cortland standard realestate listings estate...homes coming on the market, but also less competition...

Dana DeckerPrincipal Broker, GRI(c) [email protected]

Corrie OustadAssoc. RE Broker

(c) [email protected]

Marinda MeyersRE Coordinator


Joanne M. SweeneyAssoc. RE Broker, GRI(c) [email protected]

Carrie WhiteRE Salesperson


Michelle ReynoldsRE Salesperson


Adele FetterlyRE Salesperson


Jenna GregoryRE Salesperson


Rosemary TaboneAssoc. RE Brkr., CBR (c) [email protected]

Susan BriggsAssoc. RE Broker


Kaitlin BerryRE Salesperson


Tom CumminsAssoc. RE Broker


Trevor SydneyRE Salesperson


David DonlickAssoc. RE Broker


Diann Potter Assoc. RE Brkr., CBR (c) [email protected]

Sally Brown KurtzAssoc. RE Brkr., CBR, GRI(c) [email protected]

Gugulethu PinckneyRE Salesperson


EstateCortland StandardReal

Thursday, November 7, 2019

Featured Listings

HeritageRealty Hage

Real Estate

Howard Hanna Real Estate

YamanReal Estate

Featured HomeWelcome to this beautiful 4 bedroom, 2.5 bath Colonial style home. You are welcomed by the wrap-around porch in through the front door into the foyer. The foyer opens into the formal living room that opens into the formal dining room. The spacious kitchen features granite countertops, stainless appliances and a breakfast bar. The �rst �oor is rounded out by a laundry room, a 1/2 bath and a great room with stone �replace, cathedral ceiling and door that leds out to the fenced yard and patio. The second �oor features 4 bedrooms including the master bedoom with bath and an additional guest bath. There is a 2 car attached garage with storage and a full base-ment that offers additional opportunity. MLS# S1224085. $229,900. Call Dana Decker, Principal Broker, GRI, 607-423-4719, at Heritage Realty. For this listing and more visit www.hometoheritage.com or call Heritage Realty, 607-428-0708.

– 727 Bowling Green Road, Cortlandville

2A — Cortland Standard, Thursday, November 7, 2019 Real Estate

119 West Green Street, Ithaca, New York 14850TompkinsCortlandRealEstate.com

Kristopher W. BuchanLicensed Real Estate Broker

607-745-8553, [email protected]

Completely Renovated Home!

This amazing home is being sold to settle an estate! This home was renovated from the studs up! It’s all new. There’s an oversized three car garage, back deck, vinyl

siding, replacement windows, a new roof, updated electric and plumbing, an efficient furnace, a cathedral ceiling in the large living room, luxury vinyl flooring,

laundry room, four bedrooms, two full baths, large walk-in closet in the master suite, formal dining area...it’s all here! Blacktop horseshoe driveway, too...all on over

3.5 acres! All of this with one-floor living convenience!

205 Chipman Corners Road, Groton. Price Reduced to $199,900!

3.5 Acres!

CORTLAND

I nc r ed i b l e Oppo r t u n i t y19.48 acres with incredible views and

great back deck. Lots of work has been done to the home.

** Shuryl Menapacec.607.423.3842

MLS 313386/S1115611 $99,000

DRY DE N

Just outside the village of Dryden, set back from the road on 1.3 acres.

Fantastic front deck. *** Claudia Lagalla

c.607.342.3749MLS 317541 $245,000

Br a nd N ew H om e

***Assoc. R.E. Broker **R.E. SalespersonMLS # IBR/CBR*Money Back Guarantee, certain restrictions apply.

One of only two townhomes in Greek Peak Mountain Resort Panorama District. Across from Hope Lake.

*** Jolene Rightmyer-Macolinic.607.339.1559

MLS 317664/S1201390 $290,000

CORTLAND

Greek Peak Re so r t

C O RTLAN D

Mem or i e s Awa i tWork nearby and call Greek Peak your home or occupy on occasion.

Numerous updates. *** Jolene Rightmyer-Macolini

c.607.339.1559MLS 400648 $180,000

CORTLAND

Located in front of Hope Lake Lodge just steps to the slopes. Condominium

with ground �oor entry.** Richard Calale

c.607.423.5233MLS 400763/S1231322 $238,000

Greek Peak

CORTLAND

2 bedrooms with possible 3rd. Large kitchen, deck o� of dining room lead-ing to private fully fenced backyard.

