All Forum Posts by: Dustin Mullins

@Brandon Allenczy it's not necessary to get the rent suit thrown out, that happens automatically when you don't show up. Landlords do that all the time, like if a tenant actually pays before the court date.

You can file for possession as soon as the tenant is past the move-out date you provided notice for.

PS it's not just a website, we meet monthly, provide updates to laws and procedures, and have guest speakers relevant to landlords.

@Brandon Allenczy you should check out the landlord association of washington county. We can answer simple questions like this one with specificity to washington county.

To answer your question, you don't need the rent suit because they've already held over past notice. Go to the courthouse and ask for a warrant of restitution form. Explain your situation to the clerk though, the form may have a different name.

PS give the landlord association a google and please don't judge the website too hard, I'm working on getting it updated out of the 90s. Most of our members are local landlords who have been doing this for a long time and have run across every situation imaginable.

Originally posted by @Wil Serrano:

I'm in the process of purchasing an FHA CWCOT property that is being sold prior to conveying to HUD. I will have to assume all responsibility and liability for any occupancy, and all responsibility, liability and cost of taking possession. The seller will only be paying any delinquent taxes, pro-rated taxes. The property is being sold "AS IS/WHERE IS" and seller is not purchasing title insurance and No Title Warranty.

Has anyone purchased a similar property and would be willing to share their experience? What would be my risk involved with occupancy and taking possession?

Any feedback is greatly appreciated. 

-Wil

Wil, could you provide an update if you went through with the purchase? I'm bidding on one and the auction ends tomorrow. Your post is the most recent one I could find.. but no one replied. Any insight you have would be greatly appreciated.

@Andrew Michael could you send these recommendations my way please? Or post them in this thread so other folks can benefit too.

Hey Adam, what is the address and asking price?

Hi Brian,

I think you're in an interesting position. There is no shortage of investors looking for deals in the NOVA market, which you've seen. I think your "napkin numbers" leave your margin a little too thin, though. How about partnering with your parents and splitting the profit with them? Or if they don't want to be involved financially, sell it to you at a better price (think what the wholesalers have been offering), which would give you a greater buffer in your margin, and split the profit with them. If they're not interested in either of those, partner with a local investor. Whichever way you go, definitely try to increase that margin. Good luck, feel free to reach out.

Dustin

@James Green I assume this property is no longer available, but do you have any others in the Fort Washington? Any in the Tantallon neighborhood would be best, but we will look at any in Fort Washington.

Hello Mark, I just listened to your podcast today and it was fantastic. I heard you didn't have enough BP contacts so I thought I'd send you a request. I own 7 doors and will be exiting the rat race in about a month, with some other plans in addition to passive. But I need to step my passive game up to your level at the same time! Thanks for the informative podcast and best wishes. Dustin Mullins

@Joe Serafin please send additional information. # of units, configurations, location, pro forma, etc. Thank you.

Dustin Mullins
Realtor/Investor
Olympic Realty

I also use the Bank of Charles Town (BCT). I typically work with Jonathan Agee at the Hagerstown Branch, who is a sharp young guy who is really responsive and attentive to detail. They are also creative, for example they worked with my partner and I to get a loan where the seller held 10%, so we only had to come up with 10% down for a commercial loan. I've also heard United and M & T are similar.