All Forum Posts by: Alonzo Moreland

Thank you. The city stated they will send someone out to test the meter and yes, I charge the tenants a 5% late fee for late payments. 

With an FHA loan there are residency requirements, but not very long or stringent. You might simply have him assign the deed to you or add you to the deed and continue to pay your father-in-law's loan while renting it out. You can also have him place the property in a trust for you as you continue to pay off the loan and control the property. Have an attorney advise and set this up for you.
You need to know how soon after purchasing a home with an FHA loan you can legally sell it. The answer to that is typically 90 to 180 days is best, but in reality, you can sell it whenever you need to. 

Hello. Can you please advise me on how to purchase an out of state home where the owner has a reverse mortgage on it?  I live in Maryland and the elderly owner, and the property are in California. The owner owns the home free and clear, and then took out a reverse loan-HECM line of credit about two years ago. The owner just showed me a loan statement that is 5 months old and doesn't know what they currently owe and doesn't know the payoff amount. My desire would be to tender a contract to purchase the property, pay off their loan while ensuring the owner receives fair compensation and I receive the house. The owner is okay with me contacting the mortgage company and getting authorized to get their loan information so that I can make the purchase happen. Any advice on how I start the process? 

I also had two separate licensed plumbers check the plumbing for leaks and there are none. I'm working with the city to figure out why I had two consecutive months of sharp jumps in water usage when nothing has changed on the tenant's end and there are no leaks. 

Thank you all for the great advice. The tenant's month to month lease stipulates that the tenant is responsible for all utilities, including water and I recently spoke to them to tell them the water bill must be paid up and brought current. I'm giving them a written 60 days' notice to bring it current and if it isn't by that time, I'll give them the required 60 days' notice of lease termination. 

Hi everyone. I'm looking for advice. I'm renting a 3 bdrm-1 and 1/2 bath rowhome to a tenant family of four adults who are habitually late with their rent payment each month. The tenants are reasonably clean, so no issue with trash or critters.  However, the Most alarming thing is they have allowed the water bill (they pay for all utilities, but the city bills the water to me) to mount over $2k over the last several months. The rental is currently unregistered with the city, so I would like to end their lease, do a little upgrade and get the city's rental license before renting to a new tenant. Any advice on the best way to end their lease?

Thank you all for such great advice. I'm collecting a couple of referrals and reaching out to those contacts and hopefully I'll find someone that fits in where I'm currently positioned and heading.

Thank you!

I'm a small investor. I currently have a triplex and single home that I'm renting out.  I purchased the single home in 2023 and also purchased and sold a fix and flip in 2023. I lastly own my primary residence and have a full time W2 job. I don't have a CPA and have been doing my own taxes, but after purchasing the last two properties I need an experienced CPA to help me get all the tax benefits that I can. My problem is that I haven't been able to find a CPA and I'm afraid that I will not be able to find one this late. Any advice on finding some hidden deductions that TurboTax doesn't offer, or better yet, does anyone know any reliable and fair priced CPAs in the Baltimore area?

Hi Vince. I'm a local investor and would love to learn more about seller financing and other creative financing options.  How can I join your Zoom meeting or is it too late?

 I should have followed this rule on my first deal. I've since got a google number and use a virtual office with a phone answering service. Also, now I conduct all my rental business through a third-party website built for landlords and tenants can make request through there.