All Forum Posts by: Chris Seveney

Piper Mullins welcome to BP. There is a large DC contingent on this site and people are very helpful. My specialty is construction / rehab so if you have questions related to that let me know and I would be happy to assist Chris

I have a rental in Maryland and have an addenda that goes through the move out process and talks about deposit return per the state requiirements. I also includes language on what is considered wear and tear and what is damage so they know what can be deducted from the deposit. I sense the tenant is lazy and did a good amount of damage inside and wants you to hand them the check and they take off. Downside is they may completely trash the place as well. I recommend taking pictures as after she moves out she will say she did not do the damage Make sure pictures can show the date or be filed so they have the date on them then email or send them to her after the walk. Also explain in writing what damages there are immediately after

I use smart move and have tenant pay. I like how it has a scoring system similar to a credit report number. Hat also needs to be taken with a grain of salt but is helpful as people with not as much credit get lower scores but may be more qualified

John Anderson - I assume you can pay someone, how do you find someone - are there companies that do it or is it more finding an individual to do it for you. Of course while it seems simple you do want someone who has done it before. Curious where / how to find someone

Jay Hinrichs Actually I think the reason he wants it is the land and location - area in next ten years will redevelop and he will have the parcel which may be a goldmine for a larger developer to come in and buy him out.

Jay Hinrichs - would he have any additional benefit to owning all the units versus 1/2? He controls the board so I do not see any extra benefit with exception if he gets them dirt cheap he could eventually slowly sell them off.

Met a friend out and one of his coworkers joined us. We ended up talking some real estate and this individual (Jeff) noted he recently bought 5 of 10 units in a condo complex. Reason he did it he said was they were all bank owned and there was no condo association and he paid under $30k a piece for them. What he has done since acquiring them (all within a month) is re-established a condo board with himself as president and wants to get the association back up and running. He had rented 4 of them out for $900 a month and upped the dues to get reserves and clean up common area of the building. His goal is to attempt to buy the other five units and then own the entire building. If he owned all ten units then could he actually sell the building to himself (for nothing or $1 ETc) He wants to convert it to a rental building. I thought this was crazy but also curious if it could be done ??

For those that work full time, do you bid at in person auctions such as those on county steps ? If so, do you team with someone to bid for you ? Curious to learn more on how to go about it as I work full time and see some decent auctions that are in my region (I am in Washington, D.C.) but I cannot take days off to go bid on county steps in counties in Virginia or Maryland that may be an hour or two away. Thanks

I am looking at a condo in Washington DC in an up and coming area near Howard University. The unit is on the first floor and in is located in the back which the window views are of the cars that park (their tailpipes) and the side windows are of a wood fence. Thus there are zero views. Its a 1 Bedroom condo that is 150sf larger than the other units in the building. I am curious if their would be a market for this condo once refinished (it is a rehab). Also curious how much of a hit on asking price do people think there would be because it is partially below grade. I am talking with a realtor about it but wanted to get peoples opinions on it. The realtor thought that it would get approximately the same amount as the other units once renovated and with similar finishes (which in turn those were selling for $650sf @ 500sf and this would be $500/sf (as its 650sf). Thoughts? 

Note the other units did sell in six days, but those were on the 2nd and 3rd floor and were not below grade. 

@ashley - possibly. Send me a pm with more details