All Forum Posts by: Mohammed A.

Hello

I am trying to find some suggestions about buying insurance for a home in outer bank: Duck/Corolla area. 

What Kind of insurance should I buy: 

Hazard insurance/Dwelling

Flood Insurance

Liability Insurance (it seems like some outer bank hazard/dwelling insurance doesn't include liability)

Any thought from anyone and any insurance companies you suggest. 

Thanks.

Mohammed.  

Dell 

I recently visited Corolla area. More specifically Swan and Carova beach. Also interested about buying a rental property there. From the data I gathered from some agents there, it seems like rentability is not much impacted between Corolla  area (communities before the paved road ends like Whalehead commuity) and Swan/Carova beach. Lands are still available and cheap. But construction cost is little higher.  I am trying to gather more information. I was wondering if you already bought something there or still researching that area. Let me know if would like to have a quick chat to share experience. Seems like you are from DC area. I am not that far away. I am in Ellicott City.  Thanks. 

Mohammed (571-334-4800)

@Teri Brown thanks a lot for your detail response and connecting with me at Biggerpockets. 50/60 k ocean front property seems unexpected. I was wondering if you will have some time to talk with me tomorrow or Friday to get some more insight about the Myrtle beach. I was also wondering if you can introduce me to few local real estate agents and rental property management companies. I noticed you are also a mortgage broker... may be if you can help me or introduce me some loan officer. Thanks again for your response. Happy new year. 

MOhammed. 

I am interested buying oceanfront properties (e.g. condo) with price range less than $350k. Plan is to VRBO or ARBNB the property and visit couple of times a year and make a vacation out of it. Manage through local rental property mgmt. Few areas I looked are : Myrtle Beach of SC, Ocean City of MD, Clearwater of FL, & Virginia Beach of VA. Clearwater can clearly be out of my reach of less than $350k, but other areas are should be within my price range. Goal is to break even, at a minimum, after paying all fees (HOA, management etc.), expenses (mortgage, insurance), and maintenance (5 to 10% of rent as reserve). Anybody has any insight which area to pick. And if you know any property management company?

We liked Myrtle beach a lot (little warmer and little cheaper), but management companies seems to charge 15% and provide crappy services. I am not married to any specific beach... open to any beach as long as it still make financial sense as investment. 

Thanks in advance for sharing your thought. Happy new year. 

Bigger pockets:

One of my new tenant’s son seems to have allergy and asthma problem. My tenant is claiming it might be from carpet or dust. They are requesting it we can replace the carpet to vinyl for his sons room and/or clean duck.

We had the duck cleaned in 2016 and carpet was replaced in early 2016.

I would like to help them and make their living enjoyable there. This issue is more crucial as it is related with kid’s health issue. However, I would like to set the precedence we can not effort to do everything they ask in future without raising the rent. This is there second month at the home.

Any suggestions? Thanks in advance for your response.

Thanks.

Mohammed.

I am in the process of renting a single family house.

I marketed my property in Zillow Manager (i.e. Postlets.com). Seems like I can not do it in rentals.com. Seems like only investor with 5 houses can do that. Craiglist is another option.

Any other web site I can market? Can I post the add in redfin.com for rentals?  I couldn't figure out.  

Also, what is the best web site to do background, credit, & employment check for prospective tenant?

This is my first house I am marketing and renting by myself. Any other suggestion regarding marketing and background check? Thanks in advance.

Mohammed.

Hello All

I  am planning to rent a single family house in Howard county Maryland. To my knowledge best place to advertise is www.postlets.com or

https://www.zillow.com/rental-manager/

Apart from that I am also thinking of putting the add to craiglist.

I was wondering if there is any other place/website I should advertise ?

Any other suggestion to market my house?

Thanks in advance.

I am planning buy a house without using a real estate agent representing me. I am have bought and sold three houses using real estate agents and quite familiar about the process. However, this time I plan not to use any real estate agents for buying a house as I am getting a lower price for not using a real estate agent.

I wanted to get some input from BP members with any suggestions/guidance about what I need to be careful about buying house without a real estate agents. I am getting my own inspector for inspecting house and planning to get my own title company. Do I need get a separate law firm for real estate lawyer or Title company will provide one?

Anything else I need to be worry about?

Thanks.

I am working with an apartment syndicator. I was looking for real estate lawyer who is expert in Private Placement Memorandum (PPM). All I am looking for a high level review of PPM to find out if there is anything unusual. thanks. Can anybody recommend any real estate lawyer in Maryland/DC/Virginia area?

Thanks in advance.

Mohammed.

Just sold one single family rental. Now I need to rent another SFH in Ellicott City MD. We are currently living to this house. Before I buy something else and rent this house I wanted figure out the strength of single family house rental market in Ellicott City, MD. It is one of the best school district in Maryland. I suspect rental market is strong. However, I wasn't sure how strong it is for single family house.

I looked into Zillow rent to see how many 5 bedroom small SFH house (2000 sq ft excluding finished basement) is on the market for rent in my zip code and how long they have been on the market. I found only one house which is on the market for rent for 38 days. Not sure what to make out of this. I couldn't find historical rental information (i.e how many similar SFH were rented for last 6 months or 1 year in my area and how long those were in the market)

I looked into rentometer.com to find out how many similar houses were rented in past 6 months to 1 year within 2 mile radius. There were only three. This gives an idea of how much rent should I ask. However, it doesn't tell me how long those houses were vacant or on the market for rent.

Any other ideas or thoughts to figure out the strength of local rental market?

I was planning to talk with local agent. But before doing that I thought I would reach out to BP. Thanks in advance for sharing your ideas/tips.

Thanks.

Mohammed.