All Forum Posts by: Jamie Mathieu

Did you have a sewer scope as part of your inspection?  If not, I agree with having the plumber scope the line to see what the inside looks like. I would probably just deal with it now to give yourself some peace of mind and reduce the headache of having to deal with it later when a tenant is living there.   

For me appreciation is considered a bonus if it happens.  It isn't part of my core investment strategy.  I take a conservative approach which means that worst case scenario (all expenses in and estimated high) my rental property still cash flows and enough to fit my risk tolerance.  I wouldn't be able to sleep at night if I was banking on appreciation and knew it was probable that I would be in the red every month.  

I use erentpayments.com and have been very happy.  They charge me $3 a transaction which is worth the convenience.  

I've had the same issue.  I ended up going with a local State Farm agent, Ryan Nash that knows and understands Baltimore.  It was refreshing to not have to explain flat roofs, etc.  He is also a local investor, so he gets it.  They were also very competitive.  Good luck!

I am working through the same thing right now.  I plan to verify employment and have their passport #s.  How do I check their visa status and if their passport is legit?  What else could I be missing?  I want to make sure I am doing my due diligence, and I only have experience with US tenants.

I advertise "pets okay with landlord approval" and take a $250 non-refundable pet deposit.  I think it opens up your rental pool quite a bit.  I have been able to turn around a rental in two weeks max for mine in Maryland.  I would think you would get a large renter pool in that area.  Depending on your traffic, you might need to re-think your price vs. similar comps.

Thanks everyone for your advice!  I guess it is just as easy to be over-cautious about every detail when you are just starting out.  You all have made very valid points.  Offer is in!  

I am almost ready to make an offer on my second rental property.  Based on where we are in the year, the rental lease would start Dec 1st realistically.  All of the numbers are strong and the property fits perfect with my strategy.  The property is in Canton in Baltimore, Maryland (for any locals that may be familiar) and will attract young professionals, not necessarily families.  So, my only concern with purchasing this property is the timing of the lease.  I had originally wanted all of my properties to have leases starting in spring or summer.  I could offer a shorter term lease for more money (6 or 9 months) to reset the lease cadence at some point in the future to mitigate the risk.  Any advice is appreciated!

I use erentpayment.com as well and have been really happy.  My last tenant used the automatic direct debit option each month which was ideal.  As others have mentioned, I like that you can use their automatic late fees feature.  I wish the transfer of $ was a little quicker but I understand that is a limitation of a ACH debit.  @Rick S. excited to learn about the new features.  Thanks for sharing!

Would love to hear your experience and advice on showing a rental property while current tenants are still occupying it?  During any visit that I have had over the past year, the place has been fairly clean.  It is a small property that requires some imagination regarding furniture placement, etc.  The current tenants have not done a great job of this.  Although it is clean, they also have cats which I am worried could be a turn off.  Try to rent right away and reduce vacancy costs or risk turning off potential renters because it's not 100% rent ready?