All Forum Posts by: Raymond Simms

I bought a property in March of this year, and can't get a hold of the ground rent owner.  What would you do in this situation?

I've looked up the ground rent owner and it is a poorly reviewed property manager company with several multi-family properties, when I called a listed number they had no idea of what I was talking about.  I pay legit bills when they come, but they're making it hard to give them money.  

It seems that the ground rent owner can only ask for 3 years of back ground rent, and can't take full possession of the house for missed payments.    Should I just wait until they reach out to me?

https://livebaltimore.com/resi...

I know that I can fully redeem it, but it doesn't make financial sense.  

I saw your profile ... attorney ... is that why you're busting the balls of people that offered you free information?  BP doesn't allow advertising, or requests for service providers on its forum.  If I respond openly with the two companies, I'll be perceived as a shill.  I've also only been with them for 3 & 7 months - time enough for me to form an opinion, but not time enough for me to make a recommendation that I'm willing to stand behind.  

I actually have two property management companies.  About 3 months in to working with Bay, I got another townhouse nearby, so I found another PM company.  I was referred another PM company, and they took over the one that was managed by Bay.  

Both have been fine, and each has their strengths and weaknesses.  

I don't think so.  

IIRC on my contract, if they placed a new tenant and then I left quickly, I would owe them something, but generally my contract was severable.  

Here's my review of Bay (also posted on Google Maps)

Lots of 5-star reviews here from those with just one review. 🙄

To owners: I won't say that they are the worst, but I quit them after 9 months. I had 4 property managers (Eijie, Rose, Sheila and Kenn) in those 9 months, and it took 2 months for them to rent a completely renovated property. So many random fees: start-up fee, inspection fee, keylock fee. Then they don't send payments unless you follow up.
I do NOT recommend them as a property management company.

Brendan,

I've only done 4 closings in MD, but they've all been in the last 6 months and in the county. In terms of fees, they seem in line. Arguably the "Processing Fee" is a junk fee, but the transfer tax looks like the same ~$2-3K that I've seen on ~$175K properties.

@Mike Hurney,

Simple asset protection. I'd like to have the LLC own this single property and protect my other assets from any potential problems originating from this property.

@David Pryce

In my opinion, the Columbia MD is relatively hard for new investors.  It's fairly expensive, not NYC prices, but well above the median, there aren't many small multi-units (e.g. duplexes), and the other typical entry point condos can have high fees.  

Most investors gravitate towards Baltimore and surrounding counties with lower prices.  With those lower prices comes higher risks and different tenants, but there are lots more options.  I don't know where you're at in your investing journey, but I would look at house hacking as a good entry point.  

As a military person you have a couple of options / advantages. Generally you know that you'll be moving, so you could get a low cost VA loan with very little down that could make the numbers work for a rental when you leave. Best of luck and let us know how it goes.

Ray

@David Pryce 

As a veteran, I'm always happy to help out, even Uncle Sam's Misguided Children.  Are you still in New York or are you stationed in Baltimore / Columbia?

The Baltimore REIA typically meets multiple times a month, but with COVID holds them virtually.

https://www.baltimorereia.com/

The Mid Atlantic REIA is also meets virtually as well.

https://www.mareia.com/Default...

Do you know what kind of deal you are looking for?

Answering my own question with some posts that I found with some better google searching. You'll find lots of "ad supported" searches if you look up anything with LLC in google. Here are some BP posts that were useful to me.

https://www.biggerpockets.com/...

https://www.biggerpockets.com/...

https://www.biggerpockets.com/...