All Forum Posts by: David L.

I was reading Blake Morris' post in this thread here:

https://www.biggerpockets.com/forums/52-rental-property-questions-landlording-issues/topics/106490-tenant-gives-deposit-to-hold-and-pay-first-months-rent-3-days-later

He stated:

"Another thing you can do, which is what we do where I work, we do not let someone sign a lease until the unit, or home is ready. When they sign the lease they pay fist months rent and deposit and get keys all in the same day. It becomes effective the day they sign the lease and we prorate their second months rent payment."

In my scenario, I am moving at the end of December. My current house will be available for the tenant the 1st of January. Part of my new loan requires that I have a signed lease in place. How does this work then? What's the best way to handle this? I would like to get a security deposit and signed lease in place ahead of time.

The new tenant is an associate of the family across the street from mine. We haven't signed any paperwork at this time, only agreed to my rent cost and said that he wants to rent the place. He's waiting on me to provide him with necessary paperwork.

I amusing EZLandlordForms.com (paid subscription) to build a Maryland-specific lease.

Thank you.

- Dave

Hi Matt,

I have such a horrible internal struggle going on inside me. I am very, very meticulous with my workmanship. I don't know everything about anything, but I know a little about many things and can work my way through most projects.

With that said, I have such an aversion to things not being perfect, that I have a hard time completing the last 10-20% of a project (I have many "almost done" projects around here. Now that I know I won't be living here and won't have to deal with any mistakes or imperfections staring me in the sould every single day, that's made it a bit easier to get things done.

I'm having a hard time with the balance of making it nice enough to attract high quality renters vs. wasting too much money on anything.

I really just need to get it to "showable" condition, whatever that may be.

Background - Full post here:
https://www.biggerpockets.com/forums/55/topics/91574-accidental-landlord-in-pasadena-md

I own a SFH in Pasadena, MD that my wife and I purchased at the top of the bubble in the Spring of 2007. Built in 1979, and no updates since, it appears. I've put a lot of money and time into this house over the last few years.

We are having a new house built in PA and should be moving up there at the end of summer if everything goes according to schedule.

As for this house, I'm pretty certain that we are far too upside-down to even bother selling at this time, so I'm going to be looking to rent it out. I figure I will have all my remodeling done just in time to move out so someone else can enjoy my hard work. Figures, right?

I really don't know even where to begin, so I have a lot of reading ahead of me. I had one local realtor stop by to talk with me and give me a run-down on what she could do for me. Basically advertise/screen/paperwork/get the house rented for the cost of one month's rent.

I still have a lot of work left before I feel the house is "move-in ready", but I'm hacking away at it day by day. It would probably be easiest if I had her take care of everything for me on this go-round. If I did, I guess my biggest problem at this point is at what point should I start showing the house? It would be impossible to wait until everything is at 100%.

I need to research "what renters are looking for" in a house and at least focus my early efforts on that so there are no big red flags or sore thumbs sticking out.

Thanks for the welcome. I will check out those links, as well as create a thread in that forum too.

Jon Klaus, it would be nice if it were prosperous, however I think at first I may just be holding my head above water until I learn the ins and outs, tax codes, laws, and so-forth.

Here's a quick before/after shot (still in progress!) As you can imagine by the quality and level of detail I've put into this house, I would prefer to be extremely picky on who I get in here, within legal means of course.

I own a SFH in Pasadena, MD that my wife and I purchased at the top of the bubble in the Spring of 2007. A house that was built in 1979, and appears to not have received any updates since 1984. Nothing structural or major, but seriously, seriously dated. I'm talking orange counters, green carpet, orange trim etc. I've spent the last few years and many, many dollars bringing the house into the current century.

Between my two kids, and having a traveling job, I'm pretty much burnt out on doing necessary home improvements, and living in a construction zone for the last few years. We've decided that we want to move to a different area, so we are having a new house built; should break ground within the next couple weeks. (Quiet neighborhood, better school district etc.)

As for this house, I'm pretty certain that we are far too upside-down to even bother selling at this time, so I'm going to be looking to rent it out. I figure I will have all my remodeling done just in time to move out so someone else can enjoy my hard work. Figures, right?

I belong to a few car forums, but have not had much luck with Real Estate advice. I think I may have found everything I'm looking for to get me headed in the right direction here on this forum.

I don't want to double-post or cross-post, so I figured I would save the details for a detailed thread in either the "Starting Out" or "Landlord & Rental Property" forum?