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I realize an investment property is a property purchased specifically to generate profit through rental income, capital gains, or resale. As a legal concept, investment property appears in securities law and business law. However, What Classifies As an Investment Property? How do I qualify for a real estate loan on an investment property? What are the steps of an investment property mortgage loan.
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How does VA HOME LOANS work?
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Want to tell our members about Derrick Grayson and the video message I saw. I could not believe my ears to hear Mr. Derrick Grayson about all the questionable lies and theories from EVIL and politicians. I will not say too much until you all see Derrick Grayson podcast. You will NOT be disappointed.
https://www.youtube.com/live/qFI4qaGSrMo?si=VwWeAomqrIxrhy1t
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This discussion was modified 1 year, 10 months ago by Gustan Cho.
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What are the guidelines and requirements on flip-and-flip loans at Lending Network? How much down payment is required? What are the requirements to qualify for fix-and-flip loans? Can you explain the steps of fix-and-flip loans? Does the borrower need to have experience in doing fix-and flips? What types of properties are eligible for fix-and-flip loans?
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Hygiene is a set of rules to help preserve health. We all remember COVID from a few years ago. We went around wearing masks and washing our hands constantly. We avoided people, movies, weddings, and everything else to practice proper hygiene. Here is one guideline you will not find that prevents bacteria from spreading. Flush with the lid down. That’s right, flush your toilet with the lid down. I don’t know why a lot of people have not figured this out.
Looking at new homes recently, every toilet lid in pictures was not shut. Why? We all know what the toilet looks like; do we have to see where you sit and conduct business? Think about it from a practical point of view: your flush lid is up, and bacteria is being sprayed throughout the bathroom. Do you store your toothbrush nearby? It’s getting showered with bacteria. Whatever is exposed is collecting bacteria; you wouldn’t wash your toilet with your toothbrush, but it’s the same effect.
We used to be annal, no pun intended, about hygiene during COVID. Why did most of us abandon these practices? You thought COVID was over and all was safe. There is bacteria everywhere. If we start with this, it will most definitely help us stay healthy. I think we should start a new campaign. “SHUT LID! SHUT LID!” “Game of Thrones” had, HOLDDOOR, HOLD DOOR!
We must SHUT LID to remain a bit more healthy.
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Lending Network, Inc. is the commercial lending division of Gustan Cho Associates headed by Gustan Cho. Gustan Cho is the President and Managing Partner of Operations of Lending Network, powered by NEXA Mortgage.
Lending Network, Inc., dually powered by Gustan Cho Associates and Mortgage Sensei, is a commercial financial services company that deals with various business, investment, and commercial mortgage loan products and lending solutions not offered by traditional banks and commercial financial institutions.
What Types of Commercial Loan Programs Does Lending Network Offer
Lending Network has a national reputation for being able to offer business and commercial loans that other financial institutions of business and commercial financial products cannot do. With the backing of the largest residential mortgage broker in the nation, NEXA Mortgage, it is easier to ask us what commercial loan program Lending Network does NOT do. We strive to live by our national reputation as a one-stop lending shop. Lending Network aims to give individualized monetary answers that cater to the distinct requirements of borrowers of business and commercial lending options, even if they do not fit into standard traditional commercial loan qualifications. For more information, please refer to their official website – http://www.lendingnetwork.org
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This discussion was modified 1 year, 10 months ago by Gustan Cho.
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This discussion was modified 1 year, 2 months ago by
Sapna Sharma.
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This discussion was modified 1 year, 2 months ago by Sapna Sharma.
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This discussion was modified 1 year, 1 month ago by Sapna Sharma.
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Here are two German Shepherd dogs on a Sunday morning remote car chase.
https://www.facebook.com/share/r/Qys1h3i8SYFXADeA/?mibextid=D5vuiz
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Chase, my big guy, learned not to Chase squirrels and fetch a ball. Not yet 100% but good enough but good enough. Great dog.
0:14
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The housing market in Sarasota, Florida and its surrounding area is plummeting. After three years of skyrocketing values, homes in Sarasota, Florida are in major trouble. Home prices are expected to plummet 30 to 40% throughout 2024 into 2025. Home prices in Sarasota, County Florida increased 40% to 50% since 2019. The housing forecast of Sarasota Florida through 2025 is expected to wipe out all of the gains it gained since 2019. The housing market in Sarasota, Florida, has experienced several shifts in 2024. The median home price has seen a slight decline, with the average price for single-family homes around $548,000, down by about 4.7% from the previous year. This decline in prices presents opportunities for buyers, especially as the market has seen an increase in inventory and longer days on market.
The average time a home spends on the market has risen significantly, from 26 days last year to about 50 days this year, indicating a slower pace in sales. Additionally, the percentage of homes sold below the list price has increased, with many homes experiencing price drops before selling.
Despite these trends, Sarasota remains somewhat competitive, particularly in the luxury market, which is driven by affluent out-of-state buyers looking for waterfront estates and island retreats. However, the market dynamics are shifting towards favoring buyers more than in the past few years, given the increased inventory and slower sales pace.
For those considering entering the market, now might be a good time to buy, given the lower mortgage rates compared to last year and the slight decline in home prices. However, it is crucial to conduct thorough research and work with real estate professionals to make informed decisions.
If you need more detailed insights or assistance with specific neighborhoods in Sarasota, professional real estate services can provide tailored advice and support.