** Shuryl Menapacec.607.423.3842

MLS 400529/S1222936 $108,000

Grea t 2 S t o r y

CORTLAND

Very unique in every way. �is 5.33 acre property has multi-use potential.

Great income property potential.** Richard Calale

c.607.423.5233MLS 317987/S1218459 $189,000

Un i que P rope r t y

36 Main Street, Cortland NY 130452333 N Triphammer Road Suite 1 and 710 Hancock Street Ithaca, NY 14850

607-257-0800CORTLAND

Meticulously maintained home on an acre. Easy commute to Ithaca & Cort-

land. 3 bedroom, 2 bath home. *** Amy Cobbc.607.423.6766

MLS 317250/S1199246 $199,000

We l come

Look for the "MBG" to indicate participating properties!

Look for the "MBG" to indicate participating properties!If the buyer of a guaranteed home listed by Howard Hanna is not satis�ed, we will buy back the home for 100% of it’s purchased price. *Certain restrictions apply.

�e Leader in Real Estate Technology.HowardHanna.com/GoGreen

CHOOSE #1Look for the “HSA” to indicate participating Home Warranty properties!

Look for the "MBG" to indicate participating properties!If the buyer of a guaranteed home listed by Howard Hanna is not satisfied, we will buy back the home for 100% of it’s purchased price. *Certain restrictions apply.

Look for the “HSA” to indicate participating Home Warranty properties!

Howard Hanna Real Estate Services is not a mortgage lender. Contact 1st Priority Mortgage, Inc. for mortgage products and eligibility. NMLS #29600, (888)-500-9733 or 1stprioritymortgage.com

MOVE FASTERBuy Before You SellGet Moving at HowardHanna.com/MoveFaster

Howard Hanna Featured Property

RELAX AND ENTERTAIN! This warm and welcoming home provides a welcoming front porch; and an expansive back deck. Home has been updated throughout, from the newer metal roof, gutters and windows to the boiler and hot water heater. The eat-in kitchen includes granite countertops and newer �ooring that extends throughout. The back deck, pool and yard are accessible through the dining area. The 2-car attached garage means you’ll never have to clean snow off of your car again! All of this is located on a beautifully maintained 1.38-acre lot. MLS# 400848 $279,000. Call Howard Hanna Real Estate Services at 607-257-0800.

Real Estate CornerCortland CountyBoard of Realtors

Cortland County Board of Realtors® — The Voice of Real Estate

SEPTEMBER 2019With the kids back in school and the weather cooling, the

housing market begins its annual cooldown as well. Nation-ally, buyer and seller activity remained strong, buoyed by low mortgage rates and a strong economy. The market fundamentals suggest no significant changes from recent trends, other than the seasonally tempered pace we see this time of year. As we move into the final three months of 2019, buyers will find fewer homes coming on the market, but also less competition for those homes.

New Listings were up 4.4 percent to 47. Pending Sales de-creased 47.2 percent to 19. Inventory grew 14.2 percent to 201 units. Prices moved higher as the Median Sales Price was up 7.6 percent to $138,500. Days on Market increased 5.9 percent to 36 days. Months Supply of Inventory was up 37.7 percent to 7.3 months. In Washington there are discussions around a broad overhaul of the housing finance system, including the re-privatization of Fannie Mae and Freddie Mac and reforms to federal agencies involved with financing substantial portions of the mortgages made every year. Many of these policy conver-sations and eventual changes will take months or years to be implemented and their impact is not yet clear. While Hallow-een decorations are beginning to adorn homes around the coun-try, the real estate market this fall is looking far from scary.

———Current as of October 10, 2019. All data from the multiple

listing services in the state of New York. Report © 2019 Show-ingTime. For the complete report, go to www.cortlandmls.com.

Housing cools with the weather

If it’s happening in YOUR communityit’s in the

CortlandStandard.

