By E
mily Bregel | Arizona Daily Star
First the rent checks from Mark Poppe‘s tenants — processed by a property manager — started arriving a little late. Then a month late.
Within six months, by October 2012, Poppe couldn’t even reach property manager Gregory Goldshteyn, whose real-estate license was revoked the following year. By the time he was indicted on more than 20 charges related to real-estate fraud and theft, Poppe was out $7,300 in lost rent payments and security deposits.
“He ran into financial problems and basically borrowed money from accounts he shouldn’t have touched,” Poppe said. “I think it was just a spiraling effect.”
Arizona was among the states hit hardest by the housing crisis, making affordable properties appealing for local and out-of-town buyers. Those investors contributed to rising demand for property-management services — and a surge in property-management violations.