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California has 30 million passengers which costs $8 billion dollars to maintain the roads Californians drive. With so many Californians driving electric cars the gas tax money in California is drying up. California is now planning on taxing motorists 30 cents per mile to cover the shortage of the gas tax.
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I have three dually licensed real estate agents and mortgage loan originators who are the main breadwinners and need to produce. They are 100% commission and if they do not list, sell, or rent a house or commercial property they do not bring home a pay check. The mortgage industry has been no different and bleak. However, the chances are much greater for the dually licensed realtor and mortgage loan officer to concentrate on loan origination rather than real estate sales because they can cover much more distance. A loan officer does not have to drive a customer all over the city to show them a home. Loan officers can work remotely, over the phone, and out of state as long as the loan officers are licensed in the particular state. I know many loan officers purchased leads and SEO programs to no avail. Nothing but a waste of money and time. I have been talking to Viral Website Developers and am very interested in targeting keywords and buying Google Ads or work on blogs or content with the right keywords. Where can I get a list of keywords on government, conventional, and non-QM loans. I would appreciate the GCA technical and seo team if they can guide me the right direction because these folks do not have the money nor the time to get scammed by a fast talking SEO lead generation hustler. Thank you in advance.
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There are many conflicting questions and theories about who is Michelle Obama and what relationship is Michelle Obama to Michael Robinson? Is Michelle Obama Michael Robinson Obama? What does this mean for Barack Hussain Obama? Does this mean that Barack Hussain Obama is the first U.S. President married to a man? Or transgender? We need to have some transgender answers.
https://www.tiktok.com/t/ZT8x5ryLU/
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The verdict is in on former President Donald Trump’s trial in New York. Former President Donald Trump has been found guilty on all 34 charges in his hush money case. Never before in history has a former president of the United States been tried after they left office of the Presidency. This trial of former President Donald Trump was politically motivated with many things wrong with even going to trial. No doubt the trial was politically motivated due to the fear and panic of former President Donald Trump running for office of the Presidency of the United States in November 2024. The charges against President Donald Trump are related to falsifying business records to conceal a $130,000 payment made to adult film star Stormy Daniels. This payment was part of an effort to prevent Daniels from going public with her claims about a 2006 encounter with Trump. This historic conviction marks Trump as the first former U.S. president to be convicted of felony crimes. The jury deliberated for 9.5 hours before reaching their verdict, which involved examining numerous invoices, vouchers, and checks connected to the reimbursement payments made to Trump’s former lawyer, Michael Cohen, who initially covered the payment to Daniels. The sentencing for Trump is scheduled for July 11, just before the Republican National Convention where he is expected to be nominated as the 2024 presidential candidate.
https://www.youtube.com/watch?v=NM1v-Tyvvso&list=RDNSNM1v-Tyvvso&start_radio=1
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Delaware, the home of the Cheater in Chief, Joe Biden, America’s biggest crime family. Other than the Imbecile cheating crook and his crime family, Delaware is a beautiful state. Delaware. the “First State” in the United States can indeed be a great place to raise a family, depending on what you’re looking for. Some benefits include:
1. Cost of living: The cost of living in Delaware is typically lower than the national average, especially when compared to nearby states like New York and New Jersey. Delaware also has no sales tax, which can help families save money.
2. Education: Delaware has a good mix of public and private schools. It also has a number of specialized charter schools and magnet schools, and the state has been investing in improving education.
3. Proximity to major cities: Delaware is located within a few hour’s drive of several major East Coast cities, including Philadelphia, New York City, Baltimore, and Washington D.C. This can provide a lot of opportunities for cultural experiences, employment, and travel.
4. Outdoor activities: The state has many parks, beaches, and trails, offering plenty of opportunities for outdoor recreation.
5. Safety: While it varies from place to place, many of the communities in Delaware have low crime rates and are considered safe places to live.
6. Community: Delaware’s population is relatively small, leading to a close-knit community feel in many of its towns and cities. There are frequent community events, farmer’s markets, festivals, and more.
As with any location, there are also potential drawbacks. Some people find Delaware to be too small or quiet, especially if they’re used to a bustling city environment. Moreover, while the state has been working on improving education, it still ranks in the middle of the pack compared to other states.
Before moving, it would be beneficial to research individual towns and cities in Delaware to find one that best suits your family’s needs. In general, though, Delaware has many qualities that can make it a good place for families.
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I am trying to get my head around and grasp this AI; it’s not working. While at my cardiologist recently, we had a discussion on AI. His son is a cellist and has played professionally for years.
He stated, “There are good things about AI.” He went on to say his son played cello two years ago in a recording studio in Kentucky. He played the first part of a symphony he wrote, had it recorded with AI, and AI finished the symphony. My doctor said it was musically perfect—no mistakes from any instrument. The only thing missing was passion; passion in music cannot be duplicated. The essence of music is to feel its energy radiate through your body. If it doesn’t, something is missing.
I’ve been experiencing a similar reaction to my short stories. My critics read the post, not the story, then break down each phrase and each word. Here is an example: my book. “If The Creek Don’t Rise There Will Be A Parade.” I know what the title means; AI doesn’t need to explain it to me. Pretty condescending. However no one reads the book. “Wow Wine Wednesdays,” a short post on a certain wine I like. AI explains “Wednesdays,” ‘the middle of the week break.’ No one mentioned the wine. This AI is erasing all the passion involved in writing. If AI critiqued “Old Man and the Sea,” it would say, “Old man, a male of old age,” and “seas,” a large body of water smaller than an ocean. Sure it makes me want to read the book.
