All Forum Posts by: Teresa F.

Hi Shawn -- Thank you so much for sharing.  Sometimes we learn best from mistakes.  Teresa

Hi -- My practice is to check every adult occupant and all adults are on the lease.   This allows me to check background on who is living in the property and I am able to go after everyone if need be for non-payment.  Best, Teresa

Hi Clayton -- I have had the privilege to serve in both capacities. When mentoring folks, I can't begin to tell you how many newbies I've met who were excited about investing and wanted to "go, go, go" yet when I said go figure out what the MAO (Maximum Allowable Offer) on x property is and come back and tell me, I get crickets. My logic here is REI can be very expensive, especially if you do not take time to educate yourself and nail down the basics.

Any more experienced investor (and even less experienced but focusing in a different area) can be a potential mentor for me.  Sometimes we just trade ideas, but any nugget my mentors offer I am grateful and take action.  I let them know I'm appreciative in a variety of way, generally by saying thank you.  Sometimes it's just sending them a check out of the blue.  Sometimes it's taking something they are working on and trying to improve on it and many times it bringing them business.

Hope that helps.  Teresa  

Thank you

Let's be clear -- this is not the law of the land.  

"The successful lawsuit filed on behalf of four Ohio rental property owners and one tenant in the City of Mt. Healthy, Ohio by the 1851 Center for Constitutional Law means that indiscriminate and warrantless government inspections of rental properties are unconstitutional nationwide" 

This is one District Court Judge's opinion that will likely be appealed to the Circuit Court.  Even if the Circuit Court agrees, it will only be the law in that Circuit.  That said, now that the issue in on the table . . . other jurisdictions may decide to take it on.  

Teresa (Investor and former litigator)

Hi Micah -- Mine is unusual and not necessary REI related. "Expect Good." If I expect good from people I tend to treat them with more respect, more patience, and more professionally. Since I "expect good" I let them know that my expectations are high and that I expect them to meet those expectations. Yes, I have had to fire contractors (and others), yes, I have had to evict tenants, and there have been times that I would have saved a few bucks by not considering what others may consider a "sob story." However, more often than not, people who work with me reach higher, work harder, and will do things for me that they wouldn't consider doing for others. I like your renovation saying too! Best, Teresa

Hi Chelsea,  If you have properties in different jurisdictions you may want to check if a particular county has "county rules" and be sure an include them.   In DC, I am allowed to forego a 30 day notice requirement prior to eviction if the tenant has waived notice in the lease.  I also have a pet application and lease addendum that requires vet info, licensing info, and a picture of any pet that is going to occupy the premises.  If your lease is not clear about who pays for repairs you may want to add that too.  During my lease signings I go paragraph through paragraph through the lease and highlight that problems they cause, they fix.  Standard phrase --  "If plumber comes because toilet is stopped up and plumber pulls out tree roots, I pay for plumber.  If plumber pulls out rubber ducky or hygiene products you pay for plumber."   Hope that helps.  Teresa

Lawyer.

Hi Damien,  Evictions in DC can take many months.  That said, start the process so you have some leverage with your tenant.  I generally try to work things out with the tenant.  I haven't had to do cash for keys but explain that if they move quickly the eviction will not be a judgment and that will make it easier for them to move on and find a new place.  Best, Teresa

Hi Matt,  I am from Clinton and there are some great deals here.   Clinton doesn't rent as fast as my DC properties but once rented, tenants generally like the quiet neighborhood and shopping convenience.  I am looking very seriously at Fort Washington and Oxon Hill as National Harbor and the new Casino are bringing more jobs to that area.  A friend is building a development in Oxon Hill to attract the DC residents who can no longer afford to live there.  

My rowhouse in Palmer Park rented very quickly (before I had completed my rehab).  Same with my property in Gaitherburg/Montgomery Village.  

My favorite "reia" is Deal or Know Deal in Greenbelt.  It is just investors networking and offering their deals or describing what they are looking for.  No guru's selling their latest product.  

Best, Teresa