All Forum Posts by: Steve Morris

I agree with Nicole W. she sums up the process pretty well. Seth do not accept the payment from the tenant once you file your no payment of rent and get your hearing date. Go in front of the Judge and then accept payment that way it goes towards the 4 rent court hearings. If you accept the payment before the hearing you have voided that hearing and now you have to start the process over again.

But on the same note I found myself down Fayette st. and the Municipal Building. My tenant wasn't paying the water bill and cause a lien to be placed on my property. Fortunate for me that my Mortgage Lender paid the lien out of my escrow account but I still had to put an additional 18% in my escrow with the original lien and had to pay the current water bill which was a few hundred more dollars. I wanted to file for an eviction because it was a breach of the lease and i was furious. Long story short, the tenant is supposed to pay me all of my money this week or I have to file in small claims court to get my money, i can't file for non payment cause he pays his rent, he's just a slow payer. So , Seth, I too would like to file for breach of lease but you"ll find yourself spending a lot of time and money to get it done.

If you make any headway, please post, would also like to know your outcome

I'm not sure how to approach this property, homes in the area are selling in the low 100's but this property would need i think maybe 10 to 15k to sell at that price. House across the street just sold for 114, its a nice neighborhood.May have to take you to dinner, its hard for me to do lunches commuting to DC and Pennsyvlania

Once the demo is done then you have to pull permit for the framing of said property

In Baltimore, Md you can pull your own permit to do demolition if you own the property. You can pull all permits except mechanical such as electrical, hvac and plumbing

Baltimore property in Gardenville area, Homeowner neighborhood, 3 bedroom, 1 1/2 bath. Currently being rented for 1050.00, was renting for 1200.00 but tenant had domestic issues and husband left, was unable to manage the 1200.00 rent plus utilities so land lord dropped the rent to help get her over the hump so to speak. Owner now will let property go for 75,000.00. current tenant has been there for over 3 1/2 years. Should I even entertain this offer. I would say the house could use newer appliances and a newer tub along with fresh paint job and hardwood floor refinished. Maybe 5000.00 invested back in and rented back for 1200.00 after getting current tenant out.

not sure what calculator to use to figure out this deal

Thanks everyone for the insight. After reading through many posts and listening to BP podcasts, I realized that instead of owning four properties outright, I could have possibly been in possession of maybe 10 to fifteen properties. Bummer, my head is hurting now.

All of my investment properties are Paid for, one hundred percent free and clear. I do not or have not had a mortgage on any of them, everything was paid for using my money, from the purchase to the full rehab.My question is, would it be hard for me to pull any money out of my properties to allow me to do more. And is it hard to get a lender to put a note on property that doesn't have one?

Sorry again Joe, this applies in the Baltimore area

Sorry for the typos, just got off from work, alittle out of it

Also , if the are from the MBQ program, they will not let their cleints move in your property if its in a 10% poverty level neighborhood. This means no vacant or boarded up properties can be with a certain radius of your property