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Re: 2017 Reval ~ Property Inspections
#1
Home away from home
Home away from home


Quote:

Frinjc wrote:
In any case, the "reform" seems more profitable for investors who buy-to-rent since it looks like there won't be cap on SALT deduction. Imho though, any investment in this area should take into consideration the likelihood of a downward adjustment in rents with more units turning on the market.

https://www.marketwatch.com/story/the- ... hat-do-you-owe-2017-10-26


Rent income / loss has been treated as passive. Once your adjusted gross income goes over $100k, the tax advantage of owning investment property (ability to take losses against your active income) pretty much goes away.

So far I haven't found any articles on changes, if any, to the tax treatment of real estate income / loss.

Posted on: 2017/12/6 7:39
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Re: 2017 Reval ~ Property Inspections
#2
Home away from home
Home away from home


Quote:

dcj wrote:
one thing being overlooked is the personal exemption. i think the plans call for its elimination. If that is eliminated (it's $4,050 a person/dependent) and you have a family of four, that's a $16,200 write off that disappears. that sucks.


The standard deduction was increased to $24k in Senate and $24.4k in the House bill. I think the Senate bill has some additional child tax credits.


Posted on: 2017/12/5 14:49
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Re: 2017 Reval ~ Property Inspections
#3
Home away from home
Home away from home


Quote:

Dolomiti wrote:
Quote:

K-Lo2 wrote:
One other factor in the tax discussion...the proposed elimination of the AMT for individuals. For people who can afford to buy in the market, the cap on SALT may not matter that much for those who were previously subject to the AMT. I may be somewhat of a wash.

Are they killing individual AMT, or just raising the cap?


House plan kills the AMT. The Senate plan keeps it in place.

Posted on: 2017/12/5 12:43
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Re: 2017 Reval ~ Property Inspections
#4
Home away from home
Home away from home


If you want an estimate of how your taxes will be affected by the House and Senate plan, break out last year's 1040 and plug in the data to this calculator:

http://taxplancalculator.com

It's simplified, so I would take what it calcs with a grain of salt. For example, it doesn't calculate the effect of a tax deferred / tax free savings plan (i.e. 401k, HSA).

Posted on: 2017/12/5 11:36
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Re: Downtown Jersey City Thieves Stealing from Porches !!!!
#5
Home away from home
Home away from home


Not Jersey City.. but the topic of this thread made me think of this video:

https://www.liveleak.com/view?i=577_1512150070

Nanny to the rescue!

Posted on: 2017/12/4 16:40
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Re: 2017 Reval ~ Property Inspections
#6
Home away from home
Home away from home


The reval people have not yet made it to two of my properties.

Posted on: 11/27 15:54
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Re: PSE&G: is this even legal?
#7
Home away from home
Home away from home


I received similar threats from PSE&G for tenants that had not paid their bills. I just let them in and the locked out the tenant's electric and gas meters.

I recall one case where they actually physically yanked the service (removal of power lines) from a 2 family building on my block due to non payment.

Posted on: 11/27 14:10
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Re: How Much Was the Holland Tunnel Toll when it Opened?
#8
Home away from home
Home away from home


$0.50 Today


By govt. inflation tables: $7.04 (2016)

By coin melt value (in 1927, a quarter was 90% silver): $6.16 (varies daily)

By gold backed Dollar standard: $31.10 ($0.50 = 0.0242 oz varies daily. Gold fixed at $20.67 per oz in 1927)

Posted on: 11/21 11:42
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Re: Wood floor sanding and varnishing
#9
Home away from home
Home away from home


Quote:

brewster wrote:
[quote]
MDM wrote:
[quote]
brewster wrote:

So what are the pros using now?

I hate the way water based looks without stain, pale and cold. Getting a couple of prices now, they seemed to have no problems with the oil base. Should I ask for stain & water base instead? I'd be doing satin anyway, it's show wear less in a rental.

BTW, thanks for the heads up about the low VOC, I'm refinishing the kitchen table and got the high VOC spar finish by looking at the labels.



I just finished putting the second coat of poly using THIS PRODUCT.


