All Forum Posts by: Candace Noel

@Ned Carey, do you have any input? You are truly the master of all things Baltimore! ;-)

@Michael Randle hahaha Thank you for all of the links! I'm going to take a look at them momentarily. I think Brad touched on what my confusion was.... "being taxed an additional 8%+ if the property is in my personal name at the time of sale" especially since I'm not a Maryland resident. :-)

Originally posted by @Brad Cogswell:

Hey @Candace Noel , we have actually done both methods. We've got a California LLC that is registered to do business in the state of Maryland and then we've also got a Maryland LLC that we formed.

Our California LLC has more in it than just Maryland properties, while our Maryland LLC only contains Maryland properties. As long as you register your out of state entity with SDAT, I'm not aware of any additional tax implications. Could be wrong here, so someone correct me if you know better.

You definitely want the asset in an LLC that is registered or formed in Maryland though because if you have the property in your name you will be subject to an additional 8% or 8.5% tax holdback upon sale.

Brad, THANK YOU! I think what I was recalling from a previous post was if it was in my personal name and not in an LLC I would be subject to the additional tax upon the sale of the property.

I'm looking to purchase my first rental property in Baltimore very soon (like a couple of weeks). The property does not need any work (just carpet). I am nervously excited. Do you think it is wise to purchase the property for CASH via an out of state LLC or should I register a new MD LLC? I think I recall reading somewhere that out of state LLC's get taxed higher. Or out of state owners in general get taxed higher/pay more fees. Does anyone know if what I recall is true? I have plenty of family in Maryland that are willing and able to register the LLC and partner with me, if necessary. Thanks!

Side note: the property is located in the Coldstream - Homestead - Montebello (21218) neighborhood. Does anyone know if that is a good location to attract tenants? Property has 3 bedrooms 1 1/2 bathrooms. 

Originally posted by @Account Closed:

HELLO BP,

Is there a fee when you transfer your rental property which is currently in my LLC to my personal name?

Hi Booker, out of curiosity, why do you want to transfer it out of the LLC's name? Wouldn't you want the added protection?

@Dee Hiranwar , don't let them lead you astray! lol I actually speak from experience. The list is in the basement level of the courthouse on yellow slips of paper. The thing is, it's not a "list" it's a copy of the actual filing. They "tried me" when I asked for the pink slips of paper not knowing they changed to yellow. The clerk played dumb. At any rate, they will make you sign for the documents before you can look through them.

Originally posted by @Account Closed:

@Kelly Conley Majority of the Eviction leads I received are not even eviction properties, and few were Evicted over year back, which is of no use to me, never worked on a probate lead. I typically target Craigslist rental AD's, REO, Auction and FSBO

 Hi Dee, are you trying to target the landlords or the tenants that have been evicted? Either way, you will have to go in person to the Baltimore City courthouse. They will allow you to see the list, BUT, you have to handwrite the information. No photocopies, no photography. 

Originally posted by @Thomas S.:

Your best defense is obviously screening but you must also act swiftly when dealing with tenant issues. File a notice to pay the day after rent is due when not paid, learn your state landlord tennat regulations and inforce them swiftly.

Time is of essence, you can not listen to tenant excuses or promises until after you file your paperwork. You can not recapture lost time, you can always cancel an eviction. 

Thanks Thomas, I think that's the best advice and way forward: filing the a notice to pay immediately. I plan to use a property management but I wanted to "beef" up the lease as much as I could with any helpful verbiage. :-)

Originally posted by @Ray Harrell:

@Candace Noel, physical threats and breaking kneecaps.

 Hahaha too funny! I can honestly believe that. ;-) 

Thanks Russell and David. @Ian the intention of this post was not to determine whether or not I could "handle" the fact that the tenants had "all" of the power, but, instead try to find tips and tricks to shorten the wait time for evictions. :-) Thanks for your input though.