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guaranteed rental schemes | The Unwinding: An Inner History of the New America by George Packer – review
guaranteed rental schemes | The Unwinding: An Inner History of the New America by George Packer – review
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George Packer does a fine job of charting US decline. But where’s the anger?
History of disassemblage': The US flag fades along with a wall in Calvert, Texas. Photograph: Jill Stephenson /Alamy guaranteed rental schemes
One of the odd things about American news programmes is how little American news they feature. Typhoons and hurricanes, crazies and lone gunmen, Barack Obama staging a press conference, 10 seconds about the Middle East, a famous actor doing something scandalous, back to the weather: all this giddy fragmentation is further punctuated by so many commercial breaks or mentions of what’s coming up after those breaks that it can be hard to tell the difference between reportage and retail. America itself – its landscapes, rhythms, textures – is more invoked than evoked. A mere brand or sign. A tool to manufacture a togetherness that doesn’t exist.
George Packer’s new book is about this missing America. Spanning three decades, it’s a history of disassemblage, a chronicle of a nation where the “structures that had been in place before your birth collapse like pillars of salt across the vast visible landscape – the farms of the Carolina Piedmont, the factories of the Mahoning Valley, Florida subdivisions, California schools”. It’s also a threnody, a lamentation about the silence, at least in political circles, around those collapsing structures: “An old city can lose its industrial foundation and two-thirds of its people, while all its mainstays – churches, government, business, charities, unions – fall like building flats in a strong wind, hardly making a sound.”
Packer, a staff writer at the New Yorker and author of The Assassins’ Gate, a 2005 study of the US war in Iraq, is also a novelist. The Unwinding is strongly influenced by the USA trilogy (1930-36) of John Dos Passos, a political radical in his early days and a literary modernist, who famously claimed that “Mostly USA is the speech of the people”.
Like him, Packer constructs his factual narrative from the stories of a broad range of characters: Madison-raised Dean Price is hauled out of his mixed high school by his racist father, weans himself on self-help books and opens up a slew of truck stops, convenience stores and burger joints before becoming an evangelist for biofuel. He is equal parts dreamer, indomitable entrepreneur, utopian Del Boy.
Then there’s Jeff Connaughton, an idealistic lobbyist, White House lawyer and former aide to Joe Biden who recalls in savage detail how his initial admiration for Obama’s vice-president turned to disgust, not just because of Biden’s foibles (cribbing from a Neil Kinnock speech, mistreating people close to him) but more importantly because of his absolute failure to push through legislation that would have broken up those national banks whose greed and corruption brought America to the brink of economic meltdown. Packer has a great deal of time for these men, and for Tammy Thomas, a black American woman from Ohio who grew up taking care of an alcoholic mother who was in and out of jail for drugs, fraud and robberies. Somehow, in spite of the steel mills in her home town closing down and having to raise her children in a gang-colonised neighbourhood, she becomes a community organiser. Less warmly – though by no means acerbically – portrayed is Peter Thiel, a billionaire venture capitalist and libertarian co-fou
nder of PayPal, who finances projects involving seasteading and reversing human ageing.guaranteed rental schemes
Like Dos Passos, Packer interlaces these stories, themselves recounted in small sections, with “newsreels” in which the mood of a particular year – or rather the hysterical sound-and-fury of its public discourse to which his own subsequent stories offer a more considered, infrasonic counterpoint – is jerry-built from newspaper headlines, tweets, television listings and pop lyrics. Also, again like Dos Passos, he includes potted and sometimes vinegary biographies of various American public figures including Jay-Z, Oprah Winfrey, Colin Powell, conservative activist Andrew Breitbart and, a little puzzlingly, the writer Raymond Carver. These can be damning. Of Newt Gingrich, married to Jackie though widely known to be a philanderer, he writes: “He tried to keep it to oral sex so he could claim literal fidelity if anyone asked but within two years the marriage was over, another adoring woman about to become the next Mrs Gingrich, the advocate of civilisation standing at Jackie’s hospital bed as she lay recovering
from uterine cancer, a yellow legal pad with divorce terms in his hand.” Mostly, though, they feel like material worked up from magazine profiles or overambitious efforts to anatomise a nation through its celebrities.
Packer isn’t too clear about when “The Unwinding” took place. At one point he asks if it began with the end of the Reagan recession in 1982 and the bubbles – bond, tech, stock, housing markets – that followed. Was it caused by the deindustrialisation of the 1970s? Many of the factories that disappeared for ever were “hot, filthy, body-and soul-crushing” but they offered decent wages and a sense of belonging – to a community, a class, a nation – since extirpated. Or were its seeds planted in the 1950s – a decade of unrivalled middle-class prosperity – with the rise in car ownership and shopping malls, developments that would contribute to the decline of Main Street as both a real and symbolic common space?
Packer sometimes channels and sometimes overlays the voices of his confidants to point the finger at various modern criminals: lobbyists, Wall Street bankers, cynical politicians. But though he talks about how Washington was “captured” and ventriloquises Connaughton’s growing disenchantment by talking about how “everything he had learned in law school… was bullshit”, he doesn’t name names and, like the sonorous and stylistically adept New Yorker writer he is, mostly keeps his anger in check.
Yet the subtitle of The Unwinding – An Inner History of the New America – brings to mind JG Ballard’s notion of “inner space”. Deploying delirially anti-humanistic prose, Ballard drew on his fascination with America’s dark psycho-interiorities to produce extraordinarily prophetic publications such as Why I Want To Fuck Ronald Reagan as early as 1968. Equally, The Unwinding could have learned from the roiling prose-fire of Rolling Stone journalist Matt Taibbi who likened Goldman Sachs to “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money”.
