All Forum Posts by: Laticia Braxton

Hi Shadonna.  No, the tenant will have to have their voucher transferred.  It's not a difficult process but as you are probably already aware, everything takes too much time when dealing with the housing office.  There is also difference between the voucher allotments in the city vs. county, so make sure your tenant's new voucher amount is enough to cover the rent you're charging.  Best of luck to you!

My contract has a $300 limit but I don't believe $500 is unreasonable.  The owner must develop a level of trust for the management company...

Hi Jonathan.  Your best training will be absolutely be hands-on.  I suggest you get a P/T job (or F/T if you can handle both) at a property management firm so you can see all that being a PM entails.  Find a local manager in your area and offer to take them out for a coffee or lunch in exchange for a Q&A session on the pros & cons.  Books are great, but should only be coupled with real world experience before you start your own company or start managing other people's investments.  

Unfortunately, there are a lot of people who call themselves property managers but actually have no clue as to how to properly manage real estate because they've never done it before.  It really hurts our industry when they "fake it til they make it".  I'm sure you've seen a lot of investors on this site and others who bash us regularly because of their personal experience with bad managers (or people who claim to be managers) and I totally understand it.  Those of us who really take pride in our work have to constantly fight against the perception that we are all lazy and incompetent.  All that said, be sure you get as much knowledge and experience as possible before you venture out on your own.  Best of luck to you!

Good morning Juan!  A fellow Harford County resident here :-)  Congratulations on your new purchase!  I would personally recommend J. Scott's books The Book on Estimating Rehab Costs and The Book on Flipping Houses as well as Gary Keller's The Millionaire Real Estate Investor.  Regarding contractors, feel free to connect and send me a private message.  Best of luck to you!

Good morning David and welcome!  I am not involved in wholesaling at all but anything landlord/property management is my life.  I would suggest before purchasing any rental property, you focus on reading up on Maryland Landlord/Tenant Laws, possibly attend a few rent court cases in the city/county that you are considering purchasing a property in and perhaps even find a mentor/coach that has a lot of experience in that area.  Attend some local real estate investor meetups and network with other investors.  A lot of investors jump into becoming a landlord only to find out that it is not as simple as they thought it would be.  Sometimes they make costly mistakes and even though mistakes will happen, it's best to go into your venture as well-equipped with knowledge as possible.   Best of luck to you!

You definitely need an inspection.  Also, ask the real estate agent to either send video and pictures of the house and/or do a quick FaceTime walk-through with you.  You should of course compensate him/her for their time if you aren't using them for the purchase.  If you are, they should be willing to do that for free.  Best of luck to you!

You're welcome and although we maybe a small community up here, we look out for each other :-)

Hello Isaac.  I am a Ha. Co. resident and business owner as well.  There is a monthly meeting in Bel Air every month and you should check it out as I believe it will be helpful to you.  Let me know if you would like further details.

It's your property, period.  When does the management agreement end and what time limits do they have to return your keys, any monies held on your behalf, etc., per the agreement?  They should not be getting any repair estimates for you since you are terminating the agreement and you need to put that in writing to them now and send electronically and via certified mail. 

It's absolutely ridiculous that they would suggest that you will be paying for proposals (which are free to obtain).  Again, tell them in writing that you have no intention to pay them anything other than any termination fees or management fees owed through the end of the agreement. 

Change your locks as soon as possible. Do an inspection of your property tomorrow or as soon as you can, so you know which repairs actually need to be done.  Get several contractors lined up to give you pricing quickly. You still have a few weeks left, so depending upon the level of damage, you may be able to knock the repairs out quickly so you can start advertising and get it leased on 4/1.  

Don't let them bully you. You do have to honor the terms of your contract but don't forget whose property it is.  Best of luck to you!

I would have to agree with Brie about the cost of the sump replacement.  However, you should check your management agreement for a repair limits clause.  My management contract includes an amount that I am allowed to spend on repairs before having to get the owner's approval in writing.  

It is definitely poor judgement, in my professional opinion, to sign off on a repair of that expense without having prior written approval. If you don't currently have a similar clause in your agreement, ask for an amendment immediately so you don't have to walk down this road again.  You should also ask for documentation of the repair costs (an actual invoice from the plumber and not the PM company) to satisfy your curiosity on the cost...

I also agree that you ask for a replacement since it was delivered damaged.  Best of luck to you!