All Forum Posts by: Teresa F.

Hi Ebonie!  Welcome to BP.  I am a buy and hold investor primarily in the DC metro area.  I'm also a real estate broker.  Love to hear more about the Hagerstown market.  I drive through the area and see lots of pretty properties but don't know the market so I don't jump in.  You'll find lots of knowledgeable folks here so don't hesitate to reach out and ask questions.  Teresa

Congrats!

Hi Bob --  I include yard maintenance in the lease and we discuss it during the lease signing.  I also mention that uncut grass can result in a fine from the county and if I get fined, I pass that on to the tenant.  Then I mention that if they do not have time or interest in maintaining the yard, I can have the company that cuts my yard give them a call.  In the past I have also offered to increase the rent and add yard maintenance.  

Best, 

Teresa

Hi Qendrim --  For the properties I manage for others, I do not keep a file itemizing potential tax write offs.  Every month I send a statement showing rent received and expenses associated with the property.  I attach the paid bill to the statement and ensure that the bill specifically states what was done so that a bookkeeper/accountant can correctly categorize.  In January, I send 1099's to my clients for rents received.  Hope that helps.  Teresa

Every day can be a "weekend" if I want it to be.  

Hi Soheil, I have rented to grad students and law students very successfully.  One of my current tenants was in a PhD program when she rented my house.  She completed the program and has been working as a consultant and professor.  I am a Real estate Broker so I have been encouraging her to buy but she really likes the house and neighborhood so she plans on staying.  She has been there 7 years.  

While I would rent to grad students, I don't think I would want the headache and additional maintenance that would go with undergrads.  

Another meet up I enjoy http://www.meetup.com/Deals-Meetup/.  Known as Deals or Know Deals.  No guru selling stuff just investors talking and shopping deals.  

Best , Teresa

Hi Tyrone, let them go, get them out now while you can still find a good tenant ( before we start holiday season and no one wants to move),  explain that you are keeping their security deposit in full and if they can be out by September 1 and leave the place in rent ready condition you will not go after them for additional monies.  BTW, Katie, as others have already mentioned turning a unit is costly.  I insist on a 1 year lease.  I would like to believe that none of my tenants feel "trapped" and, instead are secure in the knowledge that they won't be faced with a rent increase for a full year.  Teresa

Great question! Your HUD 1 will be needed by your accountant. Utility companies etc will want proof of ownership although at a certain point you will have so many accounts they may stop asking and just open up a new one for you. What I do when someone asks for documents, I ask what it will be used for and then offer a more public alternative, e.g., deed. Generally that works, if the person insists just ask to speak to a supervisor and offer the same document.

Hi Kelly,  sounds good so far just have three suggestions (1) is it local so you will able to keep a close watch?  (2) is each unit separately metered for utilities?  And, have you talked to the tenants and looked at the rent rolls?  By the way you do not lose 20+ year tenants by raising the rent.  

Teresa

If you really like the place, tell the manager you would be happy to complete an application to rent at the price listed in the newspaper.  Even without advertisements, you can always offer to pay a lower rent or offer terms.  As a landlord, I generally do not negotiate on my rents or security deposits but I admire a potential tenant who wants to negotiate terms and the worst thing that can happen is that the landlord says no.