All Forum Posts by: Joe Norman

And note that none of @Nathan's advice involves getting your license.If you want to be a Realtor then go for it, if you want to be an investor then a licenses is not necessary or advised (at least not starting out).

Sounds like a profitable flip and a good learning experience - great work.

This doesn't have anything to do with your original question, but your statement that "I have some doubts about their work" caught my eye. Not sure what Ohio's disclosure laws are, but you should ask your Realtor what obligations you have to disclose latent defects and/or material facts. You may be fine and not have to disclose anything (especially if your concerns would be evident to anyone walking into the house, e.g. not covered up behind drywall), but its worth having the conversation with your Realtor to CYA.

Good luck!

Wholeheartedly second what @@Tim Miller said! Until an estate is opened, and a Personal Representative (or executor, or whatever its called in your state) is named I would not release any funds or allow anyone to remove any personal property from the home. The deceased's estate is currently your tenant and until someone is approved by the court to act on their behalf I would continue to pay rent and utilities out of the money paid up front.

Good luck.

Nothing out of the ordinary for the commission to not be a 50/50 split, and at least here in Maryland 3.5/2.5 is very common. Its a misconception that the buyer's agent commission will dissuade buyer interest in seeing the property, however it COULD result in a lower offer if the Buyer's Agent has an agreement with the buyer to make up the difference between what they are charging (usually 2.5-3.0%) and what the co-op commission is.

I personally see no concerns with signing a listing agreement with a 3.5/2.5 commission structure.

I think all 3 of your goals are realistic in Baltimore, with one caveat - financing. A property that sells for 75% of the ARV is probably borderline in terms of "habitability" standards for getting a conforming loan. There are renovation loan options (FHA 203k is a popular one) that can mitigate that issue, but they come with their own challenges.

There are also plenty of homes in Baltimore that you can pick up that have room for forcing equity, they just may not be at 75% but still could be a win. Shoot me a PM if you'd like to connect and I can email you some options.

Piggy backing on Russel's comment about Source of Income being a protected class - not only should it not factor into your tenant screening, it also shouldn't play into your marketing either. 

That said, there are some areas that are just more likely (or less likely) to have subsidized tenants. If you are investing in those areas you do need to be prepared for the extra administrative hurdles that come along with these programs.

This is one of the rare instances where I disagree with @Russell Brazil. The exterior of the building will absolutely come into play when it comes to obtaining an MDE Lead Cert.

If you can do the work required and still have this be a good deal then go for it. What I wouldn't do is count on the Condo Association, or the unit owners, reimbursing you - they obviously don't care about the cornice or else it wouldn't have been deferred for so long.

I generally avoid condos as rentals for this reason, and if I were you I probably wouldn't be going forward with it.

Why do you need to evict them if they are month-to-month? Just notify them that you will not be renewing their lease for another month long term. Depending on the lease agreements and VT state laws you may have to give them a month or two notice (which you really should do anyway so they have time to find new housing).

There are plenty of homes for sale in that price range and those three counties. If you want to PM me we can chat a little to get more specific and then I can send you some options!

B&C Home Inspections is my go-to for multi family inspections in/around Baltimore. Good luck!