All Forum Posts by: Lois Stern

I don't have specific college towns to suggest.  What I do have is a suggestion of making sure you check the rental laws in any of the college towns you are considering.  There are many with a law that only allow you to rent to 2, sometimes 3 adults with different last names.  So getting a group of 4-6 college friends together to share a house becomes an impossibility.  A truly stupid and outdated law, imho, and annoying as well.  [sorry, that bitter sound was supposed to stay in my head]

You are correct for looking at those types of housing - and there is a forum about short term and vacation rentals where some of this is spoken about as well.  Glad you are jumping in!

You've either got the property tax wrong, or that is monthly.  Baltimore City has very high property taxes, and even on something going for $45k, I'm sure it's not $495 a year.  Check that please.

WTG for taking action @Shaniqua Dupree!!  I can't wait to hear how this goes for you!

For anyone watching this ... I did not end up getting the property.  I also did not end up partnering with the friend who was interested - his accountant said the timing was wrong.  We will revisit a partnership later.  But it did get me moving and showed me that it isn't that hard to ask.  I am on the prowl again for a good deal, as well as asking people I know to partner.  Be brave!

I'm looking at a property - a Townhouse in a mixed use neighborhood.  Somewhere along the way, an owner decided to get the TH zoned for business use only and is now selling it and stating on the sales sheet that it could be turned into 3-4 apartments.

Does anyone know if this is a simple process of licensing or is there more to it?  We are in Baltimore MD, by the way.

I think it is an enviable place and glad you grabbed it while it was hot!!  Welcome to the pro-active side of this place!!  [glad you came out of the shadows]

Lots of different ways to do it and none of them is "RIGHT" specifically.  Some say get the parents to co-sign, others say make the students stand on their own ... don't deal w/mommy and daddy.

I've heard some places want all checks to arrive at one time together.  Actually there is a perk here on BP for a Pay App that lets you assign each of the students an amount and a code and they can go to any 7-11 and for about $4 per transaction they can use cash to pay you and you are alerted right away.  I"m not sure what the charge to you is.

Most of these colleges can afford $550-700 or so in rent per room - especially if it is in very close proximity.  I have just put an offer in on the same type of house [only it will still need work done] at the university up the road.  I'm debating between making the lease one year minus two weeks and charge them a little less that month - so that I can get it cleaned and fi anything that needs it... OR going month to month which makes it easier to evict.  I look forward to hearing what others tell you as well!

I particularly like this idea - thank you.  Your ideas and information are lots of food for thought.  MTM sounds scary, but might prove a terrific way of getting things done.  I'll run it by my partner.

WOOOOOOOOT!  Great job!  Did you do the repairs yourself or hire a contractor?  Or a little of both?  

Thanks for asking the question ... I now find myself in the same position and am reading thru older forums to get answers instead of re-asking.  I LOVE BP!  Thanks for all of the great information.

@Shaniqua Dupree - thanks for the moral support [as always]!!  I hope to see you at tomorrow nite's meet up

@Kelly N. - I appreciate hearing from someone who is doing it ... and that there doesn't seem to be a "best practice" for this.  I have a copy of someone's rental agreement that shows a clause like what you've stated and thought that was a great idea.  It keeps the utilities on if I have any down weeks and want to get in there and tidy up or do some rehab. - quick question: do any of your contracts go 11.5 months like Aug 15 - July 31 ??  giving time to fix anything that needs fixing and tidy up.  IF SO, do you charge 1/2 month at the end?