put his hands besides his body. “You pose, I balance you.”
Y/N can’t help but smirk. “Fine.”
Thus, he put his arms up and stand on his toes, which took a couple of seconds. Luckily, after trying a couple of times and with the help of the actor, Y/N is standing in the pose. Though he gives up after almost 3 seconds.
“There. That was annoying.” Y/N chuckles.
“Good, for your first time.” Trent unnecessary comments. “Now we have 25 left to go.”
“By the love of-”
-
After a lot of practice, Y/N somehow did most of the poses Trent requested. They already practiced Trent’s scripts and ballet training, Y/N wonders what’s up next.
“Please tell me we actually do something normal.”
“You’re saying this isn’t normal?” Trent questions, but he quickly dismisses the jock’s comment. “Anyway, let’s do the last exercise.”
“And that is?”
“Improv.” Trent says with a smirk. “Since you’re good at it, have fun thinking about your first line.”
“Uh!?” Y/N quickly panics as he thinks for something to say. “Nice weather, huh?”
Trent raises his eyebrow, judging his boyfriend. “That’s what you came up with?”
“Shut it. You’re breaking character.”
Trent chuckles. “No, it’s raining you dumbass. Can’t you see through the window.”
“Oh no, what an idiot I am. Sorry, must have the moron decease I got from my boyfriend.”
“Sounds like you’re the only one suffering from it though.”
“Nah. I’m certain he got it too.” Y/N decides to play alone just to shove it on Trent’s face. “He makes me do all these dumb acting exercises instead of taking me out on a date or something actually normal people do.”
“Huh. Sounds more like you don’t care about your boyfriend’s passions and dreams.” Trent plays along as well, with both men smiling.
“Yeah, you can say that again. I really don’t care.”
Trent laughs at the respond. “Alright, alright. That’s enough. You did good.”
“Thanks. I was only kidding about the insults. I actually like you’re over confident attitude.”
“I know you do.” Trent proves the footballer right. “So, now that we’re done and I’m entertained, you want to go out?”
#bully#bully scholarship edition#trent northwick#trent x male reader#trent northwick x male reader#bully x male reader
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Okay, this was probably obvious to other people who are more familiar with Korean culture, but I'm pretty certain Gu Won's story arc in King the Land isn't just about falling in love with Sa-rang, it's about falling in love with Korea itself.
I thought on the first watch that Gu Won was always super excited when he ate "poor people" food, but no, it's when he eats traditional Korean food. Most of the fancy dinners are foods famous in other cultures (most often Western, but also Japanese) and the drinks are all Western and even said in English loan-words (wine, whisky). Even the meal Gu Won makes is European. The meals Sa-rang serves or treats him to are primarily traditional but also said in Korean and she also drinks domestic beer or soju.
Gu Won's been living abroad for years, so it makes sense that he would be more familiar with foreign food, but I think it's also a critique of rich people wanting Western markers of wealth instead of Korean ones. In Ep 8, Gu Won leaves the hotel's Western style sauna and joins Sa-rang in a Korean style sauna, where he again eats a traditional Korean food and loves it. He even has a bad dream in the foreign sauna and they make it clear that he's never even been to a Korean one.
His first meaningful interaction with his father is over the traditional beef-head stew, and then his father asks for soju to have with it after being offered three Western drinks instead. His father also mourns that the stew isn't being made properly anymore.
And it's a big deal at the end when Gu Won's sister doesn't send her son back to America to be educated but keeps him in Korea...
The entire thing was a massive commercial for Korea (except for the Thailand episode) and a critique of the rich thinking that foreign things are better.
