<ul><li><strong>CRED launched two new products for its users – CRED <keyword id="4484421" type="PERSON" weightage="20" keywordseo="RentPay">RentPay</keyword> and CRED Stash, available to users who have a <keyword id="6380214" type="PERSON" weightage="20" keywordseo="credit-score">credit score</keyword> of 750 and above.</strong></li><li><strong>CRED RentPay allows users to pay their rent on credit.</strong></li><li><strong>CRED Stash allows users to avail an instant line of credit up to ₹5 lakh. </strong></li></ul><keyword id="6368202" type="UNKNOWN" weightage="20" keywordseo="credit-card">Credit card</keyword> payment app CRED has introduced two new features – CRED RentPay and CRED Stash in India. CRED RentPay allows users to pay one of their highest recurring expense - monthly rent on credit. CRED Stash is an instant <keyword id="173215" type="PERSON" weightage="20" keywordseo="credit-line">credit line</keyword>.<br /><br />In addition to allowing users to pay their rent, CRED is reportedly also working on allowing users to make payments such to landlords such as maintenance charges and security charges using their credit cards.<br /><br /><strong>CRED RentPay<br /></strong><br />The first product, CRED RentPay allows users to free up cash by paying rent on credit. Users can pay their household rent using their credit cards from the CRED app.<br /><br />By using this, users will be able to get an interest-free credit period on rent, earn reward points on their credit cards and earn CRED coins when they pay their credit card bill on the CRED app.<br /><br />To use the new CRED RentPay feature, users will have to add their landlord’s bank account or UPI details into the app. This will allow users to directly transfer the rent from their credit card to the landlord’s account.<br /><br />CRED will charge users a transaction fee of 1% - 1.5% depending on the user’s credit card network. This means that if you are using CRED RentPay to pay ₹20,000 rent, you will have to pay ₹200 - ₹300 to CRED.<br /><br /><strong>CRED Stash<br /></strong><br />CRED Stash has been launched as a pilot with IDFC FIRST Bank and the company has claimed that it is the only offering of its kind in India. The company has added that it will scale up with other bank partners on completion of the pilot.<br /><br />CRED Stash is an online instant line of credit that will allow CRED users to quickly get credit without having to go through the application and verification process.<br /><br />CRED users will get a pre-approved credit line of up to ₹5 lakh and users will be able to withdraw any amount within their pre-approved limit. Users will be able to select the tenure for the loan. CRED claimed that the interest charged is a third of the interest rates charged on credit cards. The pre-approved limit will depend on the user’s credit score and credit card limit.<br /><br /><strong>See also:<br /><br /><a href="https://www.businessinsider.in/finance/news/how-to-avail-three-month-moratorium-for-sbi-emi-and-credit-cards/articleshow/74945199.cms">How to avail three-month moratorium for SBI EMI and credit cards</a><br /><br /><a href="https://www.businessinsider.in/india/news/how-to-avail-three-month-moratorium-for-icici-bank-emi-and-credit-cards/articleshow/74941936.cms">How to avail three-month moratorium for ICICI Bank EMI and credit cards</a><br /><br /></strong><a href="https://www.businessinsider.in/india/news/mukesh-ambanis-reliance-industries-loses-30000-crore-in-the-first-few-minutes-of-trading/articleshow/75263790.cms"><strong>Mukesh Ambani’s RIL loses ₹30,000 crore in the first few minutes of trading</strong></a><br />

Here is how you can pay your rent using your credit card

<keyword id="4484421" type="UNKNOWN" weightage="100" keywordseo="RentPay">RentPay</keyword>, the fintech platform of <keyword id="4177921" type="UNKNOWN" weightage="100" keywordseo="RedGirraffe">RedGirraffe</keyword>, a London -based company, will now allow you to pay rent using a credit card. <br /><br /> Credit card holders of SBI Cards, HDFC Bank, ICICI Bank, IndusInd Bank, <keyword id="6355975" type="CITY" weightage="100" keywordseo="Axis-Bank">Axis Bank</keyword>, Yes Bank and <keyword id="46013" type="CITY" weightage="100" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword> will be able avail this facility presently. <br /><br /> One can register for the facility at the RedGiraffe website by filling in one’s own details and that of the landlord, along with a scanned copy of the rent agreement. Once the process is complete, the user would get a RedGiraffe ID (RG-ID) which would then need to be registered with the credit card issuer. <br /><br /> After registering, rent payments will automatically get credited in trge landlord's bank account on fixed dates of every month. <br /><br /> For the service, the user needs to pay a transaction fee of 0.39% plus taxes-a minimum Rs 39 per transaction payable for all the banks except SBI Card. "Even while buying an online flight ticket for Rs 3,000, consumers usually have to shell out Rs 300 or more as convenience charges. However, the transaction cost on RentPay has been drastically subsidised for end consumers," RedGirraffe CEO <keyword id="946036" type="PERSON" weightage="100" keywordseo="Manoj-Nair">Manoj Nair</keyword> told <a href="RedGirraffe">ET</a>. <br /><br /> "Over and above the standard and bonus reward points, we regularly run cashback offers with leading brands which gives more value to consumers. So, they will get far more value compared to the convenience charges being levied," says <keyword id="4651208" type="UNKNOWN" weightage="100" keywordseo="Vijay-Jasuja">Vijay Jasuja</keyword>, CEO, SBI Card, which would charge 1.75% per month plus taxes.<br /><br />(Image source Forbes)<br />

No more missed deadlines! You can now pay rent using your credit card

<ul class="summary-list"><li>A Brooklyn brownstone has been part of Sarah Coleman's family for nearly 100 years.</li><li>This summer, Coleman and her parents set out to bring new life to the building. </li></ul><p>Sarah Coleman always knew there was a Brooklyn brownstone in her family.</p><p>It wasn't until this past June, though, that the 21-year-old finally saw it in person. And that's when she and her parents took on a massive project: restoring the over 170-year-old property to its former glory.</p><p>Coleman told Business Insider that her first steps inside the four-level brownstone were "magical." And while there was excitement, she also realized just how much work was ahead of her. The <a target="_blank" href="https://www.businessinsider.com/martha-stewart-morning-routine-early-riser-2023-12">home</a>, which is located in Brooklyn's Dumbo neighborhood, was in disarray, and some floors had been left untouched for decades.</p><p>Over the past few months, the Coleman family has made progress, although they still have plenty of work to do before they reach the end goal of making it a <a target="_blank" href="https://www.businessinsider.com/couple-bought-1940s-hoarder-house-photos-2023-10">livable space</a> for Coleman and other future tenants.</p><h2>The brownstone has been in Coleman's family for generations</h2><div type="image" title="Side-by-side pictures of the brownstone from decades ago." height="900" width="1200" msid="106103971" hostid="261" sizebytes="133636"></div><p>Coleman said the brownstone was built circa 1850, and members of her family bought it in the 1930s, passing it down from <a target="_blank" href="https://www.businessinsider.com/photos-arizona-ghost-town-gold-king-mine-2023-12">generation to generation</a> ever since. Her father even spent time there throughout his childhood, as his mother grew up in the brownstone next door.</p><p>The brownstone has four floors, including a basement and a parlor level, as well as a backyard. Throughout the decades, the floors were rented out to tenants, as many brownstones <a target="_blank" href="https://www.insider.com/new-york-apartment-transformation-before-and-after-photos-2022-7">function in New York</a>. But the building became vacant after Coleman's family member who owns the building moved out, leading Coleman and her parents to start renovating the space this summer.</p><p>As Coleman started exploring the space with her father, she was struck by her generational ties to the home, particularly the backyard.</p><div type="image" title="Sarah Coleman's family members outside the brownstone." height="1248" width="1290" msid="106103972" hostid="261" sizebytes="112430"></div><p>"The first thing that my dad did was bring me to the backyard and show me where his mom grew up, and I started crying immediately," she said.</p><p>"I didn't really know a lot about my dad's side before other than the things he told me because I've unfortunately never met any of my grandparents on my dad's side," she said. "I finally felt connected."</p><h2>Coleman and her parents are refurbishing the space</h2><p>While Coleman could see the magic of the space, there was also an enormous amount of work to be done. Coleman said the building fell into disrepair in recent years, adding that it was in "very, very poor shape" when she first saw it.</p><p>The second floor doesn't have a full bathroom, the upper two floors are full of items residents left behind, and two of the floors haven't been cleaned since the 1990s.</p><div type="image" title="Images of the interior of the brownstone." height="900" width="1200" msid="106103974" hostid="261" sizebytes="123104"></div><p>Coleman and her parents stepped in to give the building a new life. They started by clearing out the stuff from the upper floors so they could clean and renovate it. Their ultimate goal is to give it an update that pays tribute to the building's history while making it fit for modern living, Coleman said. </p><p>As of December, the Coleman family is still carefully combing through items in the home themselves, deciding what to donate and what to keep. However, they <a target="_blank" href="https://www.tiktok.com/t/ZT8uEhMBK/">have hired a contractor</a> who has started to make a plan for the actual renovation, which includes everything from replacing ceilings to making a small bedroom bigger, as Coleman shared on TikTok.</p><h2>Coleman is documenting the journey on TikTok</h2><p>Coleman posted a <a target="_blank" href="https://www.tiktok.com/t/ZT8mBJTvf/">video about cleaning a sink</a> in the brownstone after her mother made a joke about a sponge company sponsoring the renovation. To her shock, the video blew up.</p><blockquote class="tiktok-embed" cite="https://www.tiktok.com/@sassaronio/video/7256978781821291819" data-video-id="7256978781821291819" data-embed-from="oembed" style="max-width: 605px;min-width: 325px;"> <section> <a target="_blank" title="@sassaronio" href="https://www.tiktok.com/@sassaronio?refer=embed">@sassaronio</a> <p>this place has so much potential ️️</p> <a target="_blank" title="♬ Aesthetic - Gaspar" href="https://www.tiktok.com/music/Aesthetic-7087825341401565185?refer=embed">♬ Aesthetic - Gaspar</a> </section> </blockquote> <p>Coleman continued to post videos about her family's progress on the renovation, and today, her TikTok account, <a target="_blank" href="https://www.tiktok.com/@sassaronio">@sassaronio,</a> has nearly 270,000 followers. In her videos, Coleman shares everything from <a target="_blank" href="https://www.tiktok.com/@sassaronio/video/7298761555800329514">time-lapse cleaning videos</a> and room tours to voice-over videos documenting her discoveries, including the time she found <a target="_blank" href="https://www.tiktok.com/@sassaronio/video/7306702571622747438">vintage Christmas decor</a>.</p><p>Coleman said she's found joy in sharing the process on TikTok. Not only has it motivated her to continue the renovation, but it's also been heartwarming to see an audience care about a place that means so much to her family, she said.</p><p>In the fall, Coleman returned to college at Boston University. However, she told BI that she heads back to Brooklyn every chance she gets to continue filming content.</p><p>"I even left school two weekends to go to Brooklyn because I needed to make a video for the people who were checking in every week to see how much progress we're making," she told BI.</p><p>Coleman intends to move into the brownstone when renovations are complete after she graduates college, becoming the first rent-paying tenant the building has had in years.</p>