By GaRy M. SinGERSun Sentinel (TnS)

Q: Our neighbors are remod-eling their condo while they are out of town. Their contractors are rude, loud and messy, and we have smelled a strong odor from the paint fumes. They seem to work at all hours. I don’t want to be a bad neighbor, but it is get-ting overwhelming. What can we do? — Wendy

a: It is never wholly smooth when a neighbor is having work done to their home. At best, it is a minor nuisance and, at worst, a nightmare. While your neigh-bor has the right to remodel their home, it must happen in a way that minimizes the disruption to those around them.

Your first step is to bring this to the attention of your out-of-town neighbors. Call their cell or send an email if you have that information. Most people want to do the right thing, and since they are out of town, it is likely they do not know what is going on. If this is not possible or does not work, your next step would be to report the problem to the property manager.

In my experience, most prop-erty managers will take steps to enforce contractor time restric-tions and will call out workers who make a mess. The manager will first try to educate the con-tractor on the community rules. If that does not produce results, your community should hold the owner responsible for their contractor’s carelessness. While it can be easy for your neighbor to blow off your concerns, few will ignore fines caused by their contractor.

If the problem continues, or your property manager refuses to take action, you will need to seek help from the legal system. Everyone has the right to enjoy their home, and you can request an injunction and compensation from the courts to stop the prob-lem. The lawsuit can be based on privately enforcing your condo’s rules, or by suing for the “nui-sance” caused by your neighbor.

———aBOUT THE WRiTER

Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He practices real estate, business litigation and contract law from his office in Sunrise, Fla. He is the chair-man of the Real Estate Section of the Broward County Bar As-sociation and is a co-host of the weekly radio show Legal News and Review. He frequently con-sults on general real estate mat-ters and trends in Florida with various companies across the nation. Send him questions on-line at www.sunsentinel.com/askpro or follow him on Twitter @GarySingerLaw.

Neighbor’s contractors are a real headache

++

Cortland Standard, Thursday, November 7, 2019 — 3AReal Estate

Jerry HartnettLic. Assoc. RE Broker

Jason HageLic. Assoc. RE Broker

Marie FerroLic. RE Slsp.

Deanna DaleyLic. RE Slsp.

Sean MackLic. Assoc. RE Broker

John AspinwallLic. RE Slsp.

Jaimie Beers Lic. RE Slsp.

Mike Hartnett Lic. RE Slsp.

Neb HagePrincipal Broker

4070 West Road (Rte. 281), Cortland, NY 13045607-753-6766

1228 LOUISE DR.3 Bedrooms/1.5 Baths

Spacious bedroomsFamily room w/gas stone FP

Private fenced yard$159,900

MLS# S1234238Call Jerry c. 607-423-4278

CORTLAND

74 CHURCH ST.4 Bedrooms/1.5 BathsNatural woodwork charm

Vinyl siding, Lots of storageRelaxing balcony porch

$119,700MLS# S1234115

Call Sean c. 607-745-0200

CORTLAND

5080 ALLEN HILL RD.3 Bedrooms/1.5 BathsLiving room �replacePrivate on 16+ acres

Too many updates to list!$129,900

MLS# S1231741Call Sean c. 607-745-0200

TAYLOR

54 NORTH WEST ST.3 Bedrooms/1.5 Baths

Updated BA w/jetted tub1st �. laundry, stone FP

Bonus extra lot!$115,000

MLS# S1227533Call Marie c. 607-423-0888

HOMER

4470 STATE RT. 413 Bedrooms/1.5 Baths

Formal DR, 1st. � laundryBreakfast area deck

2-car garage & 1.5 acres!$92,000

MLS# S1217352Call Jaime c. 607-283-6324

CORTLANDVILLE

87 S. MAIN ST.4 Bedrooms/2 BathsFirst time offered

LR w/wood burning FPToo much to list!

$184,900MLS# S1227847

Call Jason c. 607-283-6200

HOMER

1365 MECKLENBURG RD.4 Bedrooms

Affordable city living!Living room FP

Back deck & large yard$79,900

MLS# S1208231Call Sean c. 607-745-0200

ITHACA

3718 RT. 414 Bedrooms/2 Baths

Gentlemen’s farm on 2 acresHW �oors, 1st �. laundry

Large rooms, cute kitchen$139,900

MLS# S1228152Call Jerry c. 607-423-4278

SOLON

TEAM HAGE...Top Agents – Top Service

We Sell Results –Not Promises!

