All Forum Posts by: Joe Norman

As Jack mentioned, small multi-family units are around but not the norm in Maryland, and the ones that are around were typically built as single family and converted to multi-family. One thing to look for is whether the units are separately metered for electric - if they are then the conversion was probably done above board.

As far as location thats going to depend on your budget. Baltimore or Cumberland are probably going to have the lowest entry price but also present management challenges.

I did a quick search in Bright MLS and there were 12 homes in HdG that rented out for $2700 or more in the past year (this doesn't include anything not in the MLS). So the short answer to your question is that yes, it's very possible. The devil will be in the details though, and in particular the location (which side of Rt 40 the home is in will be a driving factor). Feel free to post, or PM me, the address of the house you're looking at and I'm happy to give you more detailed advice.

Glad to hear this worked out. I still would file a complaint with the Ohio Real Estate Commission though, bad operators like this do not belong in the profession.

 We permanently mount a lockbox in an inconspicuous location on each property. We also have a master key to all of our properties that our in house maintenance has, as well as a few of our most trusted outside contractors. Anyone else can be given the lockbox code as needed.

I'm only meeting contractors at units we manage in very rare instances. I tell the tenants they can be home if they want to let the contractor in, otherwise the contractor will be given lockbox access. The lease does (or at least should) give you the right to access the home with reasonable notice.

What I don't understand is why the landlord is "making claims", that complicates the issue. Isn't it the PMs job to assess damage and stand behind their assessment?

Also how was the "claim" documented? Was there an itemization of costs? Was it delivered via certified mail (or whatever the requirement/standard is in your state)?

To answer your question, I would think that Yes, the PM can distribute the SD as they see appropriate. Depending on the jurisdiction they probably have a set amount of time to do this so they don't want it sitting in their escrow account beyond that.

In my experience I would recommend avoiding any mention of an applicant’s family status, gender, etc. when discussing your tenant placement decision  (“couple with 3 year old daughter”, “single male”, etc.). These are all protected classes at the federal level and you are opening yourself up to discrimination lawsuits if a tenant thinks that you made your decision based on these aspects of their application.

Write down your objective criteria that are not based on any protected classes (federal or your state protected classes) and rent to the first applicant who satisfies them.

Realtor: A member of the National Association of Realtors. Can be a broker, an assistant broker, a licensed salesperson (i.e., "agent"), etc (different states have different license types).

A broker or agent can also NOT be a Realtor, although that isn't very common (yet).

What I think you're asking is should you work with someone who has a Brokers license or a Salesperson license (i.e., "agent") and I think the answer is that it doesn't matter. Find a licensee who is active in the market, has experience with investors, a strong support team behind them, and experience with the 1031 process. IMO it is irrelevant whether or not they have taken the extra steps to get a Broker/Assistant Broker's license.

Congratulations on finishing up your project! I own and operate Blue Door Residential Property Management (www.bluedoor-pm.com)and would love to connect.

One thing to note: Maryland does NOT require PMs to be licensed, but it is optional. Strongly suggest you only hire a PMC where at least the Principal is licensed by the MREC.

There are a lot of Baltimore haters out there, but the fact of the matter is that a lot of people are making money investing here. Baltimore absolutely has its issues (I, personally, wouldn't live there due to the schools and crime), but as the saying goes "Live where you want to live, Invest where the numbers make sense".

Some things to note as an investor: high property tax rate (but assessments tend to be lower), high reliance on voucher tenants, city government is a PIA to deal with.

Get a great Realtor, get a licensed property manager (PMs aren't required to be licensed in MD, FYI) and start scouting neighborhoods.