Packer’s book – so decent, meticulous, concerned – reads like both a shrine to and the embodiment of a form of civics that barely exists in America these days. Is lambent lamentation enough?
Our rent guarantee scheme provides you with between 1 to 5 years worth of guaranteed rental income. What’s more, there’s no catch and no fees involved. Contact Guaranteed Rental today on 020 8088 9012 to find out more.
guaranteed rent scheme | China second quarter GDP to test reformers’ stomach for weaker growth
Being a property management company specialising in guaranteed rent that the biggest drawback of owning a rental property is void periods in between tenants. A buy-to-let property is no good as an investment if it isn’t making any money. This is why we offer a great guaranteed rent solution.
(Reuters) – China’s resolve to revamp its economy for the long-term good will be tested this month when a slew of data show growth is grinding towards a 23-year low, with no recovery in sight.
The median forecast of 21 economists polled by Reuters show China’s economy likely grew 7.5 percent between April and June from a year ago, slowing from the previous three months as weak demand dented factory output and investment growth.guaranteed rent scheme
Growth prospects for the rest of the year look even grimmer if last month’s unprecedented money market crunch, which saw short-term interest rates spike to record highs, eventually feeds into the real economy through higher lending rates.
Firms burdened by higher borrowing costs could shed jobs in coming months, analysts say, lifting unemployment that is a decisive factor in Chinese policymaking.
China’s new leaders, President Xi Jinping and Premier Li Keqiang, have flagged for some time that the rapid GDP growth of the past three decades needs to shift down a gear as the economy moves towards consumer-led expansion.
Beijing has consequently resisted so far taking policy action to boost the economy, opting instead for slower but better-quality growth not reliant on extravagant investment funded by debt.
But things could change, especially as China’s labour market betrays signs of its first crack.
“As China sticks to reform, the downward pressure on the economy will increase,” said Jianguang Shen, chief China economist with Mizuho Securities Asia in Hong Kong. “Rising unemployment and bad loans will be inevitable.”
The world’s No. 2 economy grew 7.7 percent in the first three months, and Beijing hopes 2013 growth could hit 7.5 percent – impressive by world standards but the slowest in 23 years for China.
The gross domestic product report, due on July 15, will be preceded by trade and inflation data, with the latter, on Tuesday, likely to show lacklustre demand capping price pressures.
Consumer inflation is expected to quicken to 2.5 percent in June, well below the central bank’s 3.5 percent target for 2013, and also below benchmark one-year deposit rates of 3 percent. Inflation had ran at 2.1 percent in May.
In a sign of the tough times ahead for firms, producer prices are forecast to drop for the 16th consecutive month, falling 2.7 percent in June, compared with May’s 2.9 percent drop.
China’s factories have been hammered in the past year by poor demand and excess capacity, especially among solar makers, ship builders and steel makers. Analysts say some have resorted to cutting prices to raise sales, but with little success.
Trade data, due on Wednesday, is forecast to show an improvement in both imports and exports compared with May, but in a feeble rebound not expected to herald a solid revival.
Exports are projected to have grown 4.0 percent in June from a year earlier, while imports are seen rising 8.0 percent.
JOB MARKET CRACKING
With the aftermath of Beijing’s last spending spree still making its way through the economy, China’s new leadership has seemed happy to let economic growth slide without taking drastic remedies.guaranteed rent scheme
Their predecessors unleashed 4 trillion yuan ($650 billion) of state spending during the 2008/09 global financial crisis, a bold move that shielded the economy but left it with trillions of yuan of debt now hurting its banks.
But Beijing’s determination to abstain from policy action may founder.
At a time when widespread corruption and a ballooning wealth gap are inflaming Chinese social tensions, a faltering job market could threaten the rule of the Communist Party already wary of the political upheavals in the Middle East.
China’s largest private shipbuilder, China Rongsheng Heavy Industries Group Holdings, was reported this week to have cut 8,000 jobs in recent months.
A labour sub-index in a government survey of factories also showed employment contracted for the 13th straight month in June, although other official data showed job supply in cities still outstripped demand in the first quarter.
“Just a month ago, we were still expecting a mild recovery this year,” said Xu Gao, an economist with Everbright Securities in Beijing.
“But the key assumption that the government will increase investment to stabilise growth has proven to be wrong. Just where is the government’s tolerance for slower growth? We still need to watch for that.”
Initial predictions that China’s economy was set for a gentle recovery in 2013 have proven wildly optimistic. After slashing their forecasts, some analysts now believe China could miss its official growth target for the first time ever in 2013.
This means China’s mild economic pick-up in the last quarter of 2012 was transient and that growth is likely to reverse into another cooldown in coming months after deteriorating from April through to June.
A Reuters poll showed growth in factory output probably slipped to 9.1 percent in June from May’s 9.2 percent, while fixed-asset investment slowed to 20.2 percent in the first half of the year, from a rise of 20.4 percent in the first five months.
“Despite recent signs of bottoming out in domestic activity, the growth outlook remains fragile,” said UBS chief China economist Wang Tao in a note to clients.
Worse, monetary conditions may be tightening. A Reuters poll showed M2 money supply growth retreated to 15.2 percent from May’s 15.8 percent.
Banks are forecast to have lent 800 billion yuan in June, up from May’s 667 billion yuan but below a reported surge to 1 trillion yuan of new loans in the first few days of last month – which probably hardened Beijing’s resolve to let interest rates spike.