All Forum Posts by: Kerry M.

Thank you Mattie Covatch and Harry M. It is reassuring to talk with persons successful in their business and think through the credit, inspections thing before making it rough on ourselves. I showed the list to a property managment owner who said he used very similar criteria, except that he nixed the pets idea outright. Which brings me to my next question... about PM Agreements. I would appreciate your opinions on the few concerns I have about the agreement.

Thank you.

Kyle J. Thank you. So does the article mean that there is more payment due after the sale? (The home is foreclosed on from a reverse mortgage.) Any reply appreciated.

Kerry

There is a 3/1 home for sale for a few thousand dollars in my target area. Does this mean I have to pay 95% of the original mortgage held by the lender after the purchase? The home is listed in foreclosure and was recently occupied.
Thanks!

Thanks Steve Babiak. I changed the wording to include non-employment sources of income. A landlord with 100 homes has agreed (today) to put in place an agreement between us so that she acts as our property manager. I plan to rely more on her sense of a 'good renter' than mine. I will rough draft the renter qualifications to her as she is writing up the agreement.

Thank you to Mattie Covatch. The free month of rent idea has been killed. It's not a bad place; I'm just in a hurry to move in the
renter. Yes, all persons should be listed. How about substituting a handyman check of the water lines if they don't want maid service?

I'm so glad to be working with her. I will know more after this weekend. How do I look up her registration as a property manager in Maryland? Is there such a thing? (She mentioned licensing and insurance and has done this in the past.)

Thanks!

Hi - our apartment is nice and ready to show this weekend. I want to have a consistent list of renter requirements before we communicate directly with the three possible renters who have shown interest. The goal is to get a high quality renter with good habits and excellent payment history (like everyone.)
Also important to fill the apartment before the end of the year.
Thank you in advance. What am I missing?

3 x income, proof of employment and permission to contact employer
recommendation from current landlord and excellent payment history for past 2-3 years
good credit history, no evictions or accounts in collections
no criminal associations or background without approval
permission to check employment, personal, credit and criminal history

pets on a case by case basis (quiet, good neighbors, good habits, not aggressive or aggressive breed)
additional pet cost monthly and additional pet deposit
bonus if move in Dec 15, second month free
includes cleaning service 2 times a month, no additional cost to renter
first level floors and bathroom cleaned
680 plus utilities, cleaning service included

each adult over 18 on lease needs approval
must provide access to cleaning person without delay or inconvenience
must submit payments by ACH debit or by means acceptable to property management company
dishwasher allowed with approval
show proof of renters insurance

Granville L.
I have a gold card for Lowes in our LLC's name. If I use the gold card I receive a 5% discount at the checkout and a $20 delivery charge vs $75. Some policies vary by the store (if they'll give the discount for having a commercial account or only if using the card.) Although Lowes also has other types of commercial credit, the terms of mine are 21%, functions like a credit card and does not accept an autopay on minimum payments or payments scheduled in advance.
Best to you,
Kerry

Derek Tyler,
Congrats on the plans. Have you included the lead paint inspection? Also there may be repairs specific to the lead paint requirement and costs associated with passing it. A rental property in Maryland is required to be registered with the MD Dept of the Environment and have a certification before each unit is rented. It can be expensive.
Best to you,
Kerry

Thank you also to Jenkins Ramon McKellar Newsom (for your blog as well) Jon Holdman Scott W. and Michael Lauther.

Thank you to all.
You are right. Ed Lee Don Hines Tara G. Steve Babiak And I hope we can survive financially. We were working hard over the weekend. Painted the upstairs.
Someone is coming in at least once a week to help me with numbers until the financial fog clears. I signed up for QuickBooks online.
Someone was praying because after the last posting, I tried to take some time off. One of the teachers at my son's school was wonderful (which has nothing to do with rentals but it helped me a lot.) God also provided someone at Lowes who would like to rent from us if we accept dogs. Had worked in the Navy 20 years, from the area and doesn't want to buy because at some point he will inherit his parents' home.
Our credit cards did start with some personal debt of 5-10K so our total on this project is 5-10K less than I had thought. I had forgotten that we remodeled our kitchen on a budget last year before starting this rehab project.
We've cut back on expenses and are not paying for extras like lawn cutting like before. More peanut butter and jelly; no more eating out as much.
Well, you guys are terrific!