Chance Gates' Blog

As many of you know my oldest son has been the cause of my gray hairs.  This is usually due to the fact he doesn’t care how he does in school.  Most of the time he gets an “A” if he does the work or a “F” if he doesn’t.  This quarter it final happen, I’m not sure if he got tired of all his stuff be taken away, not letting him go play outside with his friends, or just talking to him about the direction he is going.  He took some pride in himself and just did the work.  The worst grade on his report card was a “c”, he not only passed every class, but has some good teacher remarks.  He is now debating going into the navy or becoming a diesel  mechanic.  Something interesting I did find out is the navy has a Jr cadet training in Carson City.

As a Reno/Sparks real estate professional, I encourage all questions or comments on the Reno/Sparks real estate market or any of the articles posted on this blog.  I can be reached by email at:   chance at ballard-company.com or http://www.myspace.com/chancegates

As a full time Reno/Sparks Realtor, I learned that I need to spoil my wife on occasion.  So I took her to the Siena  Hotel for breakfast the other morning and was not impressed to say the least.  Service was a little slow, and the food  was a little undercooked.  However, being a positive person I try and look for the good in most things.  So on the bright side, the coffee was pretty good and one of the bus boys was pretty quick.  Which at least aloud me to have some quality time with the wife and some good coffee at the same time.

As a Reno/Sparks real estate professional, I encourage all questions or comments on the Reno/Sparks real estate market or any of the articles posted on this blog.  I can be reached by email at:   chance at ballard-company.com or http://www.myspace.com/chancegates

The Nevada Rural Housing Authority launched a new $25 million bond program.  To try and help thaw the frozen market for buyers of manufactured housing in Northern Nevada.

The bond program provides $4500 for first time purchasers.  This money doesn’t need to be repaid, and is available in communities with less than 100,000 people.

A 30 year loan with the down payment assistance would carry a fixed rate of 5.357%.  If a borrow opts out of the down payment assistance the 30 year loan would carry a fixed rate of 4.875%.

Either way, purchasers who have signed a contract by 4/30/2010 and close by the end of June may still qualify for the $8,000 federal tax credit  to first time buyers.

The Federal Housing Administration will raise the minimum down payment for its least credit-worthy borrowers, the agency announced Tuesday.

The change is among a number of major changes the FHA is making to ensure its long-term financial soundness.

Borrowers with credit-rating scores below 580 will be required to put down at least 10 percent. Those with a credit score above 580 will be able to continue to put down only 3.5 percent. The changes are intended to shore up the agency’s finances.

The FHA also will increase its upfront mortgage insurance premium from 1.75 percent to 2.25 percent. The agency is expected to seek congressional approval to raise annual mortgage insurance premiums, paid by borrowers over the life of the loan, above the current 0.55 percent maximum. The amount it will seek has yet to be announced.

For more information on the FHA changes, inlcuding a summary of all changes, visit

REALTOR.org.

Chance Gates does welcome any questions or comments on the Reno/Sparks real estate market or on any articles that may be posted.  Send your  emails  to  chance at ballard-company.com

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• Harder to get an Uncle Sam mortgage (money.cnn.com)

As most of you are aware who read my blogs consistently know, I like to take a break from Reno/Sparks Real Estate and talk some NFL.  The Minnesota Viking dismantled The Cowboys last week.  Farve didn’t look like the old man everyone is trying to say he is.  I like the Viking and the points this week.   I like the Colt to beat the NEW YORK JETS in the AFC Conference Championships.  Setting up a great Super Bowl and a lousy Pro Bowl.

As a Reno/Sparks real estate consultant I always welcome any comments or questions on the Reno/Sparks real estate or any of the articles I posted.  You can email me directly at  chance at ballard-company.com

For a period of 1 year, FHA will allow buyers to obtain loans
on properties that have been recently purchased by investors
who intend to flip them for a profit.

Using Segway Personal Transporters, they offer tours that explore the Downtown area, the Riverwalk District, California Avenue, and Idlewild Park. Your tour guide will share interesting information about Reno’s colorful history, pop culture, current events, architecture, favorite eateries, and popular hang-outs. But what makes the tour unique is your mode of transportation. The Segways are incredibly easy to operate and a blast to ride! The tours will begin with a thirty-minute training session and then hit the road for about two hours to see the sites. You will see and appreciate Reno from an entirely different perspective.

Daily 10:00 am and 2:00 pm or by special arrangement

Tours last approximately 2 1/2 hours

For more information: http://www.renofuntours.com/

read more at www.renodatebook.com

Taking the time to do a little preventative maintenance on household items is far less costly than having to replace a soiled carpet, broken vacuum cleaner or scratched TV.

