All Forum Posts by: Russell Brazil

In most states a home inspectors liability is limited to the cost of the home inspection itself.

However something here just does not seem to add up.  How could you the investor and the home inspector not realize that there were missing HVAC units?

I would be interested if it were in Frederick, but that is about the northernmost part of the state I get to. I live in Rockville, but invest in Frederick.

A couple of key points to remember when landlording in DC....DC has rent control if you own 4 or more units (It might be 5 or more?). There is also the whole TOPA (Tenant Oppurtunity to Purchas ACT) rights issue in DC.  Under TOPA a tenant has to be given the oppurtunity to purchase a property before it is listed for sale.  This can create a headache, what if the tenant tries to use his TOPA rights but can not qualify to buy...this an prolong your sales process signifigantly. What if your tenant decides to sell their TOPA rights to a third party as has happened.  

DC is a great market for investors, you just need to be aware of some of these specifics to the market.  

I focus most of my marketing on my sphere of influence, current and past clients.  I try to leverage my current relationships into referrals.  Establishing a FARM can be costly, especially in an area with a lot of agents.  My marketing is basically 1 email a month, 1 snail mail piece a month, and I try to get something of value into their hands every 2-3 months or so.  This helps keep my marketing budget relatively low, while producing pretty good leads.

Maryland/DC have great opportunities for investing. As is any market, hire a knowledgeable Realtor. I know PG County, Montgomery, Frederixk (also good for flipping) and DC.

I have found Baltimore to be an especially tricky market even for me ad an agent.  When I look at deals in Baltimore I actually consult with an agent at our Baltimore office. Every block is different in Baltimore and can make a difference on price. If you want a referral to a baltimore agent send me a pm.

Having a real estate agent does give you the extra layer between you and the renter.  Also an agent should be very familiar with all the legalities involved.  As an agent I have placed renters in units, but as a landlord I myself would be less apt at using an agent (If I were not an agent).  

My recommendations are to make sure you screen your tenants thoroughly and equally. Have some minimum qualifications like a 620+ credit score.  Research the numbers and names of the employer and landlord references....make sure you arnt just calling their best friend.

@David Shapiro I do know of a situation (not a rental) where Child Welfare Services was called and got involved because a parent/homeowner did not fix their broken CAC. They almost had their kids taken away over it. I guess I just assumed because of this that CAC or AC was a requireMent.

Always check local laws regarding requirements. I thought that CAC was a requirement in Maryland, but maybe window units are acceptable.

The best way to find an agent is by referral. I would go to your local REIA and ask for a referral from them.

@Ti Jackson...I just made the move from a small brokerage to Long & Foster. I made the move because I wanted brand recognition. That in itself helps to generate leads when talking to people. I get a lot more respect from people when they hear I am with Long and Foster versus some no name brokerage.

If likely suggest Long and Foster, or even Keller Williams. I would also say that the culture of the office you are in should play a role. My office has a very positive and helpful culture which attracted me to it, as opposed to some other offices I visited that seemed more like the agents were competing with one another.