All Forum Posts by: Ryan Van Fleet

Thanks for the lead Stephanie.  I'll reach out to her.

@Dean H. I agree this is why I'm doing my due diligence now with them.

Thanks guys for the information.

I figured it was a long shot asking on here. 

I'm really trying to find a consultant/lawyer to handle it. I want to make sure I A. come in a the right price and B. follow the laws correctly. The TP landlord tenant law for COLTA is pretty confusing.

I still have a few avenues to check before I just have to suck it up and do it myself. 

1. BWI REI

2. Call property managers and lawyer in TP. 

I'll be sure to circle back and give you a report onceIknow more.

I had to start the eviction process on mine. My Lawyer told me he filed an eviction on one of his tenants and immediately received the money. Since that point the money has never been late again.

So I bought a Buy and Hold that I am in the process of getting stabilized. My next step is build up some capital to do a Flip. So I'm starting the due diligence process of finding HMLs, contractors, and whole salers. I was wondering if anyone had a list of questions that I should be asking to find "interview" HMLs. 

Hello Maryland Landlords,

I currently own in a rental in Takoma Park, Md. When I started rented I didn't know anything about the rental laws or land lording. I ended underpricing the property. TP has rent control laws, which is keeping me from getting the rent up to market. 

However, they do have a vehicle called COLTA that allows the landlord to petition to raise the rent above the allowable increase. Does anyone here have experience with this, or know a lawyer/consultant that I could hire to help?

I just got a verbal agreement on two properties with 5 active units and a potential 7 more. 

Property one is a 4 unit multi-family that earns ~2600/ mo. 

Property is currently zoned as business and has 1 unit rented that will cover the mortgage.  However it has 7 one bedroom rentals in the back, a few which need to be rehabbed.  The rub on this one is that in order rent the 1 bedrooms the property has to be rezoned to residential. The gamble I'm taking here is that I can get the property rezoned.  The city has encouraged the current owner to put forth an application, but there are no assurances that the rezoning will be approved. The area is really good for residential rental, but commercial rentals in the area has not been the best.

Essentially I got the two properties privately financed as a package. I'm hedging the guaranteed earner against the rezoning. I'm head strong on this deal, but the numbers look good. I figure like Grant Cordone says, "you want new problems". 

Now that I'm locked in my adrenaline has worn off and my nerves are getting the best of me. Someone please give me a pep talk. 

@Mindy Jensen This is an owner financed deal that is off market.  I should note that the seller is a Real Estate agent.

@Tyler Sterns I'm aware of the Md's personal loan transfer laws, but don't know the specifics.  The properties I'm looking to purchase are owner/private financed.  

I have scheduled an appointment with a regional lawyer. I'll report back on what she says.

I just bought my first property on a 1% with the assumption that it will give me $100-$150/door. The ROI was at 6-7%, but now that I settled it has turned out to be closer to 4-5%.

Since then I've found a few owner/private financed deals that should give me $150-$200/ door at 10-15%. I'm working my a** right now to seal them up, find down payments, and pick them up.

 I think if I looked harder and was a little more adventurous on how I found deals, I could have done better on my first deal. 

One my first deal, as I watched my ROI slip from 7-5 I began to get a little depress and worried. I felt like I made the classic newbie investor mistake and jump at anything. Which I kind of did. However, what I realized is that this purchase was a win. I had set out to buy my first true investment property by the end of the year. And despite sinking my savings into it and not being able to BRRRR it I realize that it was a win.

It has given me more momentum and connections to find better deals, Owner financing, private money, BRRRR deals, etc. I say keep searching. Pick up the 1% that make sense to you and keep hustling to learn and find the better deals. Once you find your niche and get the experience, I think finding the good deal will become like a second nature.