Living Beaverton - Your guide to everything Beaverton

head_left_image

Buying a new construction home? Get a home inspection!

Just because you are purchasing a new construction home, doesn't mean that it doesn't have problems that an inspector may find. Some of these new homes are built so fast, that things are missed or just not done up to code.

Do you need proof of this? Read the contracts and see for yourself. A lot of these contracts are starting to put restrictions on inspections, because these inspections are costing the builders money! I recently saw a contract that said that the inspection had to be done within 3 days of an accepted offer and could only be done between the hours of 2-4. I'm sorry. I've never seen an inspector get done with any home, much less a 4,000 square foot home, in 2 hours.

This tells me that the builder is trying to hide something and knows, that if an inspection is done, that it will cost him money. This doesn't mean that you can't change the contract to say 10 days and no time restrictions. It just means that he is hoping you will agree to and you will just decide not to get one.

So be careful, and read the contracts with your new construction home very carefully, or you may get a nasty surprise when you find something wrong.

 

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8738
Todd@IFoundYourNewHome.com
http://www.ifoundyournewhome.com/

Creative Financing

14 comments • Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) • August 30 2007 07:18PM

No pets allowed? Are you crazy?

Today, I was looking on Craigslist to find out what the going rate was for rentals in an area before either I, or an investor, purchase a property in that area for a possible lease option. Then, what do I see on rental after rental?


NO PETS ALLOWED!

This is absolutely stupid if you want to get your rental property rented. You are eliminating half of your potential renters and usually the most profitable ones. Most people who own pets treat them like a family member and won't get rid of them, just because they need a place to live. But, they will pay more for the privilege to live somewhere that does allow pets.

If you own a rental property and want an extra source of income, put in your ad, "$250 non-refundable pet fee". Also require at least a one year lease and charge an additional $25 per pet per month in rent. This will more than cover any damage that a pet could possibly do to the home and gives you a minimum of $550 extra for the year with the deposit and extra rental income. That is if they only stay one year and only have one pet.

Make sure that you also put it in the rental agreement that if they don't disclose they have a pet or get another pet without first informing you, then all fees are retroactive to the date of move in. Then pay the neighbors to watch your rental property for you. If you tell the neighbor that if you see more than the agreed to amount of pets, and call me, and I can prove it, then I will reward you with a $100 bill.

I had one client who had this policy in place for years without incident and one day the neighbor called on the tenant who had lived there for 4 years. They had just bought 2 more dogs and didn't bother to tell the landlord. He waited on month to see if there was going to be a note with the rent check. He then sent them a letter stating that the lease agreement was in violation and he was being nice and was going to only have them pay retroactively to the first of the year. They told him to "_______!" (I wasn't going to type that.) He said, "Fine." and gave them a 30 day notice. Then he took them to court for the back rent owed on the 2 dogs for $25 per month for the total of 4 years they had lived there. A grand total of $2400 in back rent, instead of $200 like he was asking in the letter.

The judge asked them if they had signed the lease and because they had read the agreement and initialed it. Then he pointed out that they also understood the agreement since they already had one dog and had been paying $25 extra every month, plus the deposit. JUDGEMENT for the Landlord in the amount of $2400!

So don't say no to pets so quickly, they may make you more money from your rental than you think! But, do make them have liability insurance for their pets.

 

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8738
Todd@IFoundYourNewHome.com
http://www.ifoundyournewhome.com/

Creative Financing

14 comments • Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) • August 29 2007 06:55PM

I’ve created a rocker girl!

>OK - I admit it. As a ex-dj, I have very strange taste in music. My three favorite artists are Elvis, The Beatles and Kiss. Don't ask how those three work together, but my kids do love the Kiss pinball machine we have in the garage.

Well, after trying with my first two kids, and not quite getting the process right, my youngest has become my rocker girl! For you Kiss fans out there, you know the Alive albums start with, "You Wanted The Best, You Got the Best, The Hottest Band in the World _________" My three year old yells out "Kiss!!" loud and proud now!

So for today's humor, here she is at a fundraising event I did for a non-profit organization, when she heard Kiss' "Rock and Roll All Night" come on the speakers.

So what memories to you have of your first favorite band, or your kids'?