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@aesthetic-writer18
Part 1: a economic overview of Ancient greece
Greece had pretty poor soil. They relied heavily on agricultural trade for food and their economy was reliant on imported goods. They grew olives and grapes, which were complimented by herbs and vegetables. Husbandry was badly developed, consisting mostly of sheep and goats while bees were kept for honey, which was the only source of sugar known to the greeks. Up to 80% of the Greek population was employed in the agricultural industry. Agricultural work followed the rhythm of the seasons: they harvested olives in autumn while trimming and keeping grapevines during the autumn seasons and the end of winter, while settings aside fallow land(land set aside so that it can recover nutrients) in the springs, harvesting cereals in summer and cutting wood, sowing seeds, and harvesting grapes into autumn, where the cycle would repeat. Greece had fairly mild but wet winters with hot and dry summers: typical of other mediterranean countries.Craftsmanship in greece was very much a big part of their domestic sphere(social circle), at least early on. Later around the 8th and 4th century BC(800 BC – 701 BC and 400 BC – 301 BC respectively), it moved to a more commercialized zone. Things like weaving and baking were done solely by women before the 5th century BC, before slaves were used after the expansion of commerce. Workshops were mostly family-operated and employed up until around 429 BC, following the death of Pericles, when a new class of wealthy owners and managers of workshops emerged.
Another aspect of greece’s economy was pottery. The greeks used the same method of pottery used since the bronze age. The potter's work consisted of selecting the clay, fashioning the vase, drying and painting and baking it, and then applying varnish. Part of production went to domestic use in things such as plates, containers, and lamps, commercial use for selling, and the rest served an artistic function. Pottery was often done by slaves and a few skilled artisans.
Greece practiced free trade, though later regulations were put in place to manage the trade of grains, flour, and bread. Maratime trade in greece was conducted by class of traders known as Emporoi. The state collected a duty(tax) on the cargo of Emporoi, which at Piraeus, the main port of Athens, was set to 1% or higher. One of the main drivers of trade in Ancient Greece was colonization. As larger city states set up colonies, there would be trade between the founding city and its colony. Furthermore, different climates in these colonies created a comparative advantage in goods. The growing amount of trade in greece led to new financial techniques being developed. Most merchants lacked sufficient cash assets to fund their expeditions, and as a result, had to borrow money to finance part or sometimes all of their expeditions. A loan for a large venture in athens was generally a large sum of cash(usually less that 2000 drachmas, the greek currency of the time), lent for the duration of the voyage, which typically lasted several weeks or months, and had a high rate of interest. This interest rate was often set at 12% but could reach up to a 100% interest rate. These terms were always laid out in writing. The lender bore all of the risks; in exchange, the trader committed all of their cargo and fleet. These were often seized upon arrival to Piraeus as a precautionary measure.
Greece's main exports were olive oil, wine, pottery, honey, and metalwork. Imports included grains, pork, fine pottery, eels, and pulses from Sicily, Arabia, Egypt, Ancient Carthage, and the Bosporan Kingdom. While peasants and artisans often sold their wares, there were also retail merchants known as kapeloi. They grouped into guilds and sold fish, olive oil, and vegetables. Women would sell perfume or ribbons, and merchants were required to pau a fee for their space in the marketplace. The general population viewed them poorly. Aristotle labled their activity "a kind of exchange which is justly censured, for it is unnatural, and a mode by which men gain from one another.” Greece also apparently didn't directly tax their people. The Eisphora was a tax on the very wealthy, usually only levied in wartime. Particularly large fortunes were subject to liturgies: the support of public works. The Diaspora was another form of tax which only applied to the wealthiest. The citizens could reject the taxation, however, if they believed someone else was wealthier and not being taxed. The wealthier would have to pay for the liturgy. On the other hand, indirect taxes were quite important. Taxes were levied on houses, slaves, herds and flocks, wines, and hay, among other things. Shopping centers in greece were known as Agoras. early in Greek history free-born citizens would gather in the agora for military duty or to hear statements of the ruling king or council. Every city had its agora where merchants could sell their products. Prices were rarely fixed, so bargaining was a common practice.
