Wednesday, September 4, 2013

Thinking of moving to Cleveland here is some good information, good for residents too.


The American Grandeur of Cleveland

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On a recent visit to Cleveland, I found myself so taken by the deep American history and cultural sophistication of this delightful mid-western city that sits on Lake Erie. You can see the past in the historic buildings that speak to another era and then turn a corner to find a sleek structure singing to the future. Cleveland has a character that appreciates its past while embracing the renewal of the future. In 2013, the city has a different kind of American grandeur than it did in its industrial heyday of the early 20th century, but rather than get stuck in the past and not learn the lessons from it, Cleveland has aged well into a modern, global and down-to-earth city. There are many reasons to visit Cleveland, enough to swing the vote right into moving there!
Cleveland is fascinating for its history alone. John D. Rockefeller began his career there as a humble bookkeeper, then went on to build an oil refinery in Cleveland and parlayed that into becoming Standard Oil. Another industrial mainstay, Sherwin Williams, today, the largest producer of paints and coatings in the country, and one of the largest producers in the world, has been headquartered in Cleveland since 1860.


With a stop to "Cleveland's Outdoor Museum," the Lake View Cemetery, in the University Circle area, you can conjure up Cleveland's past by looking at gravesites. John D. Rockefeller and family are buried beneath a stately obelisk monument. A few steps from there, John Hay, Lincoln's private secretary and former Secretary of State under William McKinley and Theodore Roosevelt, is buried next to his wife, Clara Stone, the daughter of an American industrialist from Cleveland, who built railroads and invested in mills. Again, close by is the President James A. Garfield Memorial, the tomb of our 20th president, that has an observation deck on top where you can see Lake Erie, hence the name, Lake View. Just down the hill from there is the Wade Memorial Chapel with an interior designed by Louis Comfort Tiffany, known for his stained glass "Tiffany lamps," and who is also the son of the founder of Tiffany & Co. One more thing to note is that when they were building Lakeview cemetery in 1869, on 285 acres, they needed stonemasons. The best in the world were from Italy and so the Italians came over and settled in Cleveland, and formed the still thriving Little Italy neighborhood not far from the cemetery.
A trip through The University Circle is a clear indication of the rich and sophisticated culture that has defined Cleveland for many years. Walking or driving through the 276 acres of Rockefeller Park, where you will find the Cleveland Cultural Gardens, founded in 1916, which link together 36 separate gardens representing different countries, an outward manifestation of how the city has honored the rich contributions that come from around the world. Just this year, James Levin, the founder of the Cleveland Public Theatre, launched the Cleveland One World Festival, expanding on the Cleveland "One World Day" that has been held in the Cultural Gardens in the last 65 years. The other great institutions in the University Circle are the Cleveland Art Museum, Severance Hall (the Cleveland Orchestra building), the Botanical Museum, Cleveland MOCA (Museum of Contemporary Art), the Historical Museum (John Hay's house) and the Cleveland Institute of Music.

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The acclaimed Cleveland Clinic, draws in patients from all over the country for their care and expertise. Case Western University, joined the Case Institute of Technology and Western Reserve College, is one of the nation's top universities. The Weatherhead School of Management Peter B. Lewis Building at Case was designed by architectural legend, Frank Gehry. Peter Lewis is the Chairman of the Progressive (insurance) Corporation, which is headquartered in a Cleveland suburb.
Speaking of global architects, what does Cleveland's Rock and Roll Hall of Fame, which opened its doors in 1995, have in common with the Louvre in Paris? The giveaway clue is the pyramid you will find at each museum. I.M.Pei is the architect of the Rock and Roll Hall of Fame museum, bringing a pyramid to Cleveland as well.
In the vicinity around Tower City, going in any direction, you will walk into interesting sections. There is the Playhouse Square Association comprised of restored grand theatres, the Ohio, the State, the Palace, the Allen and the Hanna. It is the second largest theatre district in the United States, second only to New York! Walk towards Lake Erie from Tower City and pass by the Public Square, the Old Stone Church, the Majestic City Hall, come across the Rock and Roll Hall of Fame, and off in the distance you'll see the Cleveland Browns Football Stadium. Don't forget the Great Lakes Science Museum! There is a boardwalk in the Flats along the Cuyahoga River. Cleveland is very compact!

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Cleveland is culturally diverse. Just go to the Westside Market in Ohio City and you will love it. It reminded me of the exotic food markets I had been to in Yangon or Muscat. It was so international feeling with beautiful fruits, meats, fish, bakery and flower booths just like you would find overseas.
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Ohio City is the neighborhood that all the Presidential candidates come through to stump and sway favor. Across from the Westside Market you'll find restaurants and breweries, like the Great Lakes Brewery, that have outdoor café seating much like you would find in Paris or Rome.
The Tremont area is full of artists and creative people. You can still buy a warehouse for a song. There are all these wonderful brick and wooden buildings with ivy growing on them that have been restored (or are waiting there to be restored), made into a yoga or painter's studio. There are cool little affordable houses that artists live in. Tremont is a trendy artist neighborhood with galleries, art and a funkiness to it that feels like the Village in NYC.

