All Forum Posts by: LaRuan A.

@Cristhian Huamani

@Cristhian Huamani

@Cristhian Huamani@Cristhian Huamani@Cristhian Huamani

I would like to speak with investors who have retired young and who are living their dreams abroad with real estate rentals or other passive income investments, preferably investors who are not actively building any business and preferably investors who used their own money/capital to invest. These discussions would be less about personal finance and more about your path to financial & time freedom and lifestyle adjustment. Have you achieved this? If yes, are you available to Zoom?

@Cristhian Huamani Hey Cristhian, I just saw your YouTube video dated 4/27/2020, entitled “5 Ways to Buy Cheap Houses in Hagerstown Maryland”. It was a good video for new real estate investors looking to invest in Hagerstown. I clicked like, forwarded your video to a few friends, and subscribed to your channel. You scratched the surface for ways to find cheap properties for purchase in Hagerstown. Was there a reason you did not mention specific banks or names of auctions to pursue these properties? I acknowledge that you did, however, mention the types of auctions to attend. Also, you mentioned that an investor can buy a distressed property, rehab it to double or triple his or her equity, do you still find this as easy or more difficult during this COVID-19 environment? Thanks!

Hey Michael, You are spot-on about the politeness and good communication with Legit Management. There are other aspects (e.g., reliability; market knowledge; alignment of financial goals) to praise. Placement and maintenance fees are transparent and pretty standard. The first month's rent for a new tenant goes to Legit Property Management. The property management fee is 10%. I cannot speak for maintenance because the rehab project for the property I have has not resulted in a tenant maintenance request. However, for the three independent rehab quotes that I have gathered for both of my units, Legit Property Management's quote was lower than the three independent contractors in Hagerstown that I requested for bids. That lower bid included a $500.00 management fee for the Legit Property Management to oversee the rehab of the unit. Overall, my comfort with the management style and the standard property management charges are the reasons why I decided to choose Legit.

I would not rule of the Antietam and Synergy Property Management companies. They are larger outfits that serve their clients well. I had another acquaintance praise Synergy today for helping him achieve his property management goals. From a few conversations with the owner of East Coast Real Estate Group, LLC, he is qualified, was knowledgeable, and was helpful in helping me understand how to maximize profitability and maintain good properties in Hagerstown. Ultimately, I would encourage you to know the criteria of properties you want to manage in Hagerstown, know what your goal is there, talk with a few property managers, find out their goals, and determine which property management companies are most compatible with your vision, as well as theirs.

I appreciate all your replies. Currently, I decided to go with Legit Management. The owner, who is a former developer, was extremely helpful, knowledgeable, and friendly; he also took the lead in addressing property and tenant issues quickly. Plus, he owns several Hagerstown properties, manages more than a hundred properties in the area, and is responsive.

Cristhian, with Synergy Property Management, although the owner of the company is knowledgeable, experienced, and is the largest in the Hagerstown market, I do not appreciate unnecessary sarcasm in communication and not keeping my business partner in the loop, when requested. I prefer to work with a property management company where friendly and informative communication as well as efficient systems are respected upfront.  

Do any of you currently have the name of an excellent property management company in Hagerstown, MD? I am struggling to find a responsive, friendly and proactive PM company. I have been talking with Synergy and Antietam, but they have fallen short of one or a few of these three criteria.

Thanks Gentlemen,

@Daniel Kim, is the investment property a multi-family residential property (i.e., duplex; triplex; quad) that you put 20% down payment?

@Ben Guttman, I will reach out to Scott Freitag if my current 20% financing fails.

@Tim Miller, Do you mind sharing your contact with the small local bank you used put 20% down?

Thanks again,

LaRuan Cole

@Stephen Predmoreundefined

@Tim Miller

Thanks for the additional expectation, Chris Mason. I will just accept the 25% down payment for the deal I have.

Thanks Russell, That sounds right. Most lenders I approach are asking for 25% down payment; whereas, I am looking to put down 20%.

Do you know of a bank, lender, or financial institution in Maryland that would allow for me to put a 20% down payment on a duplex, instead of 25%? I am looking to finance several duplexes in a small town in Maryland.