I ended up ordering online because every store I checked, only carried low VOC in gallons instead of high VOC in quarts (you can still get it in quart cans). Worse, it seems all the stores carry Minwax or Varthane, neither of which IMO are much good.

This brand I got, Bona, went down perfectly using lamb wool. It self levels, spreads smooth, and dries evenly. The worse part about the low VOC Minwax I used last time: The surface dries, but underneath, it still wet / soft. Even with the room set at over 75 oF+, the stuff would dry in a 24 hour period.

Posted on: 11/20 11:39
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Re: Give Mayor Fulop the hat trick with wins in Wards A, B, and C on Dec 5th, 2017
#10
Home away from home
Home away from home


Quote:

brewster wrote:
Nope. I think a rubber stamp is the last thing Fulop needs. .


I am with you on this, which is why I am glad that Yun isn't in a runoff. IMHO, he has been good as a foil of sorts to Fulop.

Posted on: 11/17 7:56
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Re: Ribbon Cutting for Lenox New Residential Building in Jersey City
#11
Home away from home
Home away from home


Quote:

JCGuys wrote:
Quote:
Eight people stuffed into a 2 bedroom unit?


This exactly-- there needs to be more non-luxury housing built or this will happen! It's the only way people can survive these days. Two to bedroom with living room converted into another bedroom.


A couple years back, a landlord with a 2 family got busted for having about 30 people in the building (fire department responding to a minor fire found it out). He was renting it out by the sqft. For $600 a month you got room for a mattress.

The building tenants were all from India.. so maybe they are used to living in cramped conditions.

Posted on: 11/14 15:33
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Re: Ribbon Cutting for Lenox New Residential Building in Jersey City
#12
Home away from home
Home away from home


How many people can afford these places? Do we have a bubble forming in the high end rental market? Or will these places be like what I have seen in the Newport Towers: Eight people stuffed into a 2 bedroom unit?

Posted on: 11/14 15:20
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Re: Steam Heat - pipes banging. Any recommnedation for plumber that knows how to rectify
#13
Home away from home
Home away from home


If you don't get a plumber recommendation:


The Lost Art of Steam Heating


I had a similar issue in my previous home that had an ancient steam heat system. I ended up figuring it out on my own.


Single steam pipe or double pipe system?

If single pipe, could be a radiator or a riser has water building up, instead of draining back to the boiler.

Posted on: 11/10 10:55
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Re: Symes / Solomon runoff
#14
Home away from home
Home away from home


Quote:

thor800 wrote:

Except that the the development most likely wouldn't be affordable. Why would any developer want to rent for affordable rates unless thats the only way they could get a tax break - which has been the opposite case in JC



Why don't automakers only sell high end autos? Wouldn't they make more money if they forced everyone to by vehicles $50k+ in price?

The price of the apartment isn't what matters.. its the profit margin. If you can make $$$ renting 2 bedrooms in the $1,000 to $1,500 range, somebody is going to do it. The big developers go after the high end waterfront market. However, there are only so many people to fill those apartments.

Maintaining a profit margin means keeping units occupied. The nice thing about the lower / mid end market is that there is lots of demand. The tenants into living in an expensive tower on the waterfront generally aren't looking at renting out a unit in a 6 family apartment building in the Heights.

The problem is, people like myself and Brewster are barred by the R-1 zoning to provide apartments in that range. Because of the low density, you have to rent out the two apartments in a Bayonne Box at a really high rate to cover the taxes and mortgage.. It is really hard to make money on a two family. 4+ units is a lot easier due to the economies of scale (more units on a single lot.. cost per unit goes down).

Posted on: 11/8 15:25
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Re: Board of Education elections
#15
Home away from home
Home away from home


Quote:

jimbehrle wrote:
Are charter schools good or bad


Well.. a lot parents think choice is a good thing...

http://blog.nj.com/njv_tom_moran/2012 ... _top_nj_charter_scho.html


This was lottery night at Learning Community Charter School in Jersey City. The K-8 school had 30 openings to fill.

The problem: Roughly 1,000 families applied to fill them. Hundreds of them streamed into the auditorium to watch the process live, even though results soon would be posted online.



DeGise on Charter Schools (from the Jersey City Reporter)

DeGise said the district needs to be vigilant against the expansion of charter schools.

