Massachusetts real estate remains a key cornerstone in #Fightfor15 minimum wage debate. And those who invest in MA property will play a pivotal role in finding a solution, while ensuring they never even have to work for as little as $15 an hour again.
It’s not easy getting by in Boston on minimum wage today. There is no denying that. Even at $50 an hour you’ll barely be able to afford to rent the median priced rental. Getting by on $9 an hour is a challenge to say the least. That gets dramatically harder as a guy trying to financially support multiple homes, or a single mom having to come up with cash for childcare to be able to get out to work. Even a two income earning household at $10 an hour each doesn’t bring in enough. And rents aren’t likely to get any cheaper in Boston any day soon.
Yes, there are many arguments about businesses not being able to support as many jobs, at a higher minimum wage. The ignorant and those that don’t have time for compassion can simply put down the $9 an hour worker to being lazy, unwilling to get educated, or lacking innovative thinking. There is nothing lazy about working 10 to 12 hours on your feet in a kitchen which can top 100 degrees, while being treated like dirt all day.
So we have an income issue and a housing price issue.
Real estate just happens to be the apex where these two meet. Real estate investing can also be the best solution for those earning surplus amounts each month and that need to invest capital. And for those needing to boost their earnings.
Those with capital to invest in Massachusetts real estate, will find it some of the most profitable income property in the world. Even to the extent that they can choose to offer more affordable, safer, and healthier rental housing. For some investors, the rewards of this will far exceed the monetary returns. Investors and landlords can even choose to pay people that work for them a little more. You don’t have to go as far as the CEO of Gravity Payments and give everyone a minimum of $70,000. But could there potentially be any perks of paying a little more in the long run?
Real estate investing can be a great solutions for those desperate to break the cycle that minimum wage creates too. Investing in real estate can dramatically boost earnings without having to go back to school and do four years to get a degree. You may still have to put in some hours, find a way to learn, and commute to other areas like Worcester, MA for affordable deals and opportunities. But is sure beats traveling two hours to work at Burger King for $9 an hour, before taxes, only to still end up short of diapers and baby formula for your two newborns. For those not ready to make the leap all at once; perhaps there are real estate industry jobs to be found to earn while you learn. Just don’t forget to help bring others up once you are on top.
For MA real estate investors coming from both of these angles property management will be key to success. Who is going to manage your income properties?