All Forum Posts by: Marc M.

I will only say that I wouldn't respond to her, especially in writing. You never know when something you put in writing can be turned around on you by an astute lawyer and if this does make it to court, the less evidence her side has, the better; regardless of whether it's legit or not. As my old boss use to say, "If you can't dazzle them with brilliance, baffle them with ********." And some lawyers do.

If you insist on responding to her, my advice would be to have a lawyer draft a letter.

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Originally posted by @Eric Bowlin:

My tips is...Do not use a roller on trim or doors. Rookie mistake.

Cut first..roll second. Ceiling first.. Doors, trim, and cuts next..walls last. Use a nice angled paint brush and be patient. Painting is simple but requires patience.

This.

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Originally posted by @Account Closed:

Originally posted by @Marcin G.:

Originally posted by @Account Closed:

hire a plumber - it would be done correct and with warranty. And keep them on file.

Sure, you might be able to do it yourself, but what's more expensive, hiring a plumber or water damage?

I'm just a bit concerned that this will be connected to the line under the sink as opposed to a dedicated washing machine line.

if I do that I might as well come back to cozy, protective 9 and 5 and see other folks get rich in real estate. if there is a leak you will see that. it is not hidden in the walls. I am not talking about sweating copper lines myself. this is is simple plug and play...;-) all I need is proper parts and a little teflon tape

Sounds good.

I'm with you, just let it go. LOL

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Not sure how it works in your state but when I was managing commercial properties, I was able to put the utilities in tenants' names that "refused" to do it. From what I remember, I only needed their SSN and an effective date of transfer of service. I remember back dating it several weeks behind so you shouldn't have to take any hit from her not switching them over. If you have her SSN from her app, call up the utility companies and see what they'll do for you.

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Agreed on all the above. Last thing you want to do is take out moist air and trap it in a warm place, regardless of how well vented it is. That is one of the thing I make sure to look for in any house I work in.

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Originally posted by @Justin B.:

@Marc M. Yea, I'm just waiting until the holidays pass. Lots going on plus the family (including me) all got sick so look for something next week. I've got your e-mail. and I'll post here too.

Great, looking forward to meeting some other BP members!

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@Justin B. Are you still planning on setting this up for January? I believe I already sent you my contact info but want to make sure I don't miss the meetup. Looking forward to it.

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Great post @Cal C.

One question for the experienced investors: do you set money aside each month or do you simply have a reserve fund setup prior to purchase? I would imagine things like a new roof would cost more than the $5-10k or so people seem to be stashing away so I'm curious how those items get funded.

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Originally posted by @J Scott:

Marc - If you post the specific area (or PM/email me the address), I may be able to provide some insight.

The big things you should verify early on:

- Market rents (is $1300 anywhere close)

- Any deferred maintenance

- Is the tenant current on rent? Have you seen the lease?

J, sending you an email now. $1,300 is definitely in the ballpark, though appears to be on the upper end of the spectrum. Not sure on deferred maintenance or CapEx but I'll hopefully find out next week. Also don't know whether tenant is current but I will be asking this and for a copy of the lease before closing.

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Originally posted by @Bogdan Cirlig:

Originally posted by @Marc M.:

So BP has proven to be an extra valuable resource so far for a newbie like myself so I'm hoping some of the more experienced folks here can give me some feedback on an off-market property I'm looking at.

The figures below are the numbers from a broker with a pocket listing so they have yet to be verified. It was previously on the market and didn't sell (possibly for good reason, I will be checking it out next week).

AP: $110,000 but I'm told that it was brought down to $98,000

Income: $1,300/month, currently rented to a long term renter

Taxes: $2,598

P&I (based on 25% down on $110k -from broker): $430/month

Insurance (budget # from broker): $700/year

R&M: $1,000/year (I'm a little skeptical of this)

City registration fees: $65/year

Tenant pays utilities.

No idea what shape the CapEx items are in.

Any feedback is greatly appreciated. I will be looking at comps this week to get an idea on pricing. Thanks BP!

What about Schools, Crime, Price & Rent trends in past 12 months and also foreclosure rate in the area? Don't buy just based on numbers, the rest needs to pan out too. Your tenant might move out and you might have troubles renting out again if area degraded in past few years. Do you have the cross streets as well as property type beds/ba/sqft? I can give you a more detailed analysis.

You raise excellent points. That's what I'm researching now but it's in a neighborhood just a few blocks from a "ritzy" area with comps in that area of $350k-750k ARV. I'm in the process of looking at crime rates and school data. I will PM you the additional information per your request.

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All Forum Posts by: Marc M.

Marc M. has started 14 posts and replied 341 times.

Post: Can my tenant sue me with the following reasons? She moved out 6 months ago.

Post: I'll admit it I suck at painting!!!!

Post: how to connect washer to 3/8 compression water line

Post: New tenant hasn't transfered utilities yet..... help!

Post: Bathroom Fan Venting Into the Attic?

Post: Gaithersburg, MD Meeting?

Post: Gaithersburg, MD Meeting?

Post: Reserves are almost an absolute necessity!

Post: First deal in MD: Looking for feedback on off-market property

Post: First deal in MD: Looking for feedback on off-market property