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All Forum Posts by: Danette C.

Danette C. has started 3 posts and replied 27 times.

Chris, as long as the renter has somewhere to park their cars, that's all that matters.  We rented in Kissimmee FL and there was enough space for 2 cars in driveway as the garage was converted to a game room area.  When we rented in Destin, FL, again enough parking as their garage stored bikes, boogie boards, etc for our use.  It's not like you are getting snow like us NE states!  :)

When we first started our vacation rentals, we cleaned and inspected the rentals. I recall opening the drawer to the bedside table and about died laughing.  Let that imagination go people because your mind is in the right gutter!  Let's just say this couple was celebrating their 40th anniversary.  I grabbed a towel, wrapped it up.  Then I immediately called them.  I got the husband and he giggled as he passed me off to his wife.  I told her to not be embarrassed. I then politely asked her age and gave her big kudos for having an fun sex life in their 70s.  And yes, I mailed it back to her! 

Originally posted by @Benjamin Aaker:

Nice work doing all that reading. Next step is to start evaluating deals. My favorite book is The Millionaire Real Estate Investor by Gary Keller. This book will help you with your evaluations. 

Benjamin! I just ordered that one yesterday. We recently went to an REI meeting in our area and met Anthony Lynam. He's a KW realtor who gave a phenomenal presentation and suggested this book. I'm looking forward to this read!

For the individual who posted this question, I have not read all these books, but my husband lets me know which ones are worth reading.  I tend to be the visual/social learner whereas he can zip through a book in 1-2 days.  I like to listen to others' stories (good/bad/ugly) and learn ways to improve whether it's from their mistakes or our own mistakes.  

Other books would include:

Multifamily Investors Who Dominate by Beau Berry

Never Split the Difference by Chris Voss

Best Ever Apartment Syndication by Joe Fairless

The Hands off Investor by Brian Burke

My oldest daughter's best friend (21 y.o.) is researching different types of loans for when it's time to pull the trigger and buy her first place.  So here are a couple of questions for those of you willing to give some suggestions:

Have any of you purchased a deal with FHA loan? If so, what are the pros and cons?

USDA loans only apply to rural areas, correct?  Once again, if you have purchased a home with one, what are the pros and cons?

If she finds a duplex, lives in one side and rents the other side, wouldn't it be in her best interest to purchase it as an LLC?

Again, thank you for your help as I don't want to steer her wrong.

Post: Annapolis MD Real Estate Clubs?

Danette C.Posted
  • Posts 27
  • Votes 13

Richard:

I personally do not know of any, however, I didn't know of any in our area initially.  Until I looked up "meet up".  https://www.meetup.com/

Very simple site to use.  Type in what your looking for and your area.  BAM!  I immediately found 3 groups within our surrounding area.  So definitely give it a shot!  

Good luck as I'm sure you will find some.

Originally posted by @Forrest Hayashi:

Hi,

Recently sold my investment property in Philadelphia! The rental license attached to it is still active for another 5-6 months or so under my name. What should i do? I wonder if there are any legal implications for me if the new owner decides to rent it out with getting a license of his/her own.

Forrest:  Just making sure I understand correctly.  When you are saying rental license, do you mean rental permit?  If so, your township will transfer it to the new owner.  For example, one of my rentals at State College already had a permit in place and it was immediately transferred to me when I went to the borough to fill out paperwork.  Basically that little piece of paper states that the owner of the property, can if they choose to, rent it out to however many individuals noted by said township/borough.  Now if new owner doesn't renew, their head is on chopping block for not continuing to have permit in place but are renting it out.  Their problem, not yours.  And if you want to put your mind at ease, contact the township/borough and inform them that you have sold the property.  Just like you did with your utilities.  CYB (cover your butt) in all situations.

Antonio:

Definitely read up on it especially in your area.  I just came across this link for our area and didn't even realize that if it is a residence of less than 5 units, they don't allow it. 

"Because asbestos in certain forms has been determined to cause serious health problems, the DEP regulates the removal, collection, transportation, and disposal of Asbestos-Containing Materials (ACM). DEP does not regulate the removal of ACM from private residences unless the residence is an apartment with five or more units. Contact your township or borough to find out if there are any local regulations."

https://www.dep.pa.gov/Busines...


In regards to cost, definitely get a professional involved after looking at this:

https://www.theasbestosinstitu...

You are much braver than us as we had looked at a house that my husband could tell immediately had asbestos yet our realtor wasn't very knowledgeable.  So we walked away because we did not want to tackle the project along with what was needed for the interior.

If you do  tackle the project, share with us.  I'm curious to know how easy or crazy it is. 

Absolutely.  Create a letter on business letterhead stating the a few key points.  

