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Reasonable Renovating for Every Homeowner

8/1/2018

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Whether they’re itching for something to do during colder months, motivated by the occasional Saturday when warmer weather prevails, or inspired by a marathon of a favorite DIY show, there always seems to be at least one improvement project on every homeowner’s to-do list.
 
DIY Doubts
If you count yourself among that cadre, it might be tempting to cut costs by tackling every task yourself. But, unless you are a veteran do-it-yourself homeowner who’s had a lot of experience with complex and costly renovations, there are probably some projects that should be left to the pros.
 
For instance, most renovations experts say sanding floors requires a special touch that takes lots of practice to develop. So, even if you are able to rent the necessary equipment at a reasonable price, inexperience may lead to ugly mistakes that can be costly to fix. And, while it might be possible for a handy homeowner to complete simple electrical projects, like installing a dimmer switch or replacing a light fixture, the risk of shock and fire outweighs any cost savings for more complicated wiring projects, according to experts quoted in Architectural Digest.
 
Likewise, they recommend that installing bulky or heavy items, like granite countertops, should be left to those who have the tools and techniques to do so without hurting themselves or the materials they are working with.
 
Easy Upgrades
Still, there are plenty of projects that even novice DIY homeowners can handle with a minimal investment of time and money. For instance, you could install new cabinet hardware and faucets in the kitchen and bath to give the rooms an almost instant cosmetic upgrade. A fresh coat of paint on walls, cabinets, or even a single wall offers much the same effect. And, while you’re at it, consider replacing dingy switch plates and outlet covers to create a clean look throughout your home.
 
Projects to improve energy efficiency also offer an excellent return on investment, with many resulting in savings right away. For instance, adding weatherstripping around doors and windows and installing a programmable thermostat can help you control heating and cooling costs. Replacing conventional light bulbs with environmentally-friendly LED bulbs can cut energy usage and save you time and trouble over the long haul, because they don’t need to be replaced as often. Plus, your local utility company might offer rebates and discounts to help you cover the costs of some of these items.
 
Staying Safe
Even easy do-it-yourself tasks can present some risks and challenges. After all, you may need to mount a ladder to repaint a room or replace a light bulb. And, while a power drill can come in handy for everyday projects like installing a towel rack or hanging pictures on a wall, it can also create homeowner hazards. Before you begin any project, experts recommend that you keep these safety tips in mind:
 
●Wear the right clothes. Avoid wearing jewelry, loose clothing, or shirts with loose or long sleeves that could get caught in equipment. Be sure to wear goggles when you might be exposed to airborne debris, and use earplugs when operating noisy equipment.

●Prep your workspace. For safety’s sake, you need to have a clear work area. Make sure you remove all clutter from the floor and any other spaces you’ll be working in, such as the front or back yard. If you’re doing a major project that spans multiple rooms for longer than a week, you’d be wise to move any belongings that will be in the way to an inexpensive storage unit until the work is complete.
 
●Practice precautions when using power tools. For instance, you should never leave a power tool unattended while it is on. In fact, before you leave your work area, unplug any tools and make sure they are out of children’s reach. Follow the owner’s manuals and any warnings when using, caring for, and storing power tools to ensure they’ll work safely for years to come.

●Keep an eye on your surroundings. Be conscious of sharp objects, power tools, and other equipment in your workspace. Remain aware of other adults who enter your area, and keep children and pets out of the vicinity while you work.
 
●Mind your ladder. Read and follow instruction labels before using the ladder, and make sure you’re using the right ladder for the job. For instance, it’s important to select a ladder that’s tall enough for you to comfortably access the project area and that can bear the weight of you and your equipment, according to its stated weight limits. Finally, be sure to place the bottom one foot from the surface it’s leaning against for every four feet in ladder height.
 
●Have easy access to a first-aid kit, and make sure it is well stocked. You won’t want to treat serious injuries yourself, but scrapes, scratches, bumps, and bruises are common even during successful renovation projects.  

●Mind your ladder. Read and follow instruction labels before using the ladder, and make sure you’re using the right ladder for the job. For instance, it’s important to select a ladder that’s tall enough for you to comfortably access the project area and that can bear the weight of you and your equipment, according to its stated weight limits. Finally, be sure to place the bottom one foot from the surface it’s leaning against for every four feet in ladder height.
 
Following these suggestions about tasks you should leave to professionals, manageable DIY projects, and safety precautions will hopefully help keep both you and your home in good working order for a long time to come.