A woman is renovating a rundown Brooklyn brownstone that's been in her family for nearly 100 years

<ul class="summary-list"><li>If you're looking to get into real estate, house hacking is a strategy worth considering.</li><li>It involves renting out a portion of your home and having rent-paying roommates.</li></ul><p>It's <a href="https://www.businessinsider.com/buying-a-home-more-competition-less-inventory-rate-locked-owners-2023-3">difficult to buy a home</a> in America right now, <a href="https://www.businessinsider.com/millennials-house-home-real-estate-mortgage-rates-rent-debt-boomers-2022-9#:~:text=The%20millennial%20homeownership%20rate%20still,boomers%20at%20the%20same%20age.">especially for millennials</a>.</p><p>That said, it's not entirely impossible. Insider regularly interviews <a href="https://www.businessinsider.com/veteran-real-estate-investor-dont-worry-about-interest-rate-hikes-2023-7">people who are buying property in today's tricky market</a>.</p><p>One strategy that first-time homebuyers looking to break into the market could consider is called "house hacking." It involves renting out a portion of your home and essentially having rent-paying roommates. </p><p>It's cost-effective for two main reasons: One, since you're actually living in the property, you may qualify for an FHA loan, which is a government-backed mortgage that gives people the opportunity to buy a home with down payments as low as 3.5%. </p><p>Two, the rental income can lower your housing payment — or even completely eliminate it.</p><p>Here are five individuals who used house hacking to get their start and build equity quicker while lowering their overall risk.</p><h2><a href="https://www.businessinsider.com/millennial-real-estate-investor-house-hacking-seattle-property-rental-income-2022-2?r=house-hacking-lp"><strong>Peter Keane-Rivera bought his first home for $355,000 and cut his monthly housing payment in half by house hacking</strong></a></h2><div type="image" title="peter keane rivera" height="3024" width="4032" msid="102733063" hostid="261" sizebytes="1614038"></div><p>Peter Keane-Rivera lived frugally and found ways to increase his income before he could buy his first property. In late 2017, he had enough saved up to buy a $355,000 three-bed, two-bath house about 20 minutes south of Seattle. </p><p>His mortgage payment and other housing expenses came out to about $2,000 a month. To offset that cost, he found two roommates to fill the other rooms. </p><p>Keane-Rivera moved into the smallest room in his house and rented out the other two for $725 and $900 a month, he said. That dropped his monthly housing payment to $375.</p><p>Part of the reason he invested in this specific house was that it had an unfinished basement, which he figured he could turn into another bedroom and rent out. Rather than setting his sights on a second property, Keane-Rivera focused on working with what he already had. Over the following six months, he funded a $28,000 remodel.</p><p>By the time it was done, he was able to rent out the new room for $1,000, meaning his mortgage was entirely covered by rental income and he was living for free in his own home. Plus, he was profiting a little more than $500 a month.</p><p><a href="https://www.businessinsider.com/real-estate-investing-tips-millennial-millionaire-quit-full-time-job-2021-12?r=house-hacking-lp"><strong>Self-made millionaire Todd Baldwin bought a 6-bedroom home and rented 4 of the rooms</strong></a></p><div type="image" title="todd baldwin" height="812" width="1080" msid="102733064" hostid="261" sizebytes="30356"></div><p>Seattle-based real estate investor Todd Baldwin bought his first property at age 23. It was a $506,000, six-bedroom home that he financed with a 3.5% down payment.</p><p>He and his girlfriend at the time (now wife) moved into the master bedroom and rented out the four other rooms, which more than covered his monthly mortgage. It meant finding compatible roommates and having significantly less space, but it allowed him to save more money to put toward a second property. </p><p>Since he was living for "free," collecting rental income, and earning a six-figure salary from his day job, he was able to save more money and continue buying rental properties. By age 25, Baldwin's net worth crossed $1 million, mostly thanks to rental income, he said. At 28, he became a multi-millionaire and felt comfortable leaving his 9-to-5 to double down on real estate.</p><p><a href="https://www.businessinsider.com/millennial-super-saver-real-estate-investor-savings-investing-strategies-wealth-2022-3?r=house-hacking-lp"><strong>Avery Heilbron says house hacking is 'the most inexpensive way to buy real estate'</strong></a></p><div type="image" title="avery heilbron" height="2274" width="3024" msid="102733065" hostid="261" sizebytes="238758"></div><p>After graduating in May 2018, Heilbron moved into an apartment in Boston with two roommates and paid $1,100 a month. </p><p>His goal was to buy a place as soon as possible but he didn't have enough savings to do so immediately. After nearly a year of living frugally and setting aside the majority of his paycheck, he had enough savings for a down payment. </p><p>He closed on a $525,000 duplex in March 2019 and financed the property with an FHA loan. </p><p>He and his girlfriend moved into the downstairs unit. It was a two-bedroom and they found a roommate for the other room. His girlfriend paid $400 in rent for her half of their room and the roommate paid $800 for his room. Heilbron also rented out the upstairs unit, a four-bedroom, to a family for $2,400.</p><p>He was bringing in $3,600 per month in rental income, which more than covered his $3,300 mortgage payment. Heilbron went from spending $1,100 per month in rent to living for free and profiting $300 a month. That $1,400 swing helped him save up for his second property, which he bought less than a year later, in May 2020.</p><p>Housing hacking is "the most inexpensive way to buy real estate," he said. He was able to earn cash flow like you can from an investment property without actually buying an investment property, which typically require larger down payments. In an expensive market like Boston, that wouldn't have been possible for him: "The houses in the area were half a million to a million dollars, so a 3.5% down payment was obviously much more attainable, at around 15 to 25 grand, compared to 20% down, which would have been somewhere between $100,000 and $250,000." </p><p><a href="https://www.businessinsider.com/real-estate-investing-how-to-buy-mortgage-tips-small-salary-2021-12?r=house-hacking-lp"><strong>Ali and Josh Lupo bought a duplex on social-worker salaries</strong></a></p><div type="image" title="The FI Couple ali and josh" height="2274" width="3024" msid="102733066" hostid="261" sizebytes="407346"></div><p>Ali and Josh Lupo managed to buy their first property despite being six-figures in debt and working relatively low-paying jobs.</p><p>After reading about house hacking, they ran the numbers and realized that by taking on more debt with the mortgage, they'd actually be able to pay off their other debt faster. At the time, they were paying $1,300 in rent in upstate New York. But the numbers showed that if they bought a duplex in the right price range and rented out half of it, they'd be able to lower their monthly housing payment significantly and free up extra cash to throw at their loans.</p><p>That's exactly what they did: They closed on a $155,000 duplex in 2018, moved into the downstairs unit, and rented out the upstairs one for $725, which covered more than half of their monthly mortgage payment and lowered their housing cost to about $660 a month, they said. </p><p>A few years later, Ali and Josh added to their real-estate portfolio, bought a second duplex, and started collecting rent from three units. It was enough to cover both mortgages, meaning they not only live for free but also earn a couple hundred dollars in profit each month, they said.</p>

