All Forum Posts by: J.T. Littlejohn

Hi Bigger Pockets Baltimore,

I'm closing on my first property in Baltimore City next Monday and would like to get some referrals for insurance companies that offer reasonable rates for rowhouses. 

J.T.

Welcome to BiggerPockets @Jon K.

@Aaron White what's the details on the property? Where is it, beds, baths, etc?

Great work @Tariq B.! 

@Eric Smith all things being equal, you do have a valid point. Using a property manager familiar to the area SHOULD minimize the possibility of something going wrong. If you get a crooked PM, that could be the end of your investment career even before it gets going good. Doing your first deal or partnering on a deal locally will give you that first hand perspective on what "something going wrong" would actually look like. Discerning this from many miles away is difficult to say the least. Also, giving control over to someone you barely know is a bit risky on your first deal. Month to month renters are challenging locally much less from a distance. Your vacancy expense could be quite significant and consume all of your profit and even get into your principal. I am a new investor and these are some of the issues that I have contemplated as I develop my overall plan. 

Good job @Tilmon Smith on the flip! This was your first project and I'm sure you learned plenty. A lot of other investors like myself are still looking and/or analyzing their first deal. You have made a big step. Keep it going. 

@Sam Sharata that stipulation on the use of the SD is weird. I've never heard of that before. A learning experience indeed. I've learned something already. 

@Jamal L. I agree. Your spidey sense is probably right and there is something fishy about. @Account Closed poses a great question for the seller. Chances are they are either paying a flat rate (of which there is no such thing at BGE that I know of) or they are tapping into a separate property. Did BGE give you the address for the legal connection?

Congrats on your first deal @Sam Sharata! I agree with @Lisa S.. There has to be a requirement for seller disclosure of this information. The title company/closing agent should have ensured that this information was provided during closing. You should have been provided the terms/copies of the current lease and all security deposits should have transferred to you, the new owner. There should have been language in the contract about notifying the current tenant about the transfer of ownership and confirmation of their intent to remain or vacate the property prior to transfer. Consult your lawyer. You can probably get out of this if that's what you want or at least the threat of litigation against the seller should get them to do the right thing if you still want the property.