All Forum Posts by: Kim Coleman

@Christina R. is a fellow Baltimore investor and realtor. She is excellent with communication and follow-up. 

@Annie Li I'm a relatively new Baltimore investor. After my first buy there I can pass along a few things: 

1)Baltimore is block by block. Just knowing the neighborhood or area is not good enough. Houses on my street just 2 blocks away command at least $150 more in rent.  

2) lead paint certs just depend on the property. I spent way more on preparing the place for the lead test than I did on testing. Unless you are doing a full gut renovation it's unlikely you can get a lead free cert. Your other option is "full risk reduction" which means you must remove any Peeling, chipping or cracking paint from anywhere on the property. Then clean everything really well then get a lead test. And if you fail get retested. There's usually am inspection fee plus a per room swab fee.  But again the more costly issue is addressing ALL the Peeling, chipping or cracking lead paint. I liked the company is used because they come out 1st and do a walk through. They give you a detailed list of everything you need to fix then you get to work.  Then that's only what they check when they come back out to do the test if you call them back within 30 days 

If you're not onsight, definitely get some boots on the ground to help. 

Good luck!

Kim

@Christopher Haynes you are welcome. Safe yourself some time and just call Drew at Dulaney. He should be able to advise you over the phone. Great job on negotiating this deal. I hope it works out well for you. 

@Christopher Haynes call an investor friendly title company. Like @steve Vaughan said, they should have an attorney on staff and/or standard contracts they use.  

Hello everyone. I have one rental in St Louis from when I lived there 5+ years ago. The living room ceiling was leaking and fell through. Of course the tenant never noticed anything. Could anyone refer me to a contractor who could replace the ceiling? It's too big a job for the normal handyman company I use.  Thanks in advance. I'm also checking Angies List but thought I'd check in with all of you here. 

Hi @Khadijah Celestine Welcome to Bigger Pockets! There is a very active community of Baltimore investors on BP. I suggest setting up a keyword alert for Baltimore and you'll quickly see alot of who posts often. There are many Baltimore REI meetings. Alot of people go to the BWI Meetup, just Google it. I like your clear goals and objectives. Happy investing and cheers to our success!

Kim

Hi @Kyshawn King Welcome to BP! There are lots of resources on here, read all you can. Also listen to the podcasts to learn more and be inspired. There is a REI meeting on the 3rd Tuesday of the month in Laplata. @Steve Cavanaugh can give you more information. Lots of local people there doing deals and willing to help. 

@Account Closed credit is actually in the 600-650 range

Hello Bigger Pockets community!

So I'm in the process of vetting tenants for my Baltimore rental.  Here's the scenario - military applicant with 6x rent in verifiable income, no evictions, no criminal record, decent credit with high balances and a 2 late payments in the last year, nothing currently late, waiting on previous landlord  rental history verification.  There is a case from tenant holdover court from 2012 for current residence, but case was dismissed.  No fillings for late payment of rent prior to or after that filing.   

Here's what's concerning me: This applicant wrote a letter to explain late payments on their credit report and stated in the letter they are going through a divorce from a person who was chronically unemployed which created the need to live off credit cards and this person is not paying their debts on the joint accounts.  Fine.  But then the letter says these debts may cause the applicant to loose their security clearance (military) and therefore the applicant has hired an attorney to file bankruptcy.  The bankruptcy appears to me as a major red flag.  Should the tenant move in and stop paying me, I would become a creditor and could get discharged (or so I understand).  I'm not familiar with Maryland or Baltimore laws when a tenant files for bankruptcy.  HELP! Would you rent to this person? What is the worst case scenario? What other questions should I be asking? 

Thanks in advance for all those in this community who help each other out all the time. I did some searches and gained a little info but didn't see anything particular to Baltimore or Maryland. I hope this helps someone else out there one day too.

@Oliver Webb Welcome to BP and thanks for sharing! I especially like the before and after pics and how you worked with the previous owner to create a true win-win scenario. Did he meet his re-employmeent and relocation goals? Any issues with moving him out upon completion of the reno?