The October 2009 issue of ShopSmart magazine, from the publisher of Consumer Reports, offers the following tricks to help your household products last throughout the years.

Appliances
Clothes washer- Don’t overload it. That wears down the machine.
Dishwashers- Periodically remove any debris from the filter and the bottom of the machine.
Gas ranges- Inspect the burners regularly and clean the burner ports with a needle, but don’t touch the igniter.
Refrigerators and freezers- Clean door gaskets with water and mild detergent periodically. Vacuum the coils every few months as they tend to collect dust, which lowers efficiency and raises energy costs.
Vacuum cleaners- Small objects such as coins can damage the power head and even the motor on some uprights, and string can wind its way around the rotating brush. Unplug the machine and dislodge items ASAP.

Electronics
Digital cameras and camcorders- Use the strap to keep from dropping your camera, and stow the camera in a case when it’s not in use. Clean dirty lenses gently with a microfiber lens cloth and lens-cleaning fluid.
Laptop computers- Use them on a flat surface. Soft surfaces can block airflow and lead to overheating.
LCD TVs- Clean the screen gently with a soft, slightly damp cloth, ideally a microfiber one. Avoid cleaners and paper towels which can cause scratches.
CDs and DVDs- If you have to clean one (avoid cleaning it unless it’s dirty), wipe it with a soft, lint-free cloth from the center to the outer edge.

Kitchen gear
Baking pans- Dry thoroughly after washing to prevent rust. Smearing a little vegetable oil onto the sides and bottom with a paper towel after each use will also work.
Knives- When they’re not in use, store them in a wooden knife block or individual plastic shields. Be sure to keep them out of the dishwasher as well- going through a cycle can cause pit blades and wooden handles to crack.
Nonstick pots- Hand-wash your pots, removing burned-on food with a plastic scrubber.
Stainless-steel flatware- Use a stainless cleaner to remove scratches and stains and restore shine. Scouring powder or steel wool can cause scratches and reduce stain resistance.
Teakettles- Remove mineral deposits from the interior by filling the kettle with equal parts white vinegar and water, bringing it to a boil, and allowing it to stand overnight.

(c) 2009, Akron Beacon Journal (Akron, Ohio).

Distributed by McClatchy-Tribune Information Services.

As credit card companies continue to hike rates and continually change the terms and conditions of your account, it is crucial for credit card users to make the most of their credit. The following tips will help you get on track to using your credit card wisely.

1. Pay on time. Paying your credit card account on time helps you avoid late fees as well as penalty interest rates applied to your account, and helps you maintain a good credit record. A good credit record leads to a higher credit score, which helps you qualify for lower interest rates. Know the date your payment is due. If your bill is due at an inconvenient time of the month- for example, if it’s due on the 10th and you get paid on the 15th- contact your credit card company to see if they will change your billing cycle to fit your cash flow.

2. Stay below your credit limit. If you go over your credit limit on your card, your card issuer could charge a fee and increase your interest rate to a higher penalty rate. To avoid this, keep a record of your spending or check your balance online. Also, be aware that some merchants (for example, hotel and car rental companies) put a “hold” on your credit card based on their estimate of the amount you will charge. This can reduce your available credit until the final charge is processed.

3. Avoid unnecessary fees. Credit card companies not only charge late payment and over-the-limit fees, but also fees for cash advances, transferring balances, and having a payment returned. Some companies charge a fee when you pay your bill by phone. Pay attention to the transactions that trigger these fees. If you need a cash advance, withdraw enough so that you don’t have to take a second cash advance and incur a second fee later in the month. Read your credit card agreement to learn more about the fees that your credit card company charges.

4. Pay more than the minimum payment. If you can’t pay your balance in full each month, try to pay as much of the total as you can. Over time, you’ll pay less in interest charges- money that you will be able to spend on other things, and you’ll pay off your balance sooner.

5. Watch for changes in the terms of your account. Credit card companies can change the terms and conditions of your account. They will send you advance notices about changes in fees, interest rates, billing, and other features. By reading these “change in terms” notices, you can decide whether you want to change the way you use the card. For example, if cash advance fees increase, you may decide to use a different card for cash advances. If you have a card with a variable rate or if you have an introductory rate that is ending, be aware that credit card companies are not required to send you a notice about raising your interest rate. Interest rates are listed on your monthly bill. Read your bill carefully and take note of any changes.

For more information, visit www.federalreserve.gov.

The annual burning man tickets went on sale today at 10:00 this morning.  Tickets are sold in a tiered fashion with a limited number of the cheapest first. Each of the first three levels will have 9000 tickets.

First Level:  $210.00

Second Level $240.00

Third Level  $280.00

With the final level costing $300 while supplies last.

Tickets available at http://tickets.burningman.com/