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Old 07-21-2016, 11:50 AM
 
Location: Paranoid State
13,044 posts, read 13,817,290 times
Reputation: 15839

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Every year, the weight of CFR -- the Code of Federal Regulations dictating what a small business can do and cannot do grows and grows by thousands of pages.

https://en.wikipedia.org/wiki/Code_o...al_Regulations
https://cei.org/blog/new-data-code-f...ce-under-obama

Quote:
Now, new data from the National Archives shows that the CFR stands at 175,496 at year-end 2013, including the 1,170-page index.

It is not surprising that the rate of new business formation (entrepreneurship) has suffered.
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Old 07-21-2016, 11:55 AM
 
Location: Texas
44,256 posts, read 64,192,652 times
Reputation: 73922
Quote:
Originally Posted by Mattks View Post
I'm an older millennial, almost 30. I have owned 3 businesses, a lawn mowing company, a restaurant, and I was a handy man for a short time. I currently own the restaurant. I've been trying to get approved to buy an aparment complex, but so far no bank will lend to me. Thanks to being self-employed, my income is "too unstable" for banks.


I don't think it's comletely millennials faults, the whole idea of brick and mortar businesses is going wayside to the internet, there just isn't that much money to be made like there was before, most businesses have such low profit margins anymore. I know a lot of people in my generation who own their own businesses. Lawn mowing, construction, photography, hair salon, website design, car cleaning, etc. I had an aquantinance who tried to open a clothing store, but it went under after 6 months.


Most people want an easy stable job with guaranteed pay, so it shouldn't be too much of a surprise that people don't want to be entreprenuers.
With the exception of retail, everything you said has been true for everybody forever.

Generally speaking the most successful entrepreneurial efforts spanning time have been about providing a service.
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Old 07-21-2016, 11:56 AM
 
Location: Texas
44,256 posts, read 64,192,652 times
Reputation: 73922
Quote:
Originally Posted by SportyandMisty View Post
Every year, the weight of CFR -- the Code of Federal Regulations dictating what a small business can do and cannot do grows and grows by thousands of pages.

https://en.wikipedia.org/wiki/Code_o...al_Regulations
https://cei.org/blog/new-data-code-f...ce-under-obama




It is not surprising that the rate of new business formation (entrepreneurship) has suffered.
That and buying your own health care has gotten to be ridiculous.
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Old 07-21-2016, 12:30 PM
 
10,075 posts, read 7,499,984 times
Reputation: 15500
Not entirely sure about the personal income being the reason you didn't get the apartment loan, because the rental income can be counted towards it so you personally do not need to make enough income to buy the whole complex

I'd guess they didn't like your business plan for it, or how it was presented more than the lack of income from a job. For something like an apartment complex, I'd venture to guess that they treat it like a business loan and not a "mortgage" so your personal income does not matter as much
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Old 07-21-2016, 06:18 PM
 
28,109 posts, read 63,506,475 times
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I always had stumbling blocks buying income property... property too old, not enough years/experience in management etc.

Creative people find a way to make it work... take on a partner... buy one to four units and live in one, find seller financing with enough down...
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Old 07-21-2016, 07:26 PM
 
4,668 posts, read 3,878,228 times
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I don't really want to hijack the thread on rental properties, I'm just repeating what I was told by numerous banks. But it could very well be a different reason.
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Old 07-21-2016, 08:58 PM
 
2,994 posts, read 5,568,598 times
Reputation: 4690
Quote:
Originally Posted by Mattks View Post
I'm an older millennial, almost 30. I have owned 3 businesses, a lawn mowing company, a restaurant, and I was a handy man for a short time. I currently own the restaurant. I've been trying to get approved to buy an aparment complex, but so far no bank will lend to me. Thanks to being self-employed, my income is "too unstable" for banks.


I don't think it's comletely millennials faults, the whole idea of brick and mortar businesses is going wayside to the internet, there just isn't that much money to be made like there was before, most businesses have such low profit margins anymore. I know a lot of people in my generation who own their own businesses. Lawn mowing, construction, photography, hair salon, website design, car cleaning, etc. I had an aquantinance who tried to open a clothing store, but it went under after 6 months.


Most people want an easy stable job with guaranteed pay, so it shouldn't be too much of a surprise that people don't want to be entreprenuers.
For the most part yes but certain brick and mortar stores will never be replaced for example clothing type stores. People like to try on clothes before they buy to see how they fit. People don't want to be hassled with boxing things up and shipping things back that don't fit.
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Old 07-21-2016, 10:27 PM
 
Location: Buckeye, AZ
38,936 posts, read 23,800,954 times
Reputation: 14125
Quote:
Originally Posted by eddie1278 View Post
For the most part yes but certain brick and mortar stores will never be replaced for example clothing type stores. People like to try on clothes before they buy to see how they fit. People don't want to be hassled with boxing things up and shipping things back that don't fit.
Fragrance stores too. Let's face it, besides holidays (and often this is for gift sets), people only sometimes make a blind buy. Most need to sniff test it first before buying.
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Old 07-21-2016, 10:46 PM
 
Location: London
12,275 posts, read 7,105,961 times
Reputation: 13660
Millennials are also drowning in student loan debt...they can't afford to go further into debt while risking being unable to even pay their existing debt, and they'll have a very hard time getting business loans from lenders, too.

I also think the US would be far more entrepreneurial in general if it weren't for health insurance and healthcare in general being so outrageously expensive. That's a huge appeal of working at a company, having health insurance through them.

Last edited by ohhwanderlust; 07-21-2016 at 10:54 PM..
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Old 07-21-2016, 11:45 PM
 
Location: Los Angeles (Native)
25,303 posts, read 21,368,098 times
Reputation: 12318
Quote:
Originally Posted by SportyandMisty View Post
Every year, the weight of CFR -- the Code of Federal Regulations dictating what a small business can do and cannot do grows and grows by thousands of pages.

https://en.wikipedia.org/wiki/Code_o...al_Regulations
https://cei.org/blog/new-data-code-f...ce-under-obama




It is not surprising that the rate of new business formation (entrepreneurship) has suffered.
its easy to see how one could spend a lot of their time and money on attorneys rather than working on their business . Especially in certain states or industries . There should be regulations but they should be common sense and not need a legal team bigger than OJs dream team to follow them .

I'm sure a lot of it has to do with allowing less competition for the big businesses that donate to politicians and it gives the politicians something to do, " look at all the pages I wrote !!"
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