All Forum Posts by: Russell Brazil

 It’s in Butcher’s Hill 

Hi, my name is Jayme and have two properties. My first property I purchased  in DC in 2017. I have essentially been house hacking - renting out my basement and living with a roommate until Dec 2024. I have been considering another real estate investment property for several years and finally pulled the trigger and purchased a new home in Baltimore MD with the eventual intent to make into a MTR. I moved to Baltimore and am renting out my DC property netting maybe $300 per month. I could probably be making more but my basement tenants are great and essentially property managing for me while I am living in Baltimore. I rarely have to make a trip to DC for the house. My property in Baltimore, however, is significantly more expensive with a very high interest rate (335k, 6.8%). I bought bc it was a good deal in a great area - close to downtown, walkable with several restaurants and parks within blocks, Johns Hopkins is 3 blocks away for traveling medical professionals as well as students, plus there are several universities within 20 minutes of the home. I bought it as a primary - 3 bedroom two bath. I am living there with my roommate and renting out the top floor. I am coming out of pocket $1000-$1100 per month for this property. I am a little stressed over this. When I move back to DC, I plan to rent room by room, and if I can get the prices I am hoping for, I will break even.  I hear on the podcast that most people have a hard time making the jump but I might have jumped too soon?  have a feeling this was a mistake. I need to figure out how to think through this. Any help, advice, feedback would be grateful appreciated. 

Wife and I are moving out of state later this year. I would prefer not to sell our DC row home and instead try to rent it out in order to accumulate equity and at some point have a decent stream of passive income - at the mortgage rate that we are locked into I think we'd come close to break even after a few years. I have heard that managing a property on your own can be a nightmare, let alone managing one from out of state. Wondering if anyone here has recommendations for companies that they have used and/or strategies for managing a property long distance. Thanks in advance!

Yes, it was done through AMC - and I was sent the payment link - which I paid.

its a DSCR loan, not an FHA. And it is very clear I will not do the loan with them.

I have written them a few times.. I guess I will just keep nagging then 

 Ugh. Yeah I'd lawyer up and consider moving into the place for a few nights then change my mind. 

I'm in the area and know it is big business but this would be a hard no for me. Does selling the property allow for removal of the tenant? 

Can you explain what you mean that there is "no ability to non-renew"?

@Russell Brazil I appreciate your response. Unfortunately, I received information from this forum to the contrary, from a longstanding landlord working with DCHA so of course it wasn't my intention to break the law. I can resolve the back pay but would the best solution then to just change the utilities to the tenant's name moving forward?