For Full Details ofHomes For Sale, Visit

www.hagerealestate.com

HAGEREAL ESTATE

SOLD on Cortland County!

NEW

PRICE

JoAnn ZechLic. Assoc. RE Broker

Mary Lee FaucherLic. RE Slsp.

CONGRATULATIONSTo The Top Agents for October,

Jaimie and Jerry!

569 DRYDEN HARFORD RD.3 Bedrooms/2.5 Baths

Cape Cod w/panoramic views1st �. laundry, brand new �oors

Attached garage, large yard$219,000

MLS# S1233269Call John c. 607-745-8748

DRYDEN

23 PENDLETON ST.3 Bedrooms/2 Baths

Completely Remodeled1st �. laundry, ceramic tile

2-tiered deck & more!$109,900

MLS# S1229801Call Jason c. 607-283-6200

CORTLAND

6001 STATE RT. 2813 Bedrooms/1.5 Baths

Spacious w/new carpetingFormal & informal DR

16’x22’ deck & great yard$109,900

MLS# S1229015Call Sean c. 607-745-0200

HOMER

NEW

PRICENEW

LIST

ING

NEW

LIST

ING

30 SAMSON ST.4 Bedrooms/2 Baths

Informal & formal DRSpacious living roomUpstairs guest suite

$109,900MLS# S1228614

Call Sean c. 607-745-0200

CORTLAND

NEW

LIST

ING

Hage Featured Property

CHARMING, QUIET CITY LIVING ~ This large 3 bed-room/1.5 bathroom home features a lovely gas stone �re-place in the living room, formal dining room, private fenced-in yard, patio, new shed, attached 2-car garage, and much more! See it before it’s gone! ~ $159,900 ~ MLS# S1234238. 1228 Louise Dr., Cortland. Call Jerry Hartnett, Lic. As-soc. RE Brkr., c. 607-423-4278, Hage Real Estate. For this listing and others visit www.hagerealestate.com or call 607-753-6766.

Heritage Featured Property

1286 Gallagher Rd., Cortlandville. $234,900. Welcome to this tastefully remodeled raised ranch situated on 3.87 acres, just minutes from shopping, entertainment and much more. Say hello to the beautiful exposed beams and open �oor plan this home has to offer. The �rst �oor features new �ooring all throughout, a newly remodeled kitchen/dining room, laundry room, spacious living room, full bathroom and 3 bed-rooms. The basement includes a lovely rustic �nished family room, utility room, full bath and extra storage room, leading to the attached 1 car garage. Situated to the back of the property is a 20’x40’ pole barn ready for commercial or personal use. The barn is fully insulated, heated and equipped with water/electricity, with an additional 12’x40’ lean to. Don’t miss out on this great opportunity! MLS# S1208922. Call Carrie White, Lic. RE Slsp., (c) 607-299-0906, at Heritage Realty. For this listing and more visit www.hometoheritage.com. Heritage Realty, 607-428-0708 office.

By James RoyalBankrate.com (TNs)

If you’ve been watching reruns of HGTV’s “Income Property” and wondering if it’s time to buy a rental property and become a landlord, you’re not alone.

Between our slow-growth economy, his-torically low interest rates, and the mood of millennials to rent instead of own, income property has been on an uptick since the Great Recession.

In fact, real estate is now Americans’ fa-vorite long-term investment, according to a recent Bankrate study. The popularity of real estate is at its highest point since Bankrate started the survey seven years ago.

Should you take the plunge on a rental property? Experts offer a qualified yes, pro-vided you do your homework first. Here are 10 things to consider before diving into in-come property.

1. It’s not as easy as it looksForget the TV sitcom stereotypes of clue-

less landlords. To make the most of income property requires an accountant’s eye for detail, a lawyer’s grasp of landlord-tenant laws, a fortune teller’s foresight and, should you choose to manage your rental property yourself, a landlord’s firm but friendly dis-position.

“Where people who want to become land-lords fall short is, they don’t realize how much work goes into it,” says Diana George, founder of Vault Realty Group, now part of Century 21.

