All Forum Posts by: Bill Ames

I'm looking for a vacation rental property in Ocean City Maryland that my family and I can use a couple times a year and rent out the rest.
I currently have "regular" rental properties and for the most part understand in my area at least how much say a 200-250k house can rent for each month with a year lease but have no idea where to start in trying to determine the potential rents of a vacation property.

How do you determine how much rent per week/month/year you can realistically bring in? Is it best to reach out to a vacation rental company to get this information or will they exaggerate? 

I would appreciate any direction you have to offer.

Thanks Tom.

I like that plan Drew. Also shows you are serious and will show the tenant you are not playing around. Hope it works out for you. 

Yeah crazy. The PM company was the one who placed the tenants. I feel like they did do their due diligence and kept us in the loop throughout the process. Ultimately I approved it. The tenant looked good on paper, had the income and didn't have anything negative show up in their background. I think this was just one of those unfortunate situations combined with bad timing due to COVID.

Part of the purpose in suing for the back rent is so there is a record and that they can't do this to another landlord. Who knows, maybe they did this to someone in the past but they didn't pursue it. 

Thanks, good point. I guess I'm thinking of this as two different processes. First being the eviction which is handled and headed by my property management company. Once she is evicted then I would be suing for non payment. 

Hi Drew, yes we have a small claims court as well for civil matters under $5,000. After some searching I'm not seeing any exclusions that prevent an LLC from suing or requiring a lawyer in small claims court. I'm going to speak with a lawyer to get a better idea of fees to determine which way I want to go with this one. Unfortunately until the tenant leaves the "past due" balance keeps going up.

Have you or anyone you know had success actually receiving the payment after a judgment in rendered? I have heard some horror stories of defendants switching jobs and residences making it hard to actually collect.

This is new to me so I'm trying to look at everything as a learning experience. 

Thanks Tom.
This was something I was not aware of when I decided to put my property in an LLC but will be sure to mention it to anyone asks about potential pros and cons.

Hello all. I currently have a tenant that moved in last Feb and from the beginning decided that they weren't going to pay rent and has avoided communicating with us. This was before COVID fully turned into the mess it is now. We received partial payment after the first stimulus check was given out and haven't seen a dime since. My property management company has taken then to court several times for non payment and has even received a no right of redemption ruling. When we attempted last time to get the eviction orders the tenant showed up to court and showed that at some point she had COVID and was only working part time. Long story short the judge did not grant us the right to evict.

Now for the real question... This property is in an LLC. I have received conflicting information on the ability for me to sue when the time comes. I have been told that because the property is in an LLC I must have council to sue for the non payment. When I approached my local court systems self help system to get clarification they could not talk to me because I have an LLC. This would take place in a Maryland district court.

Any help or clarification is appreciated

Thanks Annette, that makes perfect sense and is why I'm apprehensive about it in the first place. At the same time I wanted to make sure that I wasn't just coming up with excuses to not make a deal. 

Thanks for the reply. I never thought to come across this situation so other than asking an Agent their opinion I figured this was the best place to pose the question.

Hi Everyone, After listening to more pod casts than I can count this is my first post and interaction with BP. Through an aquaintance I was made aware of pocket listing. Its in a very sought after part of Maryland due to the school district and from the brief discussion I had with my friend I decided that I do want to get more information. First thing I did was map it and that's when I realized that the home sits behind a gas station and walking out the front door of the property looking about 45 degrees to the left is the back of a not so beautiful building. There is a fence and some trees blocking the gas station but even though you can't see it easily its still right there!

Now if you go further into the neighborhood its just a typical neighborhood no issues.

I personally wouldn't buy that home for me and my family but I think it will be just find for renters as it is on the less expensive end of the homes in the area and walking distance to a shopping center with a restaurant. 

My question is how much should the proximity of the gas station and back of the commercial building affect future home values and how much I should consider the deal? 

Any help is greatly appreciated