AI, as far as I’m concerned, always misses the point. Although you can’t argue with the facts of AI, they will always be correct. My definition of AI. AI is a big windbag that states truths, never having an opinion on any discussion. It’s like that smart ass kid you grew up with who knew all the facts about baseball but couldn’t hit a ball or catch a ball. He may know the facts, but he will never know the feeling of running down a fly ball in the outfield on a warm summer afternoon while your teammates are cheering for you to catch the ball. AI has no feelings; it can’t register passion. In truth, you can’t explain something you never really experienced.
AI will never give me goose bumps, or that warm feeling when hearing the violin, how the strings be so soothing it will erase any depression. It will never give me the tingling sensation that’s engulfs my body when a soprano hits their high C in an aria.
Let’s break down Artifical Intelligence like AI would.
Artifical: an adjective which modifies a noun: made or produced by a human being rather than occurring naturally. In other words FAKE.
Intelligence: a noun the subject of the sentence: the ability to acquire knowledge and skill
To make logical chooses, to be able to solve problems, apply critical thinking and think in the abstract. In other words being able to THINK.
AI is really a phooey, its fake and it can’t think. Ergo an oxymoron.
Oxymoron: Greek, “Oxus” means sharp and “Moros means” foolish.
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Veterans and Credit Utilization: Balancing the Scales of Debt and Limits
Welcome to Day 16 of our series, tailored specifically for our brave veterans navigating the realm of civilian credit. Today, we hone in on the topic of credit utilization, a pivotal element in credit scoring and one that can greatly influence financial health.
Credit Utilization Unpacked: Understanding the Ratio
Credit utilization is the ratio of your current credit card balances compared to your credit card limits. Expressed as a percentage, it’s a significant factor, accounting for about 30% of your FICO score. A lower percentage indicates responsible credit management, signaling less risk to lenders.
The Significance of Credit Utilization for Veterans
Just as discipline and balance are essential on the battlefield, they’re crucial in financial matters too. Veterans transitioning to civilian life might encounter various financial responsibilities, making it vital to manage credit utilization prudently.
Effective Strategies to Optimize Credit Utilization
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Monitor Balances Regularly: Regularly check your credit card balances to ensure you’re not inching close to your limit.
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Increase Credit Limits: If possible, request a credit limit increase on your cards. This can lower your utilization without reducing debt.
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Multiple Payments: Consider making multiple smaller payments throughout the month to keep balances low.
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Keep Zero-Balance Accounts Open: Even if you’ve paid off a credit card, consider keeping it open. The available credit helps lower your overall utilization.
Veteran-Centric Insights on Credit Utilization
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Financial Re-adjustments Post-Deployment: After deployments, there might be significant expenses. Prioritize paying down high credit balances to keep utilization low.
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Veteran Aid and Financial Counseling: Some veteran associations offer financial counseling. Leverage these resources to get personalized advice on managing credit utilization.
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Benefit from Military APR Benefits: The SCRA offers reduced interest rates for active-duty military members. By capitalizing on this, veterans can potentially lower their card balances faster.
Challenges in Maintaining Optimal Credit Utilization
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Unexpected Expenditures: Life can throw curveballs, leading to unforeseen expenses. Having an emergency fund can mitigate resorting to maxing out credit cards.
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Misunderstanding Utilization: Some might believe it’s beneficial to use up their entire credit limit and pay it off monthly. However, high utilization, even if paid off every month, can affect your score.
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Over-relying on a Single Card: Spreading expenses across cards (without accumulating excessive debt) can help manage utilization on any single card.
Broadening the Horizon: Utilization in the Financial Mosaic
While credit utilization is a significant metric, it’s essential to see it as part of a broader financial narrative. Effective credit management encompasses punctual payments, diversified credit mix, and a keen understanding of one’s financial needs and capabilities.
Concluding Day 16: Balancing the Financial Scales with Precision
The art of managing credit utilization is akin to balancing scales. On one side, we have the credit we use, and on the other, the limits set by lenders. For our veterans, this balance is an integral aspect of their post-service financial journey, demanding the same precision and strategy they’ve exemplified in their service.
As we draw the curtains on today’s insights, our mission remains unchanged: to empower our veterans with the knowledge and tools to navigate the financial waters with confidence and clarity.
Join us for Day 17, as we delve deeper into the tapestry of credit, ensuring that our nation’s heroes are well-equipped for every financial challenge and opportunity that lies ahead.
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There were a few instances when my website got a Google Penalty. A Google Penalty under my understanding is when Google unranks your Keywords thus affecting your organic traffic. Many Keywords will go from first page to disappearing
Any of you have more specific information about getting a Google Penalty and the reasons why and how you fix it. Thank you in advance.
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AI is here to stay, but the real concern should be Quantum Computers, China is developing a new computer that may be 1000s of times faster than what we are using know. When developed they can hack into ALL accounts and render the economy of the USA helpless.
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What is the best way to market yourself as a mortgage loan originator through organic leads and not have to hire expensive lead generation companies during these tough times.
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Veterans and New Credit Inquiries: Navigating Fresh Financial Opportunities
Greetings and welcome to Day 14 of our meticulously curated series, designed especially for our nation’s veterans. As they venture into the multifaceted domain of civilian credit, today we’ll explore the concept of new credit inquiries and its implications on credit health.