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Take Action on Interest Rates

6/13/2018

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Mortgage interest rates are on the rise. After enjoying a long break from higher rates, home buyers and homeowners are realizing the impact of even small changes in interest rates. True, rates are far from what could be considered high. (As a comparison, consider mortgage rates in 1982-83 being over 16%.)

Currently, every $1,000 of financing a 30 year mortgage costs only about $5 per month. Here's what that means: If your budget allows for a monthly mortgage payment of $1,000 (not counting escrows for property taxes or insurance, PMI or HOA dues) that equates to a $200,000 loan.  If interest rates continue to rise as experts predict, even a 1% increase in rates reduces that $1,000 monthly payment to about $178,000 in financing. That's a difference of about 11% less buying power!  That could mean the difference between the home of your dreams and one you will settle for.

History shows that housing market activity actually goes up when rates increase.  The reason? Buyers realize they may miss out on getting the house they want with the payment they can afford. That results in a higher number of buyers looking at the same time. This drives up prices as more homes are sold with multiple offers.

There are some steps borrowers can take to improve their situation in a rising interest rate market:
1. Get pre-approved by a lender with competitive rates and a reputation of being able to move a loan from purchase to closing in a timely manner.
2. Pull together all the information your lender will need before you get together with them. This will include:
  •   2 years of income tax returns with all schedules.
  •   W-2's from the last two years.
  •   3 months of bank statements.
  •   A recent pay stub from your employment.
  •   A recent statement from any retirement account or investment portfolio you may have.
  •   Award letters, if any income is from Social Security or pension benefits.
3. A list of all your monthly debt obligations such as auto loans, credit card payments, student loans, etc.
4. Be prepared to address any negative items that may be on your credit history.

Having these items in advance will speed up the approval process significantly and give you an advantage in being able to move quickly when the right house becomes available.
Finally, discuss "locking" the interest rate with your lender. In a rising rate market, it is critical to understand the lender's policy to lock in a rate to protect you from changes that could occur prior to the closing of your loan. Typically interest rates cannot be locked until you have a purchase agreement signed by all parties and you have confidence in the closing date as well as having resolved any contingencies such as house inspections.

While rates are rising, it's still an excellent time to invest in real estate. Taking advantage of today's rates will make you look like a genius in the future and you will have locked in a stable payment for a long time to come.

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Property Management in Reno

1/11/2018

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How to Upgrade from Tenant to Homeowner

9/18/2017

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The dictionary defines the word “tenant” as one who has temporary rights to occupy a property. The key word here is “temporary”.  With today’s historically low interest rates, more tenants are looking for ways to become a homeowner. Dreams of homeownership can become a reality in just 6 simple steps! Even in markets where the inventory of homes is in short supply, a tenant can apply these steps and realize the benefits of home ownership.