5 real-estate investors who 'house hacked' to afford their first properties explain how the strategy works and can help anyone build wealth

<p><a href="https://www.businessinsider.com/category/innovation-at-work"></a></p><div type="image" title="A couple discusses a loan with a banker at a local bank." height="1414" width="2120" msid="93864052" hostid="261" sizebytes="151630"></div><ul class="summary-list"><li>AI-based lending decisions are under scrutiny in the finance industry. </li><li>Lenders must understand bias testing and human feedback loops to hold AI platforms accountable.</li></ul><p>The financial sector has a long history of making inequitable loan decisions.</p><p>Redlining, a discriminatory practice that started in the 1930s, is when a bank denies a customer a loan because of their ZIP code. These institutions physically drew a red line around low-income neighborhoods, segregating these residents from any opportunity to borrow money.</p><p>Redlining disproportionately affects Black Americans and immigrant communities. This denies them opportunities like homeownership, starting a small business, and earning a postsecondary education.</p><p>While it became illegal in 1974 for lenders to reject loans based on race, gender, or age under the <a href="https://www.ftc.gov/legal-library/browse/statutes/equal-credit-opportunity-act">Equal Credit Opportunity Act</a>, studies have found laws <a href="https://www.salon.com/2018/02/25/for-people-of-color-banks-are-shutting-the-door-to-home-ownership_partner/">did little to lessen lending disparities</a>. </p><p>The rise of machine learning and big data means decisions can be controlled for human bias. But just adopting the tech isn't enough to overhaul discriminatory loan decisions.</p><p>A 2019 analysis of US Home Mortgage Disclosure Act data by The Markup, a nonprofit dedicated to data-driven journalism, found lenders nationwide were <a href="https://themarkup.org/show-your-work/2021/08/25/how-we-investigated-racial-disparities-in-federal-mortgage-data">nearly twice as likely to deny Black applicants as they were to reject similarly qualified white applicants</a> despite adopting machine-learning and big-data tech. Latinos, Asians, and Native Americans were also denied mortgages at higher rates than white Americans with the same financial background.</p><p>Governments around the world have indicated there will be a crackdown on "digital redlining," where algorithms discriminate against marginalized groups.  </p><p>Rohit Chopra, the head of the US's Consumer Financial Protection Bureau, said there should be harsher penalties for these biases: "Lending algorithms can reinforce bias," <a href="https://www.inquirer.com/business/rohit-chopra-consumer-finance-protection-bureau-personal-data-20220808.html">he told</a> The Philadelphia Inquirer. "There's discrimination baked into the computer code."</p><p>Meanwhile, politicians in the European Union <a href="https://www.theguardian.com/technology/2022/aug/07/ai-eu-moves-to-beat-the-algorithms-that-ruin-lives">plan to introduce the Artificial Intelligence Act</a> for stricter rules around the use of AI in filtering everything from job and university applicants to loan candidates. </p><h2><strong>Bringing bias to light</strong></h2><p>It's easy to blame technology for discriminatory lending practices, Sian Townson, a director at Oliver Wyman's digital practice, told Insider. But it doesn't deserve the responsibility. </p><p>"Recent discussions have made it sound like AI invented bias in lending," she said. "But all the computational modeling has done is quantify the bias and make us more aware of it." </p><p>While identifiers like race, sex, religion, and marital status are forbidden to be considered in credit-score calculations, algorithms can put groups of people at a disadvantage. </p><p>For instance, some applicants may have shorter credit histories because of their religious beliefs. For example, in Islam, paying interest is seen <a href="https://www.moneygeek.com/financial-planning/guide-to-finance-for-practitioners-of-islam/">as a sin</a>. This can be a mark against Muslims, even though other factors may indicate they would be good borrowers. </p><p>While other data points, like mobile payments, are not a traditional form of credit history, Townson said, they can show a pattern of regular payments. "The aim of AI was never to repeat history. It was to make useful predictions about the future," she added.  </p><h2><strong>Testing and correcting for bias </strong></h2><p>Software developers like the US's FairPlay — which recently <a href="https://www.prnewswire.com/news-releases/fairplay-raises-10-million-in-series-a-funding-to-reduce-bias-in-lending-301588714.html">raised $10 million in Series A funding</a> — have products that detect and help reduce algorithmic bias for people of color, women, and other historically disadvantaged groups.</p><p>FairPlay's customers include the financial institution Figure Technologies in San Francisco, the online-personal-loan provider Happy Money, and Octane Lending. </p><p>One of its application-programming-interface products, Second Look, reevaluates declined loan applicants for discrimination. It pulls data from the US census and the Consumer Financial Protection Bureau to help recognize borrowers in protected classes, given financial institutions are forbidden to collect information directly about race, age, and gender. </p><p>Rajesh Iyer, the global head of AI and machine learning for financial services at Capgemini USA, said lenders could minimize discrimination by putting their AI solutions through about 23 bias tests. This can be done internally or by a third-party company.</p><p>One bias test analyzes for "disproportionate impact." This detects whether a group of consumers is being more adversely affected by AI than other groups — and, more importantly, why.</p><p>Fannie Mae and Freddie Mac, which back the majority of mortgages in the US, recently found people of color <a href="https://www.marketplace.org/2021/08/25/housing-mortgage-algorithms-racial-disparities-bias-home-lending/">were more likely to list their source of income from the "gig economy."</a> This disproportionately stopped them from getting mortgages because gig incomes are seen as unstable, even if someone has a strong rent-payment history. </p><p>In looking to make its lending decisions fairer, Fannie Mae announced it would <a href="https://www.fanniemae.com/newsroom/fannie-mae-news/fannie-mae-introduces-new-underwriting-innovation-help-more-renters-become-homeowners">start factoring rental histories into credit-evaluation decisions</a>. By inputting new data, humans essentially teach the AI to eliminate bias.</p><h2><strong>Human feedback to keep AI learning</strong></h2><p>AI can learn only from the data it receives. This makes a feedback loop with human input important for AI lending platforms, as it enables institutions to make more equitable loan decisions.</p><p>While it's good practice for humans to weigh in when decisions are too close to call for machines, it's essential for people to review a proportion of clear-cut decisions, too, Iyer told Insider.</p><p>"This ensures that the solutions adjust themselves, as it gets inputs from the human reviews through incremental or reinforced learning," Iyer said.</p>

The financial sector is adopting AI to reduce bias and make smarter, more equitable loan decisions. But the sector needs to be aware of the pitfalls for it to work.

<ul><li><keyword id="1763236" type="PERSON" weightage="20" keywordseo="CRED">CRED</keyword>, an app that helps you pay and manage your <keyword id="133020" type="PERSON" weightage="20" keywordseo="credit-card-bills">credit card bills</keyword>, has raised $80 million. </li><li>The round was led by partners of DST Global and also saw participation from existing investors Sequoia Capital and Ribbit Capital.</li><li>With the Series C round of funding, the Kunal Shah-led startup’s value has almost doubled to $800 million – from its valuation of $450 million a year ago.</li></ul>CRED, an app that helps you pay and manage your credit card bills in exchange for a bunch of rewards, has <a href="https://techcrunch.com/2020/11/30/india-cred-raises-80-million-funding/">raised $80 million</a>. The round was led by partners of DST Global and also saw participation from existing investors Sequoia Capital and Ribbit Capital.<br /><br />With the Series C round of funding, the Kunal Shah-led startup’s value has almost doubled to $800 million – from its valuation of $450 million a year ago. This brings the just two-year old startup closer to being a unicorn (with a valuation of over a billion dollars). It raised funds twice in 2019 alone – $125 million series A round and $120 million series B funding from Sequoia, Ribbit Capital, and more.<br /><br />Recently, the startup had signed up as the official partner of the Indian Premier League.<br /><br />Launched in November 2018, the credit card payments startup has been in the news for its fast grown popularity among users. <br /><br /><div type="twitter" handle="kunalb11" handlename="Kunal Shah" image="http://pbs.twimg.com/profile_images/1190747917998546944/D3U5FNa7_normal.jpg" favoritecount="4280" retweetcount="57" status="CRED is 2 years old now. As a founder it’s a privilege to build a missionary company with immense support from the… https://t.co/lDTGpKEInX" createdat="1606368473000" id="1331832025418850304"></div><br />Earlier this year as the coronavirus pandemic began. CRED had launched new features like CRED RentPay, which allows members to pay monthly rent with their credit cards and CRED Stash, which claimed to be “designed to be the fastest, most seamless and fully digital way to get credit in India.”<br /><br /><strong>SEE ALSO:<br /><a href="https://www.businessinsider.in/business/startups/news/paytm-money-levels-up-against-zerodha-launches-a-new-feature-that-allows-retail-investors-to-apply-for-ipos/articleshow/79486079.cms">Paytm Money levels up against Zerodha — launches a new feature that allows retail investors to apply for IPOs</a><br /></strong><a href="https://www.businessinsider.in/business/startups/news/nykaa-raises-another-round-of-investment-from-bostons-fidelity-through-a-secondary-transaction/articleshow/79428984.cms"><strong>Nykaa raises another round of investment from Boston’s Fidelity through a secondary transaction</strong></a><br /><br /><br />