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8738
Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739
Todd@IFoundYourNewHome.com
http://www.ifoundyournewhome.com/

creative financing

9 comments • Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) • August 28 2007 08:10PM

What good timing – Thank you officer

Today, I was showing a condo in the condo conversion project I am selling, when a buyer came up and asked what the crime is like here. I started to give the NAR scripted result to this question, and low and behold, a police officer comes driving through.



This doesn't look to good and I am thinking to myself, "great there goes a sale". But, she stopped the officer and asked him how often he is at this complex. His answer made my heart skip a beat. "I'm here every day!"

WHAT? NO WAY! COME ON! Are you trying to kill me, officer? Then he says "You see this is the last driveway before I leave the city limits and since it is a circle drive way, I just drive in that driveway and pull out the other one and head back toward town."

OH, thank goodness! Then he says, "I actually haven't been at this complex in over a year on a call." OK - Mr. Police officer, how do I get your pager number and have you come here every time I get this question? You may have just made this sale for me!

Luck like this doesn't happen very often, but when it does, I will take it!

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8738
Todd@IFoundYourNewHome.com
http://www.ifoundyournewhome.com/

Creative Financing

22 comments • Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) • August 28 2007 05:05PM

I don’t care if you are a rehabber or an experienced investor

Now that I have your attention, I am serious! I don't care if you are a rehabber or an experienced investor, I still want you to get an inspection! An inspector is a licensed and bonded professional whose job it is to find problems with a property that most investors are not looking for.

To this day, I have yet to see an investor get into a crawl space, or an attic, looking for problems. This is what an inspector is paid to do and he may find very expensive problems that are not seen on the surface of a property.

So, to you investors out there, is it worth it to spend $350 to find a $10,000 problem that you wouldn't have seen while doing your walk through? As an investor myself, I can say, without a doubt, the best thing I have ever done on some properties is to have an inspection done.

I almost bought one property last year, and when the inspector went in to the crawl space he found a lake, dry rot, mold, and even evidence of animals living in the crawl space. Had I bought this property it would have cost me $15,000 more in remodeling costs than I had estimated, and I would have lost money if I had needed to sell it! I could have still bought the property, and lease optioned and made a profit, but I decided to pass on that property and go for one where I could make me even more.

I truly believe I spent my $350 wisely, and I do suggest you spend the money on every investment property you look at also, or it could end up costing you!

For more information on buying and selling investment property for more money, please feel free to contact me anytime.

 

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8738
Todd@IFoundYourNewHome.com
http://www.ifoundyournewhome.com/

Creative Financing

7 comments • Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) • August 28 2007 10:34AM

Despite having a bankruptcy you can still own a home – Stop punishing yourself

Everyone has had something in their life that they didn't expect to happen, and the same thing may have happened to you, to cause you to have to file for bankruptcy. But, that is no reason to keep beating yourself up and telling yourself you are not good enough to own a home.

You are just as good as everyone else, and you CAN own a home! You just need someone with the experience to help you jump through some hoops to get that home for you. There are many options to getting a home after bankruptcy and some may even be as simple as calling a traditional mortgage broker.

Another way for you to get into a home with a bankruptcy may be with Owner Financing or a lease option. Both options can get you in to a home as soon as next month, and it won't matter what your credit score is. In some cases, there are people that have great credit, large down payments and still prefer to buy homes using owner financing or lease options. It can actually save a home buyer hundreds of dollars per month in interest charges, because a home owner can sometime charge a lot less interest to a buyer than a bank may be offering.

So, for more information on buying a home with a bankruptcy in your past, please feel free to give me a call. I would love the opportunity to show you how home ownership maybe closer than you think.

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8738
Todd@IFoundYourNewHome.com
http://www.ifoundyournewhome.com/

Creative Financing

6 comments • Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) • August 28 2007 12:18AM

The advantages of being first in a condo conversion

Most condo conversion in the Portland area are done in 3 phases, and if you are in the first phase you can have great appreciation over the first year of ownership.

You see, when an owner does a condo conversion project, the owner does it in three stages to set up momentum for himself. The first phase is introductory phase and prices are designed to bring in the first owners and put cash back in the owners pocket from doing the first of the conversions

The second phase is a little higher priced now that the project has been established and is starting to show pride in ownership. The more rentals you have, the less they take care of the property versus being an owner.

