All Forum Posts by: Colleen Ross

@Jacob Evans Would love to join the meet up on the 8th.  My husband and I live in Annapolis and are newbies as well with one rental property and looking for another.  One of us will be there and would love to meet you all.  

Thanks, 

@Kevin Sobilo and @Nathan Gesner, I was leaning toward having them as occupants only since I did the background check and the parent will be applying as the sole tenant.

Thanks for the feedback!

Hello Bigger Pockets!  We are about to accept an applicant with two college - aged sons (over age 18) who will be living with her.  She is the only applicant but we did require that anyone over the age 18 get a background and credit check. Should we list the sons as occupants on the lease or should the lease be in their name as well?  

We are using a standard lease form from Maryland.

Thanks!

Colleen

Thanks, Keith.  That is exactly what I did!  I asked the applicant to forward my questions to the PM company, all general yes/no verifying timely payments etc and asked them to reply to me.  

I will have a form ready for my next rental as you suggest.

Thanks for the reply!

Hi Bigger pockets

I've called two property management companies to verify references listed on an application, however they won't release ANY information to third parties.  They said the applicant can contact them to request information directly.

How am I supposed to get verify information if it essentially filters through the applicant?  Irust the information but I am doing my due diligence and want to verify.  Do I ask the applicant to request a letter from the management company verifying certain information?  

What have other done to verify references from a Property Management Company?

Thanks

Hi Bigger Pockets.  I have a question regarding assistance animals under the Fair Housing Act.  We are advertising our rental property and just received an inquiry from someone with a service animal.  Our policy is no pets, are we required under the Fair Housing Act to rent to him?  I don't have much more information than that, he got frustrated and hung up after we said no pets.

Thanks

Colleen

Hi, I'm a new investor in Anne Arundel County.  My husband and I have just finished renovating our first rental property.  Are there any recommendations for an electrician with experience in HVAC systems?  We need an electrician to check out the HVAC system and its wiring as the system is old.  The property is located in Glen Burnie.

Thanks!
Colleen

Thanks for the insight, David.  We are doing a conventional loan so the condo fee wouldn't be an issue but I was hesitant about the neighborhood.   I think you are right about not getting tenants from the NSA/Ft. Meade.   No wonder properties were priced below $100K! 

We decided to pass on this one.  Thanks again!

Hello Maryland investors.  What are your thought on investing in Severn, MD, particularly the Still Meadows community.  I am considering a property in the area that would cash flow but there are several Section 8 rentals in the area.  Since this would be our first property, we would not be open to accepting Section 8 tenants due to the potential challenges.  Any experience is renting to non section 8 renters in a neighborhood like this? We are concerned with finding decent non-section 8 renters in this area.  Any other thoughts about this neighborhood? Thank you!

Interesting discussion.  I'm also a newbie in Maryland (Annapolis), I was also thinking of investing in Florida as well, where I'm originally from, because I am having a hard time making the numbers work for properties I've seen in Maryland.

Here is a property located in Millersville I was analyzing today. 

Rent $1650.  I researched rents nearby for similar homes and this was the average.

Expenses

Mortg & Interest: $751

Taxes: $217

Insurance: $83

PM 10% : $165

Maint. Reserves: $42

CapEx 10%: $165

Total Expenses: $777

Net Cash Flow $121

CoCR 4%

ROI 10%

List price was $199K, I would purchase it at $160K just to get to the above numbers.  I am also assuming about $15K in repairs.  I have analyzed properties closer to $150K but they need a lot more renovations and the numbers aren't working either.

I am searching in Upper Marlboro, College Park, Pasadena,  Severna Park, Crofton, Annapolis, Edgewater, Deale and am starting looking in other areas to see if I can find more affordable properties.

Are my numbers way off? Or perhaps the areas I am searching in are not strong rental markets?

What are other more affordable areas?