  1. Check your credit score. The higher your score, the more options you will have to move to homeownership. Using resources such as CreditKarma or freecreditreport can tell your score at no cost or impact to your actual score. If your score is lower than 660 you may need to work on repairing past poor credit. However, a lower score is not always a “knock out” factor. It just means you may have fewer home financing options. Look for future articles on how to improve your credit score.
  2. Calculate your affordability.  Most loan programs require that housing costs and other long term debt (like car payments, student loans, credit card payments) not exceed 40% of your gross monthly income. For example, if your combined monthly income is $60,000 per year, it means your gross monthly income is $5,000. 40% of that is $2,000.
  3. Consider “must haves” vs. “nice to have.”  Most tenants have either never owned a home or have recently sold a home and are renting until life changing circumstances have settled. (Like job relocation, divorce, becoming empty nesters, etc.) Once you know your affordability, you can have a serious discussion about what is important to you in meeting your housing needs and wants. For example, a house with a pool might be on your “want” list, but it may not be a “must have” item. Other options to consider include, garage, fireplace, multiple bathrooms, number of bedrooms, size of lot, proximity to work/school/church, etc. Once you have determined your “must haves” you can start looking at what is available in the price range of your affordability that have most of those features. When you contact a real estate agent, it is important to have this discussion with him/her so they don’t waste your time showing you homes that don’t have your desired features. The lower your affordability and credit score, the more flexible you should be regarding those “must haves” as the number of homes you can buy will be less
  4. Count your cash. Most loan programs, including seller financing, require some down payment from the buyer. Some first time home buyer programs offer down payment assistance and allow a higher loan to sales price percentage. Down payments can also come in the form of a gift from a friend or relative as long as the gift has no strings attached. In other words, it doesn’t expect to be repaid. Other sources of down payment include money in a retirement plan (always check with your plan provider and get qualified tax advice before taking money from a 401K or IRA or similar type of account).  Government insured loans such as FHA or VA loans are available with small down payments from 0% -5% of the sales price. Oftentimes, sellers are willing to pay the buyer’s closing costs to help keep the cash needed to a minimum. This must be negotiated in the purchase agreement up front.
  5. Call a qualified real estate agent. Not all real estate agents are the same. Find out whether they have a track record of helping tenants become home owners. Ask questions: Are you full time in the business? Will you look for homes in my price range that have as many of the “must haves” as I want? Will you show me homes that are listed with other companies as well as your own? How many other prospective buyers are you helping now with the same or similar guidelines? (you want someone that is willing to give you some undivided attention). Who would you recommend as a lender that can help me become pre-qualified? Will you help me move my hide-a bed into my new home? (Just kidding)
  6. Contact a creative lender. The products offered can vary from lender to lender. Mortgage Brokers typically offer products that will be sold into the secondary market which may limit the options available. However, they are often more motivated to get your loan closed because their income is based on the loans they close. Community banks usually offer secondary market loans as well as “in house” products that can be tailored to meet the needs and qualifications of the buyer. In today’s competitive market, most home sellers like to see that a buyer has already met with and been pre-qualified for a loan that would be required to complete the sale. Be prepared to provide the lender your current employment status with a current paystub, tax returns from the last 2 years and statements showing any cash accounts you have including retirement accounts.
$5,000 monthly income
X 40%
$2,000
-$375 car payment
-   $50 credit card payment
- $100 student loan payment
$1,475 available for house payment (including property tax, homeowners insurance and association dues, if any)
-120 monthly cost of homeowner’s insurance
-155 monthly cost of property taxes
$1,200 available for a home loan
 
At today’s interest rates for a 30 year mortgage, a $1,200 monthly payment gives you a $250,000 mortgage. *
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The Story of the Clark Real Estate Brothers

12/23/2015

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Cork and Rick Clark grew up in Reno, Nevada watching their father build and invest in real estate. They felt very fortunate to not only enjoy the direct benefits but also for the opportunity to learn about real estate investing.

"He paved the way and showed us the financial rewards," Rick shares, "Pops taught us the importance of a strong work ethic. If you want to be successful, you need to be on the job everyday."

The Clark family motto if we are going to reach a particular goal, you MUST be consistent by being on the job and working diligently everyday got the brothers through the 2008 crash, and lead their property management  company  into record-breaking growth and momentum.

Cork and Rick have used their knowledge of real estate and expertise in construction along with their unwillingness to sit still to build Clark Real Estate to over 700+ doors (households) under management.

Their favorite part of managing properties and real estate investments is that every day is different,   every project is different, every house is different. They get to problem-solve every day--either from the office or out at a construction site. Their father and uncle, now in their 80s, modeled how to successfully work as brothers, and they have enjoyed working as a team. "Knowing somebody's got my back and that we have the same goals is the best part about working with my brother," Cork says. Rick is the second of seven children, and Cork is the younger brother as the fifth child.

The Clark brothers got started in real estate investing and property management by way of the construction industry. They had been in the construction industry since they were teenagers. With the construction experience "we could visualize firsthand all the possibilities," Rick says.

"We would look for the biggest problem property in a neighborhood," remembers Rick, "we would make offers on properties that weren't for sale." It wasn't long and the brothers had a handful of renovated properties that now needed to be managed. They started a property management company and took on leasing and maintenance for other real estate investors.

"No one knows the community better than we do. We're lifers," Rick smiles.

"We're hands on. We've started from the ground up. There are very few aspects of the real estate and investing game that we have not experienced first-hand," adds Cork.

Clark Real Estate brings drive and enthusiasm to folks looking to invest in the Reno area. Would you like to see their Map for building your real estate investment portfolio?
Map to Real Estate Investment Success
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When to Rent and When to Buy a Home

9/16/2015

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Which is right for you?

If you are new to the area, new to a job or career, or have less-than-adequate credit, renting may be the best avenue for you and your family. Even if none of the above applies to you, renting has its advantages.

