All Forum Posts by: NA Jones

We will be looking to secure a traditional mortgage on investment property in a few minutes. Just wondering if it makes a difference on where we are keeping our available funds. We have a business checking account in the name of our LLC, and we have several personal accounts in various places. Just wondering if it's worth consolidating all available funds into one account, or if it matters where the money is.

Thanks in advance

I think everyone else had great answers so I'm just going to throw in a somewhat related anecdote..

The woman who cuts my hair rented a guest house on a small farm for 17 years. It was a 3 bed SFH in an area that would have easily pulled $900-1300 a month. She paid a whopping $350 a month up until 6 months ago.

Then her landlord died, and his kids gave her - a single mother making nearly minimum wage - 3 months to get out so they could sell the estate.  That was the inspiration she needed to become a happy homeowner.  

You never know someones situation until you ask.

I'm licensed in Maryland.  #justsayin

 @Jesse Waters I don't know of a property evaluation app, but I have an excel spreadsheet in the cloud and I use CloudOn to open it and edit while on the go.  It's free on the ipad and integrates with popular cloud storage (dropbox, google drive, etc..) 

Different market entirely, but when my husband was selling his flat in England the first offer he received was for 73% of his asking price.  He was so offended that he said he wouldn't entertain any other offers from that investor.  Didn't stop the guy from trying - he submitted 2 more offers.  My husband was having none of it, and ended up selling the flat to someone else at the same price as the investors third offer.  Sam actually ended up losing money in the deal because of the time it was on the market between the contracts and closing took much longer with the second buyer.  

At the time, we were in the middle of a lengthy, stressful, and expensive immigration process as well as planning a destination wedding and midterms at the school he was teaching at.  The sellers frame of mind is always a factor.  If the same situation happened today, we would not take it personally and would counteroffer.   

This has me scratching my head...  I'm intrigued to see what everyone else has to say.

I wasn't going to respond because we are new to the game and I prefer to "listen" rather than offer up advice - but I noticed you were from Middle River, which is local to where we are looking for our first buy and hold so I wanted to say - howdy neighbor!

As far as the definition of "good area" I think that if you would be willing to live there, it's "good." I consider the resale of every property we look at for rental potential. It's important to me that we purchase in a school district that I'd be willing to send my own kids.

Middle River / Dundalk are good areas to consider rentals.  You can find a brick townhouse in decent knick that will be relatively easy to rent at 1-1.5% of the purchase price.  We're personally looking further north but I troll the Baltimore County market often. If you need an agent, I happen to know a good one in Harford County ;)

Maryland.  Delaware.  Pennsylvania. :p

There's a meeting once a month in Edgewood...   we've been a few times. 

http://www.baltimorereia.com/strategies-harford-meeting-default/

Thank you everyone for your replies...  

@Michael Siekerka - thank you for that link!!!