So before you leap in, you’ll want to con-sider whether you have the time and skill to put into managing a rental. While rental property is considered a passive investment, that doesn’t mean you’re fully passive in managing it.2. success requires a long-term outlookJeremy Kisner, a senior wealth adviser at

Surevest Wealth Management in Phoenix, Ariz., owns two Las Vegas rentals. The unit he’s held for 13 years has had two tenants and low maintenance, while the other has had three tenants in four years — the last one a costly eviction.

He’s taking the same advice he gives his clients.

“The way that people get in trouble with

almost all investments is, they just don’t hold onto things long enough,” he says. “With rentals, if you break even on a cash-flow basis, that’s actually not too bad be-cause you’re paying down the principal and building equity that way. Then, you hope-fully also see some appreciation.”

So if you’re looking to make money in real estate, you’ll want to think long term. As you pay down or eliminate principal over the years, you should be able to grow your cash flow.3. It’s easy (and costly) to break the lawState landlord-tenant laws can act like an

open manhole cover for rental owners who ignore them, according to Kathy Hertzog, owner of Erie, Pennsylvania-based Landlord Association.

Case in point is tenant security deposits. It’s not as simple as collecting and holding the money.

“There is definitely bookkeeping involved. You need to have that account for each ten-ant and keep that money in that account and save it,” Hertzog says. “Security deposit laws govern how much time you have to re-turn a security deposit when tenancy ends, less any expenses for cleaning and repair, all of which have to be itemized.”

“In some states, if you don’t turn that in, the tenant can go after the landlord for double their security deposit for failing to return it within the specified time period,” she says.

Of course, this is only one aspect of the laws surrounding rental property, and there are many others that landlords must know in order to avoid running afoul of them. You’ll want to be familiar with rules around evic-tion, fair housing and other regulatory re-quirements.

4. make sure you’re landlord materialIf you purchase a rental property, should

you be your own landlord or fork over 6-10% of your rental income to a manage-ment service? While there’s no right answer for everyone, George and Kisner prefer to subcontract the work.

“They do the background check on your tenant, make sure they sign the lease and pay their rent on time,” George says. “That frees you up to manage your money, not your

property and tenants.”Hertzog says that there’s a potentially

steep downside to being your own landlord.“If you get too close to your tenants and

the tenants have financial problems, you can find yourself stuck because you don’t want to evict them,” she says. “You have to be very professional about it, because if some-body doesn’t pay their rent, they’re stealing from you.”

On top of this issue, are you comfortable making the executive decisions that must be made in managing a property? Will you re-pair or end up replacing that failing air con-ditioner or leaky dishwasher? You’ll need to make the call as to what is the best course of action.

5. analyze whether buying or financing is better

While some financial pundits insist you should never buy a rental unless you can pay cash for it, Surevest Wealth’s Kisner begs to differ.

“Leverage (that is, a mortgage) typically magnifies returns, on both the upside and downside,” he says.

For example, imagine a rental property purchased for $100,000 in cash. The house yields a rent of $12,000 annually and is taxed at $1,000. With a depreciation sched-ule of 27.5 years and an income tax rate of 20 percent, an investor would earn just over $9,500 in cash annually. So the investor’s annual cash return is about 9.5 percent. Not bad.

Here’s how the investor using leverage performed, assuming the same house. This investor has a mortgage for 80% of the house, which compounds at 4 percent. After subtracting the operating expenses as well as additional interest expenses, this investor earns almost $5,580 in cash annually. With $20,000 invested, the investor’s annual cash return is about 27.9 percent.

In fact, the situation for the leveraged owner is actually a little bit better than these numbers suggest. That’s because part of the rent goes to pay down the mortgage’s prin-cipal. So while the investor couldn’t pocket the cash flow because it was used to pay the

10 tips for buying rental property

see PRoPeRTy, page 4a

By amaNda dIxoNBankrate.com (TNs)

Interest rates are heading lower. At the conclusion of its Octo-ber meeting, the Federal Reserve announced its decision to cut rates for the third time in a row.

The latest rate cut is likely to affect borrowers with variable-interest rate debt, like credit card debt. And if you’re in the mar-ket for a new CD or savings account, an additional reduction in rates would impact you, too.

For anyone hoping to make saving money a top priority, here’s what to consider if interest rates continue falling.

