All Forum Posts by: Richard Martin

Hi Scott- With the clarification that there is a written lease you should use its terms to guide you. I know you sense that your landlord will not return your security. I also know you aren't thrilled about even thinking about suing him if he doesn't return it. You have a 2+ year relationship with him. Has he given you any reason to doubt his trustworthiness? All this said you sound like an honorable guy who wants to do the right thing. Pay the full rent, leave your home in good move out condition and expect that you will get your security back. Move on to your new post knowing that many of us out here appreciate your service.

A couple of points

1. In NJ does your association have a legal hot line. Call them and ask what the law is in NJ. I'm in CA and wouldn't want to do what you originally suggested. Ask them if there is a legal way to pay a finders fee
2. By following the law and your brokers advice you are not going back on your word you are admitting a mistake and dealing with it as a professional. You explain it that you didn't know the regulations, you do now, and you apoligize for the confusion. He can't sue you for something that requires you to break the law. But all this needs you to know what the law is.

Hi Lily,

I strongly suggest you talk with your Broker. As described I am afraid that your "friend" could file a complaint with the DRE. Doing so would be of no concern to him. You will pay by check and file a 1099 all proof against you. Your Broker will help you get back on track. Then be sure to talk about it with your group. It sounds like they need some education that you, the professional, can provide.

We all have these costly mistakes. Last year I received a commission check of $16.87 from a $220k sale. I photocopied the check and wrote "this is what not to do" on it and taped it to the wall in front of my desk.

I forgot to answer the question about a weapon. These can be very rough neighborhoods but no I do not carry a weapon.

Hi- Sorry to take so long getting back to your questions. Yes I do go to and take care of my properties myself. Though I mainly only go during daylight hours. Though I haven't read The Section 8 Bible I can tell you this. I fix things when they break, paint as needed between tenants, give to tenants clean and expect clean in return. I visit each every 3 months or so. My tenants are poor and struggling but I treat them with respect and get respect in return. Like Jennifer says we also rent to them if they meet our critieria. And to repeat Jennifer again the Housing Authority sends me a check every month. Good luck all. Cheers, Richard

Seems to me that someday you are going to want to sell that 2/1. When that day comes are you going to regret not getting the 3/1 or 3/2. If you think that when that day comes you will get a fair price and sell it in a reasonable number of days then fine, buy the 2/1. If, today, you can get the 2/1 at a good discount over the 3/X then again fine.

In my area a 2/1 can not be bought at a significant discount but will likely need to be sold at a discount in the future so i stay away from them.

I chose Salinas because properties there can more easily have positive cash flow and it is a community where people work. When you drive around during the day the driveways are empty but after 5:00 they are overflowing.

There is no coorelation between the gangs or geographical area and Sec 8. The point I was hoping to make was that my sense is that the Sec 8 tenants are less likely to be personally involved with gangs. In talking with other Sec 8 landlords this seems to be the case here. In Monterey county there are some 4000 Sec 8 units scattered throughout the whole county. If a tenant has a voucher, a landlord accepts Sec 8 and finds the amount agreeable and the property meets the inspection requirements that is about all there is to it. .

Hi Tony- I love Sec 8. I have properties in Salinas CA and Sec 8 are my preferred tenants. Think about it. In Salinas it takes two years to get a voucher. They don't want to mess that up. The local inspector is tough but fair so we get along well. She is looking to make sure that the properties are in good shape for the tenant. If I satifsy her then the tenant is happy. The tenants pay their share of the rent, on time, every time. They don't want problems. The Sec 8 office pays their share on time, every time. So I'm happy. In our area typically the tenant is a single mom with 2,3,4,6 kids so there will be more wear and tear. Salinas has a problem with gangs but what gang banger is going to wait two years to do anything. Sec 8 pays market rate and if you think that the market has gone up you can ask and get a rent increase. All this said you still need to use your gut feeling whether you want to rent to anyone. If you gut says no then don't. Good luck.

cheers,
Richard