Kunal Shah’s CRED raises $80 million — valuation doubles to $800 million for the just two-year old startup

<ul><li>The Kunal Shah-led startup joins the likes of Dream11, Unacademy, and Paytm to become sponsors of the IPL.</li><li>The Bengaluru-based credit card bill payment startup didn’t disclose the amount paid for the sponsorship. </li><li>Launched in November 2018, the credit card payments startup has been in the news for its fast-growing popularity among users. </li></ul>The Board of Control for Cricket in India officially announced startup <keyword id="1763236" type="PERSON" weightage="20" keywordseo="CRED">CRED</keyword> as the official partner of the IPL. With this, the Kunal Shah-led startup <a href="https://www.businessinsider.in/business/startups/news/unacademy-follows-peer-startups-like-dream11-and-paytm-to-pour-money-into-ipl/articleshow/77759653.cms">joins the likes</a> of Dream11, Unacademy, and Paytm to be sponsors of the IPL.<br /><br /><div type="twitter" handle="BCCI" handlename="BCCI" image="http://pbs.twimg.com/profile_images/808958294131781632/b5z_etzB_normal.jpg" favoritecount="10143" retweetcount="688" status="BCCI announces CRED as Official Partner for IPL #Dream11IPL https://t.co/4tKH4jOhTn" createdat="1598984383000" id="1300860906084032513"></div><br />At the end of every game, CRED will reward the Payer of the Match where the 100th or the highest bill-payer during each match will win ₹100,000 in prize money, said the company's statement. “IPL 2020 is kicking off the festive season this year, and at CRED we wanted to make the party extra special for millions of cricket lovers tuning in. As much as cricket is about discipline and strategy, it’s also a rewarding experience for players and viewers. By making credit card bill payments equally delightful, we are incentivizing every credit card-holder watching the matches to make digital payments, clear debt and improve their credit scores," said <keyword id="192201" type="PERSON" weightage="20" keywordseo="Kunal-Shah">Kunal Shah</keyword>, Founder &amp; CEO, CRED.<br /><br />As the IPL slowly rolls out its official sponsors for the 2020 edition to be held in UAE from September 19, more and more <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> are emerging as the money backers. While Dream11 is the title sponsor, Unacademy is another official partner, Paytm is the official Umpire’s partner for IPL, while gaming platform Mobile Premier League is sponsoring the Virat Kohli led team Royal Challengers Bangalore. <br /><br />The Bengaluru-based credit card bill payment startup didn’t disclose the amount paid for the sponsorship. According to <a href="https://www.insidesport.co/ipl-2020-good-news-for-ipl-2020-bcci-cred-signs-in-as-official-partner/">reports</a>, it could have paid as much as Unacademy did – ₹120 crore. <br /><br />Launched in November 2018, the credit card payments startup has been in the news for its fast grown popularity among users. It raised funds twice in 2019 alone – $125 million series A round and $120 million series B funding from Sequoia, Ribbit Capital, and more. Its last known valuation from August 2019 is $450 million. <br /><br />Earlier this year as the coronavirus pandemic began. CRED had launched new features like CRED RentPay, which allows members to pay monthly rent with their credit cards and CRED Stash, which claimed to be “designed to be the fastest, most seamless and fully digital way to get credit in India”.<br /><br />The app has over 3 million users. <br /><br /><br /><strong>SEE ALSO:<br /><br /><a href="https://www.businessinsider.in/business/startups/news/unacademy-follows-peer-startups-like-dream11-and-paytm-to-pour-money-into-ipl/articleshow/77759653.cms">Unacademy follows peer startups like Dream11 and Paytm to pour money into IPL</a><br /><br /><a href="https://www.businessinsider.in/business/startups/news/armed-with-returns-from-the-reliance-netmeds-deal-this-fund-will-now-invest-in-two-three-more-startups-before-the-end-of-the-year/articleshow/77882045.cms">INTERVIEW: Armed with returns from the Reliance-Netmeds deal, this fund will now invest in two-three more startups before the end of the year</a><br /></strong><br /><br />

IPL 2020 gets another startup sponsor – Kunal Shah’s CRED is now an official partner

<img class="gwt-Image" src="/photo/55856530.cms" style="height: 600px; width: 800px;" /><br />
<br /> RedGirraffe.com, a <keyword id="2461546" type="UNKNOWN" weightage="20" keywordseo="FinTech">Fintech</keyword> and <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">Real Estate</keyword> technology startup, has announced the launch of an innovative FinTech product RentPay, which allows cashless rental (Residential &amp; Commercial) transactions between landlords and tenants via CREDIT CARDS. <keyword id="51958" type="ENTERTAINMENT" weightage="20" keywordseo="YES">Yes</keyword>, that’s right. A tenant living anywhere in India can now pay his rent via CREDIT CARDS through RentPay platform.<br />
<br /> It’s a no-brainer due to the various advantages that one can gain by merely moving the rental payment from their mundane monthly savings bank transfer to a much efficient and rewarding <keyword id="6368202" type="ORGANIZATION" weightage="20" keywordseo="Credit-card">Credit Card</keyword> enabled transfer.<br />
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<a href="http://www.businessinsider.in/IKEA-announced-that-they-will-give-their-Indian-employees-Rs-140219-as-a-bonus-this-year/articleshow/55855786.cms">ALSO READ: IKEA announced that they will give their Indian employees Rs. 1,40,219 as an extra bonus, this year</a><br />
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Given the recent demonetisation policy, RentPay is an empowering solution to the hassles currently related to large cash transactions or mundane online transfers. This move will surely curtail the movement of undocumented cash to a phenomenal extent, as the $20 billion Indian residential rental market involves almost 90% transactions in cash.<br />
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The banks’ KYC policies will also ensure a stringent verification process for tenants, which will be further enhanced by RedGirraffe’s own unique, evolved algorithm that runs high-quality verification processes.<br />
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<a href="http://www.businessinsider.in/Housing-com-decides-to-Reintroduce-Rental-Offering/articleshow/55836041.cms">ALSO READ: Housing.com decides to Reintroduce Rental Offering</a><br />
<br /> Some of the banks and Credit Card companies in India that are going LIVE with RentPay platform are SBI-GE Cards, ICICI Bank, HDFC Bank, IndusInd Bank, <keyword id="6355975" type="CITY" weightage="20" keywordseo="Axis-Bank">Axis Bank</keyword> and <keyword id="46013" type="CITY" weightage="20" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword>. The company remains integrated with 40 of the largest banks operating in India.<br />
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Not just that, there is 45-60 days of FREE credit period on the platform.<br />
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<a href="http://www.businessinsider.in/Shopclues-launches-Reach-to-digitize-offline-merchants-payments/articleshow/55830955.cms">ALSO READ: Shopclues launches 'Reach' to digitize offline merchants payments</a>



Check this out. This startup will allow you to pay your rent via
credit card.

