All Forum Posts by: Ingrid Nagy

Rich what I encountered was the properties that I was interested in and put on the auction block had already been separately listed under the MLS. So a SFR would be on the online site at auction with a minimum bid of $100 and an inflated Trulia value to lead us in. When I went to the MLS site the same property listed with the local realtor was asking $55000. When I went to see the property it was your typical owner-destroyed foreclosure. The MLS listings protected themselves stating that the property was currently scheduled to be "auctioned" on such and such date but they were still taking offers. The online site said you can only come see it on such and such day/time (previewing). When the lender didn't get his "offer" he pulled it from auction and pulled the listing from the realtor. I find that its just another sales gimmick specifically intended to lure in the unsuspecting out-of-State buyer who falls in love with prices like they've never seen before and who don't actually comp out the property.

It probably flies for single family dwellings. In our State multi-families require "green card" inspections every five years. Thus, the State enforces the lead paint law in their five year inspections so we have no way out of it.

Dust wipe test kits come with 5 samples in it-sufficient to qualify for one dwelling. It cost me $50 and I purchased them from Lew Corporation in NJ. Lew Corporation teaches this course on a daily basis in NJ-so many that they are booked thru the Fall of 2010.

I don't know if the testing methods differ by State or if they are Federally mandated. I had a State inspection last year doing repairs, dust wipe samples, etc. Although PHA units, the PHA did not get involved. The details of my experience and the regulations I encountered are listed under another forum "lead paint" if you are interested.

Your tenant and the PM know each other or had this change planned. The Section 8 application process takes 2 months. It could be that this was the plan all along and there is nothing wrong with it. I am just wondering how the tenant has justified his rental at $300 a month now being increased to $450 a month to Section 8 or if they lied on the application about the rental rate from the start saying it was $450.

I like Section 8 and I accept these tenants frequently. If your tenant is already in place at $300 a month Section 8 will not make much difference other than two parties paying the rent instead of one. HOWEVER, I question the rental rate and your property manager. First question on the section 8 application is how much is the rent? Was your apartment initially rented below market at 300? How did it become $450? If you have a written lease in place at 300 I cannot see how Section 8 can justify a $150 jump to $450. I may be wrong but something is going on.

Have you noticed yet a climb in your real estate taxes?? Our assessments remain high as a result of the increase in values of a few years ago.
Now our Governor has reduced the State Budget and stripped many municipalities of State aid used towards education.
The municipalities are pulling their "emergency buttons" rather than make substantial cuts in expenses.
Seems now the shortfall was thrown on us.
Irvington just hit us with a 17% tax increase. In my hometown the increase is 9%.
For an average family this can kill us. For an investor, it drops the value of our property even further than it has fallen............

Can't run from the ex. I'm living proof. LLC's were of no help to me-subjected to full forensic accounting and tons of legal bills. Judge looked at me and said "ma'm, you married him - if he made a lot less than you that's your problem. If you bought properties and he didn't contribute or help that's your problem. you acquired it during marriage and in this State its 50/50."

In NJ it is mandatory prior to being able to see the Judge and very time consuming. After the roll call we are faced with the wait for the case name call. Then we sit with a you either law school student who tries to steer us towards settlement. It is very highly suggested that you work out through mediation; alternative being sitting in Court all day. I have found it just easier to settle with say tenant bringing funds in 24 hours. When they don't I move for my lockout.

Chris, you have answered the call of duty for 31 years and devoted yourself to it fully.....Life is too short.......enjoy what you've worked hard for, what you deserve and do so without guilt. In a constantly changing world one cannot be expected to keep up with every change.

You are very passionate about your job/career......you can keep that passion fulfilled in other ways
1 Enjoy yourself
2 Devote a little of your spare time to introduce the wonderful world of flying to others - volunteer at aviation schools - run Boy Scout tours at your local little airport - speak about your experiences at Learn To Fly Programs. There is no greater joy than watching a young child's eyes just light up as he soaks up your words.....

Come on down and visit me at the Lincoln Park Airport (N07) in NJ anytime! (See us Property Managers manage more than just houses and apartments - we do tie down's and Tee Hangers too).

Hi Rich, love your Posts!! Can't wait to see Part III