All Forum Posts by: Nadia G.

I think what they were trying to say is that you need to have reserves at the ready for emergencies. For example, I started renting out my house in MD in Oct 2020. The sewer line burst in Mar 2021, and I had to pay $8,000 to repair it right away. There's no way around it. I didn't have the capex accumulated for that particular property in that short amount of time, but I do have an emergency reserve that I used. Sure, I'll claim it during tax time, but the bill still needed to be paid in the meantime. Since I have reserves and two other rentals, I didn't take a major hit and I'm still in the black for the year. It would be a disaster if that was my only rental and I was already strapped for cash. 

I started an LLC in Maryland in order to open a business checking account for my rental properties. The business checking account receives rent and pays the mortgages for my rental properties in Maryland. The LLC does not own the properties, rather they are in my name. I recently moved to Virginia, and now I have a couple questions as it relates to my LLC.

1. Do I need to register my LLC as a foreign LLC in VA, even though I do not plan to conduct business in VA?

2. Do I need to change the registered agent/address of my LLC since I no longer live in MD, and the property address (my former primary residence) is now a rental?

I really appreciate any advice!

Man, I'm trying to buy a LTR in Fredericksburg, Virginia, but like others said all the good ones are gone in just a few days. If anything is still listed after a couple of weeks, it's because it's over-priced or something's wrong with the property. It's definitely a seller's market here for the time being.

Hi, I'm 38, own 2 rentals, about to turn my primary into a rental. I bought my first home back in 2011, lived there until 2019 when I decided to downsize. Sold the home for $100k back in my pocket. Decided to do something smart with the money and buy rentals. I bought a new primary residence and my two rentals within six months of selling my first home.

Like I said, I'm preparing to rent my current residence and using my VA loan again to buy another property.

I am passionate about investing and I try to read the BP forums each day. I think education is key in this industry.

For now I'm enjoying the process of renovating and searching for deals. I'd love to network with some local investors in the DMV area.

Here's the response from the land bank:

I guess the next step is to see if these violations would affect the title.  

@Patricia Steiner

Yeah, I believe in the citation it says that demolition is an option, but will need permits and then there's the cost, which could be around 10k. I really can't seem to find a cost-effective fix for this.

@Michael P.

That's what I was thinking. There's no reason for them to complete the repairs in the time frame. I'll give the land bank a call tomorrow. I'll have to see if that would absolve the violations as well.

Thanks for the suggestion.

I am hoping to find an answer from someone who has experience with a property in this situation.  The home is located in Toledo, is owned free and clear, is vacant, and owner lives out of state. The home is/was being renovated slowly, but recently was cited with violations from the city of Toledo (roof repair, door replacement, paint peeling, windows need replacement, etc). It was declared a public nuisance, and the owner now has a court date in August.  Instead of dumping more money into the home, it seems like a more economical solution would be to sell or demolish the home.  

My question is: is it possible to sell the property and have the buyer assume the responsibility for making the repairs? Can this be written into the contract of sale legally? Do any of the We Buy Ugly Homes companies do things like this? Can someone recommend a solution that doesn't involve putting more money into the home to fix the violations? 

The Toledo Housing Court has this listed in their FAQ section, so it alludes to the idea that you CAN sell the property as long as the repairs are still made, or else you will still be liable for the violations:

@Salim Katach
Hi Salim,
You can paint the tub with rustoleum tub and tile paint for about $30 (check Amazon). I would buy a cheap mirror from Home Goods or the like for about $40 for above the sink. For the vanity, you can paint the countertop with Daich mineral select Spreadstone for about $125. Thought, at that price, you could just get a new vanity for a couple hundred. Check out my before and after pics.
In the gray bathroom, I painted the cabinets with Nuvo cabinet paint and framed the mirror with leftover trim. In the yellow bathroom, I used the rustoleum product.

@Paul Sandhu

Lol people are ridiculous with the tp thing. I think the next demand will be for plumbers when all these idiots start tossing paper towels, baby wipes, and other non-dissolving tissues down the commode.