All Forum Posts by: Leonard Rybak

Hi @Erika Baker,

   I would say go for it! Make the right deals and it will pay off. I have only 1 single family home rental and am part of a syndication deal, but I am actively seeking more properties currently, and based on what I see in the east cost market, it is hot and properties are moving fast. 

Set clear cut goals about what you want to accomplish, whether its cash flow, appreciate, or something else. Then research the heck out of it here on BP and on youtube/social media. There is never a right time to jump into the market as a newbie, so just do it. You will probably suck at it either way first few times around.

  Connect with people, be careful, take it slow, make mistakes, and dive in. But Learn Learn Learn!

@Lauren Huskey, something I would do in your situation would be to buy a STR close to a popular beach near you (where you have researched that STR are allowed by law) and buy there. I would save, and not spend, any of the incoming cash flow until you have a massed enough to cover your payments at least 36 months out.

Meanwhile keeping a close eye on bills, and proposals made in the county, municipal, or city in which your STR is located showing any signs of laws being proposed to ban or heavily regulate STRs, then at least you have time to bail.

Also, you should be ready to manage this property yourself, and not use a property manager, or else this will heavily eat into your profits.

Just my opinion, but what do I know...

@Bob Stevens, please elaborate on how I do not need a realtor. How will I see what the house actually looks like inside, and have someone give me honest feedback about the property I am about to buy?

@Bob Stevens, I am an out of state investor, I believe I need a real estate agent to help me. How else can I have videos of the listings and someone on my side?

Hi, I am currently a SFH rental owner in Salisbury, MD, but am looking to expand to a more growing market, such as Akron, OH. I was wondering if anyone can recommend me a reputable Real estate agent who is used to working with investors? Any info would help me greatly. Thank you!

Hey @Vamsee Lella and @Jessica Hanyok , how are your endeavors in Salisbury,MD

I currently have 1 single family home in Salisbury. Just trying to see if you have any successes, failures or cautions you may be able to share about that city? Thanks!

Hey everyone, just an update.  The tenant is still living there. The property manager had the tenant pay the gas bill and finally transfer the account into their name. 

The tenant is still late on payments.  Unfortunately in the state of Maryland, you cannot evict someone without first providing them "Notice with Intent to Evict" on day 10 of late rent.  After that you have to wait another 10 days before you can file for eviction. If they pay rent during this time, it resets the process. You have to give a total of 3 notices with intent to evict until you can move through the eviction process no questions asked. 

Let this be a lesson learned about choosing a good PM and doing better tenant screening.  Thank you all for  your help. I am so touched by all the help you have all given me. Thank you!

Thank you all so much for your comments! I love BP!

I have spoken to the PM, they will pay for the gas bill.  They will also post Notice of Impending Eviction today.

@Manny Vasquez unfortunately in this state (MD) I need to have posted a minimum of 3 notice to evicts in 1 year (giving tenant 10 days to pay rent)  before I can evict without opportunity to resolve(on 3rd notice).  But believe me, I will!

Hi all,  I have owned my first and only rental property (Single family) for about 3 months now. My tenant moved in 2 weeks after I closed, a couple and 1 teenaged child.  It has not been as smooth as I had liked.  My tenant their 1st months rent and gave their deposit.  The 2nd month, the rent was late, but given.  The 3rd month (now) they gave only 30% of their rent and they were extra late.  I have a property manager and will probably begin the eviction process if nothing changes.

My moral dilemma comes here.  They were supposed to take the gas bill onto their name and transfer it from my name.  I was informed by the property manager that they had done that, but I keep getting gas bills and the gas company confirms that the account has never been transferred and is still in my name.    Mind you, this is the north east and it is becoming winter. The temps are already in the 30s and 40s.   Should I treat this exclusively like a business venture and cut my name from the gas company (and officially close my account) possibly leaving this family without heat, unless they get their act together and get their own account.   Or should I just keep it in my name until they actually transfer it as they have been promising for 3 months.

I am not receiving my agreed upon rent and personally do not want to keep being taken advantage of by the tenant. If they are not paying rent, what guarantees that they will reimburse me for the gas bill.   My only moral dilemma is that I feel like its  bad karma to turn off the heat for a family with a child in the winter.  What do you guys think. Keep in mind this is my first investment property.

 Highest percentage is 7%,  my loan is actually 6 or 7 smaller sized loans combined. I can choose what I pay off and how much I pay off. So another option would be to pay off my 7% and 6% loan immediately and leave my smaller interest rate loans (3-5 %) left to be forgiven, which also would drop the monthly payment.