All Forum Posts by: Joe Norman
Joe Norman has started 15 posts and replied 1211 times.
Post: Relocation opportunity. LA -> MD
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
Quote from @Russell Brazil:
Quote from @Joseph Frausto:
@Russell Brazil I typically see 4 bedroom homes for about 600k where-as 600k in LA would barely buy you a 2 bedroom :/
Are you familiar with the havre de grace or bel air area markets?
Thats about an hour north of Baltimore. Middle of nowhere. Havre de grace might even be closer to Deleware than it is to Baltimore
Bel Air and Havre de Grace are not "middle of nowhere". Bel Air is a thriving suburb, and Havre de Grace is a great little town with easy access to Aberdeen Proving Ground - one of the largest employers in Harford County. Our county hasn't experienced the trickle down influence of DC's largesse like Howard/Montgomery/PG/Anne Arundle, but that doesn't mean they aren't great places to live and invest.
Shoot me a PM if you want to talk more.
Post: former PMC still owes my $$$
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
Illinois requires property managers to have a brokers license (or be affiliated with a broker) so I would reach out to the Illinois Division of Real Estate to file a complaint. However if they are unlicensed then your best bet is probably to chalk this up as a $990 lesson and make sure to only work with licensed companies going forward.
Post: How to tell seller I cannot work with/rely on her listing agent?
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
Quote from @Hoi L.:
Great to know, and that's why I asked that question knowing that he switched "places" after she signed with him several months ago and cannot now find the original signed contract on DocuSign. Going to find out
Good luck, keep us posted!
Post: How to tell seller I cannot work with/rely on her listing agent?
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
Quote from @Hoi L.:
Quote from @Theresa Harris:
They are under contract with the agent. She needs to get a copy of the contract to see when it is up, but I'd suggest your realtor or you then reaches out to the other agent and tell them to do their job. Or contact their broker and say that there is a conflict of interest and the seller's agent is not properly representing his client, but the daughter/executor needs to do the same. If the agent doesn't reply to her-go to his boss.
I'd still talk to the daughter/executor to keep both sides up to date. Make sure she sends a letter to cancel the first sale if the paperwork hasn't already gone through (guessing the dates expired).
@Theresa Harris Thank you for your advice. The seller told me that after she signed the contract with her agent, he switched brokers and all her previously signed DocuSign socuments "disappeared". She checked multiple times and they just were gone (she told me she wants to review the contract to see how long she is "stuck" with him). Since he switched brokerage, wouldn't she be cleared? Not sure what the contracts between seller to the agent or to the brokage. Thanks
The Seller's Listing Agreement is with the Brokerage, not with the Agent. So if the Agent switched Brokerages, and did not terminate his old Listing Agreement with the Seller and get a new one signed, then he is not currently the Agent. The seller should 100% call the Brokerage that she signed a Listing Agreement with originally to inquire about this Agent's status at the Brokerage and who is currently representing her.
Post: How to tell seller I cannot work with/rely on her listing agent?
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
Since the seller appears to share your frustration with the listing agent I don't think you really have to "tell her" that you don't trust the LA. Your agent can't ethically communicate directly with the seller since she has a listing agreement with another broker, but you sure can (even if that frustrates the listing agent). I think you should absolutely continue to communicate directly with the buyer, and keep the listing agent and your buyer's agent CC'd. You could also consider CC'ing the listing agent's broker since that is who is ultimately responsible for the client and the listing.
I know how frustrating it can be to work with unprofessional agents. Good luck!
Post: First Time Flipper in Baltimore. MD!!
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
One often overlooked source of referrals is your Hard Money Lender. They are presumably well connected with the local REI community and know who the players are. They also generally have experience and have an interest in only vetting/recommending the best contractors since its their money in the deal. Good luck!
Post: Am I Thinking Too Small
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
Quote from @Ozzy Sirimsi:
what area in Baltimore you are looking where you cannot find comps??
It has been an active market, so you should be able to find it if you have resources.
Let me know the address, I can try to help you.
I second Ozzy - this has been a very active market and there should be resale comps in every city neighborhood. Good luck!
Post: Seeking full service RE Co. to help find and manage properties
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
Quote from @Kwadwo Sampany-Kessie:
Quote from @Joe Norman:
Owner/Investor/Agent/Manager here - happy to help!
One note: most states require Property Managers to be licensed, but Maryland is NOT one of those states. While having a license doesn't necessarily guarantee professionalism, and vice versa, it is a good indicator. Happy Investing!
@Joe Norman I'd love to chat with a Baltimore licensed property manager to get their take on neighborhoods surrounding Druid Hill park. Who might you recommend? Many thanks!
Shoot me an email and I'd be happy to help!
Post: Carrying All the Risk
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
At an 85/15 split, assuming you're both being paid a similar salary, it doesn't sound like there is much more room to be compensated for your risk. You can, however, protect your investment by making sure you hold the decision making power for the businesses.
Partnership agreements can be tricky, especially if you are friends/family with your partner. Good luck!
Post: Property location in Maryland
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
Seconding what @Ozzy Sirimsi said. "Baltimore" is too broad of a market to give any kind of advise. We really need to know what block you're considering investing in. Do your homework and know your comps before investing in Baltimore. It can be lucrative, but also risky.