All Forum Posts by: Joe Norman

To reiterate @Chris Seveney's point, if the numbers don't support a PM then your margins are probably too tight to make this a good first investment. At least not from a cash flow perspective.

To answer your actual question, I would contact a few Realtors in the area who have experience with tenant placement and sign a listing agreement with one of them. That way if anything does happen its their license (and insurance) on the line.

My biggest concern/question would be to inquire about what kind of modifications they need to make to the home to make it work as an assisted living facility? Do they need to install ramps? Accessibility features in the bathrooms? Widen doors?

If they do need to make modifications then who pays for it? Will they escrow money to undo the modifications when their lease expires?

Any landlords/property managers on here invested in a key cutting machine? If so I'd love your feedback on what models you like/don't like. Thanks!

By "dealing with" do you mean you own them and want to sell? If so get them listed with a Realtor and sell them to a cash buyer.

A wholesaler/private deal is also a possibility - but we all know that wholesalers don't always close. If you go that route then require a large, non-refundable EMD and a non-contingent contract.

Good luck!

 Can we start a separate Maryland Crab Cake thread!? Not sure where you're planning to take her but here are a few of the local favorites:

-Pappas on Taylor Ave (they've opened up a few new locations too)

-Kocos Pub on Harford Rd in Lauraville

-Faidley's Seafood in Lexington Market

-Box Hill Pizzeria in Abingdon (about 45 minutes outside of Baltimore but worth the drive!)

 You are spot on with this. 2-4 unit buildings in Baltimore tend to be homes that were converted into cheap rental properties as opposed to purpose built, singly deeded multi-unit properties. Because of this they tend to be in areas with lower property values (and, therefore, neighborhoods with the challenges that contribute to lower property values). Are you looking only in Baltimore City or also in the surrounding counties?

Feel free to shoot me a PM if you want to discuss your goals in detail!

This is absolutely the PMC's job. Don't assume that they are aware of the violation, so forward it to them and ask them how they will handle the situation.

I agree completely that referrals are the way to a Reatlors heart! That said I don't know why you wouldn't be able to send them a bonus check. If you want it to be 100% above board then send it to their Broker, with instructions to pass it along to the agent, but I wouldn't be upset if one of my past clients dropped an envelope off to me personally either.

And note that none of @Nathan's advice involves getting your license.If you want to be a Realtor then go for it, if you want to be an investor then a licenses is not necessary or advised (at least not starting out).

Sounds like a profitable flip and a good learning experience - great work.

This doesn't have anything to do with your original question, but your statement that "I have some doubts about their work" caught my eye. Not sure what Ohio's disclosure laws are, but you should ask your Realtor what obligations you have to disclose latent defects and/or material facts. You may be fine and not have to disclose anything (especially if your concerns would be evident to anyone walking into the house, e.g. not covered up behind drywall), but its worth having the conversation with your Realtor to CYA.

Good luck!