All Forum Posts by: Kelly DeWinter

One of the best types of homes to flip, you can get them incredibly low, the damage is never as bad as you think.

. A team is only as motivated as the team leader.
. metrics need to be established to keep the team accountable.
   . I would start with number of calls per day, new contacts added to database, number of offer made per week , number of closings per month. Every month evaluate your team, cut the bottom performer and hire a new team member.
. Commision splits depend on your expenses The rule of 3rds is a good start.

If your team is paying your expenses, then you have a partnership and shoud be addressed via a written agreement that spells out who does what and how everyone is paid.

I would recommend everyone read this book
https://www.amazon.com/Its-Your-Ship-Management-Anniversary/dp/145552302X 

. The private listing is called a "pocket listing" when a broker lists a property, but does not advertise it to the general public. It's a way for an agent to try to get both side of the transaction.

. I would not do it, advertise it on the MLS so you can possible get the best price.
. you are in control of the listing, you set the price, if you don't get an offer, you can always lower the price.
. If she doesn't want to follow your instructions, find another realtor.

. yes, If you purchased title insurance, it should cover the back taxes.

. Find a great property manager.

My general question is, how would you go about increasing the rent? Specifically:
. Since market rates are 800 above current rate  increase by 400 first and second year.

How much would you increase the rent initially & per year after that?
. depends on your market. I track local rates and stay 50-75 below. makes for a quick rental.

How much notice would you give before the rent increase? (I did not see a legally required time frame for a new lease or rent increase for unregulated apartments, please correct me if I'm wrong.)
. depends on your lease. I give 30 to 45 days notice.

Would you require a security deposit with the new lease?
. yes, you may want to break it into 3 payments for tenant.

I would expect your tenant to leave since they have had a great rate for some time, but you should be able to rent close to market rate. 

Recommend you list with Commercial Property realtor, to get solid renters. Commercial realtors keep lists of clients who rent spaces and are more stable financially. 

@Dennis M.
Your comments are appaling.

"I’d be more worried if he was a rent -payer over if he was a wife -beater . Your job is to take his money not be concerned with riffs he had in his marriage. She probably got mouthy one too many times and needed correction "

What rock did you crawl out from ? Posting on a forum that you think it's OK to assault a woman for speaking ?

Get a clue .

Baltimore City is not the place for out of town investors unless you have a real strong property manager, as the courts are INCREDIBLY pro tenant, especially for out of town landlords. to say that BC tenants are experts at working the system is an understatement.

It sounds as if she entered into an agreement to vacate by the 25th. An annual lease is 365 days. have her calculate the number of days she has occupied per the lease based on from to date. then divide amount paid by number of days this gives you the daily basis.