All Forum Posts by: Daniel Alfandre

A tenant just moved out of my rental property and there is a urine odor throughout the first floor.  The floors are vinyl planks (Allure Trafficmaster).  She had a cat and signed a pet addendum that obligates her to pay to remediate pet odors.  However, during our move-out inspection, she claimed she cleaned up after her cat and that she doesn't smell any odors.  I don't see any apparent stains on the floors or walls that reveal urine but the odor is definitely there.   How would you handle this situation?

I just got an application from a BRHP voucher holder.  They receive funds from and follow many of the protocols as Section 8; however, it appears they don't pay as much as Section 8 in some neighborhoods (their designated non-opportunity zones).  But I'm wondering how they are to deal with and any other insights about them.  If you have any, please let me know.  Thanks.

Hi All.  I'm preparing the application for my first rental and have a question: Is it good practice to communicate some of the more sensitive screening standards to the applicants (i.e., as stated on the application) such as "our screening standards include no evictions or serious criminal history."  Or is it better to just let them answer those questions on the application and decline them if their answers reveal otherwise?

Hi All, I'm getting ready to rent out my first property in Baltimore and have some questions about three scenarios of groups of adults who apply:

Do you require each spouse of a married couple to qualify for income, background check, etc?  

If two or more non-married adults apply but less than the total adults who apply qualify (i.e., two out of the three adults qualify), do you reject them all?  

Finally, if adult children apply with a parent(s) but the adult child does not qualify for some or all of the criteria, do you reject the family?

Thanks.

Do you find that sellers of off-market properties are willing to wait at least a month, from the time you agree on a price, to be paid for their properties from bank financing?  Any strategies or tips for persuading off-market sellers to accept bank financing?  One that comes to mind is to offer a higher price.  Do these sellers usually require a faster and/or cash payment?  Thanks.

This is regarding a small, 4,000 sq. ft. office building in the MD suburbs of DC.  The building will get rents for $18/sq ft.  The rentable space is 3,200 sq. ft.  So 57,600 not including vacancy allowance.  The building was built in 1975 and was 100% leased in 2020 to present.

The owner is a retired, older gentleman who hasn't given me any source documents to back up his expenses and I don't know if he will.  He says the annual expenses are:

Trash container $4,575

Lawn Services including winter services $2,580

Cleaning Service (common space only, no suits) $2,400

Insurance $2,488

County tax $6,410

Alarm $635

Water $1,100 

Fire Extinguishers $57

I verified the above amounts are in the ballpark through other sources. Not including reserves and CAPEX, do these expenses look complete?

Thanks

@Steve Morris & @Evan Polaski, I found a local RE attorney who charged me $450/hr.  It took him two hours.  I feel good about this as he is very knowledgeable about the legal aspects of the market in which I'm investing and can help me navigate additional legal circumstances in the future and most likely save me money in the long run.

The renovation included new vinyl floors, new trim, new paint on walls and ceilings, new kitchen and bathroom, and HVAC cleaning (where they hook up the big hose to the furnace and suck out everything from the ducts).  The house was built in 1943.  Any suggestions?

Thanks.

Does anyone know about how much a small multifamily purchase agreement costs? This is an off-market deal so no agents/brokers involved--I would need to get the purchase agreement from an attorney.  The building is about 10k sq. ft.  

Thanks

I think it's great that you want to invest in real estate. I suggest you start in your own neck of the woods if starting out doing BRRRR deals. BRRRR deals can by found in many places, cities, counties, and towns. Being there to look at the property, the progress of renovation, and to deal with the GC or contractors is indispensable for growing your skills, judgment, and confidence as a real estate investor.

Is there an affordable neighborhood within an hour of where you live; one in which you would feel comfortable walking around?  If so, drive around it and look for houses/rowhouses that look empty, dilapidated, etc. then look up the owner's information in the state's online property records and write him or her a letter.  

Once you find someone interested in taking an offer from you ask a realtor to help you close the deal, or close it yourself if you want to try (read how to do this on the Internet).  

Once you have a property, drive to the Home Depot and look for trucks and vans that say "general contractor" on them--or keep a lookout while driving around--write the phone number down and call them to meet you at the property to walk it with you and to give you a quote.  From there, you should be able to figure out how to get it renovated and rented; but if not, ask you questions on BP.