All Forum Posts by: Teresa F.

Hi Bashir -- I invest in DC metro.  Most recently I have bought a few condos as they cash flow very easily.  I also own in the H Street Corridor and Capitol Hill.  Lots of work going on in Brookland and Fort Totten.  If you can find something where the numbers work you'll do fine.  With the way the commercial prices are jumping up in Trinidad you may want to keep an eye there too.  Teresa

Hi Bashir,  I am helping a client and fellow BP member look for a multi in DC right now.  If you are buying properties on the MRIS then you should plan on making an offer quickly and don't be surprised if you are in a bidding war.  Properties that cash flow and near metro do not stay on the market.  May have better luck in SE where you will find lower prices but also lower rents.  A letter campaign to individuals who may have an English basement may be fruitful.  Good luck.  Teresa

Hi James -- Rarely do "cash" buyers have cash sitting around in their savings account -- in my market you would generally have to have a few hundred thousands which isn't going to happen. So many "cash" buyers have commercial lines of credit, Home Equity Lines of Credit (HELOC), even credit cards with significant lines that allow them to convert money into cash quickly. May want to ask what type of line he has but you want to keep him on your list. Hope that helps. Teresa

Follow @Charlie Fitzgerald's advice and hire a real estate attorney.  That said, the Executor of an estate is the person responsible for disposing/distributing an estate's assets.  Beneficiaries are the folks who will be receiving something from the estate.  Hope that helps.  Teresa

Hi Neighbor --  Probably not a helpful answer but this really depends on what you are trying to do.  Always helpful to be knowledgeable about property values and great to get additional income flow from providing appraisals.  Teresa

Hi Spencer,  I would just talk to them.  Explain about mold issue and potential problems and also discuss disabling the fan.  Then give them choice, since the fan bothers them they may choose for it to remain disabled but, of course, they would also address the mold problem as it occurs. Give them an estimate of cost and give them the name and number if your contractor.   If they are really wonderful tenants you may want to suggest that they try to find a quieter fan and split the cost and installation.  Teresa

Hi Raven --  The ideal scenario is to insist that this tenant be gone before you close.  However, I want to offer a second option just in case that won't work.  Ask to meet with your "new tenants" before you close.  This is an opportunity to introduce yourself, assure the one you plan to keep what your plans are and what your expectations are regarding rent, maintenance, etc.  For the one who is behind, tell her she needs to leave.  Explain that since she has not been your tenant (yet) you won't have anything negative to say about her and that if she leaves quickly and leaves the unit in good condition, you would be able to provide a positive reference regarding how she maintained the unit.  Best, Teresa

Hi Dakota -- Sounds like you are already on the right track. One thing you can do -- right now, is evaluating properties. The key no matter what type of investing you are focused on is to buy right. So figuring out your maximum allowable offer (MAO) is key. That is something you can practice no matter where you are. Start looking at properties, get to know an area, and figure out what would be the maximum offer you can make to ensure profitability. I buy and hold (and am kinda cheap) but before I buy I have to know that I am going to start making money as soon as I close on a property.

Welcome to BP!  Teresa

Hi Joshua -- I always use smart move but I also talk with landlords and employers in addition to asking for pay stubs.  I ask applicants about discrepancies, look at social media, and now I visit their current home to get an idea of what my property will look like in the future.  Are their pets (when their application says they don't have pets)?  Is the wall full of holes or are the furnishings old but well kept?  

Sounds like a lot huh?  Your tenants are the people who are going to either make your business a pleasure or a nightmare.  My tenants expect prompt service and a rent increase every year.  Take a hard look at your processes and your community.  Talk with other landlords about their processes.   If there is a type of applicant that seems particularly good to you, market to them.  I give security deposit discounts to police, fire fighters, military, healthcare workers, and teachers.  

Good luck and hang in there.  There are great people just hoping to become your tenants!  

Teresa

Sorry to hear this Terri --  For what it is worth, your nightmare is going to be gone and you will have learned a lesson or two.  I, too, have been taken a few times by tenants who game the system because I, too, have a heart.  However, that heart has also given me a majority of tenants who perceive me as fair, expect an annual rent increase, pay on time, and refer friends who are looking to rent or buy (I'm also a real estate broker).  I know times like this are painful but before you head to the edge of that cliff just remember that this is temporary and contemplate the increase in net worth you'll achieve when you update the place after the tenant is gone.  : )  Best, Teresa