New Credit Inquiries Unveiled: What’s Behind the Hard Pull?
When you apply for a credit product, lenders usually perform a credit check to assess your creditworthiness. This is often termed as a “hard inquiry” or “hard pull”. New credit inquiries, which constitute these hard pulls, account for approximately 10% of your FICO score.
Why Veterans Should Be Informed about New Credit Inquiries
Each hard inquiry can slightly decrease your credit score. While a single inquiry might reduce your score by a few points, multiple inquiries in a short time frame can be more detrimental. This is vital for veterans, especially those freshly exploring diverse financial products in civilian life.
Navigating New Credit Inquiries: Best Practices
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Limit Applications: While it’s tempting to apply for various credit offers, it’s wise to limit applications to avoid multiple hard inquiries.
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Research Before Applying: Understand the credit product’s requirements. Applying for credit products you’re more likely to get approved for can minimize unnecessary inquiries.
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Rate Shopping: If you’re loan shopping (e.g., auto or mortgage loans), do so within a short window (typically 14-45 days, depending on the scoring model). Multiple inquiries during this period can count as a single inquiry.
Special Considerations for Veterans
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Post-Deployment Financial Overhaul: After coming back from deployments, some veterans might feel the urge to revamp their financial portfolios. While this is commendable, it’s essential to space out new credit applications.
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Utilizing Veteran-Specific Offers: Many institutions have special credit offers for veterans. Before diving in, understand if a hard inquiry will be initiated and its terms.
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Credit Education for Veterans: Take advantage of veteran-focused financial literacy programs that provide insights into managing and understanding new credit inquiries.
Potential Pitfalls in Managing New Inquiries
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Being Lured by In-Store Offers: Often, retail stores entice customers with immediate discounts on sign-up for their credit card. While the offer might seem lucrative, remember it comes with a hard inquiry.
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Ignoring Soft Inquiries: Not all credit checks are hard inquiries. Checking your credit score or getting pre-qualified offers are “soft pulls” that don’t affect your score. Knowing the difference is crucial.
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Overlooking the Long-Term: Hard inquiries remain on your report for two years, though their impact diminishes over time. Still, be mindful of their long-term presence on your credit report.
The Broader Canvas: Inquiries in the Grand Scheme of Credit
While new credit inquiries play a role in your credit score, they’re just one part of a larger picture. Payment history, credit utilization, and credit mix also have notable impacts. Veterans, known for their strategic planning and foresight, can approach credit inquiries as just one tactic in the broader strategy of credit management.
Closing Day 14: Paving the Path to Informed Financial Decisions
Every hard inquiry, every credit application, is a step on the journey of financial self-discovery. For our brave veterans, this journey is intertwined with their unique experiences and aspirations.
As we wrap up today’s chapter, our mission remains crystal clear: to equip our nation’s heroes with the knowledge and tools they need to confidently stride down the path of financial freedom.
Tune in for Day 15, as we delve deeper into the nuances of credit, ensuring our veterans stand tall and informed in the face of every financial crossroad.
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Veterans and Credit Mix: Diversifying Your Financial Portfolio
Welcome to Day 13 of our comprehensive series committed to guiding our nation’s veterans through the vast ocean of credit intricacies. Today, we set our sights on the concept of credit mix. As our heroes make their way into civilian financial landscapes, recognizing the significance and management of diverse credit types can be pivotal for a wholesome credit profile.
Deciphering Credit Mix: Beyond Just Credit Cards
Your credit mix, or the variety of credit accounts you possess, makes up about 10% of your FICO score. This encompasses credit cards, retail accounts, installment loans, mortgage loans, and more. It reflects your ability to manage different types of credit responsibly.
Why Veterans Should Pay Attention to Credit Mix
A diverse credit mix can indicate to lenders that you’re adept at handling various forms of debt. While it’s not necessary to have one of each type of credit, showing experience across multiple types can be beneficial. For veterans transitioning into civilian financial ecosystems, understanding this facet can add another feather to their credit-building cap.
Building a Healthy Credit Mix: Tips and Strategies
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Start with What You Need: While diversifying is good, it’s essential to only take on credit you genuinely need and can manage. Don’t rush into various credit types just for the sake of variety.
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Consider Different Types of Loans: If you’re in a position to manage them, think about personal loans, auto loans, or a mortgage. These add depth to your credit mix.
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Retail Accounts and Their Role: Retail accounts, like those from department stores, can be part of your credit mix. But beware of high interest rates and always read the fine print.
Veterans and Their Unique Credit Mix Situations
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Service-Related Absences: Prolonged absences due to deployments or active duty can mean gaps in credit activity. On return, diversifying credit can help in enhancing your credit profile.
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VA Loans – A Unique Asset: VA home loans are a valuable asset for veterans, not just for their favorable terms, but also as a key component of their credit mix.
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Leveraging Military Lending Programs: Some financial institutions offer credit-building products tailored for military members and veterans, which can be a strategic addition to your credit mix.
Avoiding Pitfalls in Credit Mix Management
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Over-diversification: While a diverse credit mix is beneficial, overextending yourself with too many accounts can become unmanageable.
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Ignoring Account Maintenance: Diversity isn’t just about opening accounts; it’s about maintaining them. Ensure regular check-ins and timely payments across all accounts.
