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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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Munchkin Land Pre School

7/2/2015

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Munchkin Land Pre School is located at 924 Lander St. in Reno, Nevada owned by Kim Mazy.

Munchkin Land Pre School's philosophy is just like in wizard of Oz when Dorothy clicks her red heals quoting "there is no place like home" when your child is at Munchkin land pre school your child will feel like he or she is at home.
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Vaugn Middle School

7/2/2015

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E Otis Vaughn Middle School is located in Reno, NV and is one of 36 middle schools in Washoe County School District. It is a public school that serves 546 students in grades 7-8. 

In 2011, E Otis Vaughn Middle School had 16 students for every full-time equivalent teacher. The Nevada average is 20 students per full-time equivalent teacher.
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University of Nevada Reno

7/2/2015

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University of Nevada is located 1664 N. Virginia Street, Reno 89557 with a beautiful, complete with towering green trees and brick buildings. There are coffee shops, sports, restaurants and a multitude of great study spots. Whether you are a prospective student or already taking classes, feel free to explore and see what makes "the campus on the hill" so special.
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Celebrate the 4th of July in the Reno/Tahoe area with any of these events!

6/30/2015

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4th of July at Artown
Free Evening Concert and Fireworks
Wingfield Park
July 4, 2015
7:30 PM - After Dark

Public Machine Gun Shoot by
Silver Bullet Gun Works
Carson City Range
July 4, 2015
9:00 AM - 4:00 PM

Star Spangled Sparks
Victorian Square
July 4, 2015
4:00 PM - 11:00 PM

Genoa Americana Celebration
Mormon Station State Historic Park
July 4, 2015
10:00 AM - 6:00 PM

Fourth of July on the Comstock
Virginia City
July 4, 2015
Noon - After Dark

Red White and Tahoe Blue
Incline Village/Crystal Bay (North Lake Tahoe)
July 4, 2015
Events going on all day
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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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ICDA Charter High School 

6/1/2015

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I Can Do Anything Charter High School in Reno, NV provides a unique and flexibleeducational opportunity for Northern Nevada students. With a warm and nurturing environment, ICDA's students have been able to experience educational success and personal growth…many of them for the first time in a long time.

Most of our youth thrive in the school because of small class sizes, which allows them to get the kind of personalized attention they deserve, and often need. Formed by a team of teachers, administrators and community leaders in 1998, ICDA has emerged as one of the great success stories in Nevada's early history of charter schools.
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North Star Online School

5/28/2015

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North Star Online School is a web based school that is  tuition free because it is run by the state of Nevada. It has classes for children grades k-12th.

This is a a great option for students with chronic illness, dealing with personal issues, or anyone wanting a new experience. You have the option to take other classes in school that you may need more help with. You can also play sports or participate in extracurricular activities. 

 In 2014 they had their first graduating class with seniors as well as juniors. Many had honors or advanced diplomas.



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Reno, NV 89509
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