All Forum Posts by: Account Closed

way too much in that area, for future reference. huge home

I never understood why putting 25k to sleep to get the limited cashflow you are getting is worthwhile, so much work to get to that point, and section 8/any tenant is a constant headache. I do understand the perceived longterm benefits, but 20 years is a long time, good news is that you have equity if you get tired of it, bad news is what the tenant is going to do to your house.

some helpful hints for you-

1. when you get the RTA, request a rent number you will never get, let them tell you the most they are able to pay then accept it, don't offer it for them.

2. expect to fail your first inspection, which is how these inspectors justify there jobs. I've had brand new houses fail for the most inane of reasons. don't argue either, always better to have friends, schedule the reinspection the next day for asap, then be done....be flexible with a security deposit.

3. include a microwave, if you weren't already. get one for 40 bones and put it on the counter. slight bump in rent

4. you can do better from a title co perspective, just tell them what youre willing to give. every deal they get is one more than they had and costs them little. pigs get fat/ hogs get slaughtered. I can send you some places if you know no one. figure you can save yourself 300 bucks more per deal....in case you hadn't noticed, title companies aren't quite as busy as they once were. certainly a client like yourself provides enough value in potential number of deals that the title number can be reduced.

5. avoid being a landlord, let a prop mgr. do it for you, particularly when dealing with section 8 non-sense.

Good luck, and make sure your insurance policy covers water damage/sewer drain backup

ive got a house in 21239, this is a highly desirable section 8 area. With a 2 bedroom voucher youre getting aproaching 1100-ish a month. 50000 is the typical needs work price. this is a very strong rental property independent of the work, which of course is the biggest question. Swansea? cedarcroft? id guess youre talking about Swansea. this is a good deal if your financing is good. looks like it needs very little, and a new furnace might not be as bad as you think. long term rentals in this area are wise investments (assuming good financing)

non payment equals eviction. period. do not treat these things as people, ever. they are trying to keep your money at all times and live for free, you are trying to get rent. these are in direct opposition to one another. As a Baltimore landlord, I once had the same human emotions also. Be kind and straightforward, always with respect...but kick her out if she doesn't pay, non negotiable. Don't argue with it as arguing is a waste of your time, initiate court proceedings for non payment immediately, gather necessary evidence, set an eviction date...then send her to collections for money owed.....and tighten up your house (electric etc) when vacant. no more BS.

I had a headache tenant recently meet my rent court lady at rent court, threatening to rent escrow if I didn't pay him for his supposed bills he incurred as a result of a roof leak (not Niagara falls, more like slowly dripping faucet and only when rain/snow on the roof) the idiot showed my rent court lady a receipt he typed up on his printer for 400 dollars!! he wanted me to pay for vacuuming his sofa? cleaning my carpet?...needless to say I told him to shove it up his ***, and proceeded to get told a story of how the judge berated this a-hole for both not paying rent and filing a rent escrow case. fine by me, ill win that too than take both of their employed asses to collections, plus eliminate yet another headache.

lesson, don't fear bad tenant,...take reported issues seriously, but show it who's boss at all times.

first question to answer is what does the tenant want exactly? is the tenant sick? what are we talking about?...this is your home, not the tenant's. if they reported the mold to you and you did nothing months ago...clearly you are negligent, yet negligent of what exactly? making your tenants sick? what exactly is the problem outside of mold existing??...I would suggest you go there and schedule with the tenant to go (if they refuse, on them and likely violation of lease) have legit guy cut mold crap out, figure out and rectify source of moisture, then replace/fix. HAVE TENANT SIGN AND TAKE PICTURES.....once complete, now its time to ask yourself a question, how much is this battle worth to you?? if this a good tenant? easy to replace? expensive to replace? how much of that mold inspection are you willing to pay to avoid a problem? what if tenant starts complaining about being sick and your negligence contributing to as much? handle this with kid gloves and remove your pride from the equation.

@

gets expensive with 30 properties. turbotax is fairly intense, but can/will account for everything you need to (and will explain to you how to do things if not clear)...fear not

if section 8 disappeared in Baltimore, Baltimore would require a police force consisting solely of robocops

I have experienced everything everyone has stated as far as property management companies, which is why I never was willing to pay them. I knew that all of them were interested only in taking on as much business as humanly possible while being indifferent to the effects the personal requirements of management would suffer.(think jerry Maguire). Couple the previous with the need to repair things efficiently and correctly without being hands on enough to know if your contractors at taking advantage of you (the management companies largely being indifferent as they arnt paying/ are profiting from it), I saw fit to start my own management company to deal with my own properties ( 30+) of varying sizes. Ii am willing to take on new clients to a certain point ( I don't want to sacrifice service) if anyone is interested, feel free to contact me i

I knew as much, was just hoping for a better miracle answer to appear.

without knowing anywhere near as much about it as your would, upfront money your asking is a big problem for tenants like this (I assume low income), the way around it might be lowering the price of the unit. perhaps 800 vs 1200 a month is reaching (that is the price difference, yes?)