All Forum Posts by: Larry P.

Get with a licensed property manager there and let them handle the monthly rent collection etc while you are gone. Gets the task accomplished and you and not directly the "bad guy" doing it. 

Instead of an LLC if it is for asset protection I would suggest leaving it in your name so you don't risk the mortgage being called due and instead go with an umbrella policy to provide additional protection beyond what your property insurance covers.

Lease the property. Then I collect the first months rent when I give them the keys on move in date. 

Hi Tony. In Texas security deposits must be in accordance with section 92.102 of the Texas Property Code.  The are also addressed in paragraph 10 of the standard TAR-2001 lease form if that is what you are using. I have them sign the lease and collect the security deposit prior to the move in date. This contractually obligates them to lease

Allure vinyl planks are hard to beat for a rental property.  They make the tile, wood etc style planks.  Inexpensive, looks good, easy to maintain and clean and wears better than anything I have found.  

Since the home has been on the market a while it is possible that it has been under contract and undergone an inspection by a licensed inspector and possibly the buyers opted out during an option period.  I do not know about in Maryland, but in Texas if the home has been inspected recently and the inspection report was made available to the seller(s) then they must make this report available upon request to other potential buyers in the near future.  So I would check and see if there are any recent inspection reports available.  This would be a wealth of information to you.  A good experienced investment realtor should be able to assist you on this.  My experience often tells me that a home that has been on the market a while is possibly either way overpriced or has significant issues with the home.

Cheap tiles are thin and so they crack easily.  Plus you will constantly deal with dirty grout. Consider the Armstrong Allure vinyl flooring planks sold at Home Depot.  Reasonable price, a floating floor in case you get foundation movement,  durable, and super easy and quick to install.  Plus they look good.  Check out many posts on this flooring on BP.

No vinyl.  Aluminum seamless. A good gutter company should have the equipment to make them on site to fit the home and should cost less than if you tried buying the materials at the big box store and doing it yourself. 

I assume this will be a buy and hold property for lease. If it will need rehab before it can be leased out and if the other option was using a hard money lender then yes, you can save on all the numerous fees associated with a hard money loan. Basically you will be operating as you own hard money lender. Then after rehab you can get a cash out mortgage based on the ARV.

I have used MySmartMove for years with all A+++  results.  I'm thinking that this is an isolated incident.  I would give the MySmartMove rep that wrote a chance to see if they can troubleshoot the problem.