What Does MLK Have To Do With Real Estate?

“I have a _________…”

We're about 100% sure we can guess what word you chose.

Was it “dream”?

Good chance it was. We all know this line from Martin Luther King, Jr.’s famous speech. So when we hear those first three words, it sort of naturally comes to mind. What many people aren’t aware of is how much he affected the lives of real estate agents, buyers, and sellers.

It was his death that gave Congress the last push needed to pass the Fair Housing Act, back in 1968. It’s pretty involved, so we won’t get into it all here, but to put it simply.  This was put in place to ban racial discrimination in housing. You can’t be refused the rental or purchase of a house, based upon your race.

Although, this seems simple enough to most people now, a given, if you will, it didn’t happen overnight. Believe it or not, it still can and does come up.  However, guess who’s a big part of making sure this Act is followed?  On the front lines, it is people like us. Realtors. We’re tasked with making people aware that discrimination based upon race (and many other things) are not acceptable, and we must refuse to work with anyone who wants to do so. And we are proud to be a part of this ongoing history.

Just figured we’d take this appropriate moment to pay him some respect, and give you some insight into how much more responsibility a Realtor has than meets the eye.

While our dream of helping people find their dream home is certainly not comparable to Martin Luther King’s dream owning a home has become a huge part of the American Dream. Please know how seriously we take this career and how much heart and soul we put into helping people find their dream home.  Always remember that a dream never dies so if you know anyone dreaming of finding a home, please have them give us a call.  We'd love to be a part of helping make their dream come true.

(Or maybe you even have a dream we should talk about…)

That’s all for now…

…and may your dreams come true,

Rennai Kelly  and Danya Wilson

850-528-5843       850-322-1649

Regal Loves Tally! Why we think Tallahassee is so awesome: Fun facts about Tallahassee you will want to know!

Hello Regal Readers! As you know, Regal Homes got its start in Tallahassee before expanding to Miami and we are still thriving in our growing home-city! In fact, we love Tallahassee so much we dedicate this blog to bragging on how wonderful it is! 

1. According to WalletHub and BizJournals, Tallahassee is the #1 city in Florida to start a business! 
2. Tallahassee is home to 2 of the major Universities in the state of Florida: The Florida State University (FSU located on the oldest continuous site of higher education in the state of Florida) and  Florida Agricultural and Mechanical University (FAMU which is one of the largest historically black universities in the United States). 
3.  Tallahassee's second and current capitol building (built in 1977) is the 3rd tallest capitol building in the United States, following Washington, D.C. and Austin, TX.
4.  The average person will spend more than $33,000 in rent over the course of 4 years in Tallahassee. This figure is for a 1 bedroom apartment. (Of course we had to throw this in, so contact a Regal Homes professional about better ways to spend your money living in the capitol city!) 
5.  Since 5 is half way through our list... About half the residents have a bachelor's degree or higher, which makes Tallahassee Florida's most educated population. 
6. In 2006, Tallahassee was given the award "Best in America for Parks and Recreations."
7. Tallahassee is the 7th largest city in Florida.  
8.  Looking for a fun night? Tallahassee's very own discount theater, Movies 8, always has a selection of movies for a fraction of traditional movie theater prices... and they have awesome popcorn! 
9.  This is a link to an entire blog about the top 9 sandwiches in Tallahassee!
10.  "You can see Tallahassee's oldest resident—an approximately 10-foot tall mastodon skeleton named Herman—at The Museum of Florida History. He's over 12,000 years old."

Here are some local blogs that we think are worth reading if you are a Tallahassee local or just passing through: 

• A complete year of Tallahassee awesomeness to explore: https://365tallahassee.wordpress.com/
• Follow up with FAMU: http://rattlernation.blogspot.com/
• Everything Florida State: http://floridastate.tumblr.com/
• For our Foodies: http://sweetteaandbourbon.com/
• No list of blogs is complete without a Style Blog: http://aglimpseofglam.com/

Read more:

• http://wflafm.iheart.com/photos/main/10-tallahassee-fun-facts-416861/#/9/23705401 
• http://www.movoto.com/guide/tallahassee-fl/tallahassee-facts/
• http://www.10-facts-about.com/Tallahassee/id/274

What should you expect when applying for a mortgage loan?

 Locate important documents: Do an inventory before applying to see if you know where all of you important documents are ie. tax returns, 2 months of bank statements (no NSF’s), pay stubs, W2s, 1099s, etc. Also, run a self-credit check; most require at least a 640 score. They will also check to see if you have any recent foreclosures, short sales, bankruptcy or repossessions. 
Overachieve: Be prepared and proactive! The lender you are working with will provide you with a list of documents to turn in, try to submit as much information upfront as possible. If your application is complete, your lender may be able to get your loan directly to underwriting for a pre-approval rather than the initial pre-qualification. 
Anticipate the questions: Questions from a lender is not uncommon. In fact, it is actually a good sign that the lender is working on your file. Lenders will want to know where money is coming from as well as explanations for anything that may seem out of the ordinary. Your lender may ask you to prepare an explanation for any items that don’t line up. 
Need a team: As soon as you have your pre-approval, share it with your Real Estate Professional at Regal Homes so you can begin the process of finding the right home for you. 

