All Forum Posts by: JR T.

@Jesse Hoffman Check in with Provident Bank and First Bank of Mercersburg (Hagerstown branch). Both have active portfolio lending divisions in our area. Frederick County Bank is another possible resource but my sense with them is it takes them a long time to build up a relationship. Just my own hunch. Down payments are based on your ability to repay - Mercersburg had a program a couple years back where they could lend based on you having 1.2 times the debt service in NET rental income.

One way to identify lenders is to look up addresses of commercial or small multifamliy properties similar to your own on mdlandrec.net look at the Deed of Trust document and you'll discover who's actively lending. Also be aware what you write here is forever and gets quickly indexed to Google.

@Timoteo Guy  @Khaled Helmi There are some very successful members on BP, I can vouch Jesse owns more than 25 units in a condo development here in Frederick where I've also got a few. We've not met but he elected me to the HOA board. What I know of him I have no reason to believe that's his only investment. There have barely been 50 units traded in total market activity there so he must be knocking on doors, have a very good mail program or something. I managed to get one in there a year three years running then nothing last year. :(

We require that a new tenant's move-in money be paid strictly in cash. If they bring a money order we invite them to cash it and come back for the keys. If a new tenant came with the deposit and half a month I would write a receipt for the deposit and a receipt showing half still due on the move-in rent. I'd take their money and invite them to come back for the keys when they put together the rest of the money. If it's a mid month move you still collect a full month rent and deposit at move in and then prorate the second month.

Buy a nice home in a nice neighborhood. Raise your family in peace. Invest down the road. You really want your family right next door to the South Florida crazies you will attract to your marginal-neighborhood small multifamily?

How are you screening for evictions? If they've had one pass. Those people are not worth your time. Otherwise select the best qualified applicant. Keep in mind 1 month in a 90k job is nowhere near the quality of 5+ years in the same 45-55k job.

You will not find the best tenants at market rents. Well qualified tenants who have never had problems with their landlord are out there but they don't pay market rent.

There is a great monthly meeting in Gaithersburg. Everyone pays $5 at the door for the meeting room and the time is positive and productive. You can find details by searching the forum for Gaithersburg Meetup. 

I wouldn't release any of the remaining funds until the disputes were all resolved. Did the contractor obtain a Delaware license before starting the project? If so what type? If not, what licenses do they hold in Maryland? 

Enforcing late fees on the 2nd day of the month, filing evictions on the 6th we've seen on time payments go up 60% over three years. 

You have to file through on every negative action threatened. If you send a notice you're changing the locks on the 2nd and they need to pick up the new key downtown during business hours after enough times trekking downtown they'll just pay their freakin rent on time. 

No any profits or losses from the LLC pass through onto your personal income tax return and you settle up there. If either of you is still in the workforce and you have a lot of depreciation you should be able to write down the wages you received.

Please consult with your own tax advisor for advice relating to your specific situation.

Check out Bitrix24. The first 12 users are free. It's not specifically tailored to real estate but rather a blank slate you can customize for a variety of different uses. 

Because I own businesses in other fields its great to wall off the software by company from the employees view but from my vantage point it's one system that reaches people in all parts of the organization, allows us all to work together on projects and enhances inter office communications.