All Forum Posts by: Ken Wang

Dear All,

  I wonder if anyone would point me the resource or any sort of guideline, how to do seller financing? I am buying a property from a homeowner directly in Baltimore City, and wonder the option of seller financing. Appreciate your help!

Sincerely,

Ken 

Thanks @Alex Deacon . will do that definitely. I am in the process of making an offer so just want to get a ball-park number even higher price it will be ok, so I can make a conservative estimation, because this property may go fast. However, totally agree with you, if it's hard for a contractor to make an estimation, I should do more homework.

Dear All,

Question about egress entrance;
I am purchasing a row house in Joseph Lee, Baltimore. In addition to the door/stair going to upstair, the basement has another backdoor. However, outside the backdoor, it's just an opening with wall around it (like egress well). I wonder how much is to make it stair so it can be used as 2nd entrance for the basement? We may not have enough to just add stair but need to open the wall to make space. and any good contractor you would recommend ? Thank you so much for your time to answer my questions!

Thanks you @Shadonna N. yes, I have my own pre screen question. The good thing is that for this service , if I find my own tenant I don’t pay him. He only connects applicant to me. I do all the showing and application so make sure I don’t get bad one. I do agree that these agents have tendency to send whoever they can find to me .. need to be careful.

@Jon Holdman@Marc Winter@Russell Brazil

thanks for the tip again. I am amazed that there are many investors like you guys would answer my questions as small as this. I really appreciate you share the experience with me, and I learned a lot. 

@ Russell, I did a little homework for the carpet and I couldn't find the gov document specifying the carpet wear and tear for Howard County, MD where my rental is. However, I found Montgomery County, MD state for Carpet wear and tear, it is 7 years. The PDF from county website does show the calculation for tenant responsibility if it needs to be replaced. Say my carpet is 4.5 yrs old, and the cost to repair is $330. Tenant responsibility is $330/7yrs  x (7 - 4.5 yrs remaining life of the carpet) = $118

@Marc, thanks it's a good tip, definitely keep in mind for my rentals.  

@Russell Brazil and @Jon Holdman thanks a lot, I didn't know that there is a clear wear and tear limit for carpet at 5 years, very useful info!!  After I read you guys suggestion, I checked it in detail. The carpet was replaced on 07/2014 so it's about 3.5 years. I asked local carpet store. The only remedy seems replacing the carpet for the 12ft x 12 ft room, although it's not a big damage. I wonder is that something you would do to charge tenant for replacing the carpet?  Many thanks, Ken

Thanks @Richard Mollel, I will keep your advice in mind :)

Thanks @Russell Brazil maybe I wasn't clear. The carpet is close to 5 years but the damage is made by tenant's baby sitter which is not normal wear and tear and there are 2 spots (< 1 sq ft), so I am not sure if should charge the fee to replace the whole carpet of the 1 bedroom or just the spot... However, I don't think it can be fixed though. 

Dear Friends,

  When I did tenant move out walkthrough, there is an area of bedroom carpet damaged by the tenant, not normal wear and tear. However, it's not unbearable for next tenant, but I wonder how much you would charge the tenant for the repair. It's less than a sq ft.

Thanks,

Ken

first thanks @Account Closed, yes I will definitely interview tenant myself, and do the home work. So my personal preference is the 1st service just to  expose my unit in large network... any advice would be appreciated !