As of December 1 (this allows them 30+ days to find a place should they decide not to stay), we will require a year lease with a monthly rent of $1200.....include new lease with all the rules etc laid out really well.

We are requesting a notification by October 31st in regards to your decision.  This must be sent to us via confirmation/signed signature requested usps mail.

If you choose to stay, we will require the difference in security deposit to be matched to the new rental amount as well.

I'm sure other BP people will chime in with more helpful hints as this should give you a starting point.

Originally posted by @Peter Schiff

We are in a dispute with HOA about changes to a property located in Tennessee. After purchasing the property, we have installed privacy walls on a deck, something that about 50% of properties in the association has.

***Are the walls permanent? We have a similar HOA in our own neighborhood about our darn garbage pails being visible from the street. The way our house is situated on our lot, our pails will be visible unless we put something around them, which of course has to be removable if we move. So once in awhile we get a letter, then hide them in the garage and pop them right back out. What I'm leading to is that if they're removable, can HOA accept that they'll be removed once you physically move if they're not a permanent fixture? Another thing I wanted to mention is when we ripped our back deck off and wanted to get concrete deck. If I remember correctly, we had to first get HOA approval and then the township had to give us a permit. A land surveyor came out to tell us exactly how big it could be based on our lot size allowing certain amounts of porous and non porous areas. The contractor laid out the dimensions and then the township verified marked dimensions and then let us move forward with the job.

We also made necessary repairs which somewhat changed appearance of the foundation (there are now bars which hold the foundation together and prevent further deterioration). Due to general unresponsiveness of the HOA we did not seek any permissions.

***So in one of our rentals, we tested it for Radon. Radon levels extremely high. However, you, as a landlord aren't required to fix it since most tenants move every 3 yrs. (Not completely sure of that one). I personally don't w ant someone's possibility of getting cancer or whatever from radon, therefore, I wanted to get a radon system installed. This had to be approved by the HOA because it "altered the roofing." I explained that I am taking preventative measures for my tenants and it doesn't damage the roofing etc. Of course I had the radon system installation company write a letter on my behalf and the HOA allowed it without trying to make me accountable for paying for the roof in the future should it need repair/replacement. This is where I found out the HOA was composed of homeowners who had very little knowledge or radon systems. With that being said, it sounds like you were looking out for your own property's foundation. Going along those lines, I hope you always mailed everything to the HOA via confirmation signature required or emails were saved in your sent file and everyone cc'd. What I would do if I were you, get a letter from whomever did the work on the foundation. Have them clearly state the need for the additions to the foundation. That should help alleviate the issues at hand. Usually a good explanation of how you want to "maintain the upkeep of your property so it helps keep property values up in your neighborhood" should help get them off your back.

However, soon we received a letter from the HOA attorney with request to remove the privacy walls and the foundation support bars with fines for every day not complying.

We have learned that effectively nobody has permit for privacy walls and that several properties have other non-compliant alterations, yet they do not have any problem with the HOA. Also, if we now remove the foundation support bars, the property can potentially collapse.

****Beware, sometimes things are "grandfathered in" as they may have been there before you bought your property.  Is that an accurate statement for me to make?  Again, regarding the support bars, get that letter from the contractor who did the work and if you need an architect or home inspector, get them involved.  

We have responded to the HOA attorney but after 3 month there is no response. So, we have consulted this with an attorney who says that HOA is free to apply its rules selectively as they like, and we can't do anything about it. There may be some other ways of defense and we are proceeding with the attorney's help.

****Check your HOA rules and bylaws. Again, make sure you do all 3 forms of communication and document EVERYTHING! Email daily and cc your lawyer. Call daily or every 2 days and write down times you called and who you left messages with. Only send mail that needs a signature and keep all receipts. DO NOT let it continue as it sounds like your lawyer is NOT on top of this if they haven't recommended all of this yet. It's crazy to think you have to get the lawyer involved because letters from those who can prove the foundation is at risk of collapsing should be more than enough evidence to have HOA back down.

However, I find it hard to believe that the HOA is entirely free to selectively apply rules. Does anybody have any experience with this kind of problem or idea how to approach it?

***I hope that helps you a little bit and look forward to hearing that it got resolved once and for all....3 months is too long.

As my husband and I research, create new connections, and attend various meet-ups, we are trying to decide which local or national organizations are important/beneficial to be involved with. Especially being a landlord.  I was involved with BNI and the Chamber of Commerce when we had short term rentals.  I found both to be extremely beneficial for our needs during that time.  Now that we are in long term rentals, I am asking for your input of any group/organization with regular meet-ups you feel have been beneficial to your own personal/business growth.