All Forum Posts by: NA Jones

Little background:  I am a newly licensed agent.  I haven't had a transaction yet.  I have a couple buyers clients who aren't really motivated, and no listings yet.  Needless to say - I DONT KNOW THE ROPES!  Hahaha.

My husband and I are looking to pick up our first investment property with cash. We viewed a property listed on MLS yesterday that I'd be very interested in - but for the right price. I filled out the feedback form and the selling agent promptly emailed back "Make an offer" (which is just something he does I guess. we've viewed a few of his properties now and he always emails back within an hour the same thing)

What is the protocol here for opening up lines of communication?    Can I respond to his "Make an offer" email with "How much will the bank accept?"  

I just don't know how to be a real estate agent yet :(

"He may be willing to take anything, maybe an Android, I don't know,"

That cracks me up.

 @David White 

Howdy neighbor and welcome! Just so you know, the Harford group for the Baltimore REIA meets on the first Thursday of every month at Giovanni's in Edgewood... it's $19 and a great opportunity to network!

More info: http://www.baltimorereia.com/strategies-harford-me...

Best of luck to you and your endeavors! 

I like the term used.   "Stuck with" really makes it sound like you are "stuck with" the job of cleaning grease traps, or "stuck with" a neighbor who likes to let his dog poo in your yard.

Oh how I would love to be "stuck with" two properties..  ;)

I don't have much to add, as I'm on the opposite coast (never even been to CA) and not as experienced - but I AM a mom, and I know how exciting it is to anticipate a baby!  :)  CONGRATULATIONS on your pregnancy, and I wish you and your wife the best of luck. 

I second the person who said that babies don't take up that much room.  They don't.  You could wait until the little one is 3 or 4 before moving even and they won't care.  We're on an acre of land and my 14 month old has barely waddled off the front porch.  

Also as some who has climbed out of a hole re: credit, 7 years is a VERY long time to start from the bottom again.  

Sorry guys, I was just trying to start a discussion and see where the preferred risk is from those who have been there, done that.  I was on the phone with my husband, discussing random hypothetical situations (and a few of other peoples real life problems) and I said "I am confident enough in my marketing skills that I would much rather put in new tenants every year" and he said "Nah, I much rather have it sit vacant for 6 months and only have to paint once every 3 years."

Now that I realize the err of my ways and that a) all properties acquired should be stellar and b) I probably should have done math to give numbers instead of just saying "assuming that the numbers work out the same" I will head back to my silent corner of noobness where I am seen and not heard ;)  

Alright landlords, in your professional opinion.

Which would you rather deal with - longer vacancy periods or higher tenant turnover?  

By that I mean - Property A sits vacant for 6-9 months, then gets a tenant for 3 years.  Property B turns over a new tenant every year, but only has 1 month vacancy in between. Assuming that the numbers work out the same (cost of vacancy equals the exact cost of turnover) which would you rather have sitting on your hands?

I would really like to connect and converse with a few people who are actually landlording in my local area.  I'm going to infiltrate this post with specific location inform in hopes to catch someone with keyword alerts set up ;)  I would love to email, have a chat on the phone, or if you really want my husband and I might even take you to lunch and pick your brain, hear some stories of your experiences, etc...  

I'm specifically looking to connect with people who have buy and hold properties and are landlords in Cecil County and Harford County, but more specifically Edgewood, Aberdeen, Perryville, North East, and Elkton.  The zip codes for these areas are 21040, 21001, 21903, 21901, and 21921.  

I know not all active landlords hit up the Harford County / Baltimore North REIA meetings every month so I'm hoping to connect here. Let me know if you want to chat!

@Dawn Anastasi 

 Congratulations on your success! :)  All of your posts are inspirational :)

Was $31,500 the asking price or did you negotiate with the seller?

I hate to bump an old thread, but I have to.  I'm doing a little research on using 401k loan as a down payment and I need to say - @Greg Powers , thank you thank you THANK YOU for this little gem.

It has been driving. me. CRAZY trying to figure what the tax implications are of this.  At first I thought there was no issue, but something about paying it off with after-tax dollars didn't jive.  Then I thought - well if I were to dump the same amount of money into say, a savings account, then it'd be after-tax money so what's the difference?  Then I freaked out, thinking I'd be paying double taxes on ALL of the money.  It's one of those nagging things that I just couldn't put my finger on it, couldn't figure out the right search term to google, but just couldn't see the big picture.  Paying double taxes on the interest makes all the sense in the world to me.  I can finally sleep at night.  Thank you ;)

That was literally the first thing that jumped into my head as I was reading about rolling funds over from your employer into a self-directed 401K where your LLC is the plan administer ;)

Also for the record - my employer allows 7 years repayment period for a primary residence loan, and up to 5 years for all other loans.  Just thought I'd throw that out there since everyone else seems to be allowed 10 or 15 ;)

Again, sorry to bump the old thread I'm just so grateful to Greg for solving that equation for me :)