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All Forum Posts by: Teresa F.

Teresa F. has started 11 posts and replied 284 times.

Post: Investing in Maryland

Teresa F.Posted
  • Residential Real Estate Broker
  • Clinton, MD
  • Posts 297
  • Votes 178

Hello and welcome to the best market (include DC in it) in the country!  The running joke regarding Baltimore is that the City will give you $1000 if you just say you are thinking about buying in Baltimore.  Check out Vacants2Values.org.  That said, while Baltimore is generally less expensive, DC generally has a better return on your flip.  I currently have a listing (I'm also a RE Broker) that just went under contract at $100k.  The same property in DC would be $300-600k (depending on neighborhood).  

I generally buy, rehab, and hold but if I can be of help, just let me know.  

Best, 

Teresa

Post: First time renting a property!

Teresa F.Posted
  • Residential Real Estate Broker
  • Clinton, MD
  • Posts 297
  • Votes 178

nolo.org may also be a good resource.  They charge but it is not expensive.  I agree with Gavin that taking bits and pieces of contracts is not a good idea.  Teresa

Post: Realtor - Field of Specialization Designations ???

Teresa F.Posted
  • Residential Real Estate Broker
  • Clinton, MD
  • Posts 297
  • Votes 178

Hi Jessica,  I agree with @TimBooz.  The designations allow you to put initials after your name but the public generally has no idea what those designations mean and probably don't much care.  That said you will get some additional knowledge from the courses you take to get the designation so it could be helpful.  Since Realtors know what the designations mean there is a chance that a Realtor may refer a client to you because your designation shows some knowledge of an area.  

Best, Teresa 

Post: Renting to Section 8 Tenants

Teresa F.Posted
  • Residential Real Estate Broker
  • Clinton, MD
  • Posts 297
  • Votes 178

Hi Raylor,  You will have to check the protected classes in your area.  In DC "source of income" is a protected class.  In Maryland, it is not.  Teresa

Post: Multifamily Homes Already Rented Out

Teresa F.Posted
  • Residential Real Estate Broker
  • Clinton, MD
  • Posts 297
  • Votes 178

Hi Aaron,  I bought a 4 plex that was already tenanted.  I will start with the fact that I had to evict all of the tenants.  The "Broker/Property Manager" filled the unit with tenants because he thought it would be easier to sell and he thought I would retain him to manage the property.  Because he was unable to produce a rent roll and other small issues, I didn't even consider him as a potential property manager.  I also lowered my offer because I didn't know what I was walking into.  Good thing as I ended up walking into six months of no rent.  

Despite this complaining, this has worked out okay for me.  The units are in a coveted area because they are across the street from the best elementary and middle school in the city.  Now that they are rented to vetted tenants, I get above market rents.  

Others may want to weigh in but I don't buy properties that I haven't personally visited.  I visited this property prior to purchase and declared it as business travel.  

Finally, you will want to ask for all contracts pertaining to the property.  You want to make sure you are not stuck with the prior owner's property manager, refuse collection service (unless it is a really good price but you may be able to negotiate a better price), yard maintenance, etc.  

Good luck!  Teresa

Post: Finding A Mentor

Teresa F.Posted
  • Residential Real Estate Broker
  • Clinton, MD
  • Posts 297
  • Votes 178

Hi David, George and Tyrone are giving you great advice. I'm chiming in because Tyrone's advice of telling people about your real estate goals is really important. I wasted YEARS because I was a "secret investor" -- reading, quietly attending REIA meetings and not telling friends, colleagues, etc. about my passion. When I finally decided that I was going to start talking to people about it (already owing 3 buy and holds) it was amazing how many people and additional information suddenly became available as resources.

Also, don't feel that you have to have one mentor.  I have a principal mentor who is much more successful than me and who has "been there, done that."   However, he has his own business to run and is out of town so I don't bug him much.  He is there for my "big questions" or if I am treading on dangerous ground.  I also have many other local investors who I trust and respect and we trade and share information, contractor resources, etc.  Finally, there are also retired investors who are no longer active but can be a wealth of information and potentially private money.  

Good luck!  Teresa

Post: Hello from north central Maryland

Teresa F.Posted
  • Residential Real Estate Broker
  • Clinton, MD
  • Posts 297
  • Votes 178

Hi Lisa!  I am in the DMV area -- Clinton, MD  There are a lot of good folks here and tons information.  Most important, there are lots of people who are passionate about real estate investing.  Feel free to reach anytime!  Teresa

I give a lower security deposit for people in certain positions.  Military, Law Enforcement, Healthcare, and Teachers all get a $200 security deposit.  It works well.  

Post: Yet another bp member put 2 weeks in

Teresa F.Posted
  • Residential Real Estate Broker
  • Clinton, MD
  • Posts 297
  • Votes 178

Congratulations!!!!!

Post: Newbie from Bethesda Maryland

Teresa F.Posted
  • Residential Real Estate Broker
  • Clinton, MD
  • Posts 297
  • Votes 178

Hello @Mark Sidorczuk and special hello to my new neighbor in Clinton @Sara Cunningham.  I think our DC Metro Area is the best area for investors in the U.S.  Guess I'm a tad biased.  Please reach out if I can be of help or if you want to talk real estate!  Teresa