All Forum Posts by: Joe Norman

In addition I would add to make sure the management company hires LICENSED property managers. This is most important in states where licensure is optional.

 Thats my advice. Save for a larger downpayment.

We start the eviction process on the first day Maryland allows us to, even with tenants who are communicating with us and have a payment plan in place. You never know whats going to happen and want to have that option and the warrant in your files in case you need to act on it.

Personally I think you're making a mountain out of a mole hill here. Let the tenant take a shot at repairing it. If they do a good job then great, no problems. If they do a sub-standard job then hire a professional to do it right and dock their security deposit.

Nothing has changed for FSBO. Sellers (represented or FSBO) were not previously required to pay a Buyer's Agent's commission and still are not with the new rules. Most did, and most still do, but it was never a requirement.

Every state is going to be a little different in terms of forms and procedures, but expect any buyer who is represented by an Agent to include a request for you to pay some or all of their agent's commission with their offer just like they would have prior to the NAR settlement.

In addition to some of the great advice above, I would put some serious work into your personal household budget and building up a substantial (6 month) emergency reserve fund. Income fluctuates tremendously in most 1099 real estate occupations (being a Realtor included) so having that put away will be vital to your comfort and peace of mind as you get started.

(1) figure out how your minimum monthly income needs (this may change as you move to a different city and get out of college life, so estimates are fine for now)

(2) cut out everything extra until you've put away 6 months reserves

(3) live way below your means so you have extra money to save and invest

Good luck and congratulations!

Not sure what state you intend to get licensed in to start, but before you get too far along I would check with the Real Estate Commission to confirm that your end-game (AI decisions only, no human broker in the loop) will pass their muster. I doubt that any REC would license a brokerage that didn't intend to have a licensed broker reviewing decisions and documents.

Sounds like a cool idea though, good luck!

 I think so, however the common areas, including exterior, would need to be Lead Free as well. That said I'm not 100% confident in this answer so take it with a grain of salt. I suggest calling up a lead inspection company or two, they will likely be able to answer your questions with more certainty.

I love my Dundalk rentals. All have performed well and rent easily. There are a few Dundalk neighborhoods I'd stay away from but for the most part it's a great area for house hacking/BRRRR. Feel free to reach out if you have any specific questions about the area.

First you have to determine if you want to go Lead Free or Lead Safe. Lead Free involves more expensive tests and has a higher standard, but you're "one and done" in terms of licensing and registration. Lead Safe certificates have a lower standard and the tests are cheaper, however the certificate and registration needs to be renewed regularly. If you're doing a "pretty large renovation" then I would suggest shooting for Lead Free.

Next you have to hire a company to do the test. Note that most all lead inspectors will do dust swipes (Lead Safe tests), but not all have the equipment required to do Lead Free testing so be sure you're specific in what you ask for. 

Assuming you fail the first test, you will have to perform the remediation work and then call for a re-inspection.

One you have a passing inspection you can apply to MDE for your Lead Cert (many lead inspection companies will handle this for you).

Good luck!