First Rental Rehab Complete....What an Experience!!

[Eric H.]

Great day BP family,

I haven’t been actively contributing to the site for the past six months or so because I have been managing and participating in my first rental rehab. I would like to share some of my learning experiences with the community.

1. Baltimore City does not do evictions on rainy days.

2. Rental property registration must be COMPLETE or you are subject to a $500 fine. I completed my registration in the office, no one mentioned that I was missing a phone number, and I was subsequently fined $500. I fought it and got it reduced by about $400 but it was definitely an inconvenience for a missing phone number.

3. No chipped paint for lead inspections means NO CHIPPING PAINT ANYWHERE. Anywhere that you can imagine.

4. Do not hire handymen for full renovations.

5. Do not hire the guy that says “I can build a house from the ground up”. Essentially the jack of all trades, master of none.

6. HAVE A CLEAR SCOPE OF WORK. Probably the biggest lesson for me overall.

7. Consider the cost of getting rid of tenants when purchasing a property. I would have paid significantly less for this one if I would have considered the time and resources it took to get the tenants out.

8. Nature’s Miracle does not work on severely stained floors/surfaces. Areas damaged by pet urine must be painted/stained to remove odors.

9. Your contingency reserve is never enough. Double it and then double it again.

10. Stay on top of your contractors. Weekly is too long to go without visiting the property and/or talking to contractors. Go by everyday, at least every other day.

11. Have personal funds to complete some of the first few tasks when getting funding. The lender is only going to lend on tasks completed. How are you going to get that first draw without having some cash upfront? My lender worked with me in many different areas and I will be using him again.

12. Do not let someone prove to you they have changed on your dime (contractor). Family member alert here!!

13. Make sure you and your significant other are on the same page. My wife talked me off the ledge plenty of times throughout this process. If we were not on the same page, my stress level would have been multiplied by 100. She is the true champ here and I am grateful for her support.

I could go on and on but I hope this short list helps someone out. Moving on to being a landlord now. I will let you guys know how that works out too.

Here are some pics.