Squirrel!! 

We all remember the line from the movie “UP!”.  Ben, the dog, would see a squirrel and become alert.  I had the same experience yesterday while looking at a possible renovation / rehab project in the Village of Lancaster, NY.

I was sitting in front of the home taking a look from my vehicle when a small squirrel appeared in the window.  At first, I thought that it was on the outer sill.  As it turns out, it was inside the house having its way with the interior.  I decided to talk a walk around the property while waiting for the person who would be showing me the property and as I reached the back, I noticed a larger squirrel in the rear window.  I was able to take a picture of this squirrel (see the photo below) and couldn’t help but laugh when he noticed me, become startled and then tore half of the window curtain down while trying to climb away.

Squirrel in window

We did end up going into the house to have a look and we decided it would be best if we carried a snow brush with us.  We all know how much squirrels hate snow brushes.  Luckily, there was no incident inside.  Turns out, squirrels are pretty non-confrontational and I was able to view the property without trouble (I had my brush in hand, mind you).  I don’t recall much about the property since I was pre-occupied with my squirrel avoidance and preparedness to strike plans.

I get to chalk up another first in my search for properties to renovate.  Vermin ?

Are you looking for office space in the Buffalo area?

We will have an office available on 10/01/2011 that is a perfect space for 1-3 people.  This office is in a professional office building with tenants that include and Allstate Insurance office, credit card processor, attorney, web developer, and accountant.

Lancaster office for rent

This office is clean and bright and is located on the second floor.

All utilities are included in the monthly rent payment of $395.

• Free Internet service (wired and wireless)
• All utilities included
• NO common area fees

The location is at: 3725 Walden Avenue, Lancaster NY.

This is a growing commercial corridor in Lancaster, NY.  The office is a perfect space for a manufacturers rep or a professional service provider.  Please contact us today to see the space.

Complete details can be found on our Buffalo Office Space site.

Call 716-791-7368 to speak to us right away.

My wife and I have been searching for a nice cottage, on a lake, for about five years.  Our search appears to be over since we are now under contract for a Cottage on Lake Erie.

Lake Erie Cottage

If you’ve ever undergone a search for a secondary property you will understand what I mean when I say that a big part of the fun is in the search.  Over the years we explored many areas along Lake Erie and Lake Ontario.  We have also spent time visiting and/or exploring Lime Lake, Faun Lake, and Rushford Lake.  We probably explored at least 25 towns and neighborhoods along the Lake Erie shoreline.  Our search even included a visit to the Chautauqua County Real Estate auction (There were bargains galore, except for the smelly lake front lot that we had interest in. That one went for a premium).

Because our search that didn’t require a quick decision there was quite a bit of fun in the search. Over the years, we were able to determine the features that really mattered to us.  Time will do that.  My list might certainly differs from my wife’s list, but they undoubtedly have a number of common items.

• On a lake with a beach, rather than grassy shore.
  If you have visited Lake Chautauqua, you will notice that the lake is like spinach soup much of the year.  A large lake such as Lake Erie or Lake Ontario is more desirable, but certainly has drawbacks. My wife doesn’t like the steep drop-offs that often come with smaller, man-made lakes.
• About an hour drive from our home, at most.
  At 1:05, we are pushing the limit.  However, this distance feels far enough away to be a vacation, but is close enough to hurry home should the need arise.
• Investment potential
  For me, I want the cottage to have investment potential. I don’t want this to be an endless money pit, even if we get to enjoy the property along the way.   If we put work into the cottage, I want to be sure we are able to show a return on that investment.
• Rental potential
  Continuing with the money pit theme, I want to be sure that the property helps to pay for itself.  To that end, the cottage must be in a desirable rental location.  The location that we selected fits vacationing families, wine tour lovers, and fishermen.
• Work needed
  I am not the type who enjoys laying around at the beach, so I wanted to be sure there was plenty of work for me to do on the cottage.  Even thought this cottage is in very good condition, it doesn’t have the charm that we desire from a cottage getaway. My job will be to bring my wife’s visions to life.
• Expansion potential
  The ability to add space to the property is a big plus.  In our price range, we weren’t going to be purchasing anything large.  We were fortunate that this small 2 bedroom cottage has a good sized sunroom and a 1 1/2 car attached garage.  The possibility to expand the living space into the garage without altering the footprint of the structure is highly likely. At the very least, this garage will make a nice outdoor room.  There are garage doors front and back.
• Lakefront would be nice, but not a necessity (my wife would certainly differ on that point).
  Until we found lakefront at the price that was in my head, I didn’t see this as a huge sticking point. However, I doubt my wife would have settled for less.  She was right.  There is nothing like being right on the lake. Even if we are on a bluff.
• Structurally sound, but in need of work.
  Dealing with structural issues is not fun.  Working on property is what we love to do.
• THE RIGHT PRICE!
  That is the big one, and is the reason that it took 5 years to find something that we can grow into.  The price was right.  Not a steal, but a very good price for lakefront.

