1800's Saugerties Farmhouse

The Catskills used to be the stepchild of the Hamptons in New York, but not anymore. Even though we swap high fashion for hiking boots and snow shoes we still have the Woodstock Film Festival, horseback riding, celebs, estates and much more for a fraction of the price. The New York Catskill Mountain region is home to Woodstock, NY - the center of peace, love and anything goes. So if you are looking for a bargain rental look no further than this area a mere 2 hours north of Manhattan (nearly traffic-free). Slumming it never felt so good...on your pocketbook.

If you are looking to purchase property check out www.TheMachreeGroup.com or have one of our personal shopper agents dig deep to fill your needs.

For value vacation rentals check out www.HomeAway.com and www.VRBO.com where we are the local champions teaching owners to make the big bucks while guiding potential renters through the maze of rental hot spots for cheap bucks.

If you have a house that is sitting on the market and needs to generate some income, give us a call!

Feel free to ring us at 845-679-1237 or email at info@themachreegroup.com for any and all your needs.

We LOVE finding YOU DEALS!
Peace, love and saving money!
Cree Quaker

 figure since I received this request three times this week it seemed appropriate to blog about it.

Yes, this is an amazing time to buy a house...there are lots of great buys out there is you, as a buyer, have done some planning and either have cash, darn good credit or an even better plan.

Since most of the folks leaving these message have less than steller credit I will go straight to the plan.

Why do you want to buy a house? 

Is it just because there are some great deals and you want in on the action?  Or do you want to take advantage of the recent price cooling to get into something affordable?

If you want in on the action, you're on your own, but if you are looking to work hard and plan then this is the place for you...

Step 1 - Go to www.AnnualCreditReport.com and get your free credit report.  Yes, if you've been avoiding taking a good look at your credit report, get your head out of the sand and take a look.  You can't fix it, if you don't know what's wrong. 

Step 2 - Fix those items that are incorrect and for those negative items that are legitimate we need to find a way to either stop the negative reporting or get those items removed.

Step 3 - Set up an income vs. expense budget.  Once you know where you are you can start making adjustments.  In a nutshell, that either means finding ways to cut back spending, increase income or both. 

Step 4 - Now you know where you are at financially, it's time to start negotiating with creditors based on what you can afford.  If you can afford to pay off an outstanding bill, then negotiate the negative reporting removal with the payoff - in writing.  It's not always successful, but you'd be suprised at what they will agree to in order to get that debt off their books!

Step 5 - In order to get the more difficult negative items off your credit report you can take a couple different routes:

     - Write letters to the credit reporting agencies disputing those items; or

     - Hire a reputable credit repair company.  These folks often charge per item for removal, but I have   seen some great success.

Step 6 - Find a Realtor and Lender well-versed in various lending and owner-financing options e.g. FHA, USDA, NACA, VA, SONYMA and many other programs that can provide a 30 year loan with a competitive interest rate, and reasonable downpayment.

Step 7 - Do yourself a financial favor and search out various grants, tax credits, and other options that are available to you on national, state and local agency levels.

If you need more guidance we have other blogs, podcasts, and seminars that can help!

Don't stop believing in you!!  We all have good times and bad times...find a way to turn the negative frustrations you have and find a positive spin and positive folks that can help you!

You can do it!

Peace and Financial Success,

Cree Quaker

Principal and Real Estate Consultant

The Machree Group, LLC

www.TheMachreeGroup.com

845.679.1237 Woodstock

845.810.5532 efax

cree@themachreegroup.com

After I got over the initial shock and inconvenience of not being able to park quickly at Houst Hardware and grab the must-have items I seem to need nearly every day, I really loved the Woodstock Farm Festival.

You can grab a bounty of fresh fruits and veggies and meander through the myriad of chocolate, vintage clothing and booths featuring local goods.  The restaurants are bustling and if you are a meat lover then swing by the Woodstock Meat Store for a little BBQ and music.  If they start serving grilled veggie dogs I might linger longer!

At the risk of sounding cliche, I love a parade, but love basking in the community of the Woodstock Farm Festival even more!

Every Wednesday afternoon in the summer!

Oh and if you can't find it...look for the blonde searching for parking and light bulbs!

Happy Farm Festival!

Cree Quaker

www.TheMachreeGroup.com

Most of us in the mortgage and real estate profession are in this boat, and quite frankly so are many of our clients.  Here are some tips for the self-employed and for those of us who represent them.  I would love to have input from other professionals who have some tools to share...

Step 1:  Managing your credit, keeping good financial records and documenting your income are crucial.

Self-employed people and others with irregular income could be caught in a squeeze as mortgage lenders continue tightening lending guidelines in response to the problems in the lending industry.

On paper, self-employed people and owners of so-called microbusinesses with 10 or fewer employees can look like credit risks. Their income can vary widely from year to year. Most don't receive W-2 tax forms, making their income harder to document. And after they deduct business expenses from their income for tax purposes, they can appear to make little money.

