All Forum Posts by: Account Closed

@Angela Deborah I read up a little on Sellers Financing and it sounds interesting but I just want to be done with the responsibility of home ownership. It's too much house, I thought I was ready at the time. 

@Brian Matthews I have been in touch with a realtor. She will be by to see the house on Tuesday.  So I will see how things go then. When I spoke with her I gained a little hope from our brief conversation. 

@Eli G. Rosenblatt I called a couple real estate agencies and I just didn't feel comfortable.  Plus if I was going to let someone manage my property I wanted to understand some of the ins and outs to protect myself from being taken advantage of.  It is a great suggestion but I don't like worrying about if the tenants will pay their rent and worrying of how I will be able to pay the mortgage.  There is nothing wrong with the house. The mortgage is $1400.00. The fair market value allows me to charge 2000.00  for rent because of the qualities of the house. When I posted the house I had a lot of interest shown.  It was just my job to do my best to weed out the people who was not qualified.  It's just a little intimidating being a landlord, so I feel that I am not cut out for this business.

Thank you for your responses.

@Charles Morgan I had a real estate agent pull comps for me, but that was before he actually saw my property. After he saw it, he never got back to me. He just didn't seem that interested in helping me.  There is nothing wrong with the property. He said I would need new carpet, if a deep cleaning did not work. And touch up paint. So, I will see how that goes.

@Russell Brazil, when you say I need 8% what would that be factoring? If you don't mind explaining.

@Robert Melcher thank you for your suggestion. That is my purpose of writing the notice to sell letter. So, I can make sure I provide them some guidance and give them opportunity.  I agree that they may not have the means but that is not my place to assume or judge.  I just want to follow Maryland tenant rights. I am hoping someone has a template or one that they have done before

@Greg S. Maryland Tenant Rights requires the tenants to have the first right to refusal. So, I wanted to make sure I followed the laws to avoid any confusion.

Thank you again everyone!

Hi everyone!  I am seriously considering selling my property.  Even thought I am thankful to have had the experience my heart is not fully into being a landlord.  My property currently has tenants that do not pay on time. Their lease will expire 31 Sept.  I sent a notice of non lease renewal certified that they should receive by today.  Is there anything else I need to do with reference to non lease renewal?  I also verbally informed the tenants of my desire to sell and they showed some interest but wanted to know how much. I will also mail a notice so that I am abiding by Maryland Law as a Landlord.  I am not interested in making a profit but am only interested in being done with the responsibility of owning a home at the cheapest route possible.  Currently, I am not willing to consider a short sale.  So far I have called the mortgage company to request the payoff amount so I would know how much to tell the tenants I am willing to sell the house for.  I want to make sure that I give the number to them that will allow me to incur as less costs out of pocket as possible.  I found a sample of an intent to sell letter, but no samples on how to word an offer to buy letter.  Can anyone help me with this?  Please let me know if I am missing any steps as to make this process more efficient.  I would appreciate any advice as well.

Also, selling my home to the renters is not the last resort.  If my finances allow for the costs a seller incurs when selling a home, i will market it and sell.  If not I will find new, hopefully more dependable renters.  The last resort is to move back into the home until other decent options present themselves to me.

I use Google Wallet.  Granted, I am a newbie Landlord and have had tenants in my property for only 8 months.  There are no fees.  I like it and I currently do not have any complaints about it.  I did notice that the tenants tried to cancel the money they sent once before but the system did not let them.  I have not ever heard of the other ones everyone else listed above me.

Hi everyone!  I came across this post as I am considering selling my property.  Even thought I am thankful to have had the experience my heart is not fully into being a landlord.  My property currently has tenants that do not pay on time.  Their lease will expire 31 Sept.  I sent a notice of non lease renewal certified that they should receive by today.  Is there anything else I need to do with reference to non lease renewal?  I also verbally informed the tenants of my desire to sell and they showed some interest but wanted to know how much.  I will also mail a notice so that I am abiding by Maryland Law as a Landlord.  I am not interested in making a profit but am only interested in being done with the responsibility of owning a home at the cheapest route possible.  Currently, I am not willing to consider a short sale.  So far I have called the mortgage company to request the payoff amount so I would know how much to tell the tenants I am willing to sell the house for.  I want to make sure that I give the number to them that will allow me to incur as less costs out of pocket as possible.  I found a sample of an intent to sell letter, but no samples on how to word an offer to buy letter.  Can anyone help me with this?  Please let me know if I am missing any steps as to make this process more efficient.  I would appreciate any advice as well.

Also, selling my home to the renters is not the last resort.  If my finances allow for the costs a seller incurs when selling a home, i will market it and sell.  If not I will find new, hopefully more dependable renters.  The last resort is to move back into the home until other decent options present themselves to me.

Good Morning @Marcia Maynard.

Thank you so much for your response and suggestions.  I really appreciate the guidance and will definitely use the information.  I am working my way towards become a better landlord and investor.

Hi @Nathan Gesner Great Question. 

These tenants want the basement finished, and are claiming they signed the lease contingent upon that request.  The word "contingent" was never brought up during the early process of them becoming tenants.  The rent ad did not even make it known that there is a basement apart of the property.  I am just trying to make it even more clear to them, that finishing the basement is not something that I can or want to move forward with.  

I initially was trying to consider getting the basement partially finished, but there are too many considerations I received from a post on BP that make me feel that that would not be the best move.  Reasons such as health and safety; I do not want them to try to say that remodeling in the basement caused health issues or property of theirs went missing.  Then finished basement means I should raise the rent because I would want to recoup some of the money i put into it, but can they afford that.  Tomorrow makes five months of them being in the property, and they were late paying rent twice.

Granted the basement does have egress windows, the ceiling area is insulated but exposed.  The basement is dry, but the furnace and water heater is not closed off.  I am a newer landlord.  These tenants are trying to be pushy to see how far they can get me to go. It is still early in this business for me, I am still learning and just want to be careful.

Hi @Marcia Maynard.  The home is a 4BR/3BA single family home.  The house has a main floor and upstairs which are finished spaces. It also has an unfinished basement where the wash machine and dryer are located.  I guess the unfinished basement can be considered at a dry usable (storage) area and also to do laundry, but nothing further.  The walls are concrete dry and painted.  There are egress windows in the basement as well.  The ceiling area is open, but insulated.  I currently have no plans to finish the basement, even though the tenants have heavy desire.  Also, the basement was not advertised during the time the rent ad was posted.

There is also the fireplace which i did have inspected, but it received a not operable status.  I do not plan to make it operable, and do not want the tenants to use it.  

Thank you for the suggestion of a Tenant Handbook, I will get started on that.  Thank you for all the other suggestions as well.

Hi, I have tenants in the property already.  I made it so that the lease is not automatically renewable.  The current lease goes until October 2017, not a disappointment, but i do know that are ways to improve because of my experiences from these first few months.  I am working little by little to improve the content for when it is time to resign, whether it be the current tenants or new ones.  

Can i have some examples provided of a lease clause where it noted that an area is not a livable space?  The specific non livable area in the property is the basement.  I have been looking and researching, but have not been successful.

@Kevin Yeats lol