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Falling for Predatory Lenders: Especially for those eager to diversify their credit, it’s crucial to avoid lenders or offers that seem too good to be true.
The Bigger Picture: Harmonizing Variety with Responsibility
A harmonious credit mix isn’t just about accumulating different credit types. It’s about strategically integrating them into your financial narrative and ensuring each plays its part responsibly. For veterans, this means weaving in their unique financial experiences and leveraging the discipline and dedication they’ve embodied in service.
Concluding Day 13: Charting a Symphony of Financial Instruments
In the world of credit, variety is both an art and a science. It’s about crafting a symphony where each financial instrument plays its part, contributing to a melodious credit score.
As we conclude today’s insights, we reiterate our unwavering commitment to our veterans, ensuring that every nuance of credit, every strategy, and every opportunity is made accessible and understandable.
Join us for Day 14 as we continue our deep dive, helping our nation’s heroes craft their unique, empowered, and informed financial narratives.
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The truth is that all of these loans still have the overlays of each lender, and it’s what the lender requires that matters. These SBA, HUD, USDA, and conventional loans are referrals; you only need to know some things. There are so many variations, exceptions, and special underwriting. Most nonrecourse loans still require personal guarantees; it is just that if the loan defaults, they will not come after your personal property unless there is fraud. Those carve-outs usually pertain to fraud. Fannie Mae often approves loans easier than Freddie Mac senior housing, student housing, affordable housing tax credit LIHTC usually has the highest LTVs. Often a non-profit will get 5% to 10% higher LTV. I will partner with these potential borrowers using my non-profit and HUD sponsorship status, taking 25% to 50% of the project.
Small balance loans from $1MM to $7 mm have an 80% LTV for apartments
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This discussion was modified 2 years, 8 months ago by Gustan Cho.
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This discussion was modified 2 years, 8 months ago by
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Veterans and Credit History Length: The Long Game of Building Trust
Welcome to Day 11 of our series dedicated to assisting our nation’s veterans in understanding the intricate fabric of credit. Today, we unravel the role and importance of credit history length. As veterans transition and adapt to civilian financial systems, realizing how the duration of credit history influences their credit scores can be instrumental.
Understanding Credit History Length: A Timeline of Trust
Credit history length refers to the duration you’ve had open credit accounts. This includes both the age of your oldest account and the average age of all your accounts. Representing roughly 15% of your FICO score, it acts as a testament to your long-term reliability as a borrower.
Why is Length of Credit History Vital for Veterans?
Length of credit history provides lenders a more extended window into your borrowing habits. For veterans, especially those who might’ve had limited opportunities to build credit during service, understanding its implications becomes essential as they navigate civilian financial systems.
Strategies to Bolster Credit History Length
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Think Twice Before Closing Old Accounts: While it might seem logical to close unused or seldom-used accounts, doing so can reduce the average age of your accounts, potentially impacting your score.
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Be Cautious with New Accounts: Regularly opening new credit accounts can decrease the average age of your credit history.
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Become an Authorized User: If a trusted family member or friend has a long-standing credit card account with a positive history, consider asking to be added as an authorized user. This can sometimes help boost the length of your credit history.
Special Considerations for Veterans
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Military Campaigns and Credit: Extended deployments can sometimes mean limited credit activity. However, some credit scoring models might view military service favorably, considering the length of active duty as a positive credit behavior.
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Post-Service Financial Rebuilding: Some veterans might only begin earnestly building their credit post-service. In such cases, focusing on other aspects of credit, such as payment history or credit utilization, can help offset a shorter credit history length.
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Leveraging VA Benefits: VA loans, or other veteran-centric financial products, might have more accommodating criteria, understanding the unique financial trajectories of service members.
Navigating Potential Pitfalls
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Avoiding Credit Altogether: While it’s prudent to avoid unnecessary debt, shying away from all forms of credit can leave you with a nonexistent or very short credit history.
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Frequent Account Churning: Regularly opening and closing accounts, often lured by short-term bonuses or offers, can harm the length of your credit history.
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Ignoring Old Accounts: Even if you don’t use an old account frequently, ensure it’s in good standing. An old delinquent account can harm more than just your credit history length.
Embracing the Marathon, Not the Sprint
Building a robust credit history length is akin to a marathon, not a sprint. It’s about the consistent and strategic nurturing of credit accounts over time. Veterans, accustomed to the long-haul dedication and commitment of service, can resonate with this approach in the financial realm.
The message is clear: While immediate financial decisions are crucial, it’s equally essential to have a vision for the future, ensuring decisions made today pave the way for a robust credit profile tomorrow.
Concluding Day 11: The Legacy of Financial Trust
Every financial transaction, every credit decision, leaves a mark, contributing to the legacy of one’s credit history. For our nation’s heroes, understanding this legacy becomes part and parcel of their post-service journey.
As we wrap up our insights for today, our dedication to guiding veterans through this journey remains unwavering. With every piece of knowledge shared, we aim to illuminate the path towards financial empowerment.
Join us on Day 12 as we delve deeper, ensuring that every veteran, every hero, is equipped to chart their financial course with confidence and clarity.
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The ascent and descent of Montgomery Ward plus Sears, Roebuck & Co. are among the most interesting tales in American retail history. The rise and fall of these two businesses are given as follows:
Montgomery Ward:
Origins: Aaron Montgomery Ward founded it in 1872. He also invented the mail-order catalog business concept.