The third and final stage is the highest priced phase. Almost 100% owner occupied now and if you don't hurry you won't get one. Supply and demand have driven prices up at this point. The owner is looking to make as much as he can for your procrastination, so he can make more and use it on a future project's estimated repairs.

So jump on a phase one condo conversion project and in less than a year your property maybe worth 10-15%more than when you bought it.

For more information on buying in a condo conversion project or to do a condo conversion, please feel free tocontact me anytime for more information.

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8738
Todd@IFoundYourNewHome.com
http://www.ifoundyournewhome.com/

Creative Financing

0 comments • Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) • August 27 2007 11:15PM

If your buyer is needing to borrow more than $417,000 to finance the purchase of your home read this before you sell

When you purchase a home that the loan required to finance the purchase is more than $417,100, this is called a jumbo mortgage and is a higher risk to a bank. This means that a home requiring a jumbo mortgage also comes with higher interest rates.

This $417,000 limit is set by Freddie Mac and Fannie Mae and, presently, with a down payment and great credit, the best interest rate you can get is 7.13% with no points according to bankrate.com. What does this mean to you, if you are selling your home?

If you have a home that is valued at over $417,000, it means your pool of buyers is dropping everyday the interest rates climb. And if you own a home valued at over $417,000 and it is a non conforming home, such as a manufactured home on it's own land, then it will almost be impossible to find a buyer that will be able to obtain financing through traditional means.

I can show you a way that you can not only sell your home, in days, for full price, but make more money than you could if you sold your home through traditional means.

Owner financing! If you owned your home outright and it appraises at $500,000 and you were to offer your $500,000 home at 7% interest, you could make an extra $34,000 in the first year alone. You see, you get the interest instead of the bank and you don't have to worry about the buyer being able to obtain a traditional mortgage.

For more information on how to sell your home with owner financing, please feel free to contact me anytime.

 

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8738
Todd@IFoundYourNewHome.com
http://www.ifoundyournewhome.com/

Creative Financing

7 comments • Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) • August 26 2007 10:45PM

The Oregon Ferret Shelter’s Annual Fun Frolic

For the past 10 years I have been a proud sponsor of the Oregon Ferret Shelter's Fun Frolic. This event is for all ferret lovers and just people who want to find out more about ferrets. It is loaded with games, contests and even an auction.


Bag Bust Out

All the proceeds from the event go to the Oregon Ferret Shelter which is a no-kill ferret shelter that helps sickand abandoned ferrets find homes. To find out more about this non profit organization, please visit their website at http://oregonferretshelter.org/ and if you want to attend the fun frolic please join us on August 25, 2007 @ Hammerle Park off exit 8 on I-205 from 10am-4pm.

I promise it will be fun!

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8738
Todd@IFoundYourNewHome.com
http://www.ifoundyournewhome.com/

Creative Financing

2 comments • Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) • August 25 2007 10:55AM

I went back on the air for what I say was for one night only!

Well, I went on the air today with Coach Steve and really enjoyed it. I actually got lots of calls from clients who heard the broadcast and thought it was very informative.

I admit, I did enjoy being back on the air for what I still say may be "FOR ONE NIGHT ONLY!" My wife says I sounded like I enjoyed doing it and said I also sounded like I missed it a little.

True, but we will see about me doing it more than one night only.

Click this link to hear today's show.  

We talked about the mortgage industry and why they are starting to fall from grace and file for bankruptcy and some possible solutions. I even had a couple mortgage brokers , and some call me after the show.

I think what Coach Steve is doing is a great thing and I would love to see more of you  join him on his radio show and put in your $ .02 on the mortgage industry, or any other real estate related topic.

While writing this blog, I have been informed that today's show has been given a featured status on the nowlive network. I'm pretty excited about that fact!

Also, based on my radio show today, I am also happy to say I just got a call from another investor that heard the show. He was told about the show by one of my other investors and he wants me to list a home less than 1 mile from my home. Gotta love that!

So once again, thank you Steve for the opportunity to, hopefully, get my point across to the mortgage industry. I hope a few of my ideas will be taken to heart and, as a result, there may be some happy customers of a mortgage bank.

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8738
Todd@IFoundYourNewHome.com
http://www.ifoundyournewhome.com/

Creative Financing

7 comments • Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) • August 22 2007 11:19PM