All Forum Posts by: Matt Madalis

Hi Philip and Welcome to BP.  I am local to Frederick myself and this site has been a great resource.

Are automatic payments an option?  You could take the extra $50 and setup through one of the various landlord websites.  Would be less of a hassle than cashing a check every week.

@Mark Wilton

As mentioned, Craigslist and Zillow are good sources to determine asking prices. Depending on your area there may also be a number of properties for rent listed on the MLS.

If you have a good agent, have them run a CMA which can tell you asking prices for rentals as well as days on the market and final price rented for if applicable.

Why not just sell the property now and avoid paying capital gains since it is a primary residence?  Take the proceeds and invest in something with a better return if the party is set on investing in real estate.   

If you (or the party in this case) were to look for an investment property would you consider buying a 1 million dollar home knowing you could only rent it for $3600-4000?

@Erick M.I know you are in a different county but if you check out the Montgomery County (MD) website for Landlord/Tenant relations there is a sample lease as well as a lot of other info related to Landlording.

If you've got a reputable roofing contractor there should be no reason why they aren't in and out in less than a day to complete the entire roof job.  I've seen crews do 3500 square foot houses and be done in less than a full day.  

As others pointed out, the falling shingles can be an issue when removing the existing roof but it really should be minimal to the inside.  Another thing to consider is if your tenant has any type of satellite on the roof.  

@Amy E. Did you pay back in a lump sum or over time of 5 years (or whatever your term was)?

@Johnny KulaThanks for the input!

Thanks for the answers.  Ultimately, I know the risks just wanted to hear from others with experience.

Has anyone ever taken a short-term loan from their Thrift Savings Plan (TSP) to fund things such as rehab costs? (For those unfamiliar, the TSP is the Federal Government 401k plan) I have done some research so I know its possible. Hoping to hear from others if you have done it: how easy was the process? Was it worth the effort in the end?

Thanks!

I'm not necessarily a "seasoned" investor but think it will depend on a few things.

How did you pay for the first property?  Cash, conventional, hard money?

How much equity do you have in after rehab?

It would alsodepend on what your goals are as an investor.  If it is to expand your portfolio into additional buy/holds and the price is right, refinancing can be an option.

You can also set up a HELOC for short term borrowing to fund additional rehabs, etc.