I was a good employee in Houston’s appliance repair industry but the city is too expensive for my tastes
My wife and I moved to Houston last year.
We love the city and we loved our jobs.
But we never thought we’d have to spend more than $2,000 on a new appliance.
We had the best jobs in the world.
But, the cost of living in Houston is ridiculous.
Our house in the Houston suburb of Katy sits in the 9th percentile in the U.S., according to a 2016 U.N. report on poverty.
But it costs us $1,600 per month to live here.
It was a steal.
It was a real bargain for our family.
And I guess we thought we were getting the best deals.
But a new report from Axios paints a picture of a city where the cost is so high, the median wage is only $11 an hour, and the median home is worth less than $300,000.
To make matters worse, in January, Houston voters approved a measure to hike the minimum wage from $8.50 an hour to $9 an hour.
That raises the average to $12 an hour and, according to the report, the average household income in Houston dropped from $78,742 to $72,849.
We thought we had a good life in Houston.
Then, we learned our home in the Bayou City is worth $1.4 million.
It’s the biggest loss we have ever suffered, said Michael, a single mother of two with a 5-year-old son.
We’ve lost everything we have.
Our kids are going to school.
They’re going to college.
And they’re going back to work.
We were very, very proud.
Our house is worth so much more than we could ever dream of.
I just don’t understand how this could happen.
I have the best job in the city, but they are asking us to pay more than they already are.
I just can’t believe that this is happening.
I’m a hard-working person, Michael said.
And we have a good job.
But if I am going to lose that, I have to give it up for the sake of our family and our children.
So we started looking at options, like finding new jobs.
We talked to several Houston-area companies, including Lowe’s and Home Depot, and narrowed it down to two.
One company, we found, is a real asset.
One, we could have a chance.
We wanted to do something to help.
We decided to look at some other options.
We decided to go to an investment firm that had done some business in Houston in the past.
We called the investment firm to talk to its managing partner.
She agreed to help us.
But the company was struggling.
We hired a lawyer to review the company’s finances.
It turned out that, because of its massive debt, the company had spent too much money on debt.
It had spent $1 million on new capital, and it had been unable to raise that capital.
We reached out to the firm, and asked if they could help us figure out how to put the company on a sustainable path.
They did a detailed analysis of the company and its finances and came up with an answer that would work for us.
They said we could take a $10,000 loan.
The company took that loan and the rest was history.
We are able to buy back the company.
We bought it for a fraction of what we paid it for.
We can buy back a $50,000 asset that we had to sell, but we can’t buy back it because the company still owes us $50 million.
So the firm offered to take on the entire $50-million debt, a total of $15 million.
But we weren’t interested.
The $15-million loan had to be paid off within 30 days of receiving the loan.
It would take three months for the company to repay the $15.
So, we called the company again and asked again if we could borrow another $15 to put on the company, which we could afford.
The company agreed to do that.
So it’s our first time borrowing from an investment bank in the last year, but it was an easy loan.
We’re making about $100,000 in a month, so we’re able to pay off our $15 loan in a few months.
So how does it work?
The firm takes a very low-interest rate on the loan, which is the maximum loan amount a bank can offer.
But the interest rate is only 2.5 percent.
So now we have $15 in our pocket.
And, because we’ve borrowed the entire amount of the loan with the minimum loan amount, the firm’s loan is worth about $1 per month.
So the company makes $2.2 million.
And that’s just in monthly payments.