All Forum Posts by: Ray Reed

@Amanda Lee why are you calling it an area where gentrification is happening? I have been hearing this for 15 years and personally i have not seen any change except for new houses and buildings.. this is not the same thing that happened to Brooklyn and Harlem. 

1980 seems relatively new for northern jersey when you are talking multifamily.  Its not uncommon to find properties in the 1950s range.  i would and have analyzed pre 1980.  I just have to take some extra things into account like possibly changing the sewer line to pvc from the old cast iron ones.. i ALWAYS have sewer backups if i am dealing with the older lines. 

lessor

@Gina C. glad to hear everything is ok as far as the state inspection. I had a similar thing happen to me last year. inspections passed but prior owner didn't pay the fee.  I told the state i would pay the fee but they pretty much deterred me since everything passed. so you have a few years not to worry about them. keep up the hard work. 

@Gina C. congratulations on your first of many.  No matter how many times you do this, you will find yourself getting very frustrated with the parties involved to make sure you close.  Being that this is a 3 family, did the seller provide you with a Green Card (certificate of inspection) from the state?

backsplash in the kitchen if possible. 

without knowing what the units look like, also think about new moulding and doors.. i wouldnt  worry about recessed lighting. interlocking vinyl plank flooring. 

@Brian Faust you wouldn't know the exact breakdown until after you started the paperwork.  Not sure if i am supposed to do this but if someone already has section 8,  i would ask them what their current rent is and how much are they responsible for.  if it is someone who just got on the program, you would not know. 

someone earlier commented that you will be waiting like the cable company for the inspections.  In the 3 cities i deal with, they give you a specific time and they will even call you 20 minutes beforehand.  I do not even go to the annual re-inspections. If i fail for anything, they will send me a report and i will have 30 days to fix it. I have never had a payment stop right away because of a failure.  

@Mike Dymski unfortunately housing is expensive in northern nj. 

i have dealt with both sect 8 and non sect 8.  with sect 8 you do have to go thru the yearly inspections but for the most part it is to your benefit and they are mainly safety related items. i do not see sect 8 damaging your property any more than a non sect 8 tenant.  as a matter of fact, there are more controls put in place with that program.  the tenant or ex tenant cannot owe the landlord money or they risk getting kicked off the program. so if they leave your place damaged, they will have to answer to you and the program.  They also cannot just up and leave the unit or break the lease.  Sect 8 requires they get a written approval from the landlord.  you should definitely screen well.  Also you should take into account that section 8 factors the tenant's portion based on their income and affordability.  Not every instance sect 8 is going to pay the majority of the rent.  I have someone moving in Jan 1st that section 8 will pay $$645 and the tenant will pay $1005. Ideally i would rather sect 8 pay $1300 and the tenant pays $350 but this is a former tenant from years ago that i had a good rapport with.  This is why you still would have to screen well because if the person has a history of paying late, you can be waiting for a bulk of your rent.  Not sure if it is federal or not but in my state, we cannot charge late fees to sect 8 tenants in eviction court.