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Mega Schemes
Huge hydraulic schemes are made possible by advanced modern civil engineering techniques. They require vast international contracts that are only possible at the level of central governments, international free floating capital and supranational government organisations. The financiers borrow money and lend it at commercial rates, so they favour largescale engineering projects that promise increasing production for export markets at the expense of local subsistence economies, with disastrous social and environmental effects. Cash crops destroy settled communities and cause pollution of soil and water. For instance, Ethiopia’s Third Five-Year Plan brought 60% of cultivated land in the fertile Awash Valley under cotton, evicting Afar pastoralists onto fragile uplands which accelerated deforestation and contributed to the country’s ecological crisis and famine. There’s a vicious circle at work. Development needs money. Loans can only be repaid through cash crops that earn foreign currency. These need lots more water than subsistence farming. Large hydraulic schemes to provide this water are development. Development needs money. And so it goes.
Large-scale projects everywhere are the consequence and justification for authoritarian government: one of America’s great dam-building organisations is the US Army Corps of Engineering. Stalin’s secret police supervised the construction of dams and canals. Soldiers such as Nasser of Egypt and Gadafi of Libya and military regimes in South America have been prominent in promoting such projects. Nasser built the Anwar High dam in 1971. The long-term consequences have been to stop the annual flow of silt onto delta land, requiring a growing use of expensive chemical fertilisers, and increased vulnerability to erosion from the Mediterranean. Formerly the annual flooding washed away the build-up of natural salts; now they increase the salt content of irrigated land. The buildup of silt behind the dam is reducing its electricity generating capacity; the lake is also responsible for the dramatic increase in water-borne diseases. Nationalism leads to hydraulic projects without thought to what happens downstream in other countries. The 1992 floods of the Ganga-Brahmaputra-Barak system killed 10,000 people. 500m people live in the region, nearly 10% of the world’s population, and they are constantly at risk from water exploitation and mismanagement. Technological imperialism has replaced the empire building of the past: large-scale hydro projects are exported to countries despite many inter-related problems – deforestation, intensive land use and disputes and so on. Large-scale water engineering projects foment international disputes and have become economic bargaining counters, for example the Pergau dam in Malaysia. The British Government agreed to spend £234m on it in 1989 in exchange for a £1.3bn arms deal. In 1994 the High Court ruled that the aid decision was unlawful but these kinds of corrupt deals continue.
In Sri Lanka the disruption caused by the Mahawelli dams and plantation projects resulted in the forcible eviction of 1 million people and helped maintain the insurgency of the Tamil Tigers that resulted in thousands of deaths as they fought government forces from the late 1980s onwards. In 1993 the Marsh Arabs of southern Iraq were threatened by Saddam Hussein’s plans to drain the area – the most heavily populated part of the region. Many of the 100,000 inhabitants fled after being warned that any opposition risked death. Selincourt estimated that 3 million people would lose their homes, livelihoods, land and cultural identity by giant dam projects in the 1990s. The Kedung Ombo dam (Indonesia) displaced 25,000; the Akasombo dam (Ghana) 80,000; Caborra Bassa (South Africa) 25,000. Three dams in Laos alone will have displaced 142,000 people. The proposed Xiao Langdi dam in China would displace 140,000; the Three Gorges project 1.1 million people. Only war inflicts a similar level of human and environmental destruction, yet large dam projects have a chronic record in delivering water and power, or eliminating flooding in downstream valleys.
#freedom#ecology#climate crisis#anarchism#resistance#community building#practical anarchy#practical anarchism#anarchist society#practical#revolution#daily posts#communism#anti capitalist#anti capitalism#late stage capitalism#organization#grassroots#grass roots#anarchists#libraries#leftism#social issues#economy#economics#climate change#climate#anarchy works#environmentalism#environment
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Self Employed Mortgages
WizWealth offers specialized self employed mortgages tailored to your unique financial situation. Access flexible home loans with competitive rates, simplified paperwork, and expert guidance. Realize your property dreams, no matter your business structure. Apply now for personalized solutions.