We’ll include some project photos and discuss our cottage renovation projects on WNY Handyman.

If you are interested in renting our Cottage, visit LakeErieCottage.com.

Radon has become quite a hot button when it comes to buying or selling a home. I am not saying that radon doesn’t pose a danger, but with relatively new concerns, we don’t often have the persepctive to put the risk into context. Radon is something that is prevalent in WNY, but at relatively low levels. In fact, levels tend to be much higher in other parts of the country.  Erie County provides a map that displays the prevalence of Radon in particular areas throughout Western New York (Click image for large map).

Radon is a radioactive gas released from the normal decay of uranium in rocks and soil.  Radioactive particles from radon can damage cells that line the lungs and lead to lung cancer.  It is often confused with Mesothelioma, which is a form of cancer that is not linked to radon gas.

Erie County Radon Map - 2010

I have a home up for sale that tested slightly above the recommended level.  When you hear the numbers with regard to radon, you might not know how severe it is.  Anytime your house has an issue that poses a potential health risk, you should be concerned, but you should also put it into perspective.  The nice thing is radon is relatively low in most areas throughout Erie County.  A neighbor of mine tested at 4.1 picocuries per liter (pCi/L) when the acceptable level is 4.0 pCi/L.  The cost to mitigate was $1,300 (newer homes are a bit less than older homes).

Radon Map - USA

In my case, I have a home in the Village of Lancaster that has a reading of 5.8 pCi/L.  That might sound high when the accepted level is 4.0, but a high level in some areas is 400 – 500 pCi/L.  5.8 is relatively low, it just happens to be above the level that is recommended, and to sell a house a buyer will usually want this to be remediated.  Remediation is not difficult and most Radon contractors will be able to easily get the level below 2.0.  In fact, they will usually guarantee that number.  My cost: $1,500.

I am electing to use a Radon remediation company who appears to eat, sleep, and drink this stuff.  You have to love a contractor with a passion for his or her work. So much so, that I ended the phone call with him knowing that I could probably find someone who was $100-$200 cheaper, but who wouldn’t do the same job as this company. The company is Radonaire.  You can find them at www.radonaireinc.com.  Give Karl a call if you want a quick education on radon and radon remediation.

Living Room

We have a nice rental located at 48 Burlington in Depew.  Burlington is on the North side of Walden next door to St Peter and Paul Church.  The apartment just underwent an interior renovation.  The exterior will be renovated as soon as the weather breaks.

NO pets. NO Smoking,.

Here is a rough diagram of the floor plan.

First floor apartment for rent

This is a 2 bedroom 1 bathroom apartment. The kitchen is HUGE and includes a walk in pantry closet. There is a nice sized living room and a large dining room.

Depew Rental - Kitchen

We are asking $625 plus utilities. Landlord pays the water.

Please contact 716-791-7368 to schedule a showing.

Lancaster Duplex for Rent

Nice side by side duplex located in Lancaster NY. Built in 1992.
Close to all amenities:
Library
Shops
Restaurants

Private basement with laundry hook ups, covered front porch, nice yard that backs up to a pond.
3 bedrooms and 1.5 baths
Eat in kitchen that included stove, disposal, and dishwasher.
Available Jan 1st.

Non-smoker, NO PETS!

$895 per month

Contact Bob at 716-791-RENT (7368)

I have often wondered why Ebay hasn’t become the place to be to list real estate. It seems natural to me that their huge audience would be drawn to a real estate section the way that they are with the Ebay Motors product. I never think to look to Ebay when it comes to real estate because the listings are just not there. Sure, there are some, but for the most part, listings are scarce.

Here is a sad example. In New York state, there should be thousands of real estate listings.  In fact, a quick search of a rival “classified” type site named Oodle.com turns up 2,262 listings in Buffalo, NY alone. Not the whole state of NY as I pulled on Ebay, just Buffalo New York.  On Ebay, the entire state of NY returned 14 listings!  That’s right, 14 listings.  Who would even bother to go there.  Visitors will move toward the listings when searching for real estate.

Ebay Listings in New York:

Ebay real estate

Oodle.com Listings in Buffalo NY:

Buffalo Real Estate on Oodle

Why isn’t Ebay able to generate real estate listings at their site?  There are a number of reasons, but here are the two primary ones:

1. Price
   To list a property on Ebay, it is expensive (Fee table below).  Expensive is relative, but based upon the options out there for someone looking to sell a property, the cost outweigh the potential reach. I can only assume that the reach is poor based solely on the listing results.
2. Audience
   If they are heading to Ebay as one of the top few listing sites, I don’t care to be there at their price.  When you search for real estate, you probably find yourself hitting a few sites and quickly realize that you are seeing the same listings across multiple sites.  Because listings are scarce in Ebay Real Estate, they don’t have an opportunity to capture audience during the short window when someone is searching.

Ebay Real Estate Listing Fees:

Ebay Real Estate Listing Fees

I hope Ebay’s leadership takes a long look at their real estate category. As with EbayMotors.com, they could be a dominant force in this space.