Some other thoughts: Most lenders will be able to get back to you within 24-48 hours, but keep in mind that lenders tend to get busy closing loans near the end of the month. The more together your documents are, the quicker your loan will be able to get processed. Do your part and let your lender to theirs.

What is the perfect Mother's Day gift?

 If you are on the hunt for the perfect Mother's Day gift, take a deep breath and relax because Regal Homes has you covered. We have asked some of our agents and other professional women what their ideal gift would be this year, and you might just be shocked at some of the answers. 

"I am not a mom yet, but I would like I would like a day off from mommy duty and work. That's what my request will be when that lucky long awaited day comes."  - Danya Wilson, Realtor/Partner at Regal Homes, LLC. 

 

"A perfect mother's day gift is something 'hand crafted' by my 5 year old and 3 year old and a get together with the family to include in-laws and of course my mother ♥ so we can all enjoy it together." - Carol Armbrister, Closing Officer and Short Sale Facilitator for Smith, Thompson, Shaw, Minacci & Colon, P.A.

"I like sentimental memory book, pics or handmade heartfelt cards and letters. I also like family time and home cooked meal. Oh and a clean house!" - Rennai Kelly, Broker at Regal Homes, LLC.

"My perfect Mother's Day gift would be to have something made by my little girl that I can put in my office. Maybe a picture frame that I could put a picture of our family in or a paperweight, something like that."  

- Laura Wells Residential Mortgage Sales Manager at Capital City Bank. 

At the end of the day, every mommy is different, but there is nothing more special than something from the heart! So make it special because there is no one more special that MOM! Happy Mother's Day from the team at Regal Homes.

DIY Gone Wrong: The Ones Who Didn't Nail It

This blog is dedicated to those who dared to try something a little out of their comfort zone. Let's just say that "doing it yourself" may not be for everyone. We hope you enjoy these as much as we do! 

When something turns out a little upside down on you, selling it may not always work out... we are not sure why there is a price tag on this. Maybe they are passing it off as art?

"I know I am just a dog and I've never built a bed before but, something isn't quite right with this... what do you think?"

Maybe we can just get new hardware?

Maybe this was their teenager's room and they did this on purpose to keep an open door policy in the home.

Waterfall faucets are in now, right?

Never trust an architect who is still in their first semester.

Young Money

So you are in your 20’s or maybe even your 30’s and you want to become a Real Estate Tycoon before you hit your 40? Doesn’t sound like a bad plan. So why doesn’t everyone do it? 

Well, here are some things to think about:

• You’re broke - there aren’t too many young people who are not living pay check to pay check, being followed around by a looming student loan number over their heads.   
• You’re young - by definition of being “young and successful” you must first be “young”. This means that you don’t really know as much about life as you think you do, or even as you think you don’t. 
• You’re not good at staying focused - okay maybe not all young people, but most are distracted by social media, video games or really anything but making concrete plans to be strategically successful. 
• You’re not married - again, not all but the majority of young people are in and out of relationships, let’s be honest, this is not helping build a multi-million dollar real estate portfolio.
• You’re not creditworthy - we needed to keep the “you’re” thing going, but yeah… you have bad credit (it’s okay, it’s not a secret). 
• You’re probably alone in this - you might be motivated, but good luck getting your high-school best friends to partner up with you on this… time to do it on your own.
• You’re not getting any younger - time is ticking!

If the negatives were big enough to deter some readers at this point, it is probably better for them to leave now. This is not the type of endeavor for the faint of heart or the weak of spirit. But here is the part where we point out all of the pros to being young:

• You’re broke - this means you are probably highly motivated to not be broke! Motivation fades and hunger dies down, so lets use this to your advantage while it’s still here! Plus, if you end up making a big financial mistake, not a whole lot is on the line and you have time on your side for things to work themselves back out.
• You’re young - you may not know the wisdom acquired by a 65-year-old Vietnam vet, but you have time on your side! This is the most valuable and precious resource in the entire world. If you start now, the next 30 years can look pretty much how you want them to if you take this thing serious and come up with a plan, a real plan for your future goals. 
• You’re not good at staying focused - because you were brought up in the age of technology, this is a HUGE plus in today’s increasingly connected world! You know how to leverage resources, “wikihow” or “youtube” just about anything and if you can use technology to get knowledge instead of waste time, you will be way ahead of the curve.   
• You’re not married - so you don’t have superseding responsibly like a spouse or kids to always think of before you make a decision, enjoy this while it lasts my friend. You also have the ability to in the reno-zone if necessary. A live-in flip may actually not be a bad place to start since you are able to save on holding costs and you do have to live somewhere anyway! This also opens up the possibility of buying a small “multifamily”. Something like a duplex allows you to live and possibly not pay a mortgage from your own pockets, thus opening up possibilities for more investing with your cash.
• You’re not creditworthy - If you end up going with a live in fixer-upper or a rental property, you will definitely benefit form being able to take out a loan that requires owner occupancy. Your credit may not be perfect, but it shouldn’t bee to hard to get it where it needs to be with the fight guidance from a knowledgeable lender and less money down means more liquid cash.
• You’re probably alone in this - right, you might not have friends your age who are willing to walk by your side, but get some wisdom backing your plans. It isn’t hard to find people a generation or two ahead of you who are willing to get behind such a vibrant and ambitious spirit!  You want to know as much as you can about the mistakes others have made who have gone before you so that you don’t have to waste time and money repeating them. Get older people in your life and listen to what they have to tell you; it’s called getting mentored, and it is a brilliant idea for any young tycoon in-the-making.
• You’re not getting any younger - so use it to your advantage while you can! Spend crazy hours going after what you want, make mistakes, get your hands dirty, learn how to knock down dry wall and just go for it! Tycoons aren’t built in a day, but one can be built in a decade; use your 20’s wisely! 

 
And I wouldn’t be looking out for you if I didn’t share this major key: have a great agent to help you in the process. Contact a member of the Regal Homes Team and you know we are always happy to help.

Down Payment Assistance available for you, is it real or rumor?

Yes it is real and yes it is available. Now before you start asking questions, we are not guaranteeing that everyone is eligible for Down Payment Assistance (DPA), but what we are saying is that it is often more available than buyers think. Not only is it available, but “the average assistance can go anywhere from $5,000 to $20,000... In some high-cost areas, the down payment assistance can be as much as $100,000”.  You might be reading this and you have no idea what Down Payment Assistance even is… well, allow us to explain.

What is DPA? State, county, and city governments provide financial assistance for people in their communities. To be eligible, you normally must be qualified and actually buying a home (you can’t hold onto the money until you are ready in a few years). Also, “you don’t have to be a low-income household to qualify for many of these programs. In fact, in some areas of the country you can earn considerably more than your area’s median income and still be eligible for down payment assistance. Sometimes high-income earners can qualify for a grant of up to 5% of the purchase price of the home!” The good news is that there are more than 2,300 home ownership programs around the country. In addition to DPA there are first-mortgage products, closing cost assistance programs, and many others. “There are all kinds of down payment programs aimed at certain professions and demographics: firefighters, protectors, teachers, health care workers, service members, persons with disabilities, and even people who are buying energy efficient homes.” This is often times money that DOES NOT need to be paid back by the borrower; we like to consider it a gift from the DPA fairy.

Aside from DPA, when looking for financial assistance to buy a home there are programs offered by states and local, or city governments that can be just a helpful. Here are some prime examples:

• 
  Grants: There are all types of grants: home improvement grants, investor grants, mortgage grants and the list goes on and on. There isn’t a limit on the amount of grants you can apply for, and often times the only condition is that you live in the house for a certain amount of years to avoid paying back any of the money afforded.
• Second mortgage loans: These are the most popular form of financial assistance for down payments and they carry the worst reputation, mostly because people don’t really understand how they work. It is a second mortgage, but almost always with very little or even no interest over a period of time. 
• Tax credits: As a part of the American Recovery and Reinvestment Act (2009) or more commonly known as the “stimulus package,” buyers may have up to 8k as a tax allowance toward down payments, closing costs and other upfront purchasing costs if they are a first time home buyer and purchase a home before December 1^st. What makes it even better, is that buyers do not have to wait until tax season to use this allowance. Aside from being a first time home buyer, the main stipulation is that buyers must have a mortgage insured by the Federal Housing Administration.

Does the house I like qualify for DPA? The good news is that about 70 percent of listings are qualified for some type of home buyer assistance program. There is almost always a cap on the sales price of a home, which excludes million dollar condos (see our blog Condos on the Rise) and beachfront mansions. This also means that the program will depend on what specific neighborhoods or even tax allocation districts are eligible. Do I qualify for receiving DPA? We wont call it bad news, so the regular news is that buyers have to meet certain eligibility requirements. This is where we come in; we recommend reaching out to your Realtor because we know what is going on in the area you want to buy in, and chances are we are able to access information easier than you are. There is a lot of money out there and we want nothing more than to help you see if it has your name on it!

See more at:

• http://www.frameworkhomeownership.org/blog/for-you-too#sthash.RjK8UAZt.dpuf 
• http://www.allamericangrantguide.com/real-estate-grants.php
• http://www.bankrate.com/finance/mortgages/use-first-time-homebuyer-s-credit-upfront-1.aspx#ixzz40FlJuZZ
• DownPaymentResource.com