Renting allows:

  • Short-term and flexible lease agreements in case you need to or want to relocate in the near term.
  • Fewer long-term responsibilities concerning maintenance and lawn care.
  • A place to start when you don’t know where to start—whether in location or in creating good credit standing.
  • The freedom from a burden of a mortgage and interest payments.

On the other hand, buying a home right now is a great option because interest rates are so low. When you have investment or longevity on your mind, finding a home to own might be your best plan.

Buying allows:

  • Monthly payments toward a mortgage to be equal to an investment towards ownership or resale value of the home.
  • A sense of permanency and stability in the city for you and your family.
  •  Choices in doing what you want in order to improve your home and yard.
  • Right now, with interest rates as low as they are and a buyer’s market, the possibility of lower monthly payments than it would be with a rental.

Whether you are in the market for buying or renting a home, our agents at Clark Real Estate want to help you find that perfect place to call home. Stop in or contact us today!

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Vote Clark Real Estate For Best Local Place to Work

6/4/2015

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Best of Reno
The polls are open for RN&R's Annual Best of Northern Nevada contest, and we are excited to be in the running! Please show your support for local businesses by voting for at least 10 of your favorites. Just click on the image above to get to the ballot. Thank you for your support. 

Please click LIKE below to share your pride in the local economy with your friends!
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Reno, Love yourself with your real estate investment

2/8/2015

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Reno Property Management
With Valentine's Day just a heartbeat away, now is the time to think about those traditional themes of loved ones, property management, and real estate. Well ok, maybe these three topics aren't routinely considered all at the same time, but why shouldn't they be? After loved ones, real estate and homes are things in life that are pretty high up on everyone's priority list - so let's take a 'seasonal' look at how they might be related to each other.

Love yourself with real estate investment

A few ways that someone might pamper himself or herself to show a little self-love is to buy a new set of golf clubs, schedule a relaxing massage for those aching muscles, or perhaps go a bit further out on the limb and buy that alluring new new sports car. While all those are wonderful perks to contemplate, none of them - even the car - has the permanence or the deep inner satisfaction that an investment in real estate brings. And even better - the security and the value that real estate returns to you is very much like being loved back.

Love your spouse with your real estate investment

There might not be a better way in the world to express your love to a spouse than with a real estate investment. Sure, some people might object and suggest diamonds or other jewelry as the supreme expression of caring, but jewelry usually ends up stowed away in a box somewhere, only to be retrieved for special occasions. An investment in a home is something that surrounds your spouse every day with the warmth and depth of your feeling, and for any other kind of property, it still represents a long-lasting commitment to him or her that cannot fail to impress with its own unique permanence.

The steamy side of love and real estate

You could do the expected and arrange for a fancy date to celebrate Valentine's Day with your spouse or loved one, but you've probably done something like that already, if not many times before. This year, impress him or her with something completely different, and earn major kudos for originality. 

Why not stay at home this time around and celebrate the day for lovers by discussing some of the red-hot topics of real estate and property management? Try nibbling on your lover's ear while whispering the latest market statistics on average prices and absorption rates. If that doesn't reduce him/her to quivering jello, a candlelit dinner with breathy exchanges on amortization schedules is sure to do the trick.

And if these two don't quite provide the spice you'd hoped for, you may have to bring out the heavy artillery. Slip in that video on urban sprawl and tax assessments while giving a slow, sensuous foot massage - it just might be the most memorable Valentine's Day you ever share with your loved one. 
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Health, Wealth & Happiness in your Home for the New Year

12/30/2014

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Reno Property Management
Clark Real Estate, Investments and Property Management offers a few fun tips for reaching your health, wealth and happiness goals for the New Year by making a few adjustments with your home!

1. Clear the Distractions: Have you ever noticed you get a boost of creativity or physical energy when you go on vacation? What if it's not because of the long day at the beach, but because of the clutter-free hotel room? The beds are made, the floor is clean, none of the usual paperwork is laying around. You're free to think and move about! When you make plans, you can go do it--without tripping over your kid's homework or frantically searching the house for something to wear.

What if your home always functioned this way?

Start with one distracting room or closet, and rethink it like you're going on vacation: If I was going on a 30 day trip, which items would I need to take with me? Pull those few items, and then move the rest. You can experiment by packing unnecessary items in your suitcase or in a distant closet or the garage to see if life is more enjoyable without the clutter. Or just move the items out of your every day line of sight. If you're feeling extremely bold and are ready for a complete change in your life, donate items to a Shelter or Thrift Store.

