All Forum Posts by: Brian Van Pelt

@Paul French
PM me, I am in Owings Mills MD and know the market. Also have investment properties in Pikesville

@Andrew Varney

Using OPM at favorable terms is always the best way to go. Ask about Owner Financing with terms favorable to you.

@Marita Jojo

Most states allow you to file the paper work for an eviction, they are just not processing the paperwork until the states relax their guidelines. I would still send the registered letter. 

@Chris Lawrence

You have made a classic business mistake. You brought a complicated service that you were paying for in house presumably either because you figured you would get more accurate data or you felt the service provided was not worth the cost of the service. Now you have the same need, but without the knowledge needed  or the personnel to achieve the in-house goals.

Because it is not one of your strengths, I would go back to out sourcing and hire your in in-house Data Manager to refine  the outsourced data. The outsourced data company should have clear performance metrics in writing that you and your data manager review quarterly.

@Marita Jojo

. Make sure that you document phone call, text messages etc. Do NOT rely on verbal agreements. Make all changes via addendum to lease.

. Any change in lease terms requested by a tenant because of COVID-19 needs to be documented via a lease modification signed by Landlord and Tenant or else you risk ending up in a he said/she said situation if it ever goes to court.
. If a tenant asks for a lease modification because of a loss of job permanent/temp/reduction in hours/reduction in pay. Make sure the Tenant provides documentation from employer or unemployment check. Make a call to their employer and reverify employment.
. Don't make the assumption your tenants can't pay rent because of a temporary loss of job. Recheck their lease application. Anyone with large balance savings or 410K balances can and should pay their lease.
. Process late notices as normal. File for evictions as normal. Again this is just documenting according to terms of the lease.

This will be a trying time for landlords, but by documenting everything, and following the terms of your lease, you will have the proper documentation later if you need to go to court or if you need to talk to YOUR lender to ask for a loan modification.

@Kyle Eden

There are a lot of products for refinishing concrete surfaces. Take photos of the surface to Lowes or Home Depot. I've used:

@Catherine C.

. Pay off the Student Loan
. Apply for a mortgage

Start with a Realtor, They can give you a quick overview of your target market.

@Sylvon Roberts

It depends on what you are looking to do. Realtors and Wholesales have different requirements and legal limitations. Who is your potential client ? foreclosures, wholesalers or people with 30% equity ?????

@Blake Martin

1.) Should our current economic instability discourage me from jumping into an investment right now? Or, could this been seen as a great chance to buy property below market value? No,Yes

2.) For my first investment, should I find a real estate agent to help me work through all of my ignorance? YES !

3.) Is it less likely that I will qualify for an FHA loan right now? It depends on so many issues right now.

4.) How can I find information about "rent by the room" regulations if they exist? Zoning

5..) Finally, how much above the down payment should I have in reserves for any unforeseen capital expenditures? As much as possible ....... and then some. Some people never need a reserve. Right now multi unit property owners are worried that they will never have enough.