With many flexible loans like no-documentation mortgages drying up, self-employed people could find it more difficult to get a home loan.

Step 2:  The importance of good credit
The most important thing is to be sure you have a high credit score, known as a FICO score. One should annually checking your credit reports from the three major credit reporting agencies, Experian®, Equifax® and TransUnion®. Mistakes on your credit report can artificially pull down your credit score.  Although the mortgage industry uses a slightly different calculation method for credit score, you can get your free reports each year at www.annualcreditreport.com. 

If your financial habits are pulling down your credit scores, change them now.

"Credit histories are absolutely critical," Fairbrother said. "If you're looking at getting a mortgage in the next 90 days, you can't fix your FICO score in 90 days. It takes six months, nine months, a year."  (For more on raising your score, read our article: Improving your credit score.)  Well this is not necessarily true...there is rapid rescore and hiring someone to help, but it costs money.  The money may be well worth it if you need to get into a property in a hurry.

Step 3:  Keep good records
Self-employed individuals also need to keep good financial records.  The better your records the easier time we have putting a loan together for you.  You might need to provide both your personal and your business tax returns when applying for a loan, though rules in the industry change on a daily basis.  Best thing is preparation in spades.

This is not my personal favorite solution, but I have contemplated it.  If you're anticipating applying for a mortgage in the next year or two, consider deducting fewer expenses to increase your net income. Lenders usually require self-employed people to provide copies of their previous two years' annual tax returns. 

Lenders now have greater expectations for self-employed people to prove their income. If tax returns don't do that, consider providing an audited financial statement, he said, although getting a certified public accountant to prepare the statement can cost several hundred dollars.

Step 4:  Commercial Loans

In NYC, I have many self-employed clients looking for 1-4 family homes an planning on living in one of the units.  When getting a mortgage on this type of property proves difficult we look at 5+ unit buildings.  Commercial loans then apply and as long as they can swing the 20-30% downpayment, have good credit and the building numbers work we are in.  The down side is dealing with rent-stabilization rules, but the upside is they can get in and price per square foot is generally much less.

There are lots of options out there in your quest for buy a home with little or now down payment.  For those living in rural areas such as Ulster County, the USDA provides two such programs - The Guaranteed Rural Home Loan Program and the Direct Rural Housing Loan Program. 

 $61,350 is the maximum adjusted income for the Guarnteed Rural Home Program

$42,700 is the maximum adjusted income for the Direct Rural Housing Loan Program

for more information contact:  janette.smith@ny.usda.gov 

If you currently own a 1-4 family home in New York State, NYSERDA has a program that will help you increase the energy efficiency of your home, while assisting you with a way to pay for the changes.

How the Program Works

Initially you have to find an Accredited BPI Contractor.  This contractor will use special diagnostic equipment, which generally lasts up to three hours. The assessment provides homeowners with valuable information regarding the existing condition of their home, and identifies areas where energy efficiency, comfort and safety improvements can and should be made. During the Comprehensive Home Assessment, the contractor completes a visual inspection of the living space, attic, basement (or crawl spaces), and performs a number of tests using special diagnostic equipment. This equipment includes a blower door, which helps the contractor measure how much, and where, air is leaking from your home. Most importantly, your contractor will perform essential health and safety tests to determine whether the major combustion appliances (furnace, boiler, hot water tank and stove) in your home are operating safely. According to BPI health and safety standards, if these tests identify any potential threats in the home, the recommended health and safety repairs must be included in any work scope you choose to implement.

The participating contractor may charge a fee for the Comprehensive Home Assessment. The assessment fees vary by contractor and region; so when calling a contractor ask what their fee is and their deductibility policy. If you choose to have another participating contractor perform the work, you may have to pay for the new contractor to perform a second assessment.

You are encouraged to accompany the contractor as they perform the assessment; let the contractor know what, if any, issues or concerns you have about your home (drafts, uneven temperatures, discomfort, evidence of moisture or mold, strange smells, even physical symptoms such as persistent headaches or flu-like symptoms). And don't be afraid to ask questions. Using results from the Comprehensive Home Assessment, your home performance contractor will explain what improvements can be made, and develop a proposal detailing the proposed improvements and the associated costs. Your contractor may subcontract work to other companies as he puts together a comprehensive set of energy efficiency and health & safety measures.

In addition to receiving comprehensive energy efficiency services, using a participating BPI Accredited Contractor also gives you access to a number of attractive financing options designed to help you pay for the cost of the energy efficiency upgrades. Your contractor can provide you with additional details.

Incentives for income-qualified homeowners are available through Assisted Home Performance with ENERGY STAR. If you expect to receive the Assisted Home Performance with ENERGY STAR incentive, you should be sure that you qualify before you sign the contract. For information on income eligibility or to see if you qualify, click here You can also call Energy Finance Solutions at 1-800-361-5663 , or contact a local lender in your area.