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Maximizing Your Profit: A Comprehensive Guide to Selling Land for Cash
Selling land for cash is an attractive option for property owners who want to expedite the sale process, avoid lengthy negotiations, and secure a lump sum payment. Unlike traditional real estate transactions involving homes or commercial buildings, selling land comes with unique challenges and opportunities. Whether you own vacant plots, farmland, or recreational property, understanding the intricacies of selling land for cash is crucial to ensure you maximize your profit and minimize risks. This guide will walk you through the essential steps, key considerations, and benefits of, as well as offer insight into market dynamics, finding buyers, and avoiding common pitfalls. From understanding the paperwork involved to knowing how to market your land effectively, being well-prepared can lead to a smooth and profitable transaction.
The Benefits of Selling Land for Cash: Why It’s a Smart Choice?
There are several advantages to selling land for cash that make it a smart choice for many property owners. One of the primary benefits is the speed of the transaction. Cash sales typically proceed much faster than those involving financing, as they eliminate the need for buyer mortgage approvals, appraisals, or loan contingencies. This expedites the closing process, allowing the seller to receive payment quickly. For those looking to liquidate assets for other investments or personal needs, selling land for cash offers immediate liquidity, making it an attractive option for individuals in need of quick financial flexibility. Another significant benefit is the reduced likelihood of the sale falling through. Since cash buyers do not need to secure a loan, there’s less risk of last-minute financing issues that could derail the transaction.
Essential Steps for a Smooth Transaction When Selling Land for Cash
To ensure a smooth and successful transaction when selling land for cash, there are several essential steps that sellers should follow. The first step is conducting a thorough assessment of your land’s value. It’s important to research comparable land sales in the area and possibly seek an appraisal to determine a fair asking price. Overpricing or underpricing your land can deter buyers or result in a loss of potential profit, so getting this right is critical. Once the value is determined, preparing the land for sale is the next step. This includes gathering all necessary documentation, such as the deed, tax information, survey reports, and any relevant zoning or environmental regulations. Having this information readily available not only speeds up the process but also reassures potential buyers of the land’s legitimacy and condition. Marketing the property effectively is another crucial step. Listing the land on popular real estate platforms, engaging with local realtors, and utilizing signage can help attract cash buyers.
Understanding the Market: Key Factors Affecting Selling Land for Cash
The real estate market, particularly for land, can be influenced by several factors that sellers need to be aware of when selling land for cash. Market conditions, including supply and demand, play a significant role in determining how quickly a property will sell and at what price. For instance, if there’s a high demand for land in a particular area due to population growth or economic development, sellers may find that they can command a higher price. Conversely, in a saturated market with more land available than buyers, it may take longer to sell, and sellers may need to adjust their pricing expectations. The location of the land is another critical factor. Proximity to cities, infrastructure, utilities, and amenities can greatly affect the desirability and value of the land. Properties that are easily accessible and near development projects are often more appealing to buyers, while remote or undeveloped land may require more marketing effort.
How to Find Reliable Buyers When Selling Land for Cash?
Finding reliable cash buyers when selling land requires a combination of marketing strategies, networking, and due diligence. One of the most effective ways to attract serious cash buyers is by listing your land on reputable real estate platforms that specialize in land sales. Websites like Zillow, LandWatch, and Realtor.com offer a wide audience and tools to showcase your property effectively. Providing high-quality images, detailed descriptions, and information about the land’s potential uses can significantly increase interest. Another strategy is to network with local real estate agents and land brokers who may have clients looking for land investments.
Common Mistakes to Avoid When Selling Land for Cash
Selling land for cash can be a straightforward process, but several common mistakes can derail the transaction or result in financial loss. One of the most frequent mistakes is overpricing or underpricing the land. While sellers naturally want to maximize their profit, pricing the land too high can deter potential buyers, especially in a competitive market. On the other hand, pricing it too low may lead to missed opportunities for a higher return. Conducting proper market research and seeking professional appraisals can help avoid this pitfall. Another mistake is neglecting to prepare the land for sale. This includes not gathering the necessary documentation or failing to disclose important information about the property.
The Role of Paperwork in Selling Land for Cash: What You Need to Know?
