All Forum Posts by: Erick Garske

Looking for recommendations for rental placement services in Baltimore City. I am looking at potentially outsourcing my rental placement. Thank you in advance for yo

This is a follow up to the thread above. It appears that the Maryland General Assembly has ended the practice of attaching tax liens against homes for owner-occupied homes. The article is from last year. Is there an update for rental owned property?

https://www.baltimoresun.com/news/maryland/politics/bs-md-water-tax-liens-20180409-story.html

I am searching for a private lender to fund a gap loan for a fix and flip. The property is in Baltimore, MD and requires about 20K in repairs prior to bringing it to market. Ideally, I am interested in terms in the 8% to 10% range with no administration fees or points. The term of the loan would be a year but would close likely within 3 months.

Thank you in advance for your referrals.

I have a row house in Baltimore built in 1920. The home has a shared porch with the neighbor. The porch on my side appears to be sinking and needs to either be repaired or replaced. The porch on the neighbor's side appears to be in good condition. 

A contractor had recommended that both sides of the concrete porch be repaired.  When I questioned why the neighbor's home needed to also be repaired, I was told that that it would avert any damage done to the neighbor's porch when my porch side was repaired. The alternative, would be to request that the neighbor sign a hold harmless agreement releasing the contractor from any liability of damage of their porch while mine is repaired.  This does not seem like a viable alternative. The neighbor has nothing to gain, and everything to loose by signing that hold harmless agreement.

These are my questions:

1. Wouldn't the contractor's insurance cover them in the event that the neighbor's porch would be damaged?

2. None of the other contractor's mentioned the possibility of the neighbors porch potentially being damaged.  Why would this be more of a concern to this contractor?

3. Can someone share their similar experience?

If you haven't done so already, you should look at the advantages of setting up a Self Directed Solo 401K instead. 

One requirement of doing so is to to have an LLC for your own company. Once this is completed, you should be able to roll over your 401K into your Self Directed Solo 401K. One advantage of the Self Directed Solo 401K is that you can contribute up to 54K a year, or 60K a year if your are 50 or older.

Another advantage is that you may be able roll over an existing 401K Loan into your Solo 401K.

Thanks @Account Closed. I'll reach out to you.

@G. Brian Davis you might try Blue Star Property Management. I've been with them for about a year. Another company is quasarrealestate.com that is local to Baltimore.

@Vittorio Rendor its my understanding the portfolio lenders require that the property be within an LLC. Have you asked the lender? It's likely that the lender would what you to be personally liable for the loan.

Can someone recommend a company that specializes in placing voucher tenants in Baltimore City. I have a number vacancies that will be available.

Christian Wathne after reading your post, I signed up with USAA for auto, and primary homeowners. Great savings over AAA. I need to wait for Monday for the rentals. Did you use a single commercial policy or individual policies for your rentals?