All Forum Posts by: Ingrid Nagy

I usually use commercial floor tile squares and glue them down. They run about 62 cents a square foot but they hold up very well to wear and tear. You have go put the glue down, wait a few hours for it to cure then lay the tile. It is pretty indestructible and holds up well. (not peel and sticks)

In a vacant structure it is very easy to remediate. In an occupied dwelling it is a little more difficult. Lead paint tests consist of dust swipes sent off to a lab. The swipes are only taken from floors, window wells and window sills. It is important to clean properly after you make repairs. I recently went through this testing in several apartments in a multi dwelling. I was actually surprised that I was required to have these tests done by the inspector as their was no evidence of any peeling paint. However, the age of the building is 100 yrs old. The night before the testing we cleaned the floors, window sills and vacuumed the carpets with a HEPA vacuum and we passed the test with flying colors.

I need to install a water filtration/softener system (a whole house system). Mainly need to eliminate hard water, sulfur and iron. Can anyone recommend one that is fairly easy to install and maintain?

Look up the Federal Guidelines on lead abatement first. Then check with your State. As Diane stated, every State has different requirements.

I have never stripped paint at all. I have scraped, spackled and repainted. I have made sure that my bldg superintendents are certified as well. I invested $500 in an approved HEPA vacuum, suits and masks to protect my guys. All loose paint chips, whether exterior or interior fall onto 6M plastic, are properly sealed and disposed of. In my State 95% of the housing and apt bldgs were constructed before 1978 so basically 95% of all residences contain lead paint. Our State had to make it feasible for owners and landlords to make their own repairs. They give us the knowledge and tools to do so while simultaneously protecting not only ourselves but our tenants in occupied dwellings. If they did not, most of us would go broke dealing with lead abatement and couldn't afford to stay in the rental business.

I'm not sure if HUD has any lead abatement requirements. They are disclosing its existence because it is a known but I imagine if you purchase as is you take care of abatement. In NJ Rutgers offers courses to become "lead abatement certified". They teach you how to properly correct the violations and the course is a one day course only costing $35.00. Since the home is obviously vacant you can do the lead abatement yourself which is basically what you would normally do - scrape, spackle, repaint. Since the lead is a "known" you may be required by a future lender perhaps? or governmental agency to produce evidence that the home is lead free. Once you correct the defect you can take your own lead dust test samples (assuming you have become certified). Lead samples are taken from floors and window sills and window wells only. This is why it is imperative that floors and sills be carefully cleaned subsequent to lead repairs. Lead tests and lab fees generally run about $50.00 for 5 samples. If you are required to be "lead hazard free" you may need to engage a lead hazard assessment company which charges a few hundred dollars. They basically are doing the same lead swipes as you can do yourself but since they are more highly qualified, they have the "piece of paper" you may need to produce. I just went through this type of abatement in an apartment building - not for HUD but for a required State inspection.

Mark, I set up my tenants as customers. I then set up my charges as memorized monthly recurring charges so they hit on the first of each month automatically each month; then simply enter the receipts and deposit them. I used to use Quicken but have found that changing over to QB Pro was not difficult at all. You can post late fees automatically too for anyone not paid on time etc. If you are stuck on something PM me and I'll try to direct you.

I'm in the same position Frances except I have three kids 14, 15 & 16. I am wondering to what detail they check - tax returns for the past year? Assets like cash in the bank? Do they also check the net worth and I'm wondering upon what basis - my calculation of my net worth? Any insight that anyone could offer so that I can start to prepare myself would be great. I will have 3 in at the same time!!!!

Wherever you choose to invest in REO's be sure that you know your market very well and work with a local agent to be up to date on the latest available listings. I was contacted by a member of BP regarding an REO available in my market and it was offered to me at 40% of ARV. The asking price was $5K more than the realtor listed asking price which is understandable since a wholesaler must make a fee or commission. I'm sure this person had no ill intentions and was simply presenting the property as it was presented to them. Knowing my market and watching this property for the past year, the asking price is more like 85% of ARV, if that. The property directly across the street was listed for the past yr at $110K as is. The bank rehabbed at their expense and relisted for $90K. No bites. It's now listed fully rehabbed at $83K.

I started with individual condos & then to multi-family. My employer at the time was an engineer full-time and an investor part-time. Later I switched my full-time job as a residential p.m. and became a commercial p.m. so I had a chance learn both. Through the process I saw that commercial was the more glamorous but the residential was the more secure. The laws of supply and demand occur in both but the gap is much easier to close in residential. Many people need a place to live; fewer people need a building to lease. We are in a bad place right now economically. I have 2 vacancies out of 54 right now. My employer has a 175,000 SF building where the tenant just skipped out overnight. You don't have to be a genius to figure out who will rent out their vacancy first and who won't be able to make the mortgage payment in a couple of months.

I just closed with Barclays on 12/31. Offer was made 11/28, verbal acceptance 12/8, written acceptance 12/15 and closing on 12/31. Very smooth sailing for me.