<ul><li>According to the latest report from global data intelligence firm CB Insights, there are three Indian <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> that have made it to the 50 global future <keyword id="2023017" type="ORGANIZATION" weightage="20" keywordseo="unicorns">unicorns</keyword> list. </li><li>In 2019 alone, India added 9 new unicorns to its list.</li><li>Here’s a look at the three startups that got featured in the list.</li></ul>India is home to the third largest startup ecosystem in the world and is home to 30 unicorns. In 2019 alone, India added 9 new unicorns to its list and there are many more that fall under the <a href="https://www.businessinsider.in/business/startups/news/paytm-ola-oyo-swiggy-zomato-made-most-news-in-2019/articleshow/72953314.cms">soonicorns </a>or soon to be unicorns list. <br /><br />According to the latest report from global data intelligence firm CB Insights, there are three Indian startups that have made it to the 50 global future unicorns list. A unicorn is a startup with a valuation of over $1 billion.<br /><br /><strong><keyword id="1763236" type="PERSON" weightage="20" keywordseo="CRED">CRED</keyword><br />Total funding: $145 million<br /></strong><br /><keyword id="192201" type="PERSON" weightage="20" keywordseo="Kunal-Shah">Kunal Shah</keyword>’s startup CRED has made it to the list. Launched in November 2018, the credit card payments startup has been in the news for its fast grown popularity among users. <br /><br />  <div type="image" title="kunal shah" msid="76379154" hostid="261" caption="&amp;lt;p&amp;gt;Kunal Shah&amp;lt;/p&amp;gt;"></div><br />Earlier this year as the coronavirus pandemic began. CRED had launched new features like CRED RentPay which allows members to pay monthly rent with their credit cards and CRED Stash, which claimed to be “designed to be the fastest, most seamless and fully digital way to get credit in India”.<br /><br />It raised funds twice in 2019 alone – $125 million series A round and $120 million series B funding from Sequoia, Ribbit Capital and more. Its last known valuation from August 2019 is $450 million. <br /><br /><strong><keyword id="3119222" type="PERSON" weightage="20" keywordseo="Moglix">Moglix</keyword><br />Total funding: $101 million<br /></strong><br />The Ratan Tata-backed B2B e-commerce platform is also touted to be one of the next unicorns from India. The startup specialises in procurement of industrial products such as MRO (manufacture, repair and operating supplies), fasteners, electrical, hardware, pneumatics and safety items among others. <br /><br />Founded by Rahul Garg in 2015, the company has also raised funds from International Financial Corporation (IFC), Accel Partners, Jungle Ventures, Venture Highway, SeedPlus and Rocketship.vc. Garg is the former head of advertising exchange at Google Asia.<br /><br />  <div type="image" title="rahul garg." msid="76379180" hostid="261" caption="&amp;lt;p&amp;gt;Rahul Garg&amp;lt;/p&amp;gt;"></div><br />Its last known valuation from July 2019 is $300 million. <br /><br /><strong><keyword id="2016957" type="COMPANY" weightage="20" keywordseo="Vedantu">Vedantu</keyword><br />Total funding:$106 million<br /></strong><br />The edtech startup is one of the companies that has been enjoying the boom of online learning due to the coronavirus pandemic. During the lockdown, Vedantu added 6.5 lakh subscribers. “Vedantu’s collections and revenues (in March) grew by 80% over the previous month, achieving the highest growth over the collective last 2.5 years,” the company had said. <br /><br />  <div type="image" title="vedantu" msid="76379169" hostid="261" caption="&amp;lt;p&amp;gt;Vedantu founders Vamsi Krishna, Anand Prakash, and Pulkit Jain&amp;lt;/p&amp;gt;"></div><br /><br />In April 2020, the company raised funding in two tranches – $12.6 million and $7 million for a Series C round. Its last <a href="https://entrackr.com/2020/04/exclusive-vedantu-valuation-280-mn-after-7-mn-in-fresh-funding/">reported</a> valuation is $280 million.<br /><br />Vedantu's founders Vamsi Krishna, Anand Prakash, and Pulkit Jain had their first tryst with startups with the edtech company Lakshya in 2006. It was later acquired by MT Educare (Mahesh Tutorials) in 2012. Vedantu was founded in 2011 with the idea to provide an online tutoring platform.<br /><br /><strong>SEE ALSO:<br /><br /><a href="https://www.businessinsider.in/business/news/reliance-jio-lands-its-9th-investment-4546-80-crore-from-tpg-capital-takes-the-total-to-over-1-lakh-crore/articleshow/76362241.cms">Reliance Jio lands its 9th and 10th investment – ₹4,546.80 crore from TPG and ₹1,894.50 crore from LVMH-backed L Catterton</a><br /><br /><a href="https://www.businessinsider.in/finance/news/india-wants-to-ban-cryptocurrencies-again-and-its-making-the-community-nervous/articleshow/76378793.cms">India wants to ban cryptocurrencies again⁠ — and it’s making the community nervous</a><br /><br /></strong><a href="https://www.businessinsider.in/business/auto/news/tata-motors-fourth-quarter-revenue-profit-preview-and-share-price-chart/articleshow/76370176.cms"><strong>JLR saved the last quarter for Tata motors⁠— but the challenges in China, UK, and Europe are mounting </strong></a><br />