1. don’t panicThe Fed has hiked interest rates nine times since December

2015. Though the rate environment has shifted considerably in recent months — even beyond what analysts and economists expected — there’s no need to freak out. A few interest rate de-creases won’t have much of an impact on your ability to save.

Some banks (like Ally and Marcus by Goldman Sachs) low-ered their savings account rates before the Fed officially cut rates in September. Others have continued raising yields for savers and increasing the amount of interest customers can earn. All in all, if rates fall it may be possible to end up with a yield that still beats the inflation rate.

2. shop aroundEarning additional interest could be important if you’re trying

to meet a specific savings goal. To earn as much interest as pos-sible as rates fall, it’s best to comparison shop to ensure you’re getting a good deal.

The best savings account rates pay more than 20 times what’s offered by traditional, brick-and-mortar banks. There could be a big difference between earning 2.3% APY and earning less than 1 percent, particularly if you have a lot of money to sock away.

4 ways savers should handle

falling interest rates

see RaTes, page 4a

4A — Cortland Standard, Thursday, November 7, 2019 Real Estate

Loan options include:• Fixed and Adjustable Rates• FHA• VA• USDA Rural Development• Construction• Jumbo• Jumbo• SONYMA• Land

We also offer a No Closing Cost Mortgage* that requires less money upfront - making the home-buying journey even easier.Apply today!

CFCU Community Credit Union can help you achieve your dreams of homeownership.Own your own home and make an investment in your family’s future - all at a great rate!

VISIT one of the seven branches with a mortgage expert

CALL 800-428-8340 CLICK mycfcu.com/mortgage

NMLS # 299582

HOURS:MON.-FRI. 8:30AM-5:00PM, SAT. 9AM-1PM,

OR CALL FOR AN APPOINTMENT!

LindaMuirheadSalesperson423-4256

SteveCinquantiAssoc.Broker/

Commercial Sales423-7800

NickiWynn

Assoc. Broker/Office Manager745-3942

(607) 753-9644For a complete list of homes for sale, visit:www.yaman.com

Beautiful Victorian home w/charm and character and modern updates.

MLS #S1212015$225,000

Call Nicki Wynn

CORTLAND

Gas FP in the spacious LR w/a view.

MLS #S1234637$224,000

Call Tracy Koenig

MARATHON

Ranch style home w/an open main living area.

MLS #S1221389$216,000

Call Tim Alger

TRUXTON

Make this beautifully renovated home yours!

MLS #S1205570$199,000

Call Tracy Koenig

MARATHON

Peaceful and private setting.

MLS #S1224603$139,900

Call Nicki Wynn

GROTON

Fantastic location and great space!MLS #S1215383

$285,000Call Connie Mack

CORTLAND

Adorable city home in great location.

MLS #S1223914$124,900

Call Nicki Wynn

CORTLAND

Sitting on almost82 acres of land.MLS #S1197820

$420,000Call Terry Howell

LAPEER

Farmhouse withso much to offer.

MLS #S1196711$50,000

Call Tim Alger

GERMAN

Turn-key bar/tavern in the center of town.

MLS #S1176705$269,000

Call Nicki Wynn

CORTLAND

Country home with great views.

MLS #S1234988$59,500

Call Pam Williams

McGRAW

Amazing campon over 8 acres.MLS #S1232127

$99,000Call Pam Williams

DeRUYTER

113.76 Fabulous acres in a gorgeous setting.

MLS #S1231648$249,000

Call Tracy Koenig

CINCINNATUS

JamieYaman

Principal Broker423-1369

Our mission at Yaman Real Estate is to be the most respected, reliable, and effective real estate service provider available.

TOP AGENT OF PERFORMER THE MONTH

Beautiful spot forthis cozy cottage.

MLS #S1214264$99,000

Call Joan Plew

MARATHON

Lovely & well main-tained log home.MLS #S1220521

$219,000Call Karina Murphy

VIRGIL

KarinaMurphy

Salesperson379-9815

ConstanceMack

Assoc. Broker745-8802

AshleyWarfield

Salesperson745-8531

IngridDunham

Salesperson591-9216

TerryHowell


Large kitchen andLR w/fireplace.MLS #S1220198

$169,900Call Tracy Koenig

CORTLAND

Deeded fractional ownership of 13 wks./year 1 wk./mo.