Lancaster, NY revaluation. It stinks!

Well, if you live in Lancaster, NY, you probably received a lovely letter yesterday regarding your property taxes and your property assessment.  There were increases that appear across the board.  The equalization rate is no longer as we have moved to 100% valuation.  The increases are staggering in many cases.

The town of Lancaster continues to spend, and spend, and spend on projects that don’t benefit the town as a whole.

1. There is a pricey new addition to town hall (approximately $985,000).
2. There is a new police and courts facility in the works ($8,000,000 Plus).
3. There is the new use of a former library for an emergency management office (that’s right, Lancaster has one).
4. There is the proposed recreational facility that will certainly add long term costs.
5. etc. etc.

Let’s not forget that use of these properties suddenly pulls them off the tax rolls. And, in the case where a sale is possible, eliminates the funds from a sale (Depew Library is a prime example).

Many will be fighting the new assessment figures.  In a couple of cases, I will be one of them.  If you aren’t familiar with the tools available to you for searching property information here are a couple:

• Lancaster Online Assessment Review System (OARS) http://www.oarsystem.com/ny/lancaster/main.asp
• Erie County Real Property System http://www.erie.gov/ecrpts/webprop.asp
• Erie County Internet Mapping System http://gis1.erie.gov/website/Erie_help/help.htm

I know that there is quite a bit of state and/or federal funding drying up for Towns and Villages. How about cutting costs rather than continuing to spend. If a surplus builds, cut taxes!

Politics suck.

Please check with your accountant or tax professional regarding definitive answers to the first-time buyer tax credit.  The following 7 questions should give you some guidance regarding qualification for the home buyer credit. You can refer to IRS form 5405 for complete detail.

Do you have questions about the $8,000 first time home buyer tax credit?  You are not alone. The following should provide you with some answers:

Who qualifies as a first-time home buyer?

You are considered a first-time buyer if:

• You purchased your primary residence after April 8, 2008 and prior to December 1, 2009.
• You, or your spouse, haven’t owned another primary residence in the 3 years prior to your purchase of the qualifying home.

How much is the first-time home buyer credit? Everyone seems to refer to $8,000, but I have heard a credit of $7,500

• For a home purchased in 2008 the credit amount is $7,500 (or 10 percent of the purchase price, whichever is less).  In this example, the credit is essentially a loan that is payable over a 15 year period and is interest free. If you sell the home, you are obligated to repay the remaining balance.
• For a primary residence purchased in 2009, the credit amount is $8,000 (or 10 percent of the purchase price, whichever is less).
  You only need repay the loan if you move from the property, or it ceases to be your primary residence within the 36 months after you close on the property.
• NOTE: The amounts will differ if you are a married couple filing separately ($3,750 and $4,000)

Does a Condominium or Town-home qualify for the credit?

Yes.  The definition of a primary-residence is broad enough to include a condo or townhome. In fact, other house types such as trailers, co-ops, or even a house boat can qualify.

What if I don’t ever reach a level where I pay income taxes? How will I receive the credit?

Even if you don’t owe taxes, you will receive the credit. You will receive in the form of a check from the IRS.

Are there any income restrictions?

For those with gross income above $75,000, or $150,000 for joint filers, the credit will phase out (sliding scale). When your adjusted gross income is $90,000 or $170,000 for joint filers, the credit is completely phased out.

Can I purchase from a relative just to receive the credit?

Related party transactions are excluded.  The IRS defines a related party as:

• Your spouse, parents, grandparents, or lineal descendants such as children, or grandchildren.
• A business in which you directly or indirectly own more than 50% of the shares of the entity.

• A business in which you own more than 50% interest or profits interest.

What IRS form is needed?

IRS Form 5405 should be filed with your Form 1040.  

If you have been a landlord for any period of time, I am certain that you have taken some vacancy loss, or had late payers that, in turn, led to a tenant skipping out on rent owed. After you have that experience, you realize the need to screen prior to allowing a tenant to sign a lease for your rental property.

I have used a service for the past few years called e-renter. They allow you to run a credit check and/or a criminal background check. Obviously nothing is foolproof, but by doing some basic tenant screening, you can eliminate some of the worst potential rent loss issues.

Tenant Screening

I often tell the story of the owner of a duplex next to mine having an issue with a tenant and I asked her what screening service she used. She paused and answered “… ooohhh, maybe that is the problem”. She wasn’t screening at all and only collected 4 months of rent in her first 10 months of ownership. The first tenant was recently bankrupt and the second was headed there. Had she screened in advance, she would have gotten a better picture of her prospective tenant.

In addition to tenant screening, I encourage any landlord to be sure they check references. I have rented to people with less than perfect credit because their references were so solid and their story regarding the credit issues checked out. I have also had references throw their ‘friends’ under the bus and essentially say “you would be crazy to rent to them”.

Do your homework… screen your tenants… be a real person and learn the story before you accept the first person who says “I’ll take it”.