It grew rapidly during the late 19th and early 20th centuries, in the 1920s, retail stores.
Demise: In the mid-20th century, it struggled to compete against Sears. It should have adjusted to new retail landscapes. It suffered multiple bankruptcies followed by restructurings. Ultimately, it closed down operations in 2001.
Sears, Roebuck and Company:
Founding years: Richard Warren Sears and Alvah Curtis Roebuck started it in 1892. By the mid-20th century, it became America’s largest retailer. I ventured into insurance, real estate, financial services, etc.
Kenmore and Craftsman were some of the popular brands they introduced.
Fall: Competition from discount retailers like Walmart became too intense during the 1980s and 1990s. E-commerce, together with shifting consumer preferences, posed major challenges for them. Merged with Kmart in 2005 but still faced decline until recently when filing for bankruptcy protection. Since then, most stores have been closed except for a few remaining ones. Key factors contributing to their downfall include adapting to new retail trends and increasing rivalry from cheap vendors and online sellers. Leadership incompetence coupled with wrong strategic choices made over time. There is too much of a burden associated with upkeep costs for many physical outlets. These examples show how difficult it can be for companies within the retail sector to respond flexibly enough to changes in markets or customer demands.
https://youtu.be/J5Rh0qlcp4g?si=R96dxakCwuzvF6SU
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Veterans and the Importance of Diverse Credit: The Multi-Faceted Approach to a Robust Credit Profile
Welcome to Day 5 of our dedicated series on credit for U.S. military veterans. As we journey together, today’s focus shifts to an often under-emphasized yet critical aspect of building a robust credit profile: the importance of diverse credit types. For veterans transitioning into civilian life, understanding the value of a well-rounded credit portfolio can be a game-changer.
Diverse Credit: More Than Just Credit Cards
When we talk about credit, the immediate image that often comes to mind is credit cards. However, credit diversity encompasses more than just those plastic cards. It refers to having a mix of different credit types in your credit history. The major credit types include:
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Revolving Credit: This includes credit cards and home equity lines of credit. With these, you have a limit, and you can borrow as much or as little as you want up to that limit.
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Installment Credit: Loans with fixed terms and regular payments, like mortgages, auto loans, and student loans.
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Open Credit: The most common example is a charge card which you need to pay off in full every month.
Why Diverse Credit Matters for Veterans
Credit mix constitutes about 10% of your FICO credit score. While it may seem like a minor percentage, for someone teetering between a “good” and “excellent” score, this 10% can make all the difference.
For veterans, understanding and implementing credit diversity can:
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Show Lenders Versatility: A diverse credit portfolio illustrates to lenders that you’re adept at managing different types of credit responsibilities.
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Provide Safety Nets: Different credit types can offer varied advantages in financial emergencies.
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Optimize Credit Score: As mentioned, a healthy credit mix can give your credit score that extra push.
Achieving a Balanced Credit Mix: Steps for Veterans
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Start with What You Need: Don’t rush to diversify your credit just for the sake of it. Start with what you genuinely need. If you’re considering buying a car, an auto loan would be a natural addition.
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Consider Retail Accounts: Store cards or retail accounts can be easier to qualify for and can add another layer to your credit mix. Just be wary of high-interest rates and always pay off the balance in full, if possible.
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Explore Personal Loans: If you have a significant purchase or expense, consider a personal loan instead of maxing out a credit card. This introduces installment credit into your mix.
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Stay Current on All Payments: The importance of diverse credit doesn’t mean neglecting the basics. Always ensure you’re up-to-date with payments on all accounts.
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Regularly Review Your Credit Report: As you diversify, regularly check your credit report to ensure all your accounts are correctly reported and to catch any discrepancies.
The Potential Pitfalls: What Veterans Should Avoid
While diversifying credit has its advantages, it’s not without potential pitfalls:
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Overborrowing: Just because you have access to diverse credit doesn’t mean you should max out all available options. Always borrow responsibly.
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Opening Too Many Accounts Too Quickly: This can be a red flag for lenders and might temporarily lower your credit score due to hard inquiries.
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Neglecting Older Accounts: Older accounts bolster your credit age, which is another factor in your credit score. Ensure you keep and occasionally use your oldest credit cards even as you diversify.
Looking Beyond the Horizon: The Long-Term Perspective
Diverse credit is not a short-term tactic but a long-term strategy. For veterans, the journey from military service to civilian life is filled with significant decisions. While building a diverse credit portfolio, always align it with your long-term financial goals. Whether it’s homeownership, entrepreneurial aspirations, or securing your child’s education, let your credit decisions reflect your broader life goals.
Wrapping Up Day 5: The Symphony of Diverse Credit
Think of diverse credit as an orchestra. Each instrument (or credit type) has its unique sound, but when played together, they create a harmonious symphony. For veterans, understanding this symphony and playing each instrument with care can lead to a financially stable and prosperous civilian life.
As we conclude today’s exploration into the world of diverse credit, we remain committed to our mission: ensuring that our veterans, the heroes of our nation, are equipped with the knowledge they need for a bright financial future. Join us tomorrow as we delve further into the intricacies of credit, always aiming to empower and enlighten.