MLS #S1158429$2,500

Call Nicki Wynn

VIRGIL

NEW

PRICE

NEW

PRICE

Sue Sherman-Broyles

Salesperson227-0532

Great opportunity to own all 4, 13 wk. shares at Hope Lake Lodge.

MLS #S1158361$10,000

Call Nicki Wynn

VIRGIL

The Premier Name in Real Estate185 Clinton Avenue, Cortland, NY 13045

Tim AlgerAssoc. Broker423-6174

JoanPlew


NEW

LISTIN

GN

EW

LISTIN

GN

EW

LISTIN

GN

EW

LISTIN

GN

EW

PRICE

NEW

PRICE

NEW

PRICE

NEW

PRICE

NEW

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NEW

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NEW

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TracyKoenig

Salesperson423-9745

PamWilliamsSalesperson745-3731

SandyLudwig


Pamela CullipSalesperson261-0439

Yaman Featured Property

NEW LISTING 4816 Fox Rd., Cincinnatus. 113.76 FABULOUS ACRES in a gorgeous setting! 52 acres are surrounded by new �ve wire high tensile fence, at least two creeks and several ponds. You can �ll your thermos with fresh spring water! All is new in the 2 BR Ranch style home with full basement. Inside features laminate �oors throughout, stackable washer and dryer off the kitchen and fresh paint. All appliances convey. Enjoy your time on the covered porch so you can enjoy the breathtaking views that upstate NY is so well known for. MLS# S1231648. $249,000. Call Tracy Koenig, Lic. RE Slsp., (607) 423-9745.

loan, the investor still profited (and paid tax) on that money.

That’s the power of leverage to swing an investor’s return.

George concurs: “I definitely agree with going conventional (mortgage). It’s a really good way to maximize your dollars.”6. Budget for the unexpected

Failure to plan for the myriad expenses of owning a rental can become a fast track to disaster.

“As a landlord, you want to save about 20% to 30% of your rental income for upkeep, main-tenance and emergencies,” says Hertzog of the Landlord Asso-ciation.

“You want to make sure you’re not just living off that,” she says, “because then when something big happens, you won’t have any money to fix it, and now you’re stuck because you’re a landlord with a property that needs to be repaired quickly, and you don’t have that money.”

Kisner couldn’t agree more: “It’s been my experience that you always underestimate all the different expenses that have a way of coming up and always overestimate just how positive the cash flow is going to be,” he says.

7. Remember to renew your leases

If mom-and-pop landlords have one glaring blind spot, it’s the failure to renew tenant leases in a timely manner, according to George.

“You’d be surprised how many landlords don’t renew their leas-es every year, so they’re letting their tenants go on month-to-month leases,” she says. “What’s wrong with that? What’s wrong is, their whole thinking is that now, if I want to get my tenant out, I can’t because now they’re not strapped to a lease.”

“Also, they can’t raise rent,” says George. “The only way you can change rent is if you have them sign a form changing the lease every year. That’s how you keep your tenants in check. When you let it slide like that, it can be really difficult to get your tenants back on track,” George says.

Depending on the state, land-lords can give notice of eviction for a specified period. In Cali-fornia, where George is based, the state allows landlords to give 60-days’ notice for tenants who have lived in the property for more than a year (or 30 days for less than a year), though the situation may be different in rent-controlled cities. The land-lord also might offer a new lease contract at the same time.

8. It’s all about location, location, location — sort ofThat old realtor mantra about

the importance of location takes an interesting turn when applied to income property.

“The best locations with the most appreciation are where

you’ll potentially have the worst cash flow with a rental,” Kisner says.

Why? Investors can earn a return in two ways: cash flow and appreciation. In some areas investors may want higher cash flow in order to compensate them for slower appreciation. But if investors expect an area to appreciate substantially, they may be willing to forgo some of the cash flow in order to enjoy that appreciation. The result: house appreciation outstrips the growth in rents, and houses ap-preciate while yielding relative-ly low cash flow.

“As a result, the property has to appreciate more in order to compete as an investment with properties in less desirable ar-eas,” Kisner says.

