All Forum Posts by: Mark Moyer

I was going to post that article too @Kevin Favorite.  Good read.  

Some might say there's a lack of affordable housing around the downtown area.  Many of the apartments that article talks about will rent for $1600 and up.   

For many renters, those higher price points aren't obtainable.  I think there will be continued demand for good homes in nice areas at price points that are still worthwhile for investors.  

I've been working as a Realtor for 3 years now.  My reason for getting into sales was to manage my own deals as a buy and hold investor.  But now I do work with many many other clients.  

In Maryland, you need to be a salesperson for 2 years before becoming a broker.  I know taking the classwork for the exam is required--I'm a good student and not worried about that part.  

When does it make sense to get licensed as a broker and what kinds of financial obligations should I anticipate (insurance, etc)?  I would be interested in creating a business model for other salespeople to grow and learn.    

All of my tenants know my home address (we all live in the same neighborhood).  Quality tenants will understand boundaries and when it's okay to get in contact.  

Make sure your lender knows your goals of owning a multi-unit as that influences rates.   

I live near downtown, work as an agent, and collaborate often with investors. Are you looking to flip some properties or buy and hold?

Lynne--I live near downtown, work as an agent, and collaborate often with investors.  Are you looking to flip some properties or buy and hold?    

1.) What specific verbiage do you use in your leases to require renters have insurance?  

2.) How do you ensure the policy is up to date throughout the term of the lease?  

I think the renter pool is big enough that I don't feel like I have to allow pets in my units.  I value the original wood floors in these old homes too much to be scraped with claws and stained with accidents.   

As far as a pet deposit, it's the same as rent, do the maximum of what the market can bear.      

If you stay proactive and keep your units nice, you can minimize vacancy.  As an example, the difference between upgrading to stainless steel kitchen appliances is only a few hundred dollars compared to purchasing white or black.  

Think through the ways that your apartment will stand out compared to your competitions'.  If the numbers make sense, choose quality over cutting corners and your vacancy rates will stay negligible.    

My wife and I have several rental properties and are hoping to add about 5 more in the coming years.  We have 2 young children so it's pretty necessary that we get our act together and have wills drawn up to prepare for those worst-case-scenarios.  

How do you handle wills when you are still actively growing your portfolio?  Do you have any local Baltimore recommendations for people to draw up such documents for you?  

The relative quickness to rent a property really depends on how much you're trying to get in rent and the quality of tenant you are screening for.  I aim for market rate tenants.  I keep my homes very nice.  I've never had a problem filling a vacancy.  

There are thousands of "high end" apartment building units under construction right now around Inner Harbor.  So clearly the big money thinks there is demand for rental property.