All Forum Posts by: Teresa F.

Hi Christian, It has been years since I did that mailing.  My guess is that I was looking for owners who had owner over 10 years, in a particular neighborhood, possibly not residing in the house.  Hope that helps.  Teresa

Hi Ken, First, I have never used JoinReal.com so I cannot yay or nay its service.   Most real estate agents will list a rental property and you would negotiate payment and services performed, e.g., credit and background checks, open houses or showing, etc.  JoinReal may offer something exemplary just wanted to point out other options.  Best, Teresa

Hi Tabesteph,  I have a few condos in DC and Maryland.  I buy and hold and they cash flow quite nicely.   Before you purchase, do your research on the condo association.  Are they in trouble?  Many are.  This is not necessarily a reason not to purchase but it should be a consideration.  Have they had (m)any special assessments?  You have already built into your expenses -- taxes, condo fees (and possibly utilities) but special assessments are something you have no control over.   Seller is required to provide you with association documents, you will want to review them carefully.  Best, Teresa

Hi Trevor, As Russell said, there are many Marylanders on here.  I am a broker and a buy and hold investor.  Wish you well on your goals.  Working on my goals now.  Teresa

Generally, you can redeem ground rent for a few extra dollars so if you find a good deal I wouldn't let that deter you.  Best, Teresa

Will, if you are willing to take a "rapid re-housing" tenant (generally these tenants are homeless or are in a precarious living situation) you will have very little problem finding a tenant.  Up until very recently, I was getting at least one call a week for tenants looking for housing.  Generally rapid re-housing folks have a one year voucher, however, there are also tenants who qualify for the rapid re-housing program who have a regular voucher in hand.  Best, Teresa

My 1 bedrooms have an LG washer/dryer (single unit) in the kitchen instead of a dishwasher.  Tenants seem to happy with the convenience of having an in-unit laundry and know that comforters, etc. will need to be washer at the laundromat.  Putting it in the kitchen may also cut that 8k rehab cost. 

Hi Emily, First, congratulations on your new investment. You've got a bunch of great advice. Just adding my two cents. First, eviction standards are different in each county. I would call the attorney that met with your REIA and introduce yourself and ask about rates. You should also check to see if there are any limits to how much you can raise your rent, your proposed increase may not be feasible. You may not need him for this but you may need him someday and it is always a good thing to know a good lawyer.

Your goal is to get the tenant out and get a good tenant in.   Go and talk with him again.  Tell him that he owes July and August rent and that you will file an eviction if necessary but that if he moves out (and leaves the place so that someone else can move in quickly) by [Choose a reasonable date 2 or 3 weeks away] you will not file an eviction and will work out a payment plan with him so that he can pay what he owes $25/$50 a week. 

Evictions are not fun and are time-consuming.   You have an unvetted, inherited tenant, who (if they did pay) would be paying under market rent.   Go talk with him and create a win/win.   Best, Teresa

Hi Alex,  The Missouri brokers or managers would be in a better position to answer your question but my guess is the moment you start managing for other folks you are going to run afoul of Missouri's requirements.  The goal is to protect consumers and the licensing laws provide some measure of oversight.  

My tenants are the only folks who care about how I manage my properties in my portfolio.  However, when my brokerage is managing for my clients, I have a separate set of obligations.  

My guess is you will need a license.  Best, Teresa

Thank you JR T.