All Forum Posts by: Lolita Ellis

Ben R. I'm curious to see a photo when you have a chance.

I'm trying to use this IPad app so I'm retyping my response. I posed two questions awhile ago I asked is there life after modification for investors, I had one faithful BP mod respond, second I asked this question 7 years ago of Henry Savage a columnist with the Washington Times Home Guide. He told me to sell and cut my losses. Of course I'm a holder. I hold onto the ship til it literally sinks, then I try to get off and inflate my boat at the same time.
Have you considered a mod? In this market I have seen a lot of Maryland investors get mods on rentals and quite frankly they have left me floored. My only concern is afterwards. But I do agree with since it is one house why do you need a PM to collect rents? Time consuming? Is this a way you can save and right now you may be okay just -$200 God forbid taxes increase in our area as they once were I could kick somebody's --- at the assessment office. I would evaluate all sides. All lenders/ INVESTORS are diff and yours may be open to the mod on the rental. You can crunch numbers but with the slight increase that we have seen in our markets and multi offers they run their own fluke NPV, so unless you are cousins with the underwriter you still have no guarantee. Pull comps, check the lease option, interest rates, cross fingers and hope a new program comes out to cover everyone "Making Rentals Affordable" application. It's just a thought..... :-)
Also if you do decide to do a short sale you also may want to consider speaking with a BK attorney. Do your research.- Good luck

Def find a good attorney, hook up with an agent form a relationship they may be willing to share their form. Also become familiar with local landlord tenant laws in general. Tenants quite often know the law when its handy. Excellent, excellent advice from above

Christina R. Where has this been noted at?

@Deirdre Brown thank you, now how have your investor clients faired at attempting short sales and mediations?

RE is Lic is is good to have you can use in many ways- there are fees associated with having a lic and renewal classes Im sure in your state so def take a good look but good to have and be educated.

Touchy subject surprised no one from MD answered. Im no attorney, but MD has implemented Mediation to help owners and lender try to come up with an alt plan instead of foreclosure. With that said if you were looking to purchase at least you could use this as an option if the owner were to ever receive the OTD (Order to Docket) dont get me wrong some lenders are just down right nasty and will still proceed, but if you have no money involved and just contract paperwork by all means it is worth a try. Now they are a bit more challenging and difficult when it is an investor in foreclosure. I have seen then waste no time. You will find a lot of info on DHCD's website in terms of the mediation:
http://mdhope.dhcd.maryland.gov/ForeclosureMediation/Pages/default.aspx

I never wouldnt give up. The hardest part is keeping the owner motivated.

BTW Ace Home Inspect he is Reasonable Walter Winbush, Nola is good to, just have to look for info.

I hope I dont get into trouble but George Hockadey Bey you can google him is a GC and can provide you with what you are seeking and he is in Fort Washington. Does it have to be just a GC or - wait I see you said inspect and provide a quote. Theres plenty more separately if you need them just message me.

Everyone had great suggestions, you should consider contacting the local Department of Housing that facilitates the program and get the list if any of Housing Quality Standards (What they call it in my area). I would assume since you are rehabbing much of what you will put into the units will be brand new. So everything should be in working order and pass inspection. As suggested by others before me, I or my partner would consider visiting local units avail in the area and go with exactly that if you decide to step it up a few coins (I mean coins ) to give your units edge and more appeal just make sure you restrict yourself to a small dollar amount. I would not go all out and thats on any rental. You try to make each home standard offering clean living.

All Section 8 tenants are not the same there are some who are hard working but fell on hard times and are working very hard to get off the system, but income, living situation and demographics complicate the change. Now on the other hand (which happens to be my luck) you have the one looking for a fireplace, deck, all the upgrades and the rest is down hill as far as them maintaining the property etc. Def visit other units and contact DHCD in your area. Good Luck