Jacque Lorang’s Blog

We Americans love the word SALE! We are always looking for great deals and huge bargains, whether its cloths, dinner or our home. But sales in real estate come in a different form then sales in the supermarket. Sure, homes values go up and down and you can get a great deal when home prices are low, but living in Billings we don’t see these up’s and down’s like the rest of the country. Our best sales come in the form of interest rates.
Most home owners purchase their home using a typical 30 yr. fixed rate mortgage, that means that each month your payment will be determined by the price of your home AND the interest rate.

Those First Time Home Buyers who buy between now and December 1st of this year will receive a big fat check for $8,000 from Uncle Sam!

Here are the basics of that program:

The credit is available to all first time home buyers.  A first time home buyer is anyone who has not owned a residence in the last 3 years. You may purchase a single family home, up to a 4-plex as well as a co-op, townhome or condo. The credit is technically for up to 10% of the value of the home up to $8,000, so to get the full credit you would need to purchase a home worth  $80,000 or more. There are income limits. A single person making over $75,000 or a couple making over $150,000 will only get a portion of the credit. If a single person makes more then $95,000 or a couple makes more then $170,000 they are not eligible for the credit. But the good news is the credit does not have to be paid back as long as you live in the home for at least three years!

After you purchase your new home there are three ways to go about getting your CASH! You may wait until after closing and amend your 2008 taxes and receive a check in a couple of weeks. Or you may wait and apply with your 2009 taxes. Or, using legislature that passed last month Montana now allows you to receive a bridge loan on the tax credit therefore making it possible to apply a portion of the tax credit for down payment and closing costs at closing!

This is a great way to get into a home with no or very low money down, combine that with the great interest rates mentioned in the next article and it easy to see why 2009 is a great year to become a home owner!

Want to take on a Big Challenge, with Big Rewards? Then maybe an owner occupied investment property is the right option for you.
Buying a multifamily property may be a way for you to not only become a home owner, but start building your real estate portfolio. First Time Home buyers may purchase properties up to a 4-plex using an FHA loan as long as they live in one of the units. This means that the tenants in the other units help you pay your mortgage. For example, say you buy a duplex with a 3 bedroom unit and a 2 bedroom unit. The 3 bed rents for $700/month and the 2 bed rents for $600/month. You purchase this property for $160,000. Your principle and interest payment each month is $786. That means that if you rent out the 3 bedroom unit and live in the 2 bedroom unit your tenants pay 90% of your mortgage and all you pay is taxes, insurance and expenses. Most times this is significantly less expensive then renting a similar unit. Not to mention that your mortgage stays the same, while rents and property values increase.
Your tenant pays your mortgage while you build credit, equity and a real estate portfolio. Use the equity in this property to buy your next home or purchase your next investment property.

We Americans love the word SALE! We are always looking for great deals and huge bargains, whether its cloths, dinner or our home. But sales in real estate come in a different form then sales in the supermarket. Sure, homes values go up and down and you can get a great deal when home prices are low, but living in Billings we don’t see these up’s and down’s like the rest of the country. Our best sales come in the form of interest rates.
Most home owners purchase their home using a typical 30 yr. fixed rate mortgage, that means that each month your payment will be determined by the price of your home AND the interest rate. Check out this example below to see how much a small 1.5% can affect your payment even when you get a screaming deal on the home.

http://billingsgazette.net/articles/2009/04/16/news/local/28-dogpark.txt

Interesting that the day after I write the blog about Dog parks in Billings The Gazette had a story about how they are trying to get 3 “real” dog parks in town! Yay. People seemed to think that this was a waste of taxpayer money, but good parks are vital for the growth and strenth of a city and it’s community. I am excited to see if these work out! Drifter and I will be there!

Since it is getting to be spring, I decided to post about something about the great outdoors. Billings is not exactly a dog friendly town, in fact we have no free “real” free dog parks. However, I thought I would share with you a few places I have found to take my dog (Drifter)and wear her out.

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Most people know or have heard of River Front Park, they have lots of trails (some paved some not) and the park covers a fairly large area. Dogs are supposed to stay on a leash in this park and as always you must clean up after them. Some downfalls to this park are all the misquitos and there are usually a lot of people there and therefore you must be pretty obidient to the park rules.

http://maps.google.com/maps?oe=utf-8&client=firefox-a&ie=UTF8&q=riverfront+park,+billings+mt&fb=1&split=1&gl=us&ei=MBPmSbhRnq60A6reoKwE&ll=45.747941,-108.521919&spn=0.024736,0.077248&z=14

Very near to Riverfront, but in my opintion 10x better for dogs is Norms Island. This park is accross South Billings Blvd and about 1/4 before Riverfront. Most of the usuers of this park have dogs and though I don’t recall wether there is a sign stating that dogs must be leashed I have seen several dogs running happy and free along with their owers. There are several miles of trails and some small water areas as well as the Yellowstone River if your dog is a swimmer (Be very careful of the river, especially in the spring).

http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=norms+island,+billings+mt&sll=45.747941,-108.521919&sspn=0.024736,0.077248&gl=us&ie=UTF8&ll=45.739945,-108.54003&spn=0.01237,0.038624&z=15

Coulson park is a great place to access one of Billings paved trails. The park also has lots of open area and river access. To get to Coulson park take the S 27th St. exit and head west then take a left at the T, then a left on Belknap and a quick right on Charlene. Follow Charlene to where it deadends into a parking lot. From Here you can let your dog play in the field or river, or take off either north or south for a walk/run on the paved trail along the river.  Check out Bikenet.org for more info.

