All Forum Posts by: Joe Norman

I would need more information here, but if I'm reading your OP the same way as Theresa Harris than I agree with her assessment. The PMC isn't responsible for paying your, only managing the process and transactions. They also aren't liable for theft within the home, although they certainly should be securing it when vacant.

I think you may need to have an expectation setting conversation with your PMC to get on the same page. Good luck.

It sounds like you have a one income household. Is it possible for you to get a job for a year or two, and just dedicate all that money as your REI Fund? You could pretty easily get a down payment built up if you're not touching that income.

Personally that wouldn't be enough cash flow for me in a C-class Baltimore neighborhood where appreciation is likely going to be very limited. Did your agent back up their claim that "this one will be different"?

The only time I accept cash is if the tenant meets me at the bank and hand the cash directly to the teller to count. That way there is a receipt and independent verification of how much money the tenant paid (and I've only done this twice under very extenuating circumstances, for obvious reasons).

As others have mentioned, do not give out your home address! If the tenant will be mailing you a check or placing it in your mailbox use a PO Box at your post office.

We only accept electronic payment through our website, except under extenuating circumstances as noted above. ACH has its pitfalls as Chris mentioned but if you have good tenants its not really an issue.

It's going to depend on your state. In Maryland we are not allowed to pay any referral fees to non-licensed individuals. I suggest talking to a few brokers in your area and see how they have handled this in the past.

This is horrible advice. You should absolutely worry about being discriminatory and "preferring a traditional family" is just that.

Personally I don't set a minimum credit score (although I do review the credit report for any major derogatory items) and would rent to these tenants based on the information you provided. That said,  @Michele Fischer's advice is spot on  - "If anyone has applied and been denied in this applicant cycle, don't change your criteria. Be very careful about updating standards mid stream, evaluate between application cycles."

Asbestos siding is common on houses in Baltimore built in those years and is a non-issue (at least here). New siding shingles can be purchased that are made of non-asbestos material to replace any original ones that are damaged and they are easy to paint - we do that for cosmetic purposes but we don't replace or encapsulate the entire house.

That said, I would talk to your Realtor to determine if there are any Michigan-specific rules/regs regarding asbestos siding.

You should probably talk to your Broker and do whatever they say. Every state has different rules and regulations related to Agency.

As many others have pointed out, this is absolutely possible - there are plenty of markets (Baltimore being the one I'm most familiar with) where there is an abundance of $100k houses.

BUT, it's not going to be an A-class neighborhood, and it's likely not something you'll be successful with managing from afar. If you're location agnostic then I would start by interviewing Propert Managers in some of the cities that were mentioned above. Once you find one you love, who has great referrals, and a great reputation, then ask them for referrals to some Realtors they work with (if they don't have a sales team in house).

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