Check Out the Mount Tabor Neighborhood

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Today, I'm going to give you a tour of one of my favorite neighborhoods in Portland - the Mount Tabor Neighborhood! This great location is nestled in Southeast Portland, an ideal location close to downtown, freeways, parks and other venues.

Our first stop is Mount Tabor Park. This park is actually on top of an inactive volcano. The park offers miles of hiking trails that cover 196 acres. These trails are great for biking or hiking. There are tennis courts, picnic areas, and a playground. There is something for everyone at Mount Tabor. Stop by for a beautiful view of the downtown skyline, and the best sunset you've ever seen.

Tilikum Crossing Bridge is the only bridge in Portland reserved for cyclists, pedestrians, and the MAX light rail. This is my favorite way to get to Mount Tabor from downtown Portland! It only takes 10 to 15 minutes to go from downtown Portland to the Mount Tabor neighborhood, and there are many great public transportation options for you, such as the bus line.

Mount Tabor also offers a variety of locally owned businesses. There are great bars, restaurants, bookstores, and pubs! Hawthorne Boulevard is one of the most well-known streets in this neighborhood. Cup and Saucer  is one of my favorite breakfast places. You must try their homemade scones!

Albina Press Coffee Shop is just west of Mount Tabor Park. Portlanders are very serious about their coffee, and Albina does it right. They also serve Stumptown coffee, a local coffee that is very popular. Albina provides a cozy atmosphere.

On the Portland food scene, food carts are our claim to fame. There are pods of food carts all over town, such as this one, Good Food Here, located at the base of Mount Tabor. This pod definitely lives up to its name. There is a huge variety of food: Korean, tacos, seafood, vegan, vegetarian, and more! Good Food Here offers a heated, outdoor eating tent. It's a great place to check out if you want to try a few different things, or if you don't have time to prepare a meal at home.

Tabor Tavern is located right in the heart of the neighborhood. The food is amazing, and there are rotating taps of beer, cider, and local wines available as well. I recommend their Caesar salad. Happy hour is from 3:00 to 5:30, so be sure to stop by!

Overall, the Mount Tabor neighborhood is a great place to live. In addition to the parks and restaurants, Mount Tabor offers a wide diversity of homes. If you have any questions, give me a call or send me an email. I look forward to hearing from you!

How Will Changing FHA Guidelines Affect You?

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Today, Shelby Spencer of Primary Residential Mortgage joins us to discuss some of the changes to FHA Guidelines starting September 14.

The biggest change to look out for is with student loans, which can no longer be removed from the debt ratio if they are deferred. This means that all contracts or offers written after September 14 will be affected by these changes. Another change comes to large deposits; we used to only need to source large deposits of around 2% of the sales price, but deposits of 1% or more now need to be documented. In addition to these changes, know that funds can no longer be used as assets; you can't create a stronger profile with gift funds, although they can be used as a down payment.

With the inventory as tight as it is; there is a good chance some of the pre-approved FHA buyers may find themselves losing their previously issued pre-approved status before they get an accepted offer. The new FHA guidelines take effect with FHA case numbers assigned on or after 9/14/15. (Case numbers can only be assigned when a property has been identified.)

The following bullet points are just a few of the areas that could affect buyers. I recommend that all FHA pre-approved buyers contact their loan officer to review their situation against the new guidelines. Here are some of the areas that are affected (I will cover them in more detail soon):

• Federal Tax Liens
• Mixed Use Property
• Bankruptcy less than 2 years
• Occupant borrower has no credit score
• Self-employed borrower's income is greater than 20% declining from the previous year
• Installment debts with less than 10 months remaining
• Deferred loan payments (student loans)
• 30-day credit accounts
• More than 3 jobs and/or profession changes in the last 12 months
• 2- to 4-unit properties
• Retaining current home as a rental
• Nontaxable income (like social security income)
• Earnest money deposits greater than 1% of sales price
• Using gifted funds for any reserve requirements

As long as everyone is aware of these changes up front, closing times shouldn't be too affected. Of course, the best way to prepare yourself for these changes is to reach out to a professional and begin the process sooner than later. You can reach Shelby at SSpencer@Primeres.com or (503) 572-8865. Of course, if you have questions or concerns on the real estate side of things, don't hesitate to reach out to us. We would love to hear from you!

The Top 10 Renovations that Are Sure to Save You Money

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Today I'd like to share an interesting video I found on HGTV. It documents the ten best renovations that you can make on your home that won't cause you to go broke! Renovations can get expensive, but here are some ideas to help you get more bang for your buck.

10. Using subway tiles is an inexpensive way to redo your kitchen and add a retro feel to it.

9. Speaking of a retro feel, using vintage furniture and fixtures can look and feel great on your wallet. 

8. You can create an 'art wall' by collecting used wood. This hand-crafted, old-school look is sure to impress your guests.

7. Instead of ripping out your hardwood floors entirely, just replace the ones that cannot be used anymore. Lacing new boards in with old ones has an eye-catching look.

6. Changing the knobs on your cabinets and doors can create a whole different feel in a kitchen.

5. Instead of updating your entire bathroom, just refinish your tub. It makes everything else look new again.

4. Painting your home by yourself can be a huge money-saver.

3. Hiring a good Realtor can save you money as well. They know how to negotiate deals and get you the best price on a home that you're buying or selling. Talk to me about this!

2. Waterproofing your roof can save you tons and tons of money down the road. Being proactive about major structural issues in your home is always a good idea.

1. The last couple saved nearly $20,000 renovating their home because they knew a good mill-worker. While I can't promise that you'll save that much, I do know good contractors that can offer you discounts on their services!

So, there you have it. Ten easy ways to save money while renovating your home. While these are all great ideas, I'd prefer if you spoke with me before you went about ripping up your house.

Not all renovations are necessary if you're trying to get top dollar before a sale. Often times the most expensive renovations will not make you the most money back - if you get any money back at all.

Please don't hesitate to reach out to me if you have any questions about this video, or if you have any Portland real estate needs!