While selling land for cash can simplify the transaction process, proper paperwork is still essential to ensure a legal and secure sale. The most critical document in any land sale is the deed, which proves ownership and must be transferred to the buyer upon completion of the sale. Sellers need to ensure that the deed is clear of any liens or encumbrances that could complicate the transaction. Title searches are often conducted to verify the land’s legal status and ensure there are no claims against it. Another important document is the purchase agreement, which outlines the terms and conditions of the sale, including the sale price, payment schedule, and any contingencies. This contract protects both the buyer and seller by clarifying the responsibilities of each party.
The Pros and Cons of Selling Land for Cash: A Detailed Analysis
Selling land for cash comes with its pros and cons that sellers should carefully consider. One of the biggest advantages is the speed of the transaction. Cash sales tend to close much faster than those involving financing, which can take weeks or even months to complete. For sellers in need of quick liquidity, this is a significant benefit. Cash sales also typically involve fewer contingencies and less paperwork, reducing the complexity of the transaction. Additionally, cash buyers are often more motivated to close the deal quickly, which can provide peace of mind for sellers. However, there are some potential downsides to selling land for cash. For one, cash buyers may expect a discount in exchange for the speed and simplicity of the sale.
Conclusion
Selling land for cash can be a highly profitable and efficient way to liquidate property, provided that the process is managed carefully. Understanding the market, pricing the land correctly, finding reliable buyers, and avoiding common mistakes are all crucial elements to a successful transaction. While cash sales offer the benefit of speed and simplicity, sellers should still be diligent in their paperwork and vetting of potential buyers to ensure a smooth and legally sound sale. By following best practices and being aware of the key factors affecting land sales, property owners can maximize their profits and achieve a successful outcome.
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Buying Property in Thailand
Thailand is an attractive destination for property buyers due to its scenic landscapes, vibrant cities, and welcoming culture. However, purchasing property in Thailand, especially as a foreigner, involves navigating a complex legal framework and understanding the local market intricacies. This comprehensive guide will provide detailed insights, enhancing expertise and credibility by delving into the legalities, procedures, and best practices for buying property in Thailand.
1. Understanding the Legal Framework
Key Legal Restrictions:
Land Code Act B.E. 2497 (1954): Foreigners cannot own land in Thailand except under specific conditions.
Condominium Act B.E. 2522 (1979): Foreigners can own up to 49% of the total floor area of a condominium building.
Foreign Business Act B.E. 2542 (1999): Regulates foreign business activities and investments, impacting property purchases for business purposes.
Exceptions and Alternatives:
Board of Investment (BOI) Projects: Foreigners investing in BOI-promoted projects can acquire land under specific conditions.
Long-Term Leases: Foreigners can lease land for up to 30 years, with options to renew.
Thai Company Ownership: Forming a Thai company where foreigners hold less than 50% of shares allows indirect land ownership.
2. Types of Property Available for Purchase
Condominiums:
Freehold Ownership: Foreigners can own condominium units outright.
Ownership Percentage: The foreign ownership quota in a condominium building should not exceed 49%.
Leasehold Properties:
Land and Houses: Foreigners can lease land and houses for up to 30 years, with potential for renewal.
Registration: Leases exceeding three years must be registered at the Land Department to be legally enforceable.
Investment Properties:
Commercial Real Estate: Foreigners can invest in commercial properties through long-term leases or joint ventures with Thai partners.
Resort and Hotel Investments: Special regulations apply to foreign investments in resort and hotel properties, often requiring joint ventures.
3. Due Diligence and Legal Processes
Conducting Due Diligence:
Title Search: Verify the property’s legal status, ownership history, and any encumbrances or disputes.
Zoning and Land Use: Ensure the property complies with local zoning laws and land use regulations.
Environmental Compliance: Check for any environmental restrictions or issues affecting the property.
Engaging Legal and Financial Advisors:
Real Estate Lawyer: Hire a reputable lawyer specializing in Thai real estate to guide you through the legal processes.
Financial Advisor: Consult a financial advisor to understand tax implications, financing options, and investment strategies.
