All Forum Posts by: Joshua Velte

Thanks for the feedback everyone, greatly appreciated! @Laticia Braxton I believe I just heard your name mentioned the other day. I was talking to a gentleman named Tim who does snow removal up around Aberdeen and he said he used to do a lot of work with you. Small world! 

Hello all,

    I know each state is different, but in Maryland we are required to return our tenant's security deposit with accrued interest. Typically this isn't a problem because the percentage is around 1%. However, our small PM company is picking up our 1st client in Prince Georges (PG) County. Their County law requires a 3% return on the security deposit. Does anyone know what type of account I can expect to see 3% returns and still stay within the law? It seems like madness!

Thanks in advance!

Amit, While I wish this was not the case, appraisals are subjective. One reason a good listing agent is worth every cent of their commission is that they will develop a working relationship with the appraisers. They will have learned how to comp properties from the appraisers and will share the comps with the appraisers when they come to look at the house. I wanted to comment on a minor detail. Taxable living area is considered "above grade only" so a finished basement would not be included. Total or gross square footage would include a finished basement because it comprised total living area. Also, I know of a ton of investors who add bedrooms in the basement to increase value. They always appraise so don't worry (unless you get a bad appraiser). FINAL TIP!! An FHA appraisal sticks for 6 months so if an FHA buyer backs out it will appraise for that value for the next 6 months. Go with a Conventional buyer if you can because every buyer would get a different appraisal. A bit co fusing but your agent can explain that in more detail. Best of luck with your flip!

I know a local realtor who almost exclusively does wholesale deals, he told me only keeps his license for MLS access. So I'm assuming it's doable. This is definitely a fine line but I believe the distinction is that the agent isn't acting in the capacity of a realtor and the seller knows this. DLLR has a legal help hotline that you can ask questions like that. If it was me I wouldn't risk my license, and livelihood, for a few thousand extra dollars. If it's that big of a windfall I'd find a partner to front the cash and buy it myself

Hey Rob, this is my market so I will confirm that you won't ever see a zoned multi unit. I'd echo what Malcom said about renting a SFH, but would like to add a strategy because of your military background. I know some guys who market and rent ONLY to fellow military members for extended short-term housing and are killing it. They bought smaller townhouses or condos and fully furnish them. The military guys who come into town would much rather rent from them and are given a per-diam, so charging a higher rental rate isn't an issue. The investors started with a fairly cheap rate to draw in business using word of mouth but have slowly increased the price. One word of caution, if you look into a condo check the condo docs for anything related to short-term rentals. I know some associations are prohibiting this. Best of luck with your home purchase!

I thought the one around BWI was associated with BP, no?

I think the best fit will depend on your portfolio. What do you looking to have covered?

Interesting post. I will say from experience that the tire-kickers typically ask 1000 questions, don't follow my advice on structuring an offer, and want to put in 20 crappy offers that don't get accepted. The experienced investors have 2 questions...What is the ARV and can you send me the comps you used. The rest of the process is specific to their business. This has been true of local and remote investors. That being said real estate is a customer service business and we'd always help a client if they had a need. What specifically are these questions that you need your agent to answer? Is it because you are investing in an unfamiliar area?

Hey Gwen, real estate agent here and we see this all the time. To echo the previous post, you ABSOLUTELY want until you settle on the house, as it will affect your credit score and debt to income ratio. That being said, Id advise getting a Home Depot or Lowes card. They typically have 24 month, zero interest promotions. Purchase what you need, divide out the cost over the 24 month period to determine your monthly cost, and recapture this amount in rent

Ned hit the nail on the head, but we are seeing the same thing as RE agents who service investor clients. Since foreclosures are returning to traditionally historic levels we are seeing two things. One, our seasoned guys are tightening their process and buying at smaller profit margins. Two, our newer investors aren't getting deals because they're looking for massive gains that no longer exist. Personally, I've stepped up my off-market efforts because those deals always exist