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All Forum Posts by: Kate Horrell

Kate Horrell has started 5 posts and replied 42 times.

Post: Are Condotels a good investment?

Kate HorrellPosted
  • Severna Park, MD
  • Posts 47
  • Votes 9

I'm curious about this as well.  We have a child who is going to college in an area where condotels are popular.  I'm imagining that we'd use it a couple of weeks a year, and it seems like making a even a little bit of money would be better than the hotel bills I'm envisioning.

I'm trying to be more systematic and organized about my business, and I'm checking to make sure that I am providing all the necessary disclosures to my tenants.  Can any Maryland folks tell me what they include?  Thank you!

Post: Baltimore water bills and tenants

Kate HorrellPosted
  • Severna Park, MD
  • Posts 47
  • Votes 9

I don't know about Baltimore City or County, but Anne Arundel county offers a credit if you've had a documented leak.  Or at least they used to.  It certain doesn't hurt to ask!

Steve, did you ever find anyone, and can you share your experience with the rest of us?  Thanks!

Post: Is This Tenant Worth The Effort?

Kate HorrellPosted
  • Severna Park, MD
  • Posts 47
  • Votes 9

Thank you everyone!  I have received quite a few pictures, from both the tenants and the contractor.  There are definitely some things that should have been repaired before they moved in, and then there are some things that are just being picky.  I'm working on a carefully crafted letter explaining which things we'll fix, which things we won't, and offering them to break their lease.

I appreciate all your thoughts, concerns and support.  You never stop learning!

My usual lender would not do a cash-out refi on a property with 100% equity, so I ended up finding an alternate lender.  We just closed a few weeks ago, but the actual process was typical.

Post: Is This Tenant Worth The Effort?

Kate HorrellPosted
  • Severna Park, MD
  • Posts 47
  • Votes 9

Steve L, I love your wording.  Question:  from the photos provided, some of their concerns are valid.  I was thinking along the lines of:

"Thank you for sharing your concerns, and I appreciate that you brought these items to my attention.  We will be addressing item x, item y and item z.

However, 

and then what you said."

What do y'all think?

Post: Is This Tenant Worth The Effort?

Kate HorrellPosted
  • Severna Park, MD
  • Posts 47
  • Votes 9

Thanks, Paul.  You've pegged the situation pretty well.  It is a very expensive area and it is hard not to have certain expectations at that price point.  Of course, BAH is ridiculously high because it is an expensive area.  Their net outlay for housing can't have changed much, but the price tag is always shocking.

It's always a balance, especially when working from afar.  We'll obviously be fixing all the important things, and even some of the cosmetic things, but not all of them.  Fun times!

I appreciate your perspective.

Post: Is This Tenant Worth The Effort?

Kate HorrellPosted
  • Severna Park, MD
  • Posts 47
  • Votes 9

Good morning, everyone!  I have a longish and frustrating situation, and I'm looking for appropriate and tactful ways to handle a situation.

The property in question is not near my me, but I self-manage from a distance because I have a good contractor (I'd say he's fabulous, but you shall see his major shortcoming soon), and this particular area has usual PM charges that are just ridiculous (by the time you add them all up, at least 25%.)  I handle the renting and the money, my contractor handles the house.  This has worked fairly well for the last several tenants.  My target market is senior military officers, which eliminates some problems and brings some different problems.

The previous tenants moved out 16 July, and new tenants took possession 2 August.  I have not seen the house in the interim, but my contractor went through with the previous tenants when they moved out.  He particularly noted that "the house has never been left so clean."  Between the few things the previous tenant noted, the things I knew needed attention, and the things that the contractor saw, we made a list of items that needed maintenance and completed them.

The new tenants accepted possession of the house on Saturday, and promptly sent me an email telling me that the house was "dirty, filthy, and grimy," and requesting a professional cleaning.  The next email told me that they were concerned about damage from previous flooding (which has never, to the best of my knowledge, occurred - not in the 10 years we've owned this property and not in the 30 years the neighbors have lived there) and requested a mold and mildew inspection and that "structural and cosmetic repairs be completed."

This morning, I got a HUGE list of things that they expect to be repaired before they actually move in.  After gathering information from the previous tenant and the contractor, there are clearly a few things that need to be addressed, but most of the list are things that I consider ridiculous.

This is a 60 year old house in a town of 60 year old houses. It is in good, but not excellent, condition for its age and it is priced appropriately for its size and condition.  It is in an expensive area due to the location and schools.  Renting is rarely a problem, especially during the summer season.

The tenants signed a three year lease without ever seeing the house.  After seeing their walk-through check list, they are clearly going to be the kind of tenants who nit-pick every single thing in the house.  I think I have two choices:  a very carefully worded response that acknowledges and repairs the things that are reasonable while making sure that I establish that I get to make the decisions about the property I own, OR just suggesting that they would perhaps be happier elsewhere.  (There's nothing else comparable available, and I know that all the available rentals are in a similar condition.)

I'd love to hear your thoughts and/or suggestions.  Please be nice - it has been a stressful weekend.  I'm tempted to jump on a plane and come resolve this myself, but that seems a bit ridiculous and I think I'm better at keeping my tongue via email :)

Post: Incredible opportunity, or do I not understand what's happening?

Kate HorrellPosted
  • Severna Park, MD
  • Posts 47
  • Votes 9

Just wanted to say thank you to all the veterans who contributed to this thread.  I've learned a lot from it.