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Strengthening Your Financial Foundation
For many U.S. military veterans transitioning back to civilian life, the complexities of the financial world can seem daunting. Navigating the maze of credit scores, reports, and the implications of each decision on one’s financial health can be overwhelming. As we delve into Day 2 of our month-long series on credit repair for veterans, we’re focusing on credit basics – the fundamental knowledge every veteran should have about credit to lay a solid foundation for financial stability.
Understanding the Cornerstone: What is Credit?
In simple terms, credit is the trust which allows one party to provide money or resources to another party wherein the second party will repay the first party at a later date. In the modern financial landscape, credit usually comes with the understanding that there will be interest or additional charges involved.
For veterans, understanding credit is especially important. As you reintegrate into civilian life, credit will play a pivotal role in determining everything from the kind of house you can afford to the type of car loans you’ll qualify for.
The All-Important Credit Score
At the heart of the credit system lies the credit score, a numerical expression based on the analysis of a person’s credit files. This score, typically ranging from 300 to 850, is an indicator of your creditworthiness. Here’s what the numbers generally mean:
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300 – 579: Poor
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580 – 669: Fair
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670 – 739: Good
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740 – 799: Very Good
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800 – 850: Excellent
The higher the score, the more financially trustworthy you appear to lenders. A higher score can translate into better interest rates, higher loan amounts, and more favorable financial opportunities. For veterans, a solid credit score can simplify the home-buying process, make car loans more affordable, and even play a role in job applications in certain sectors.
Diving Deeper: The Credit Report
Supporting this score is your credit report – a detailed record of your credit history. The report includes:
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Personal Information: Your name, address, social security number, and possibly employment information.
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Credit History: This encompasses credit cards, mortgages, student loans, and other borrowing activities.
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Public Records: This can include bankruptcies, tax liens, and civil judgments.
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Inquiries: A list of companies or entities that recently checked your credit report.
For veterans, it’s vital to check this report annually. The transition from military to civilian life can sometimes come with financial challenges, and it’s essential to ensure that all information on your report is accurate and reflects your financial habits.
Factors Affecting Your Credit Score
Several elements determine your credit score, including:
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Payment History (35%): The record of your on-time payments. Late payments can significantly harm your score.
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Credit Utilization (30%): How much of your available credit you’re using. It’s generally advised to keep this ratio below 30%.
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Length of Credit History (15%): The age of your oldest credit account, the age of your newest credit account, and an average age of all your accounts.
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Types of Credit in Use (10%): A mix of credit cards, retail accounts, installment loans, mortgage loans, etc.
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New Credit (10%): How often you’ve applied for and opened new credit accounts.
Understanding these factors is crucial for veterans. As you make financial decisions post-service, knowing what affects your score can help you make informed choices that bolster your financial health.
Empowering Veterans with Credit Knowledge
Knowledge is power. For veterans transitioning back into civilian life, understanding the ins and outs of credit can be an invaluable tool. This knowledge not only helps in immediate decisions, such as buying a car or home, but also long-term financial health, ensuring that the sacrifices and services rendered to the nation are met with financial stability and prosperity in civilian life.
As we journey through this month-long exploration into credit repair for veterans, our aim is clear: to equip our heroes with the knowledge and tools they need to thrive in the financial landscape. Today’s dive into credit basics sets the stage for more in-depth discussions, strategies, and insights, all tailored to help veterans shine in the world of credit.
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I went to the Illinois Institute of Technology in Chicago Illinois to study metallurgical engineering which was borderline the Robert Taylor Housing Projects a gigantic subsidized Housing Project in Chicago’s most dangerous section, the near South Side by Comisky White Socks Baseball Park and near Chicago’s China Town. The Robert Taylor Homes was a notable Chicago public housing project. Here are some important facts about the development:
Location: It was in Bronzeville, a neighborhood on the South Side of Chicago.
Size and Scale: At its height, it was the biggest public housing development in the United States.
Construction: The Chicago Housing Authority (CHA) built it between 1959 and 1962 as part of an urban renewal program.
It is named after Robert Rochon Taylor who was an African American activist and also served as the first Black chairman of CHA.
Structure: The complex had 28 high-rise buildings, each one being 16 stories tall and containing 4,415 apartments.
Population: It held up to an estimated 27,000 residents at its peak time.
Demographics: Most inhabitants were African Americans living below poverty line.
Problems: With time this project came to be notorious for extreme levels of poverty, gang activity, crime among other things like these .
Decline: Declining living conditions due to poor maintenance; lack of resources; concentration of poverty .
Demolition : In accordance with Chicago’s Plan for Transformation , demolition started in 1998 and ended up seven years later – in 2007th .
Replacement : Area has been redeveloped with mixed-income houses under Legends South initiative since then till now .
Legacy : Standing as symbols for all that went wrong with high rise public housing projects across America; they also influenced future urban planning strategies entailing construction affordable homes within cities themselves.
The history behind Robert Taylor Homes mirrors wider problems faced by US cities during second half twentieth century such as racial segregation policy making on part local governments demarcating poor areas from those deemed suitable for whites only increased levels welfare dependency resulting from limited employment prospects among black communities etcetera thus becoming widely studied sociological phenomenon which continues informing debates over inner city regeneration schemes aimed at providing affordable accommodation options
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Travelers flying often should avoid body scanners. Body scanners has been proven to cause brain cancer. TSA workers are constantly getting diagnosed with cancer due to working with Body scanners. Passengers can request for a pat down versus a Body scan to avoid radiation.
