All Forum Posts by: Ingrid Nagy

Since I mostly just look and give instructions to the Super, it was a real "turn back the clock" moment for me recently when I was trying to meet an inspection deadline-not enough manpower to get everything done. There I was installing cabinets, painting apartments, etc. I had forgotten what it felt like at the end of each day coming home covered in paint with tired aching muscles.

The most interesting aspect of the whole thing was the psychological effect it had upon my tenants. I suddenly lost my "image" of the landlord that only cares about getting the rent and doing nothing. (Little do they know). As I sweated my butt off and they watched me, they acquired a renewed respect for me and those harsh landlord/tenant lines seemed to fade away.

Keep sticking to investing Eric. It will payoff in the future. I used to feel embarrassed. When I was younger my friends laughed at my "plans". They used to call me a "slumlord". They don't laugh at me anymore.

Anyone here had any involvement with gas & oil leases in Pennsylvania? Within one year the offers have gone from $25 an acre to $2700 an acre. It seems that PA is the latest place for these companies to strike for gas & oil leasing rights. I know in Texas this is common but this is the first I've heard of it in PA.

James, any listing commission is negotiable prior to your signing the agreement. It all depends on the price of the parcel. The higher the price, the better deal you can get on the commission. Have you tried Costar? I believe it's www.costar.com. I think they list commercial properties direct to owners at no cost. Of course the traffic you get will depend upon the size of the commecial piece.

I agree with Michael's strategy as well. It works. I began 20 yrs ago with one condo using OPM and am now at 54 units. My part-time job became a full-time steady income. If I go back that 20 yrs and bought each unit with cash earned as a legal secretary with a high school education I don't think I would be in the same place today.

My dad has a cell lease on a landlocked parcel. The only pitfall that took some tiem and work was obtaining approval from a neighbor to obtain an easement or right of way through their property in order to make the roadway to access the site. Generally the cell service company approaches the neighboring property owners and makes them an offer for the easement. I myself have a cell site on an existing residential apartment building. That's a more difficult lease to obtain (City restrictions). If I can help you in any way, let me know

The relative weight of price and terms are dictated by a purchaser's objective. Here is an example where terms outweighed price: An investor friend was relocating and wanted to sell his building, fully paid for. Price was higher than market but terms were good at the time. Seller took back a 1st mortgage for full purchase price amortized over 30 yrs. His objective: to have a steady set monthly cash flow for his retirement. My objective: to buy an asset that was self-supporting with no cash outlay and ultimately enjoy appreciation. I have 17 yrs left on the note steadily amortizing and it has always generated a nice positive cash flow. Now that rates have dropped Seller is still getting his guaranteed return. I am paying a higher rate than loans available in today's market. I in turn acquired a viable asset now worth 2 1/2 times my original purchase price. So it was a win/win for both parties.

Jeff, what area in NJ are these homes located? For NJ $60K seems like a steal from a price standpoint for a totally rehabbed property. I would just make absolutely certain you have a market for your projected rental rate. I'm in a densely populated rental area in NJ and I'm experiencing more vacancies. A few months empty can throw your projections out the window.

In my search for a home in a small FL town I've probably seen just about every MLS listing out there over the last 8 months, specifically looking at REO's. Saw a recent ad on craigslist by a broker advertising a fixer upper for $36K. The ad led me to a HUD website that gave detailed info-property details, inspection report of HUD, etc. etc. (more information than I've ever seen on a normal MLS listing). What intrigued me was that a different broker had previously sent me this- I recognized the photo. I looked through the property listings and found this same home presently listed through MLS at $52,500. When I googled the address I found the same house advertised in Homes/Land sites for $90K. I'm wondering who actually has this listing and what the actual asking price is!!!. When I perused the HUD website further, it gave me detailed info on recent bids showing the last bid was $20K. Boy am I losing faith in honest marketing!

I'm in a low income area whichis 70% rental dwellings. I have them complete an application and submit copies of their drivers license, ss Card, and recent year to date paystubs or tax returns. I have learned over the years in my market that if I required credit reports and fees, the building would be 90% empty. I also take referrals from other existing tenants and Sec 8 tenants. The residents in my market live paycheck to paycheck so the normal criteria for approval just doesn't apply. I end up with a handful of bad apples but 2 late payers out of 36 is not a bad ratio considering.