All Forum Posts by: Joshua Mast

@Dmitry Semenov I don’t think this is in the agreement. My property manager does the same thing (charges the late fees and then keeps them) and I am fine with it as it is extra payment for their time collecting - however, this does not mean you are responsible for paying the fees. The agreement appears to say they may collect them from the tenants and keep them, but it doesn’t mean that it is a defined cost that they can charge you above the management fee.

@Alissa Sabbe I just noticed that this post was from 2017 (although my search said it was posted a few seconds ago)!

@Alissa Sabbe Most title companies can handle this. I use Homeland Title on Severna Park and have done deals like this and they took care of it. Feel free to message me if interested and I will send you the number for my contact there.

Thanks for your responses. I have thought about both in the past and am going to attempt the carpet plan first, as it is much simpler and cheaper up front. If the tenant downstairs moves out, I will probably move forward with the insulation and drywall solution.

I have a duplex that is divided up by floors: apartment 1 is on floor one and apartment 2 is on floor two. I have an issue with sound travel between the two floors. I got one of those dreaded 10:30pm tenant calls last night with complaints on the sound. I have had this property for 7 years, and, in general, the issues don’t present themselves if the tenants are going to bed around the same time. The bottom tenant is original and doesn’t complain much; until this last tenant moved in. She tends to goto bed around 9:30-10:00, but the tenant above her has put their office in the room above the 1st floor bedroom and will work sometimes until 2am. No issues except she will use a rolling chair, may drop things, may play music, etc. as much as I try, they just can’t seem to get along. I am curious about different methods to address this issue - soundproofing/dampening, ask them to move their office to a different room, get new tenants, etc. I had looked into having insulation blown into the ceiling but am not sure if it will be very effective. Any help is appreciated! Josh

@Bret Schilling Did you end up doing the AA county tax sale?  I find that large investment companies and hedge funds win most of them.  I also believe most of them invest based on assessed value - so they may overpay for vacant rundown home or underpay for homes that haven’t been reassessed lately.  Most of them do not want to take possession of the properties; rather, they like the 18% return (who doesn’t?!) 

I bought a vacant lot for really cheap (to try out the process) and flipped it to a neighbor of the property. 

As far as your question - you get one sealed bid - so bid the max amount that you Feel comfortable width winning.  I don’t like that the county now charges $100 to get the chance to bid. 

I’ve done the same analysis as you and cash-flowing looks difficult. The big benefit is commissioning and homecoming week, where rental prices go crazy. I know lots of people that move out of their homes for the week to get the cash ($4000 for a simple SFH all the way up to $15k for a large waterfront home). I believe breaking even would be possible, and if that is one’s investment strategy, it may make sense. I, on the other hand, want a lot of cash flow to make the trouble worth it. I know one person who does it, but it’s outside the historic district. It’s a small 3 bedroom SFH and I think they make a little bit of money from it; however, they self manage it and it is located beside their primary residence. I have been interested in short-term rentals in the Annapolis area for some time. Let me know if you get some hard numbers on this!

Look for single family homes with mother-in-law/Au-pair suites or attached apartment. They generally sell at market prices but having two doors can generate more income. Also, try homes with detached garages that can be rented separately as storage. I have 6 doors (each property has 2 doors) in Anne Arundel County (Annapolis area) and another 2 unit under contract. All were marketed as single family homes but all are now cash flowing roughly $500/door. All are in B neighborhoods and not in Baltimore. You may need to check with zoning before implementing this approach.