All Forum Posts by: Brian Van Pelt
Brian Van Pelt has started 9 posts and replied 461 times.
Post: Property Tax Exemption

- Specialist
- Owings Mills, MD
- Posts 485
- Votes 415
It's available to owner occupied properties as follows:
Disabled Veterans' Standard Homestead Exemption For veterans with a disability between 30 - 50 percent the exemption is $2,500; for veterans with a 50 - 70 percent disability the exemption is $5,000; veterans with a service-connected disability of at least 70% are exempt from property taxes on their primary residence.
I would focus also on things like wheelchair accessible features if you go down this route.
Post: Zoning and Agent commissions

- Specialist
- Owings Mills, MD
- Posts 485
- Votes 415
No offense, but "point of view" has nothing to do with someones worth, It has to do with the value they bring to the table.
. you are asking a Broker to find you a property that is not on the market and when he does find it, find it at a price YOU can make money on it or be able to increase its value so that YOU can make money
. He/She will be doing this on their own dime and risk you not being able to close, walking away,suddenly changing your mind. Basically work for free until you close on the property. Would you be willing to do the same thing for your employer ?
. Why would you not want to pay 10% for someone who can do for you what you cannot do for yourself ?
Post: BRRRR Method Downfall

- Specialist
- Owings Mills, MD
- Posts 485
- Votes 415
Buying a cash property with 100% cash flow does not depend on an appreciating market, it works in ANY market. Right now we are at or near the top of the market. Cash purchase properties work short term or long term. Are a ready sources of equity if needed and create large cash reserves from the start.
If the market turns or experiences a rental issue (non paying renter) , cash buyers survive, BRRRR buyers experience negative cash flow and risk their whole portfolio unzippering.
Historically the real estate market contracts and rebounds on a 7 to 10 year cycle The last botton was 2007-20019 so we are due or overdue another contraction (loss of equity)
Your appreciation scenario does not include the contraction cycles.
In addition long term holding assumes that your exit strategy (selling your holdings) will end on a up cycle, there is a better then 35-45% possibility that you will loose your equity.
Also your scenario assumes you do not use the property to purchase other properties, thereby by definition it is not a BRRRR, and if it is you end up with a property that has up to 80% of its equity tied up in another property.
A simple spreadsheet will show you that purchasing one 100K cash property rented at 1000 per month has a 1000 per month cash flow at the end of 32 years you will have bought another property every 8 years and you end up with 4 paid off properties that now cash flow 4000 per month without the risk to capital.
In the end Cash Buyers sleep better, work shorter hours and vacation more in Aruba.
I have a friend in Baltimore who started the same year as I did and he has 3 times the properties I do. He used the BRRRR method to acquire them, and I use cash. I help him with his accounting every year and the gap widens between his Net position and my Net position dramatically every year.
Post: Had my HVAC stolen but I have insurance. Advice needed.

- Specialist
- Owings Mills, MD
- Posts 485
- Votes 415
@Jordan Dooley
Your excitement may turn into more financial pain.
. Rehab properties that a targeted are usually hit again and again during rehab. (copper pipe/electrical/appliances/doors/windows) So expext and plan for more.
. You can buy reconditioned ac units
. You need to call your agent and review your policy.
. Consider DWALT SITElock
Post: Landlord discussion and questions

- Specialist
- Owings Mills, MD
- Posts 485
- Votes 415
@Armani Emon
No plan is ever Bullet Proof - expect problems, learn to be flexible
1) Screening for a good tenant and possibly a property manager
. Always a good idea
2) Putting away money for repairs and surprises
. Yes I personally keep 4 months of reserves for each property. That's my comfort zone
3) Looking at the tenant-landlord laws in my area
. Another good idea
4)Creating leases and collecting rent
. Bad idea creating a lease use current Boiler plate leases for your state/county.
. Collecting rent is a good idea, you will be amazed at what it does for your cash flow.
5)Thinking about the property, city, and state tax
. don't just think about them, actually pay them
Am I missing anything else?
. Yes, you need to actually buy a property
Also If I was to buy out a home and just rent it out since the home is mine I can do as I please with it correct?
. No, and I cannot emphasise this enough you CANNOT do as you pleae.
Post: ESA dog tenant verses a tenant with actually allergies