Steps in the Buying Process:
Reservation Agreement: Sign a reservation agreement and pay a reservation fee to secure the property.
Due Diligence: Conduct thorough due diligence with the help of legal advisors.
Sale and Purchase Agreement (SPA): Draft and sign the SPA, detailing the terms and conditions of the sale.
Deposit Payment: Pay a deposit, typically 10-30% of the purchase price.
Transfer of Ownership: Complete the transfer at the Land Department, paying the remaining balance and associated fees.
4. Costs and Taxes Involved
Purchase Costs:
Transfer Fee: 2% of the appraised property value.
Stamp Duty: 0.5% of the purchase price or appraised value, whichever is higher.
Withholding Tax: 1% of the appraised value or the actual sale price, whichever is higher.
Specific Business Tax (SBT): 3.3% of the appraised or actual sale price, applicable if the property is sold within five years of acquisition.
Ongoing Costs:
Common Area Fees: Monthly fees for maintenance of common areas in condominiums.
Property Tax: Annual property tax based on the assessed value of the property.
Utilities and Maintenance: Regular expenses for utilities, repairs, and maintenance.
5. Financing Options
Local Financing:
Thai Banks: Some Thai banks offer mortgage loans to foreigners for condominium purchases.
Eligibility Criteria: Generally, borrowers need to have a work permit, proof of income, and a good credit history.
Foreign Financing:
Home Country Banks: Some buyers secure financing from banks in their home countries, leveraging their assets abroad.
International Mortgage Providers: Specialized financial institutions provide mortgages for international property purchases.
Payment Plans:
Developer Financing: Some developers offer financing plans with staggered payments during the construction period.
Installment Payments: Buyers can negotiate installment payments directly with sellers or developers.
6. Common Pitfalls and How to Avoid Them
Legal Complications:
Unclear Title: Always verify the title to avoid disputes and ensure clear ownership.
Zoning Issues: Confirm zoning regulations to ensure the property can be used as intended.
Contractual Disputes: Have all agreements reviewed by a lawyer to prevent misunderstandings and ensure enforceability.
Financial Risks:
Currency Fluctuations: Be aware of exchange rate risks when making payments in foreign currency.
Hidden Costs: Account for all additional costs such as taxes, fees, and maintenance expenses.
Financing Challenges: Ensure you have a clear financing plan and understand the terms of any loans or payment plans.
7. Enhancing Expertise and Credibility
Demonstrating Professional Credentials:
Legal Qualifications: Highlight the legal qualifications and experience of your advisors and partners.
Professional Experience: Detail your experience in handling property transactions in Thailand.
Memberships and Affiliations: Include memberships in professional organizations like the Thai Bar Association, the Real Estate Broker Association, or international property associations.
Providing Authoritative References:
Cite Legal Documents: Reference specific sections of the Land Code Act and Condominium Act to support your points.
Expert Opinions: Incorporate insights from recognized experts in Thai real estate law and property investment.
Including Detailed Case Studies:
Client Testimonials: Feature testimonials from clients who have successfully purchased property in Thailand with your assistance.
Real-Life Examples: Provide detailed examples of successful transactions, highlighting any challenges overcome and solutions implemented.
Visual Aids and Infographics:
Process Flowcharts: Use flowcharts to depict the steps involved in the property buying process.
Diagrams: Create diagrams to visually explain key legal concepts and ownership structures.
#buying property in thailand#property in thailand#property lawyers in thailand#thailand#property#lawyers in thailand
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Understanding Dubai's Residential Property Market: A Buyer's Guide
Understanding Dubai's residential property market is essential for making informed buying decisions. This buyer's guide provides an in-depth look at the key aspects of the market and tips for successful property purchases.
For more information on real estate, visit Dubai Real Estate.
Market Overview
Market Dynamics: Dubai's real estate market is dynamic and influenced by various factors such as economic growth, government policies, and global trends. Understanding these dynamics helps buyers make informed decisions.