More Financing Options:

You may be eligible for federal or state tax incentives by installing energy efficient equipment and measures.

Only work performed by a participating Building Performance Institute Accredited Home Performance Contractor qualifies for financing through any of the options listed below. Homeowners can choose from the following options to pay for the cost of work.

Financing options cannot be combined with the Homeowner Financing Incentive.

ENERGY STAR Financing

Low-interest ENERGY STAR Financing is offered through the Home Performance with ENERGY STAR program. Your contractor can supply you with the current interest rate.

The following conditions apply:

• This is an unsecured loan, not a second mortgage or equity loan.
• The limit on the loan is $15,000 or $20,000, depending on your credit score.
• You can select a term of 3, 5, 7 or 10 years.
• Financing is available to owner-occupied 1- or 2-family homes.

Payment is made directly to the contractor after a signed Certificate of Completion is received by the program on a work scope. The work scope must also have been reviewed and approved by the program implementer.

New York Energy $mart^SM Loan Fund

Energy $mart Loans are offered through a number of participating New York State Financial Institutions. Locate a participating lender in your area using our locator map.

The following conditions apply:

• Loans may be unsecured for up to $20,000 ($30,000 for Con Edison service customers).
• Your interest rate is bought down by up to 4% (up to 6.5% for Con Edison service customers) for up to 10 years.
• Procedures and conditions may vary by participating lender, and by loan.

Eligible Improvements for 1-4 Family Homes are:

1. Eligible Measures and Accessories that have been determined by NYSERDA to meet the Home Performance with ENERGY STAR Program guidelines. For more information, please contact a Home Performance Contractor in your area listed here.
2. The purchase of ENERGY STAR Appliances.
3. The purchase and installation of grid-connected wind turbine systems by a NYSERDA- eligible installer.

For more information, please contact NYSERDA's toll free hotline: 1 (877) NY SMART or 1 (877) 697-6278

Homeowner Financing Incentive

If you choose not to use either ENERGY STAR Financing or the New York Energy $mart^SM Loan Fund, you may be eligible to receive 10% of the cost of eligible energy efficiency improvements, up to a maximum incentive of $3,000, directly from the program. Payment is authorized after you sign the Certificate of Completion and the program implementer reviews the project.

Additional subsidies are available to income-qualified homeowners

Assisted Home Performance with ENERGY STAR provides an additional subsidy to assist income-qualified customers to pay for cost-effective energy efficiency improvements. The subsidy may be combined with other financing options offered on this page or other low-income programs with the written approval of the program implementer. However, customers that receive a subsidy are not eligible to receive the 10% Homeowner Financing Incentive. The customer must reveal other sources for payment, and must provide 10% of the cost of eligible work or $500, whichever is less. The subsidy payment is made directly to the contractor after you sign the Certificate of Completion.

When you have decided on the improvements you want, you will be presented with a written contract to review and sign. Check this contract carefully.

• Make sure that all the work you want done is detailed, that everything you want to have installed is in the contract, and that there is nothing that you do not want, or do not understand, in the contract.
• In general, the price offered should be a fixed price that cannot be changed without your written permission (see section on " Change Orders "). Be sure the contract clearly states whether it is a fixed-price contract or an estimate.
• The contract should cover payment terms, such as a down payment, installment payments and when the final payment is due.
• The program only recognizes contracts between a customer and a participating BPI Accredited Contractor. If other contractors are called in to complete a part of the comprehensive job scope, they must be subcontractors to your BPI Accredited Contractor (unless they are also participating BPI Accredited Contractors). BPI Accredited Contractors typically carry their credentials with them; or you can verify their current status by clicking here or by calling 1-877-NY-SMART .

IMPORTANT! Do not sign a contract with a contractor who does not perform a Comprehensive Home Assessment. AND, never sign a contract before the contractor has presented you with a work scope that includes details of the work to be performed including the cost of the proposed work.

After you have reviewed the contract document and are satisfied, sign the contract and the Home Performance Customer Information Form. Be sure your contractor provides you with a copy of both documents. Your contractor must also submit copies to the program. No work can begin until both you and your contractor have signed these documents. At this time, you should also discuss with your contractor the expected start and completion dates of the project.

More information about what consumers should know before signing a contract can be found on the New York State Consumer Protection Board's website.

 The energy efficiency work performed on your home will often result in your home being more airtight. To ensure that the increased air tightness does not cause air quality or combustion health and safety problems, your home performance contractor is required to repeat the tests performed during the Comprehensive Home Assessment. This process is referred to as Pre- and Post Testing or "Test-In/Test-Out." It is a requirement of the Program that these tests be completed and strongly recommended that you be present during the tests. On rare occasions, this test process will reveal conditions that do not meet the program's health, safety, and technical requirements. Should this be the case, your home performance contractor will recommend modifications to bring your home into compliance with program standards. These modifications must be performed before a Certificate of Completion can be signed.