“We need to put everything into our public school system,” she said. “Charter schools do not respect teachers or students. They have few people of color, special needs children or those poor children who qualify for free lunch programs. They say they have a lottery system, but it’s not a real lottery.”

She said public officials do not have control over charter school calendars, or how they teach.

“They take public money but are not accountable,” she said.



Posted on: 11/3 18:13
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Re: Board of Education elections
#16
Home away from home
Home away from home


Quote:

jimbehrle wrote:
So far in BOE I'm voting for:

Mussab Ali and Amy De Geise

Anyone else any good?



Both are very anti charter schools.

Posted on: 11/3 17:22
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Re: Fair current value for a home with low taxes.
#17
Home away from home
Home away from home



Clifford Goldman served as State Treasurer during the administration of Governor Brendan Byrne from 1976 to 1982:

New Jersey will suffer financial collapse when its pension funds are depleted, beginning in 2021. The Court will decide whether hundreds of thousands of retired judges, teachers, and State employees lose their pensions and are impoverished or whether some $8 billion, one fourth of the State budget, will be taken from other, already underfunded purposes. As was true 20 years ago, most items have been covered in the press, but the frightening totality is still being ignored.

https://www.newjerseyalmanac.com/opinion.html

Posted on: 11/2 16:38
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Re: Fair current value for a home with low taxes.
#18
Home away from home
Home away from home


Quote:

JCGuys wrote:

Not to mention general state budget problems including the underfunded pension liability.



In 2010, NJ unfunded pension liabilities were about $145 billion. I don't know what it is now. Since then, state employees put money into the system and the stock market boomed, so I don't know what the new 'end of the line' estimate is. Back in 2010, the pension system in NJ, assuming an 8% ROI on investments, was going to be completely broke around 2019.

Posted on: 11/2 16:27
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Re: What happened to all the plumbing supply shops??????
#19
Home away from home
Home away from home


There is a White and Shauger on Oakland ave for heating, domestic hot water, and A/C plumbing related items. They are pretty good about ordering what they don't have in stock.

I found the big box stores to be frustrating as hell when buying a good amount of PVC fittings. Empty bins, missing components, etc.

If I have a large order, I place it with this outfit:

https://www.pvcfittingsonline.com/

Posted on: 11/1 13:07
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Re: Possible Nor'Easter for us late Sunday through Monday
#20
Home away from home
Home away from home


Quote:

fraulein wrote:
How did everyone fair?



A building a few blocks from my place had a terrible time. Fire in the cockloft. The fire department had to cut section of the roof out to get to the fire.

Whatever the fire didn't destroy will have been destroyed by all that rain coming in.


Posted on: 10/30 15:18
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Re: Over/under on mayor's race
#21
Home away from home
Home away from home


Quote:

jimbehrle wrote:
I've gotten zero Matsikoudis' flyers. The only Matsikoudis' sign I've seen over here is attached to a chain link fence in front of an abandoned lot. Something tells me he's just running for name recognition next time.


There is a bunch of his signs up around my place in the Heights.

Posted on: 10/29 22:23
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Re: Over/under on mayor's race
#22
Home away from home
Home away from home


Quote:

ecoindie wrote:
There is no enthuiasm for Fulop like there was in the last election. It's dead. Also, during the debates he just sounds like an Asshole. Theres no Fulop signs downtown.


Fulop's campaign people came by last week to confirm if I am going to vote for him or not. My response was, "maybe... if I do, it will be without enthusiasm".

If I pull the level for the mayoral column will because I dislike Fulop's opponent way more than my level of disappointment with Fulop's term as mayor.


Posted on: 10/29 21:49
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Re: Possible Nor'Easter for us late Sunday through Monday
#23
Home away from home
Home away from home


The high winds are going East of us and the heaviest rain West. No storm surge for us, but Eastern Long Island might have some issues.


[b]Max Predicted Wind Gusts:[/b]

Resized Image


Rain totals (less than earlier predictions)


Resized Image

Posted on: 10/29 16:45
Top


Possible Nor'Easter for us late Sunday through Monday
#24
Home away from home
Home away from home


The latest Euro model run shows two powerful low pressure systems coming up the coast. One of which is a tropical system currently in the Gulf of Mexico. The Euro shows a low going right over top of us with the tropical system feeding it lots of moisture.