These three Indian startups feature in the 50 global future unicorns list

<ul class="summary-list"><li>With patience and the right strategies, <keyword id="-541" type="UNKNOWN" weightage="60" keywordseo="real-estate-investing" source="Orion">real estate investing</keyword> can be a path to financial freedom.</li><li>Several people who have used <keyword id="11893295" type="UNKNOWN" weightage="60" keywordseo="real-estate" source="Orion">real estate</keyword> to build <keyword id="11921347" type="UNKNOWN" weightage="60" keywordseo="wealth" source="Orion">wealth</keyword> told us how they got started.</li></ul><p>With patience and time, real estate <keyword id="11896289" type="UNKNOWN" weightage="60" keywordseo="investing" source="Orion">investing</keyword> can yield significant <keyword id="13147044" type="UNKNOWN" weightage="60" keywordseo="passive-income" source="Orion">passive income</keyword>. </p><p>"A lot of people want to time the market, but it's time <em>in</em> the market," property investor and early retiree Michael Zuber told Insider. "That's how you get wealthy. The longer you hold an asset, the wealthier you will become. It is amazing what happens to a portfolio after you've owned it for 10 years." </p><p>Insider spoke to individuals, including Zuber, who have used real estate as a tool to build long-term wealth. Insider has verified the following investors' claims about income and property ownership with documentation they provided. </p><p>Here's how they did it.</p><p><a href="https://www.businessinsider.com/real-estate-investing-tips-millennial-millionaire-quit-full-time-job-2021-12?r=real-estate-wealth-teaser"><strong>Todd Baldwin invested in his first property at age 23 and hasn't looked back. He earns over $1 million a year and is on track to hit a net worth of $20 million before age 35.</strong></a></p><div type="image" title="Todd Baldwin" height="2333" width="3111" msid="89726105" hostid="261"></div><p>Seattle-based real estate investor Todd Baldwin bought his first property at age 23. It was a $506,000, six-bedroom home and he made it work financially by "<a href="https://www.businessinsider.com/how-to-house-hack-real-estate-investing-buying-a-home-2021-12">house hacking</a>," or essentially having rent-paying roommates, which allowed him to live for free in his own home. </p><p>Since he was living for "free," collecting rental income, and earning a six-figure salary from his day job, he was able to save more money and continue buying rental properties. By age 25, Baldwin's net worth crossed $1 million, mostly thanks to rental income, he said. At 28, he became a multi-millionaire and felt comfortable leaving his 9-to-5 to double down on real estate.</p><p>The 29-year-old believes that real estate is a path to wealth. "I'm not going to say it's easy but it's pretty straight-forward," he said. "If you just buy real estate and you hang onto it for 20 years, you're going to sell it for a lot more than what you paid for it."</p><p><a href="https://www.businessinsider.com/buying-first-home-gen-z-real-estate-commissions-boston-wealth-2022-1?r=real-estate-wealth-teaser"><strong>Karina Mejia bought her first home at age 22 and now owns five properties in Boston, where she lives, and Augusta, Georgia. In 2021, she earned $43,000 in rental income.</strong></a></p><div type="image" title="karina mejia 1" height="1934" width="2579" msid="89726108" hostid="261"></div><p>Boston-based realtor and real estate investor Karina Mejia lived at home after graduating and worked three jobs to save up for a down payment.</p><p>If you have the ability to live with family at the start of your career, it doesn't have to be as big of a sacrifice as it may seem, said Mejia, who financed her first home with an FHA loan and put about $20,000 down. "You don't have to think that you're giving up your freedom. It's just a smart financial thing to do for the first year or a couple of months as you're getting started and paying down your loans."</p><p>Today, she owns two properties in Boston and three in Augusta, Georgia. She lives for free in one of her properties in Boston by renting out part of the house. </p><p><a href="https://www.businessinsider.com/real-estate-investing-build-wealth-financial-independence-retire-early-california-2022-2?r=real-estate-wealth-teaser"><strong>Real estate investors Michael and Olivia Zuber own over 100 units and earn over $100,000 a month in rental income. Their real estate portfolio allowed them to retire comfortably in their 40s</strong></a><strong>. </strong></p><div type="image" title="A couple wearing sunglasses takes a selfie in front of the Golden Gate Bridge" height="480" width="640" msid="89726109" hostid="261"></div><p>After losing thousands of dollars in a previous life of day-trading, Michael and Olivia Zuber turned to real estate investing. It started as a way for them to get back on track financially and rebuild their nest egg, but turned into a path to financial freedom. </p><p>The Bay Area-based couple saved up enough to purchase their first property, a $107,000 single-family home, by cutting back on things like eating out, entertainment, and vacations in order to save for their first rental property. </p><p>For years, they worked full-time and lived on half of their income in order to save more and buy more real estate. By 2015, they were earning enough in rental income that Olivia could quit her 9-to-5. Michael followed suit in 2018 and left his software job.</p><p><a href="https://www.businessinsider.com/millennial-real-estate-investor-house-hacking-seattle-property-rental-income-2022-2?r=real-estate-wealth-teaser"><strong>Peter Keane-Rivera bought his first property in Seattle at age 25 despite owing $45,000 in student debt. Today, he owns nine units between his two properties and grosses $102,840 in rental income a year.</strong></a></p><div type="image" title="peter keane rivera" height="3024" width="4032" msid="89726111" hostid="261"></div><p>Peter Keane-Rivera invested in his first property, a $355,000 three-bed, two-bath house, at age 25. He came up with money for the down payment from an early investment in bitcoin and savings he accumulated while working.</p><p>His mortgage payment, plus private mortgage insurance, came out to about $2,000 a month. To offset that cost, he "house hacked" and found two roommates to fill the other rooms. Keane-Rivera moved into the smallest room in his house and rented out the other two for $725 and $900 a month, he said. That dropped his monthly housing payment to $375, or about half of what he was paying as a renter.</p><p>Now, he owns two properties and has nine tenants. His rental income more than covers his mortgages and he lives for free in one of his homes. His goal is to quit his day job within the next two years and focus on real-estate investing full time. </p><p><a href="https://www.businessinsider.com/real-estate-investor-buildilng-wealth-properties-rental-income-new-hampshire-2022-2?r=real-estate-wealth-teaser"><strong>A high-school dropout who goes by Matt "The Lumberjack Landlord" bought his first property in 2001 and nearly didn't survive the housing crash of 2008. Today, he owns over 100 units and grosses six figures per month in rental income.</strong></a></p><div type="image" title="matt lumberjack landlord" height="960" width="1280" msid="90854348" hostid="261"></div><p>"If there was a mistake to be made, I did a pretty good job finding it," said 44-year-old real-estate investor Matt, who prefers to go by "The Lumberjack Landlord" for privacy reasons.</p><p>He started buying properties in the early 2000s, and his first investments produced more headaches than income, he said. Then he faced an even greater challenge surviving the housing crash of 2008.</p><p>It took about seven years until he started to earn enough in rental income to cover his own housing costs — and it was year 15 of investing when his real-estate earnings became roughly equivalent to his salary from his software job. </p><p>After two decades of following his buy-and-hold real-estate investing strategy, he now owns 106 units across 36 buildings in New Hampshire.</p><p><a href="https://www.businessinsider.com/real-estate-investing-financial-freedom-former-truck-driver-father-2022-3?r=real-estate-wealth-teaser"><strong>Former truck driver Dion McNeeley didn't have any money to his name and lived paycheck-to-paycheck for years. Over time, he built a 16-unit real estate portfolio in Washington and became financially independent from the rental income he earns.</strong></a>  </p><div type="image" title="dion mcneeley" height="2274" width="3024" msid="90854349" hostid="261"></div><p>"I made it to 40 without ever having $1,000 in the bank," said former marine, cop, and truck driver Dion McNeeley. "My plan was to retire on two pensions, and neither one of them worked out."</p><p>McNeeley turned to real estate and started saving up for an investment property in 2011. At the time, he was making $17 an hour working at a commercial truck driving school. After two years of working overtime, he managed to save up $20,000 to buy an investment property in 2013. </p><p>He continued buying about one property every other year until his income started to "snowball," he said. After nine years of real estate investing, the 51-year-old owns seven properties and 16 units in Washington state, profits six-figures in rental income a year, and considers himself financially free.</p><p><a href="https://www.businessinsider.com/millennial-real-estate-investor-wholesaler-quit-amazon-financial-freedom-wealth-2022-4?r=real-estate-wealth-teaser"><strong>Seattle-based real estate investor and wholesaler Ludomir Wanot built his portfolio with less than $10,000 upfront by buying with his brother and using an FHA loan. Today, he profits more than $500,000 in 2021.</strong></a></p><div type="image" title="ludomir wanot" height="3024" width="4032" msid="90854350" hostid="261"></div><p>"From a very young age, I knew that money could give me options, and I wanted more options in my life," said Ludomir Wanot, who was raised by a single mother who struggled financially. "So I started thinking about how to earn more money." When he was in high school, "I found online that 90% of all millionaires became so through owning real estate." From that point on, he decided that real estate would one day be his path to wealth.</p><p>He bought his first investment property with his brother in 2016 when he was 24. They found a single-family, fixer-upper on Craigslist, negotiated the seller down to $138,000, and financed it with an FHA loan. They put down a little less than $10,000 and split the upfront costs, meaning they each paid less than $5,000.</p><p>Wanot, now 30, earns most of his money from wholesaling, but profits about $50,000 each year in rents from his portfolio of 13 units located throughout central and western Washington.</p><p><a href="https://www.businessinsider.com/real-estate-investor-financial-independence-wealth-boston-buying-property-home-2022-6?r=real-estate-wealth-teaser"><strong>33-year-old Dana Bull built a 22-unit portfolio in Massachusetts in 5 years. She scaled up so quickly by boosting her income, living frugally, and finding great deals.</strong></a></p><div type="image" title="dana bull" height="1200" width="1599" msid="94501371" hostid="261" sizebytes="127546"></div><p>Between 2014 and 2019, Massachusetts-based investor Dana Bull acquired 22 units across seven multi-family properties.</p><p>Scaling up her portfolio in such a short time frame required "a lot of hustle and making sacrifices," Bull told Insider. But now, at 33 years old, Bull is financially independent thanks to her real estate investments. "I was heads down, either working, hanging out with friends, sleeping, or eating. I didn't waste any time." </p><p>Bull breaks down the real estate business into three phases: <a href="https://www.businessinsider.com/real-estate-investor-financially-free-investing-strategy-process-buying-property-2022-7">acquisition, stabilization, and optimization</a>.</p><p>She spent most of her time in the acquisition phase. After all, finding the right investment property in the right area is critical. When figuring out where to invest, the most important factor to consider is: Do people rent in the area? </p><p>"Look at communities where people are actually renting, because you need renters," emphasized Bull. "You need tenants. They are the lifeblood of your business. They're the ones that are paying for everything."</p><p><a href="https://www.businessinsider.com/state-trooper-using-real-estate-investing-financial-independence-retire-early-2022-8?r=real-estate-wealth-teaser"><strong>Former construction worker Mike Newton went from less than $1,000 in savings to building a 10-unit rental portfolio. He worked overtime at his day job and 'house hacked' to afford his first property.</strong></a></p><div type="image" title="mike newton" height="676" width="900" msid="94501373" hostid="261" sizebytes="80952"></div><p>After deciding he wanted to invest in property, Mike Newton took two immediate steps: He shopped around for a mortgage lender and he started saving for a down payment. </p><p>He saved about $30,000 in cash in just six months. </p><p>"I picked up every overtime shift that I could," said Newton, whose base salary as a Washington State Trooper was $60,000 at the time. "They can never get enough people to cover all the overtime shifts, so I made about $30,000 in overtime in less than a six-month period." He estimates that he was working 90-hour weeks during that time period in 2018.</p><p>He closed on a $450,000 duplex outside of Seattle in November 2018 and moved into one of the units. The other unit was already filled with a tenant, meaning he immediately started earning $1,600 a month in rental income, he said. Plus, a childhood friend moved into one of the three bedrooms in Newton's half of the duplex and paid $500 a month in rent. </p><p>He expanded his portfolio by investing in a more affordable area: Gary, Indiana.</p><p>Newton currently owns six properties in Gary, plus a single-family home in Chicago. He also still has his duplex near Seattle, where he resides. He still house hacks and pays next to nothing in housing each month.</p>

How to build wealth from real estate investing, according to 9 couples and individuals who have done it

