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All Forum Posts by: JR T.

JR T. has started 10 posts and replied 591 times.

Post: Property management help needed!

JR T.Posted
  • Financial services executive
  • Frederick, MD
  • Posts 609
  • Votes 341

If your property manager has failed to remit funds they collected that is a crime and you should file criminal charges against their principals with the court commissioner. 

Post the name of the manager and details about what is going on so others don't fall victim.a

We manage our own stuff in Hagerstown but I've heard good things about Synergy. Good luck!

Post: Looking for Contractors in Hagerstown.

JR T.Posted
  • Financial services executive
  • Frederick, MD
  • Posts 609
  • Votes 341

You should note most Frederick contractors either can not (due to lack of Hagerstown City License) or will not perform work in Hagerstown.  

Good luck with your search!

Post: Brunswick MD area and potential

JR T.Posted
  • Financial services executive
  • Frederick, MD
  • Posts 609
  • Votes 341

Small rural community. If people are commuting to DC it isn't for big jobs. If the commercial part of the mixed use is vacant it will likely stay vacant, if the residential part has units renting under $1k/mo you will likely encounter drug issues w the tenants. 

Brunswick is a beautiful place to live. Just has issues from an investor standpoint.

Post: Another Reason To Avoid Hagerstown Maryland

JR T.Posted
  • Financial services executive
  • Frederick, MD
  • Posts 609
  • Votes 341

There is not much room for rent increases in this market. It is sad, but true. Similar policies have driven most major employers from the region. All of this is part of a city master plan to make it financially impossible to operate rentals in Hagerstown. When the properties are ultimately abandoned the city is able to take control of them and sell them at a profit. 

It's probably going to take a civil rights lawsuit to put a stop to the city's illegal and unconstitutional practices. This is a city government run amok. 

Post: Another Reason To Avoid Hagerstown Maryland

JR T.Posted
  • Financial services executive
  • Frederick, MD
  • Posts 609
  • Votes 341

Already the second highest tax jurisdiction in the state they now want to double up taxes on RE investors.

All in the investing community should be aware of this corrupt city government

Story below

https://www.heraldmailmedia.com/news/local/hagerstown-considers-a-two-tiered-tax-rate-structure/article_01b25d30-d159-11e7-a62f-c76756fefc56.html?utm_medium=social&utm_source=email&utm_campaign=user-share

Post: Just saying hi to Frederick and Hagerstown investors!

JR T.Posted
  • Financial services executive
  • Frederick, MD
  • Posts 609
  • Votes 341

Welcome! Hope your deal turns out to be a good one..

Post: Maryland (MD) Property Records Searches

JR T.Posted
  • Financial services executive
  • Frederick, MD
  • Posts 609
  • Votes 341

What you're looking for are paid lists. Companies sell these if you search around the forums you'll find plenty of lead/list companies out there. 

While it doesn't increase your search parameters, mdlandrec.net is a good free resource for when you want to find detailed information about a property such as mortgages, copies of deeds, etc.

Post: Replacement window - $1100?!?!

JR T.Posted
  • Financial services executive
  • Frederick, MD
  • Posts 609
  • Votes 341

Replacing a window in a condo built in the 60s. It's a custom size window. Where should we go for this? Any suggestions? 

Quotes we've received are between $1100-1250 - have to believe I'm calling the wrong places.

Help please....

Post: Hagerstown MD small multifamily

JR T.Posted
  • Financial services executive
  • Frederick, MD
  • Posts 609
  • Votes 341

The key to Hagerstown is accepting whatever vacancy numbers the market may throw at you until you find a QUALIFIED tenant (i.e. one that hasn't already been through the eviction process).

When our screening was weak we returned 0-4%. Over the past 12 months with stronger screening we're seeing 12-15% return. This is with sometimes leaving a unit vacant half a year if that's what it takes to find a tenant with a clean background. Getting access to the CoreLogic eviction database was key for us. Evictions are not on CaseSearch but this company sends reps into all the Maryland courts each week. The search is $8 and has turned around our returns in this tough market.

Everything said above about the city is true. Only they don't crack down on slumlords. They crack down on the compliant landlords they can harass to comply with various minutiae and get their numbers up. Some 70% of the properties downtown have never had a code inspector visit. That tells you everything you need to know about their motivation and "mission." Also expect your property value to decline each year and your property taxes to go up each year. It's the second highest tax jurisdiction in the state now. 

I consider Hagerstown a mistake. We get the same returns in Frederick with less than half the effort.

Post: Who to Use for Umbrella Insurance Policy for 20+ Properties?

JR T.Posted
  • Financial services executive
  • Frederick, MD
  • Posts 609
  • Votes 341

@Jason Bott found me an excellent policy through SENECA.