Hurricane gusts for Long Island 100 knot wind gust for New England. 3 to 4 inches of rain for us with high winds and up to 8 inches of rain in northern NJ through the Catskills.

The other models right now are showing a more easterly track... still some nasty weather but not as bad as the Euro.

So far, no mention of a Sandy level storm surge in the forecasts.

Posted on: 10/26 16:40
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Re: Article: Dense zoning is the solution to housing costs
#25
Home away from home
Home away from home


Years back, Pittsburgh shifted more of the tax burden on land than on the improvements. The idea was to encourage empty lots of be redeveloped.

Later, this tax policy was reversed. I don't know the reasons for the reversal though.

Posted on: 10/24 13:38
Top


Re: This N.J. city wants you to 'adopt' a catch basin and keep it clean
#26
Home away from home
Home away from home


I have been doing this and de-weeding the catch basin in front of my place for the past 14 years... for whatever its worth.

I used to have major flooding issues, with water blasting out of the manhole covers during heavy rain, and my roof drain then backing up into my basement. I found at old engineering map that showed where the sewers went. I used that map to list every catch basin that was backing that was downstream of my building, sending it over to the MUA.

JCMUA, to their credit, did promptly followup and investigated. The sewer it turns out had multiple collapses and was badly plugged with debris. The collapse was so bad with the basin in front of my place that the JCMUA dug up the street and put in a bypass pipe.

Drainage worked a lot better after all the work was done with backups gone except during really extreme downpours.

The city's 150+ year old system is in dire need of a major rehabilitation. Money fixes everything.... the question is, where will the money come from?

Posted on: 10/12 11:02
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Re: New owner/landlord isn't cashing rent checks
#27
Home away from home
Home away from home


Ever thought about approaching the owner about paying you to leave?

Open the negotiations say at a payment worth 30 months of rent, placed in escrow, payable once you leave the property within 90 days of the money being deposited into escrow.

Posted on: 10/10 20:30
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Re: Matsikoudis want to expand rent control?
#28
Home away from home
Home away from home


Quote:

JCGuys wrote:
Those affordable housing advocates do a piss poor job, too. In addition to increasing density, relaxing parking requirements is one way to bring the cost down for development.


I would love to see some major R-3/R-4 projects that would involve the expansion of the light rail to the Heights and beyond.

As covered in other threads, the Heights is a bit of a transportation desert (buses get caught in traffic too often). A number of my tenants don't bother having a car since they take PATH, light rail, buses to work.

Posted on: 10/10 15:16
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Re: Matsikoudis want to expand rent control?
#29
Home away from home
Home away from home


Quote:

bodhipooh wrote:

We seldom agree on anything, but on this we are 100% in agreement: once you start down the slippery slope of housing price controls, why stop there? This idea we can limit a market-driven system by screwing over someone in favor of another is completely bonkers, definitely reminiscent of dictatorial faux-populist regimes such as Venezuela, and the former USSR.


Chile in the early '70s under the Allende regime is a good example. Allende decided to "help the poor" by ordering all businesses to cut their prices. If you didn't, your business was nationalized.

Years ago I worked with a guy who's family business (a pharmacy) was seized by the regime for not following the price controls. The business was returned once Pinochet came to power.

There were shortages of everything. I read first hand accounts of people trying to trade a house for a working car due to a shortage of auto parts... let alone new vehicles.

Posted on: 10/10 13:34
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Re: New Equalized Valuations Out, JC at $28.4 billion
#30
Home away from home
Home away from home


Quote:

JCGuys wrote:


I was thinking the same thing.

http://www.governing.com/gov-data/saf ... for-city-departments.html

I was looking at this link earlier and Jersey City, in 2015, already has one of the highest number of uniformed officers per capita in the entire country! There has been many officers added since then. Yes, much more than those that have retired.



Are they all in radio cars? I have never seen so much as a foot patrol in years. Back in Schundler days we had cops on bikes for a while (this was in response to some serious gang activity in the Heights).


Posted on: 10/6 17:29
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