Continue to go through each room of your home each week or month. The more you clear, the easier it will be--as you'll start to feel the positive effects of a distraction-free home.

2. Live in your Investment: Robert Kiyosaki (Author of Rich Dad, Poor Dad) talks about how your home is a liability, because you're spending more on it than you're making from it. Many Americans assume that because their home may be increasing in value, it's automatically a good investment. Unfortunately, the math doesn't quite work that way! The Reno area is in an exciting growth period, and those who have invested in rental properties are going to be reaching those Wealth Resolutions sooner rather than later.

You can turn your home into an investment by finding a way to make money from it. Hrmm, how? If you own your home, you're free to rent out a room, or even your garage as a storage space. Tools like AirBnB allow everyday homeowners to make some extra income from their empty guest room or den.

If you're not comfortable with sharing your space, let's schedule a consultation to review the possibilities of purchasing your own income-generating property.

If you're renting the home you live in, there may be ways to generate income from it, as well. Please be sure to run any ideas by our office to ensure it is in compliance with your lease agreement!

Please feel free to call us when you're debating remodeling projects; we can help determine which projects will return the most value down the road if you choose to sell or rent out your home.


3. Tune In: Take a day to just observe your thoughts and feelings when you wake up, walk through your home, leave the driveway, and return. What parts of your home made you smile? What was frustrating? What can you fix, and what can you let go of? When our homes are in disrepair for extended periods of time, it can negatively affect our day, and wreak havoc on the property. Is there a strange smell in the cupboard? A crack in the wall? A dim light bulb? Let's get those things addressed right away! If you're just feeling resentment toward your home, it might not be a maintenance issue, it might be time to upgrade!

We are here to connect the right tenants with the right properties, and the right investors with the right investment properties. If you are feeling unsatisfied with your home, let's talk! We have a growing inventory of options just for you!
 
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Timeline to Tesla: Investing in Reno Real Estate

9/16/2014

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Let's start with the scope of things. Just how much could the Tesla Gigafactory ignite Reno's economy and housing market?

Here we see why they don't call it a factory, but a gigafactory:
Tesla Gigafactory Scope and Size
Photo by Teslamondo.com
Let's just talk in terms of physical size. What does a structure that size do to an economy? It brings immediate jobs in the construction of the structure, it maintains jobs as a whole workforce is needed to run that place, and then it brings tourists--because Reno is now on the map and has one of the wonders of the world (so to speak!).

So what does that mean for your real estate investment portfolio?

If you have any real estate in the Reno area, hold it.
Now is not the time to sell, unless you're converting up into more units. If your properties are frustrating and not bringing in a profit, consult one of our property agents. We are happy to give you some pointers on making your investment a success.

If you don't have any real estate in the Reno area, let's get started. The Tesla Gigafactory is scheduled to bring in 6500 jobs ranging from lower-level manufacturing to higher-level engineering and technology.
That means a range of incomes and housing needs.

Rental Properties:

Just about ANY rental properties will be a good investment at this time. Look for properties close to major highways, and units that cover their cost today, with the ability to improve and raise the rents in the future.

Fix and Hold and Flip Properties:
Nevada mandated that at least half of the workforce at the Tesla gigafactory needs to be Nevada residents. The other half will need a place to call home! Assume that much of the other half will be higher level engineers, scientists and inventors. While Reno is striving to offer the best in Sciences and Engineering education, the Tesla factory will need the best of the best in 5-6 years. Look at properties with that timeline in mind. What improvements can be made to a property with a 5 year budget, and with a tenant in place for much of that time? Look for neighborhoods with artists and innovators; neighborhoods that are just starting to show improvement is where you'll find the bargains. Start your improvements on the exterior of the property to further advance the revitalization of the neighborhood.

Property Management:

Let the professionals do the day-to-day maintenance and management of your property. It is going to take 5-10 years before we experience the influx of revenue and jobs that Tesla promises. If you are living out of state, there's no reason to take on the hassle of managing your new Reno real estate. With a 5-10 year timeline, it's time to get comfortable, and we can help! With our proven track record of filling vacancies and maintaining properties, Clark Real Estate can turn your real estate investing dream into a reality.

“The present is theirs; the future, for which I really worked, is mine.”

― Nikola Tesla
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