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My name is Wilson, and I’m an old leather baseball glove purchased in 1966 by my owner’s father for his tenth birthday. The joy I brought to that young boy was unimaginable. The gift was presented soon after the Baltimore Orioles beat the Los Angeles Dodgers in the 1966 World Series. Nothing made the boys’ dad more proud when the Orioles beat ‘Da Bums.” I was a tad stiff when I started out, but the constant pounding of a baseball into my pocket loosened me up. My boy would oil me regularly and keep me under his pillow when he slept.
The very next day after I arrived, I was taken to the sandlot to show off to all his baseball buddies. I was truly the center of the universe for the boy. Every day after school, my boy would run home and gather me up with bats and balls and head to the sandlot. I am made from cowhide, and my name, Wilson, is stitched on my wrist. My lacing is hand-sewn with all the appropriate knots. My outer shell is durable and can withstand all types of weather, while my inside is soft and cushioned. I can still feel the perspiration of my boy; his fingers were molded to the exact shape of my insides.
I thought for years my name was “I got it.” When ever a ball was hit to my boy, he would start to run in the outfield, and after a good chase, he would yell, “I got it!” So I called myself. “I got it, Wilson.” Each summer was always anticipated with great pleasure. I played game after game all season long, and even when baseball season was over, I was still playing against the garage. Always ready to play catch with my boy, his dad would join us and teach my boy all the rules of baseball.
We hung out all through high school, and I was always in his Baltimore Oriole duffle bag. We were both back out on the field after school every day, if not playing a game, just playing catch. Oh, how I miss playing catch. That was 1978, when he graduated high school and went off to college, but I didn’t make the trip, and here I sit.
I would be brought out occasionally when he got older, and he played softball with his pals when he came home. Softball is not the same; the ball is too big and heavy. I much prefer a real baseball. As the years passed, I was used less and less. I no longer slept with my boy, and at times I felt I was simply not of use to him. I was regulated to the garage, where I sit on the top shelf behind the Christmas decorations, far out of site. I hope some day I can be used again. I am ready to go in coach. Play me; don’t make me sit and gather dust. As time passes, now, after three years, I wonder my fate. I am old and stiff, probably riddled with arthritis. I wish my boy would oil me again; ah, it felt so good! Alas, my fate, oh, wait, someone is coming. I hear the garage door open. They’re walking towards me; they’re moving the boxes in front of me. Can it be freedom again? No, no, don’t walk away! It was the Christmas decoration they needed. One more holiday spent without my boy. It will soon be 1982, and he should be finished with college. Maybe when he comes home we can play catch agin if this old piece of rawhide will hold together with its tattered, leather lacing.
At last, great joy! My boy is home, and we can play catch! It has been years since he held me. Why isn’t he coming into the garage? Doesn’t he miss me? Oh boy, it’s Wilson. Remember me? Remember, “I got it.” Wait, here he comes. Finally, he is moving the boxes away. He’s coming for me. Please oil me; he’s walking away! He needed more Christmas lights for the tree. He did glance at me, didn’t he? I’ll wait; he will come for me.
Boy, am I getting dusty back here? My boy has been home for a year, and we haven’t played catch. He has forgotten me. I am so lonely; I wish I had a baseball to hold on to. I recall the first day he got me. Where is that magic? You showed me off to your friends; you carried me everywhere. You oiled me and kept me flexible. Now I am dried up and cracking, and that hurts. Whenever I cry, the cracks get worse. I must be used, or I will wither away.
I haven’t seen my boy in three years since he came home from college, not even a softball game with his buddies. I am so lost. Where do I belong? I remember kids talking about a hall of fame where special gloves, bats, and balls go when they are famous. I’m not famous; I never left Maryland. Someday I will be on the field shagging fly balls, feeling the summer sun on me. I miss the sweat from my boy. Here he comes again. I am not getting my hopes up high; I have been disappointed too many times in the past. Slowly, he moves the dozens of boxes of Christmas decorations. I am far in the back, and every year I get pushed further back. I hear him getting closer. “There you are, my old pal Wilson; I’ve been looking for you!” Looking for me, I have waited over ten years for you; this is where you left me. “ Gotta get you oiled and flexible again.” I’m being oiled!!! Horray! Finally, we can play catch. He is putting me in the car; where are we going? “Hey Wilson I have a surprise for you—someone new to play with.” I’m given a second chance to run around the outfield and scoop up ground balls at third base. Boy, oh, boy, baseball! Hurry up, I’m twenty-eight years old; that must be a hundred in glove years.
We entered what appeared to be his new home, much better than my last place. He walks over to a crib with a baby boy dozing. “Son,I want you to meet Wilson.” Slowly, the baby wakes up, and a smile is brought to his face. Oh, how cute. What’s that? You’re putting me in the crib to get to know the baby! This can’t be. He’s putting me in his mouth; he’s chewing my laces! Make him stop, boy, please! Suddenly, the baby throws me out of the crib. What’s that? You didn’t like the way I tast. I’m a genuine, 100% rawhide from a cow; a kid must be a vegan.“ Here, son, sleep with Wilson as I once did. Before you know it, you and I will be playing catch with Wilson. Soon after that, Wilson will be yours.” I have a new home, the boy’s boy! I will play catch, run down fly balls, and stop those nasty one-hoppers in the infield, and most importantly, I get to hear, “I got it.”
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