- Specialist
- Owings Mills, MD
- Posts 485
- Votes 415
If it were not "a faker" the loser would have been you the Landlord. The attached Fair Housing Link explains why.
The only questions you the Landlord can asks are:
(1) Does the person seeking to use and live with the animal have a disability — i.e., a physical or mental impairment that substantially limits one or more major life activities?
(2) Does the person making the request have a disability-related need for an assistance animal? In other words, does the animal work, provide assistance, perform tasks or services for the benefit of a person with a disability, or provide emotional support that alleviates one or more of the identified symptoms or effects of a person's existing disability?
Documentation:
HUD states the following in its FHEO Notice: "Housing providers may ask individuals who have disabilities that are not readily apparent or known to the provider to submit reliable documentation of a disability and their disability-related need for an assistance animal." ). Most sources indicate that the request should be in writing and explain how the reasonable accommodation helps or mitigates symptoms of the disability. While the tenant or owner does not need to disclose the disability, he or she will need to provide documentation from a doctor or other health professional. According to HUD, a physician, psychiatrist, social worker, or other mental health professional can provide documentation that the animal provides emotional support that alleviates one or more of the identified symptoms or effects of an existing disability.
The notice can come from non US Heath care providers, even online providers.
Post: Do I need to attorney to write an offer?

- Specialist
- Owings Mills, MD
- Posts 485
- Votes 415
@Riaz Mohamed
MLS listings are between Seller and Broker (not Seller and listing agent) Actually you have a Broker, The Flat Fee Broker(not agent) who MLS listed your property should be able to write the offer for you (probably for another fee or commission), Or have any attny write the contract.
The seller can also engage a realtor to write the offer.
Considering this post that you need help, you have questions regarding what to do next, options and that you are asking on an investment board. I would highly recommend you talk to your Broker in the listing agreement.
Post: Zoning and Agent commissions

- Specialist
- Owings Mills, MD
- Posts 485
- Votes 415
@Sumana Potluru
1. IMO that’s outrageous on the commission. Is this normal?
. you are paying for an expert in Commercial Marine properties, which is a rare agent indeed. It similar as the difference between a general medical practitioner and a brain surgeon . I work with Residential and Commercial property. You would not believe the number of times a Residential realtor has tried and failed to close a commercial property because they did not understand the zoning and environmental issues involved. Commissions of 8 to 10% are normal especially if you want a Broker to search for hard to find properties, its very labor intensive. You are fortunate he did not ask for a non refundable retainer to approach prospective sellers. And yeas if the Property Owner is approached to sell his property, the Buyer usually pays the commission. The only thing harder to find then a Marine property is Aviation.
Do you still think a Buyer paid commission is too high ? if so what would you pay for expert advice or should agents work for free ?
2. Also, does anyone have experience with zoning land for storage purposes?
. Your local zoning board will tell you what zoning classifications for storage are and a broker can search by those classifications.
3. Are M1 (light industrial), B2 (General business), MULTI (Multipurpose) zones lands, a good start for resining purposes?
It depends on what your ultimate goal is.
Post: I need Data to start cold calling , New Jersey area

- Specialist
- Owings Mills, MD
- Posts 485
- Votes 415
@Erdlin C Bonilla
whitepages.com or phonebook
Post: Wholesaling in new area

- Specialist
- Owings Mills, MD
- Posts 485
- Votes 415
@Zachary Wright
Because it's the law.
Who wants to see a ever growing pile of staked out signs along the roads ? I assume the average citizen at some point got tired of hundreds of signs left out 24/7 by zombie wholesalers and complained to their county representatives about it. And bingo, they passed restrictive laws that gave their constituents a sign free driving experience 4 days a week.
The fact that you were not aware of State/local ordinances regarding sign restrictions, says that you were not planing on picking them up. So (and no offence) the laws were passed to prevent what you are doing. You have to be cognizant of the laws that affect your industry.