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Did I mention that Cleveland is actually affordable? There is another neighborhood, Edgewater, four miles west from the City's center, that reminds me of Sausalito with a view to San Francisco, except in this case, it's a view to Cleveland. It has lawns and gorgeous old trees that abut Lake Erie. There is a view of the city because of the way the lakeside curves around. You can buy a three to four bedroom house with a view in this quiet neighborhood in $3-400,000.00 range. I said hundred thousand, not three to four million. What? Yes.

It is not every day that you have a state clamoring to get you to come and live there and make it so appealing! A non-profit established in 2011 called Global Cleveland will be coming to major U.S. cities this year encouraging people with ties to Cleveland to come back as well as inviting newcomers to consider Cleveland.
What's the catch? There isn't one. As life is, things go in cycles. It just so happens Cleveland is blossoming again. If you are looking for opportunities, reasonably priced real estate, cultural diversity, high culture, top medicine, professional sports and mid-western charm, pack your bags and discover the American grandeur and quality of life of Cleveland has going for it!


Tuesday, August 27, 2013

Loans that are currently available

As the real estate market in Northeastern Ohio is picking up I wanted to give a short overview of the types of loans that are currently available, and some basic qualifications for the loans.

The most popular loan currently in the US is the FHA loan. This is a government loan.

  • The minimum down payment on this type of loan is 3.5% of the purchase price. You will need to pay PMI (Private Mortgage Insurance) with this kind of loan no matter how much you put down.
  • The DTI (Debt to Income Ratio) is 43% but will go up to  55% at the discretion of the bank that is doing the loan. ( But as of Jan 2014 the DTI will be a hard 43% cap.)  
  • You can qualify for an FHA loan 2 years after a bankruptcy is satisfied.
  • If you have sold your old home via a short sale you need to wait 3 years to get a FHA loan on a new home.
  • If you have had a foreclosure you will need to wait 3 years from the time that the home is sold, so in other words when it is removed from your name, not when your bank starts the proceedings.
  • Minimum credit score for a FHA loan is 580 but the normal credit score where you will receive a loan is 640.

The conventional loan is another loan that you can consider when you are looking for a loan that will fit your needs.

  • The minimum down payment is 5%, but most are done with 10-20% down. If you have less than 20% down with is kind of mortgage you will need to pay PMI (Private Mortgage Insurance)
  • The DTI for a conventional loan is 45%.
  • You can qualify 4 years after bankruptcy for a conventional loan.
  • You will need to wait 5 years after a short sale to qualify.
  • After foreclosure the waiting period is 5 years after the home is sold.
  • The minimum credit score for a conventional loan is 620.
If you are looking at a FHA loan or a conventional loan with less than 20% down and need to pay PMI keep in mind that the PMI companies have their own qualifications. They require you to be 5 years out of bankruptcy and 7 years out of foreclosure.


The VA loan is a government loan for our military and veterans. 

  • There a 0% down VA loans available.
  • The DTI for a VA loan is 41%
  • The required wait time for a bankruptcy is 2 years
  • The wait after a short sale is 2 years.
  • After a foreclosure the waiting period is 2 years.
  • The minimum credit score for a VA loans is 620.

The USDA loan is another government loan. This is a loan that is only available in certain areas (mostly in rural areas).

  • There are 0% down payment USDA loans available.
  • The DTI is 41%.
  • The wait period after a bankruptcy is 3 years.
  • After a short sale you need to wait 3 years to qualify for a USDA loan.
  • There is a 3 year wait after a house is sold due to foreclosure.
  • The minimum credit score for an USDA loan is 640.
This is only scratching the surface for the qualifications for the VA and USDA loans. 

If you have any questions about which loan is best for you, or any other questions feel free to contact me. I would love to sit down and talk with you and help you find the loan product that works best for you and your current situation.

Wednesday, August 14, 2013

Home repair safety tips

Every home owner knows that there will come a day that they will have to do some repair to their home. Here are some tips to keep you safe while doing the repairs that need to be made to your home.


  • Dress for the job. 
    • Always wear protective eye ware, clothing, boots and gloves as appropriate.
  • Check your equipment. 
    • Check your drill bits, saws and cutters regularly. Keep them sharpened to maintain efficiency, and to avoid unsafe conditions due to dull cutting edges.
    • Check power tools before each use for frayed cords or broken plugs.
  • Keep products with electrical cords away from water.
  • When working at heights or climbing, position your ladder on a level surface. Keep your weight centered on the ladder, and don't lean out.
  • Do electrical work only if you have the knowledge.
    • Shut off circuit breakers, and make sure all circuits are dead before you start the work.
I hope these suggestions help you stay safe this fall while you are working on your homes, but if you find the project that you working on becomes too much for you to do safely.  Hire a Professional.

Monday, June 10, 2013

Lawn and garden tips

Lawn and Garden Tips

Here are some tips that you might find interesting on how to conserve energy for your lawn and garden and save some green in the process.