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5d360485100a24254c4cee73-2121/couple-transferring-money.jpg" border="0" alt="couple transferring money" data-mce-source="Hinterhaus Productions/Getty Images"><p class="source"><span>Hinterhaus Productions/Getty Images</span></p></img></div><p></p></div></div><ul class="summary-list"><li>Writing a <a href="https://www.businessinsider.com/how-to-write-a-check-steps-graphic-2018-6">personal check</a> is rare these days, but we still need to send and receive money from others. That's where money transfer apps come in.</li><li>Apps like Zelle, Venmo, PayPal, and Checkbook.io allow you to send money to friends and freelancers alike for free or a small fee.</li><li>Plus, PayPal's Cashback Mastercard integrates seamlessly with its <a href="https://www.businessinsider.com/financial-experts-reveal-best-money-apps-2018-10">money app,</a> making it easy to send cash and earn rewards.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories.</a></li></ul><p>It's not often you write a personal check these days - plenty of landlords use online rent-payment systems, and it's easier than ever to pay your utility bills through your bank. Plus, there are plenty of money transfer apps that make splitting restaurant bills or Lyft rides easier than ever, no physical cash required.</p><p>To be sure, there are situations where checks can come in handy regardless of how technologically savvy you are, but money transfer apps that can do the work of a personal check with a lot less hassle and time spent.</p><p>As you look for ways to pay bills and transfer money to other people, consider these options:</p><h2>Checkbook.io</h2><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5d360e9c100a24215870cdd4-2400/screen%20shot%202019-07-22%20at%20122850%20pm.png" border="0" alt="checkbook homepage" data-mce-source="Checkbook"><p class="source"><span>Checkbook</span></p></img></div><p></p></div></div><p><a href="https://checkbook.io/" target="_blank" rel="noopener">Checkbook.io</a> is a digital checkbook alternative that replaces the act of writing and mailing paper checks with a simple email exchange.&#xa0;The best part is, neither the sender or the receiver of the "check" needs to sign up for a service to get started and neither side sees each other's financial information. Checkbook.io is also free for consumers and inexpensive for businesses to use with a flat fee ($1 per check) instead of the traditional percentage of each transaction.</p><p>You can use Checkbook.io to pay bills or send payments from over a week to overnight, although the app also has an "instant pay" feature. Funds can be direct deposited into any bank account.&#xa0;</p><p>&#xa0;</p><h2><strong>Zelle</strong></h2><p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5d3611e08813a25d211910e1-2224/screen%20shot%202019-07-22%20at%20124246%20pm.png" border="0" alt="zelle homepage" data-mce-source="Zelle"><p class="source"><span>Zelle</span></p></img></div><p></p></div></div></strong></p><p><a href="https://www.zellepay.com/" target="_blank" rel="noopener"><span style="font-weight: 400;">Zelle</span></a><span style="font-weight: 400;"> is a fast and easy way to send money to individuals and businesses via your bank or your bank's online app. You can get started by <a href="https://www.businessinsider.com/how-to-use-zelle-payments-app-vs-venmo-2018-2018-6">enrolling in Zelle</a> with your bank's app or the Zelle website, and you can use the app to send money from your bank account to almost anyone. Keep in mind, however, that the person you're sending money to will also have to sign up for Zelle to accept payment.</span></p><p><span style="font-weight: 400;">Zelle is free to use for senders and receivers, so that's a plus. But <a href="https://www.businessinsider.com/zelle-needs-to-bolster-its-fraud-protection-2018-4">some recent reports have shown</a> that Zelle is being used by scammers since money transfers are one-way and not refundable. Before you send money using Zelle, make sure you know and trust the person on the other end.</span></p><h2><strong>Venmo</strong></h2><p><strong><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5d361223454a395cff220455-2136/screen%20shot%202019-07-22%20at%20124414%20pm.png" border="0" alt="venmo homepage" data-mce-source="Venmo"><p class="source"><span>Venmo</span></p></img></div><p></p></div></div></strong></p><p><span style="font-weight: 400;"><a href="https://venmo.com/">Venmo</a> is yet another helpful app that lets you transfer money to other people or make purchases with select retailers. Once you sign up, you can use the app to pay people or merchants with money you deposit into your Venmo account or link a bank account for transfers from your bank.</span></p><p><span style="font-weight: 400;">Venmo</span><span style="font-weight: 400;"> has become an extremely popular option for people who want to split dinners or cab rides with friends or borrow and pay back money with a few clicks on their smartphone. However, you can also use Venmo to order food or shop online with select merchants since millions of websites allow you to select Venmo as a payment option.</span></p><p><span style="font-weight: 400;">While Venmo is free when you use your balance, your bank account, or a debit card to make a payment, there is a 3% transaction fee when you make a payment using a credit card.</span></p><p>&#xa0;</p><h2>PayPal</h2><p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5d36126c100a24258c60c1f4-2396/screen%20shot%202019-07-22%20at%20124517%20pm.png" border="0" alt="paypal homepage" data-mce-source="PayPal"><p class="source"><span>PayPal</span></p></img></div><p></p></div></div><p>Finally, let's not forget one of the earliest players in the world of mobile payments - <a href="https://www.paypal.com/us/home">PayPal</a>. On the personal side, <a href="https://www.businessinsider.com/how-to-send-money-on-paypal">PayPal lets you transfer and receive money online</a> or using its mobile app. You can also make purchases using PayPal with approved merchants, and you can link your account with a credit or debit card.</p><p>PayPal also offers its own rewards credit cards and debit cards that integrate seamlessly with the app for easy money transfers and purchases. PayPal credit cards, including the PayPal Cashback Mastercard and PayPal Extras Mastercard, let you earn rewards for each dollar you spend.</p><p>Unfortunately, PayPal isn't always free to use. You can transfer money to family and friends using your balance and receive money from them for free, and there is no fee for using PayPal to purchase goods and services. However, you will pay a 2.9% + $.30 fee for other transactions, such as accepting payment from one of your freelance clients.</p><ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/financial-experts-reveal-best-money-apps-2018-10">11 financial experts reveal their favorite money apps</a></li><li><a href="https://www.businessinsider.com/free-money-apps">I've been fine-tuning my money for over 10 years, and I've finally settled on the 3 best free apps to help me build wealth</a></li><li><a href="https://www.businessinsider.com/best-online-budget-apps-2017-6">The 5 best apps to help you manage your money</a></li><li><a href="https://www.businessinsider.com/how-to-wire-money-send-receive-cash-immediately">How to wire money to send or receive cash immediately</a></li></ul><p class="tagline"></p><p style="font-size:14px;"><em>Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. 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<p><div class="KonaFilter image-container display-table float_right"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5346e34aecad04fd3d55604e-1024-768/bbd2lhqcmaayyli.jpg_large2.jpg" border="0" alt="Google Bus" /><p class="source"><span><a href="https://twitter.com/FitzTheReporter/status/410098690821337088/photo/1">@FitzTheReporter</a></span></p></div><p></p></div></div>About 69% of "no-fault" housing evictions in San Francisco take place within four blocks of shuttle bus stops for tech employees, according to <a href="http://www.antievictionmappingproject.net/techbusevictions.html">the Anti-Eviction Mapping Project</a>, an online resource created by activists who are opposed to the gentrification of the city by wealthy tech workers.</p>
<p>So-called "Google buses" are controversial in San Francisco because they make it easier for tech employees to live in the city and commute to Silicon Valley. That has driven up rents and real estate prices in the city, forcing out some non-tech workers.</p>
<p>Drawing on data from the San Francisco Rent Board, a 2012 Stamen Design study and a 2013 San Francisco Municipal Transportation Agency report, the maps show how landlords have increased the number of evictions of rent-paying tenants in recent years. "No-fault" evictions occur when the landlord simply wants the property back, usually to renovate or sell it.</p>
<p>The data comes with one obvious caveat: Evictions, bus stops and gentrified apartments are highly likely to occur in clusters simply because no one places bus stops where people don't live.</p>
<p>Nonethless, when the last three years' of evictions are viewed in sequence on top of a map of shuttle stops it does look dramatic.</p>
<h3>Here was the situation in 2011:</h3>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5346dfa86bb3f7840e88cdf0-939-789/screen shot 2014-04-10 at 1.59.13 pm.png" border="0" alt="google evictions" /><p class="source"><span><a href="http://www.antievictionmappingproject.net/techbusevictions.html">Anti-Eviction Mapping Project</a></span></p></div><p></p></div></div></p>
<h3> This was 2012:</h3>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5346dfd46da8115f58f67296-951-790/screen shot 2014-04-10 at 1.59.44 pm.png" border="0" alt="google evictions" /><p class="source"><span><a href="http://www.antievictionmappingproject.net/techbusevictions.html">Anti-Eviction Mapping Project</a></span></p></div><p></p></div></div></p>
<h3> And this is 2013:</h3>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5346e019eab8ea2b0c88cded-952-792/screen shot 2014-04-10 at 2.00.00 pm.png" border="0" alt="google evictions" /><p class="source"><span><a href="http://www.antievictionmappingproject.net/techbusevictions.html">Anti-Eviction Mapping Project</a></span></p></div><p></p></div></div></p>
<h3>This is what it looks like when you put the three maps together:</h3>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5346e42369bedd5244d36b23-929-785/screen shot 2014-04-10 at 2.33.14 pm.png" border="0" alt="google evictions" /><p class="source"><span><a href="http://www.antievictionmappingproject.net/techbusevictions.html">The Anti-Eviction Mapping Project</a></span></p></div><p></p></div></div></p>
<h3>These are the companies that run those shuttle stops. It's not just Google, obviously, but Google takes the brunt because it is the biggest:</h3>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5346daa66bb3f7560288cdeb-1050-869/screen shot 2014-04-10 at 1.52.28 pm.png" border="0" alt="google evictions" /><p class="source"><span><a href="http://www.antievictionmappingproject.net/techbusevictions.html">Anti-Eviction Mapping Project</a></span></p></div><p></p></div></div></p>
<p>The project makes these claims about the growth of evictions in San Francisco:</p>
<ul>
<li>No-fault evictions increased 42% between 2011 and 2012.</li>
<li>No-fault evictions increased 57% between 2012 and 2013.</li>
</ul>
<p>However - and this is pretty crucial - the overall number of evictions isn't that high compared to a decade ago (during the dot-come bubble):</p>
<p><div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5346e12fecad041e39556055-1162-655/screen shot 2014-04-10 at 2.20.06 pm.png" border="0" alt="google evictions" /><p class="source"><span><a href="http://www.antievictionmappingproject.net/techbusevictions.html">Anti-Eviction Mapping Project</a></span></p></div><p></p></div></div></p>
<p>While there has been a recent increase in evictions, it has barely returned to the level they were at right before the real estate crash in 2008.</p>
<p>The Project wants people to sign <a href="http://www.antievictionmappingproject.net/pledge/">a pledge not to move into an apartment that has become free due to an eviction</a>. That might create some interesting market dynamics, if the pledge takes off: It would reduce the number of apartments available for renters, thus increasing their price.</p>