http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=coulson+park,+billings+mt&sll=45.739945,-108.54003&sspn=0.01237,0.038624&gl=us&ie=UTF8&ll=45.795357,-108.477201&spn=0.024715,0.077248&z=14&iwloc=A

Another great park to play or to hop onto the paved trails is Two Moon Park just off of Bench Blvd near the Ice skating rink. Again lots of trails, river/water access for your dog to swim and tons of sticks to throw. Use your descrestion because dogs are supposed to be leashed. I usually wander off the trail a ways and head by the river to where its a little more desolate and let me dog run and play in the river. Also, since the paved trail travels right along this park this is a great spot to hop on and use the paved trails.

http://maps.google.com/maps?oe=utf-8&client=firefox-a&ie=UTF8&q=two+moon+park,+billings+mt&fb=1&split=1&gl=us&cid=0,0,15086543397147214057&ei=EhbmSey7DpyKtgPF6_mjBA&ll=45.811841,-108.457675&spn=0.012354,0.038624&z=15

Probably the least busy park I frequent is Couburn Hill. Head up Courburn Rd like your heading to the Pictograph Caves and take a right on Sweet Medicine Rd. This deadends into a parking lot. There are lots of trails but becareful because there are a lot of cliffs! Not a good place for clumbsy dogs or people. However there are lots of open fields and tons to explore. Due to the lack of people I have had no problems having my dog off her leash at this park.

http://maps.google.com/maps?oe=utf-8&client=firefox-a&ie=UTF8&q=two+moon+park,+billings+mt&fb=1&split=1&gl=us&cid=0,0,15086543397147214057&ei=EhbmSey7DpyKtgPF6_mjBA&ll=45.760398,-108.453298&spn=0.012365,0.038624&z=15

The Rims. Anywhere from Zimmerman Park to the area between the old armory and Black Otter trail is full of trails(both dirt and paved). Again, be very careful of cliffs and rattle snakes. Dogs should be on a leash but there is tons of room to run and usually the area is not too croweded.

According to several sources, Grey Cliff Prarie Dog Town near Lake Elmo has a dog park however rumor has it that it costs $5 a pop and you still must have your dog on a leash at all times. Also I’ve heard of some kennels having dog parks that are open to the public for a fee.

Cheif Plenty Coups State Park, The Pictograph Caves and most the parks in town are great places to take your dog to get out, run and explore, however they all require leashes.

Well, hopefully you have some new ideas of where to take your 4 legged friend to get some fresh air and exercize. Have fun and be safe. If you have any other ideas of great places to take yoru dog please post in the comments section.

Billings and surrounding areas:

Residential Properties Sold:  January 2009 - 52
Febuary 2009 - 76
This month SO FAR - 64

Things seem to be improving with each month. The 1st time home buyers credit seems to really be simulating the $200,000 and under market.

I just noticed that Montana came in as the runner up for “State of the Year Award” from Business Facilities Magazine. Coming in behind Michigan. States were choosen based on the most new jobs and investment.
Check out the article at http://www.businessfacilities.com/bf_08_12_state_of_the_year.p

In the last year Billings has recieved a lot of positive recognition for everything from our low debt to being a great place to raise a family. Check out these articles below to learn more about Billings and why we are not only surviving but thriving dispite the rest of the nation.

#1 - Most Debt Free City in the Country - (Menshealth)
http://www.menshealth.com/debt/

#3 - Best City In The Country To Raise A Family - (MSNBC)
http://www.msnbc.msn.com/id/24713234/

1 of only 6 - Dark Horse Markets - (Economy.com)

#5 - Strongest City For Appreciating Housing Prices - (Office Of Federal Housing Enterpise Oversight)
http://www.ofheo.gov/hpi_city.aspx

#9 - Top 10 Tax Friendly Cities - (Kiplinger.com)
http://finance.yahoo.com/taxes/article/106691/Top-10-Tax-Friendly-Cities

#12 - 25 Best Cities to Find A Job - (Careerbuilder.com)
http://www.cnn.com/2008/LIVING/worklife/11/24/cb.best.cities.find.jobs/index.html

Spring is fast arriving, and it might be time to start thinking ahead about how to increase your properties value though landscaping. Take advantage of early spring rains to give your yard a just start into summer.

Creating a beautiful yard is much more then pretty plants, a good landscaping design can add as much as 20% to the total value of your home, decrease your heating and air-conditioning bill, and lower noise levels. And the best part is you can do it yourself. By improving your home’s exterior you create curb appeal as well as a sense of place and value, all of which will increase your chances of a buyer choosing your house, paying top dollar, while reducing the amount of time you home sits on the market.

Best landscaping items to increase property value:

1. Underground sprinklers- making your yard as easy to maintain as possible is a great selling feature. Not only that but it keeps your grass green and helps your trees grow quick and healthy.  Properly placed drip lines will keep your garden and other plants happy and healthy too.

2. Tree- Trees add shade and privacy to your home, and dimension to your lot. Be careful to choose the right tree for the right area.

3. Perennial Plants- Again, reducing maintenance increases value, perennial plants will grow and/or flower each year for several seasons. Visit your local nursery for ideas for a great low maintenance flower garden.

4. Borders- Good crisp borders dividing rock, grass, and plants will give your yard a clean maintained feel. Make sure your borders are high enough to keep everything in, and try to follow smooth curves that are easier to mow around.

For more ideas on ways to improve the value of your home, or if you are interested in buying or selling give me a call. Jacque Lorang 690-5277 or email ablahoo@yahoo.com