  • Use organic gardening products and natural fertilization techniques whenever possible.
    • Recycle your yard and garden waste and turn them into compost. Using compost helps plants grow strong, reducing the need for fertilizers.
  • Trees can help cut your heating and cooling costs.
    • Plant deciduous trees on the south side of your home to provide shade during hot months and evergreen trees on the north side to block winter winds.
  • Reduce your landscape watering schedule or water only when your grass and plants show signs of needing it. 
    • Water during the coolest part of the day to avoid excess evaporation, and use drip-irrigation systems or soaker hoses directly at plants.
  • Apply mulch around shrubs and garden plants to retain moisture in the soil and reduce the need for more water.
I hope these tips come in handy for you as you are working on your yard.


Monday, May 6, 2013

Water wise landscaping tips

If you own your home, if you are anything like me I am always looking for ways to save money on utilities. Here are some ways that you can help save money on your water bill when you are landscaping your home. So it is a win win, lower water costs and great curb appeal at the same time.


  • Select plants wisely and group them in zones according to their watering needs.
    • Choose trees, shrubs, ground covers, perennials and annuals that grow well in your local climate.
    • When possible, use drought-tolerant or native plants as they will require less watering and maintenance.
  • Improve soil quality by adding organic matter such as compost.
    • Fertile soil will help improve drainage, moisture penetration, and water retention.
    • Aerate compacted soli to reduce water runoff.
  • Use mulch to retain soil moisture, reduce water use and prevent weeds.
    • Place a two to three-inch layer of mulch such as pine, bark or shredded chips around trees and planting beds.
  • Install sprinklers, drip emitters or soaker hoses to water your lawn and garden.
    • Plan your irrigation schedule to allocate the appropriate amount of water to each zone of your garden.

Monday, April 29, 2013

Tips to organize your fridge

A fridge is a big part of all kitchens and if yours is anything like mine it becomes a black hole that keeps sucking so much food in you have not idea what is in it after a while. Here are some suggestions on how to keep your fridge organized.

  • Sort through your fridge's contents, and group like items together.
    • When you are sorting the contents discard any expired foods or condiments
    • Store hardy items such as salad dressings and condiments on the door as this is the warmest area of the fridge.
  • Avoid keeping eggs, butter and milk on the door, as the fluctuating warmer temperatures can cause them to go bad faster.
  • Store poultry, fish and raw meats in the meat drawer and dairy products and meat leftovers on the bottom shelf as these are colder areas of the fridge.
  • Vegetables are best stored in the crisper drawers since the humidity level is higher to prevent wilting.
  • For your fridge/freezer unit, designate one shelf for each type of frozen food.
    • Use thick, labeled freezer bags or wraps to ensure everything stays in top condition.

Monday, April 22, 2013

Your credit score and your availability for home financing.

    Everyone in today's real estate market is wondering what they need to do to get a loan to purchase the perfect home for their family. Your credit score goes a long way in determining if you will be able to get the loan that you are looking for.
    In order to get a loan today you need to have at least a score of 640, but the higher your score the easier it will be to get a loan. Everyone can get their credit information once a year from www.annualcreditreport.com, your credit report is free but you will need to pay a small fee to see your actual credit score. Using this website you will be able to see your credit report from all three credit agencies and you need to see all three since they are all not the same. Some information might be on one or two but not all three.
 
There are four factors that help determine what your credit score is.

  1. How well you pay your bills.
    1. late on a credit report is noted only if you are 30, 60, 90+ days late.
    2. The following late payments have the mot negative impact on your credit score (in the following order)
      1. Bankruptcy/Foreclosure/Public Records
      2. Collections
      3. Mortgage late
      4. installment payment late (auto loans/Student loans)
      5. revolving late (credit cards)
  2. Credit Card balances relative to card limits.
    1. The higher the balance relative to the limit the lower your score.
      1. Credit cards balances should be kept below 30% of the limit to have the best score.
      2. Credit cards are weighed on an individual basis and not a collective basis.
  3. How long each individual account has been established.
    1. accounts do not have a significantly positive impact until they have been open 2-4 years.
  4. Credit inquiries
    1. Every time a credit report is pulled, the score decreases by 2-5 points
    2. Pulling your own score has no effect on the score though.

If you find out in doing your homework that you have a low credit score that will hurt you in the search for a loan here are some things that you can do to raise your score. Remember though if you have a very low score it took you time to get a low score and it will take time to raise your score, this is not an overnight fix it is something that you will need to work at.
  
 How to increase your credit sore.
  1. Correct any information which is incorrect.
  2. Pay all bills on time and do not go 30 days past due on any bills.
    1. The bills that report to the credit bureau are mortgage loans, auto loans, student loans, credit cards, and some types of unsecured loans.
  3. Make sure all bankruptcy accounts report zero balances, zero past due and that the account was included in the bankruptcy.
  4. Try to keep at least 2-3 accounts with some activity.
  5. Keep all credit card balances below 30% of the limit if not zero.
  6. Before paying off a negative account or collection, ask the creditor for a letter to DELETE the account from the credit report.
  7. opt-out of prescreened credit offers. You can do this at www.optoutprescreen.com or call 1-888-567-8688.
If you have any questions about your credit score, I would love to talk to you.