All Forum Posts by: Amir Saeed

@Mary Urban

What I have done in the past (I am still new to this) ask around the neighbors and get a feel of what the rent is going around. You can get a rough idea. From what I am reading Section8 rents can vary based on amenities that are present, and the condition of the property. You can also go to this site "https://www.rentometer.com". This will also give you an average rent in that area. 

You mentioned "If I can get 1300 for section 8 then it makes sense". Are you financing the property or you are paying cash. What factors you are considering to mark you rent at $1,300.

Yes. From searching and calling it looks like the permit needs to be pulled, and the breaker box panel needs to be inspected. There is no work that is needed only inspection. Now searching for certified electrician. Lesson Learned !!

Yes. I will ask them...Thanks

I just bought a property in Baltimore, that I am rehabbing. The contractors have removed all the drywall and the ceiling. They will be installing all new drywall's. When they started work initially they found out the electric was already on. The main breaker box was in a very bad shape (in the basement) and there was an old electric meter (with needles) lying on the side.

I called the electric company, and opened a new account for electric. The electric company told me that they will send out a tech to install a new meter (digital), and connect the electric. When the tech arrived he looked at the beaker box, locked the box, and took the meter.

I called the electric company and told them that he was suppose to install the new digital meter. They told me that the tech has mentioned that the property is getting totally renovated and I need to call a certified electrician who can draw the diagram and provide it to the electric company. My concern is that no new connections have been made. All the sockets and switches and the physical location is the same. 

Only old wires were replaced and a new breaker box was installed. Please advise on how to proceed and what to do. Any tips would be nice...

You are correct. This is the exact reason I asked for. Having the property under the business name and utilities for residential property under business name is getting very confusing. I am going to have them under my name for the ease of process....Thanks

I bought one property which I am rehabbing in Baltimore. The property was bought under a business name (LLC). In order for me to turn on the electric, gas, water..temporary until the property is rented. Shall I keep the bills under my name or my business name . What is a normal practice considering the fact the renter will be placing all the utilities under his/her name when he/she move in.

This is Baltimore City

I would like to get some feedback from anyone on some Qs. I have a property here in Baltimore that I am looking to rent with Section 8. (3 Beds 1 Bath). I am very new to this, and aware of some happy endings and disasters.

Qs. Would I be able to rent the property basically for whatever the voucher is for or whatever I decide?

E.g.

1.
If I want to rent the property for around $1200.00, and one person has a voucher for $1000. I can only rent it for $1000.00, not for $1200.00. Who is the decision maker here ? How is the difference collected (if there is any)

2. If I am in agreement with the voucher let say for $1000.00/m, and if I am correct the tenant also gets the utilities paid by the government. Will I get $1000.00 minus what
the utilities are or the utilities are in addition to rent or how does this wok

Please assist. I am really confused. None of the books explain the number process.

I occasionally come across some REO properties that had high tax appraised value in the previous years. Suddenly in the current year I see the value dropped to almost 25% of the previous TAX year. Can someone please explain why is that. Is the bank asking to lower the Tax value since its an REO and the bank is not wanting to pay high taxes?

If I buy these REO's would the tax value remain the same or it will go back up (if yes when?). What are the implication of these fluctuating Tax values in future...Thanks

We have just won a REO property on an online Auction. We have received the contract, and currently sending all the paper work back to the online auction (Contract, EMD..etc). We have 10 days contingencies built for the loan approval and for the inspection. The property is currently missing a stove and the fridge (from what we see). The loan agent has asked me to get the inspection done ASAP so that they can send an appraiser.

I have few questions.. For the loan to be approved does the property needs to have the stove and a fridge. How would all this work. Will the inspection state what needs to be done for the property to be livable, and than the appraisal will verify it so the loan can be approved? All this needs to be done in 10 days?. Again we have 10 days from today to walk out based on the contingencies (loan and inspection) and 30 days to close the loan.

Please list the process from here on how it will work and what we need to do now and later or any tips would be really appreciated..