All Forum Posts by: Nick Patel

Congratulation on your investment!

We had same thought when we purchased our new town home, to go with 15 years and pay off sooner. However we went with 30 years to make sure we have positive cash flow and to make sure we have enough left to cover the market down turn and vacancies/major repair. Currently, I am paying extra Principal since I can afford to at the moment, but have flexibility to stop when necessary. 

Good luck with your investment.

Thanks @Ned Carey, @Amy Beth, @Account Closed for your response.

I agree, $50 is not worth the risk and gray area.

@Thomas S., @Marcia Maynard, and @Account Closed,

I agree with you all, but I have been hear from my other friends/landlords that their realtor make the tenant pay fix amount so that the home warranty can cover the rest.

I am creating Baltimore County, Maryland Tenant lease and want to know if you can make Tenant pay $50 for each service call or $50 for each Repair. Is this legal in Baltimore county?  If i am not mistaking, Landlord is responsible to provide drinking water, functional plumbing, cooking Stove, and heating. Can I still charge Tenant $50 and landlord covers anything thereafter?

Thanks,

Nick Patel

@Noah Wood,

I did mine after the first deal. If can be good and bad. Bad part is that if I want to transfer my first property to my LLC then it will cost me a transfer tax. I would suggest talking to an attorney about this. Because, most people think that having LLC will protect them during all the lawsuit (wrong). I have heard Navade LLC has the better protection for landlord. Conventional loan will not approve LLC (I am not an expert but also look into Trust- Trust can be treated as person...).

Keep us all posted.

Best of luck,

I did mine through legalzoom.com, they had different level of LLC starting from $300 to $500. I was happy with their service and registration in my state MD.

Hi @Dan Golden - Do you have any NPN in Baltimore, Baltimore County and surrounding areas ([email protected])?

Nick Patel

[email protected]

Hi @Josh Thomas,

This is deal available? Can you provide me more detail, if possible?

Renovation includes all six units(bot triplexes) and are they same in size (2 beds/1bath and 1/1)?

Hi @Kate Hall, Can you please send me a list as well if its still available ([email protected])? 

Thanks,

Nick Patel

[email protected]

Let me know if you find another deal in near by area that you want to wholesale or looking for a partner... Thanks,