His solution: Err on the side of appreciation. That’s what he’s doing with his two rentals, which, in a good month, barely break even. “But if I hold them until I turn (age) 60 when they’re paid off, even after property taxes and insurance, I’ll double my Social Security income,” he says.

9. Want long-term tenants? Consider Section 8

Sudden tenant vacancy is the bane of every rental owner.

“Each month that a rental stands vacant, you’re having to pay mortgage, utilities and maintenance out of your pock-et, so turnaround is one of the things you need to address really quickly,” Hertzog says.

One popular solution? Give Section 8 renters a try.

Section 8, aka the Department of Housing and Urban Develop-ment’s Housing Choice Voucher Program, typically caps the rent for low-income Americans who qualify at 30% of their adjusted monthly income. While some landlords are skeptical of the paperwork and potential upkeep problems presented by some Section 8 renters, Hertzog views Section 8 tenants favorably.

“Older populations and per-sons with disabilities are usually excellent tenants. They take ex-cellent care of the property be-cause this is their home. This is where they want to be. Plus, if they don’t pay their rent or ruin your home, they risk losing their Section 8 voucher,” she says.

10. Don’t forget rental property at tax time

There’s a singular ray of sun-shine that beams down upon income property owners each spring as they hunker down with their accountant to prepare their federal income tax return.

“When you have your own home, you can write off the interest and that’s about it,” George says.

“But when you own an invest-ment property, your Schedule E tax form enables you to write off nearly everything under the sun, from painting the home to changing the light bulbs.

“So, even though you have rental income to report, you can show less income than you’re actually collecting and write off your mortgage payment and in-terest while building equity at the same time,” George says.

It’s that powerful combination of tax benefits and investing re-turns that helps keep investors interested in rental properties.

Bottom lineRental property can be an

excellent investment if you ap-proach it in a business-like way. But you’ll want to understand (as much as possible) what you’re getting into before you lay down your money. While the appeal of generating a passive monthly income with real estate is high, it’s important to remember that it often requires a lot of work to keep that income flowing.

———Visit Bankrate online at www.

bankrate.com.———

(c)2019 Bankrate.comDistributed by Tribune Con-

tent Agency, LLC.

PROPERTYcontinued from page 3A

RATEScontinued from page 3A

CD rates have been falling for months and continue to decline. Online banks still offer bet-ter yields than what’s available in local branches. Going with a high-yield CD or savings account offered by an online bank is best, as their rates will remain competitive even as interest rates slide further.

In addition to comparing interest rates, sav-ers hoping for some peace of mind can opt for a bank with a rate that’s set for a certain number of months. Banks like PurePoint Financial and Marcus by Goldman Sachs, for example, offer no-penalty CDs with yields guaranteed for about one year.

3. Consider CD ladderingLaddering CDs or bonds is a strategy that

could be worth considering for savers hoping to insulate themselves as interest rates fall.

When you ladder CDs, you’re buying multiple CDs that mature at different intervals (like buy-ing one-, two- and three-year CDs at the same time). As each CD comes due, you’ll have money to use and reinvest. You’ll also be locking your-self into yields that may be higher than the ones offered as banks reduce their CD rates in a falling

interest rate environment.Investing in bonds could be advantageous if

interest rates are falling because they’ll be more valuable, says Chuck Mattiucci, senior vice president and financial consultant at the Fort Pitt Capital Group. But unlike CDs, they’re not in-sured by the Federal Deposit Insurance Corp. or the National Credit Union Share Insurance Fund. If choosing bonds aligns with your existing in-vestment strategy, look for high-quality bonds with a low risk of default.

4. Focus on your savings needs and goalsEven as rates fall, sticking to your original sav-

ings and investment strategy is key. Your finan-cial decisions should depend on your personal goals. They shouldn’t change drastically to keep pace with what’s happening in the economy.

Greg McBride, CFA, Bankrate chief financial analyst, says the typical saver shouldn’t be mak-ing adjustments as rates fall. Instead, concentrate on what should already be your main focus, like setting aside enough money for a rainy day.

“Whether rates are rising or falling, it doesn’t change your need for emergency savings, or the time horizon for when you need access to cash, or your need to generate income,” McBride says. “So for most savers, there are no steps to take.”

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