All Forum Posts by: Joe Norman

If MLS access is your only goal then becoming an agent is an expensive way to do it. I personally wouldn't spend all the resources necessary (time and money) to obtain, and maintain, a license simply for MLS access.

In Maryland you are required to provide a Move Out Statement that lists all of their credits (security deposit, interest on deposit, prepaid rent, etc.), outstanding charges (rent, late fee, damage) and the balance (surplus to be returned or amount still owed).

I would notify the tenant now that the SD is NOT intended as their last months rent payment, and that they will still be responsible for that as well as any damages. Collecting on that threat is a different issue but you can at least put it out there.

Depends on your question I guess but I would start by contacting your Realtor and/or your Property Manager. Both should be able to answer your questions or quickly get you an answer if follow up is required. If you don't have a trusted Realtor/PM, or if yours doesn't have the answers, then you can always contact whatever government entity is requiring the license (hint, in Maryland it will be either the County or Municipal government, not the State).

(1) You're not crazy, but make sure you're in compliance with what the lease agreement says about how rent can be collected. 

(2) I'd say whatever works best for you, just make sure that your lease is written in a way that gives the landlord flexibility on how rent is collected. Electronic payment is fine and I wouldn't worry too much about appearing "professional" as a mom and pop landlord, make it as easy as possible on yourself and for your tenants.

(3) Professional PM software is definitely not necessary for a 2 unit mom and pop operation, but do make sure that you are keeping good books come tax time.

Unless it's a habitability issue (e.g., the mess is attracting pests, allowing mold to grow, etc.) then I wouldn't worry too much about it. If the shower has to be replaced at turnover at this point then cleaning it now won't make a difference.

I would notify the tenants that they are in violation of their lease (assuming that they are) so that its on the record and then continue collecting their rent.

Agree that experience is the best education. That said since you want to get a graduate degree for work, I would suggest something business related. MBA, Finance, Accounting... There are also Graduate Degrees specific to Real Estate (Johns Hopkins offers and M.S. in Real Estate and Infrastructure).

 In addition to Nathan's great recommendations, I also suggest verifying that the PMC is licensed. Maryland is one of only a handful of states that does not require Property Managers to have a license from the Real Estate Commission, although it is optional.

Also, selfish plug, I am fully licensed and run Blue Door Residential Property Management and am happy to speak with you. Feel free to reach out.

A solid property management team (or maybe multiple PMs if your portfolio is large enough) is a must for out of state investing. Be sure to do your due diligence and make sure the PMC is licensed (if required, it's not in all states) and insured. Get references, confirm their systems and SOPS are in place. Do everything you can to make sure you're hiring a solid partner who will protect you and your investments.

I really dislike the idea of borrowing down payment money. If you have money saved up use that, and if you don't then save up.

I'd give the current PMC the benefit of the doubt and assume they are just trying to do this by the books as opposed to dragging their feet, but otherwise agree with @Theresa Harris. Tell the current PMC to transfer the SD to the new PMC, that way they have a record of handing it off to a licensee (assuming PMCs are required to be licensed in your state) and are covered in case of a Real Estate Commission inquiry. They in the new PMC wants you to hold it they can deal with you on that directly.

I'm wondering why your new PMC won't hold the deposit though, have you asked them?