Maps Show Evictions In San Francisco Are Often Near 'Google Bus' Stops

<p><img class="float_right" src="http://static1.businessinsider.com/image/520946c96bb3f7895900000a-577-433/obama-angry-2.jpg?maxX=480" border="0" alt="Obama angry" width="480" />The Justice Department<a href="http://www.businessinsider.com/eric-holder-drug-sentences-non-violent-marijuana-2013-8"> announced today that they're taking a new look</a> at how to work around mandatory minimum sentencing laws for low-level drug crime. </p>
<p>It's a substantial concession on the part of the Department of Justice.  </p>
<p>Then again, the Obama Administration's way of dealing with <keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">marijuana</keyword> has been marked by substantial concessions that have been surreptitiously revoked, oftentime leaving entrepreneurs and patients in the lurch. </p>
<p>In 2008, presidential candidate Sen. Barack Obama <a href="http://promises.nationaljournal.com/criminal-justice/defer-to-states-on-medical-marijuana/">told the Medford Mail Tribune of Oregon</a> that he's going to end the conflict between the federal government and states that decide to decriminalize, medicalize, or legalize marijuana within their borders:</p>
<p style="padding-left: 30px;"><span style="line-height: 1.5em;">"</span><span style="line-height: 1.5em;">What I’m not going to be doing is using Justice Department resources to try to circumvent state laws on this issue simply because I want folks to be investigating violent crimes and potential terrorism. We’ve got a lot of things for our law enforcement officers to deal with."</span></p>
<p><span style="line-height: 1.5em;">It was a compelling argument. Since the Nixon administration declared the War on Drugs, $1 trillion has been spent by the government. The goal: reduce quality, cut supply, reduce drug addiction. </span></p>
<p><span style="line-height: 1.5em;"><div class="image-container float_left" style="width:480px"><div class="image"><img src="http://static6.businessinsider.com/image/5209472869bedd4134000003-1200-924/marijuana-legalization-16.jpg" border="0" alt="marijuana legalization" width="480" /><p class="source">Reuters</p></div></div>Well, since then, quality has increased almost as quickly as access, and drug addiction statistics have remained rising or stagnant. Great job!</span></p>
<p><span style="line-height: 1.5em;">So when the young senator from Illinois indicated he was amenable to at least winding that down, people got hopeful. </span></p>
<p><span style="line-height: 1.5em;">When then-President Obama's new Attorney General announced in March of 2009 that the Bush-era raids of medical marijuana dispensaries were over, entrepreneurs breathed a cautious sigh of relief. The ACLU drug law project director <a href="http://www.nytimes.com/2009/03/19/us/19holder.html?_r=0">told the New York Times</a> that it "seem[ed] to finally end the policy war over medical marijuana."</span></p>
<p>The Attorney General didn't keep his word, though, and soon the raids began again, more severe than ever before. </p>
<p>In 2012, the Justice Department began marching north up the coast of California shutting down marijuana dispensaries that were legally operating under California law. </p>
<p><span>It's been tough to be in the business in California. In 2012 the DEA marched north from </span><a href="http://voiceofsandiego.org/2013/04/23/photos-dea-raids-downtown-medical-marijuana-dispensary/">San Diego</a><span> to </span><a href="http://articles.latimes.com/2012/sep/26/local/la-me-medical-marijuana-20120926">Los Angeles</a><span> to </span><a href="http://www.sfgate.com/bayarea/article/Oakland-raid-fires-up-S-F-medical-pot-rally-3457296.php">Oakland</a><span> to eventually </span><a href="http://blog.sfgate.com/smellthetruth/2013/05/02/seven-s-f-marijuana-dispensaries-targeted-by-d-e-a/">San Francisco</a><span>, raiding more than a hundred businesses, seizing assets, and shutting the legal marijuana business down in California as much as they could, despite earlier assurances from the President and Attorney General.</span></p>
<p><span>Despite the formal raids against upwards of 100 businesses, the Holder's Department of Justice has also figured out a way to solve their marijuana problems without expending police or DOJ resources through the threat of applying asset forfeiture laws to landlords with tenants involved in marijuana. </span></p>
<p>According Americans for Safe Access, the government is threatening landlords who rent to marijuana businesses with jail time in order <a href="http://americansforsafeaccess.org/asset-forfeiture#sthash.wdwki1YB.dpuf">to get them to evict their renters:</a></p>
<p style="padding-left: 30px;"><span><span>The DOJ recently sent notices to property owners in California informing the owners that they may face criminal prosecution or asset forfeiture for knowingly renting their property to an MCDC or cultivator. </span></span></p>
<p><span><span>In what they describe as a "cynical tactic," Justice has avoided going through the motions of a jury trial by intimidating landlords into expelling rent-paying clients. </span></span></p>
<p><div class="image-container float_right" style="width:480px"><div class="image"><img src="http://static1.businessinsider.com/image/5209482c69beddad2e000011-1200-924/marijuana-legalization-17.jpg" border="0" alt="marijuana legalization" width="480" /><p class="source">Reuters</p></div></div></p>
<p>The reason that places like Colorado have not been hit by the Feds while California has essentially comes down to regulation. </p>
<p><strong>Colorado</strong> has a highly sophisticated marijuana regulation regime. First of all, all the dispensaries must be vertically integrated — that is to say, they must grow 70% of the cannabis that they sell. Moreover, the entire industry is heavily monitored by the Colorado Department of Revenue.</p>
<p>Every gram of marijuana is tracked by sophisticated software systems, with regular reporting to the Department of Revenue. Dispensaries can grow up to a maximum of six plants per registered patient. Waste from groweries is destroyed responsibly. The business is very transparent from a regulatory standpoint, which is one reason that the Feds haven't seen it fit to interfere. </p>
<p><strong>California,</strong> on the other hand, is a vastly deregulated free-for-all. The state doesn't know where the product even comes from. The state is also a regulatory hodge-podge, with different localities having vastly different ways of handling marijuana.</p>
<p><div class="image-container float_left" style="width:480px"><div class="image"><img src="http://static4.businessinsider.com/image/5209485b6bb3f7825500001f-589-441/marijuana-dispensary-colorado.jpg" border="0" alt="marijuana dispensary colorado" width="480" /><p class="source">Wikimedia Commons</p></div></div>Medical marijuana dispensaries don't necessarily have the same level of oversight realized in more regulated markets like Colorado. It's not beyond authorities to speculate that marijuana sold in California came from illicit sources like organized crime. As a result, Washington dropped the hammer on California's marijuana industry. </p>
<p>Here's how the President explained the justification for the action against marijuana dispensaries acting compliant with state law <a href="http://www.rollingstone.com/politics/news/ready-for-the-fight-rolling-stone-interview-with-barack-obama-20120425?page=2">in an interview with Rolling Stone</a>:</p>
<p style="padding-left: 30px;"><span>I can't nullify congressional law. I can't ask the Justice Department to say, 'Ignore completely a federal law that's on the books.' What I can say is, 'Use your prosecutorial discretion and properly prioritize your resources to go after things that are really doing folks damage.' </span></p>
<p>So when Attorney General Eric Holder says today — much has he did four years ago — that, despite <em>federal law that's on the books</em>, he would ask the Justice Department <a href="http://www.businessinsider.com/eric-holder-mandatory-minimum-sentencing-justice-department-doj-rand-paul-libertarians-2013-8">to not enforce mandatory minimums</a>, you might understand why people may be skeptical. </p>

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