Property Types: Dubai offers a wide range of residential properties, including apartments, villas, townhouses, and penthouses. Each property type has its own advantages and considerations.
Regulatory Framework: The Dubai Land Department (DLD) and the Real Estate Regulatory Agency (RERA) oversee the market, ensuring transparency and protecting buyers' rights. Familiarize yourself with the regulations and guidelines set by these authorities.
For property purchase options, explore Buy Residential Properties in Dubai.
Financing Options
Home Loans: Most buyers in Dubai finance their purchases through home loans. Several banks and financial institutions offer competitive mortgage rates and flexible terms. Research different lenders and compare their offers to find the best deal.
Mortgage Pre-Approval: Obtain a mortgage pre-approval to determine your budget and streamline the buying process. A pre-approval gives you a clear idea of your borrowing capacity and demonstrates to sellers that you are a serious and qualified buyer.
Down Payment: Ensure you have sufficient funds for the down payment, typically 20-25% of the property's value for expatriates. Consider additional costs such as registration fees, agent commissions, and maintenance charges.
For mortgage services, consider Mortgage Brokers UAE.
Choosing the Right Property
Location: Choose a location that aligns with your lifestyle and investment goals. Popular residential areas in Dubai include Downtown Dubai, Dubai Marina, Palm Jumeirah, and Arabian Ranches. Consider factors such as proximity to schools, workplaces, and amenities.
Developer Reputation: Research the reputation of the property developer. Established developers with a track record of delivering high-quality projects on time are usually a safer choice.
Property Condition: Inspect the property for any structural issues, maintenance needs, and potential repairs. Hire a professional inspector if necessary to ensure the property is in good condition.
For rental property management, visit Rent Your Property in Dubai.
Legal Considerations
Title Deed Verification: Ensure the property has a clear title and is free from any legal disputes or encumbrances. The DLD provides title deed verification services to help buyers confirm the property's legal status.
Sales Agreement: Review the sales agreement carefully and seek legal advice if needed. Ensure all terms and conditions are clearly outlined, including the price, payment schedule, and any additional costs.
Residency Visa: Property buyers in Dubai may be eligible for a residency visa. The visa duration and requirements vary depending on the property's value and the buyer's nationality. Consult with the DLD or a legal expert to understand the specific visa requirements and benefits.
For property sales, visit Sell Your Property in Dubai.
Market Trends and Opportunities
Sustainable Developments: There is a growing demand for eco-friendly and sustainable properties in Dubai. Developers are increasingly incorporating green building practices and energy-efficient features into their projects.
Smart Homes: The adoption of smart home technology is on the rise. Properties equipped with advanced security systems, automated lighting, and climate control are becoming more popular.
Mixed-Use Communities: Integrated communities that offer a mix of residential, commercial, and recreational facilities are gaining popularity. These developments provide residents with a convenient and holistic living experience.
Real-Life Success Story
Consider the case of Maria, an expatriate who successfully navigated Dubai's residential property market. Maria conducted thorough market research, obtained mortgage pre-approval, and chose a reputable developer. By following the guidelines outlined in this buyer's guide, Maria secured a luxurious villa in Arabian Ranches and enjoys the community's amenities and family-friendly environment.
Future Trends in Dubai Real Estate
Sustainable Developments: Developers are increasingly incorporating eco-friendly and sustainable practices into their projects. Properties with green features such as solar panels, energy-efficient appliances, and sustainable materials are becoming more popular.
Smart Homes: The adoption of smart home technology is on the rise. Properties equipped with advanced security systems, automated lighting, and climate control are becoming more popular.
Mixed-Use Communities: Integrated communities that offer a mix of residential, commercial, and recreational facilities are gaining popularity. These developments provide residents with a convenient and holistic living experience.
Conclusion
Understanding Dubai's residential property market is essential for making informed buying decisions. By staying informed about market dynamics, exploring financing options, choosing the right property, and navigating legal considerations, you can make a successful investment. For more resources and expert advice, visit Dubai Real Estate.
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