All Forum Posts by: Ryan Van Fleet

@Steven Anderson Thank you. Trying to soak up as much as I can

Hey Aqeel,

I love Costa Rica and spent some time in the country.  Make sure you read about the property laws very carefully. I've heard stories about US Citizens buying a vacation home there and losing it to squatters and unfenced properties. I know owning a business there as an non-citizen has changed radically over the last 5 years so the property laws may have too.

I'm not trying to scare you off its a beautiful country and still has a lot of investment potential, just make sure you protect your investment.

Ryan

I current live alone in a three bedroom town home. I'm looking to rent out one of the extra rooms, furnished, month-to-month to expedite my investment savings.

I'm wondering how people have handled this in the past. Do you set up a lease? Can you treat this like a normal rental and write off maintenance and other costs? Will this affect my state homeowner's credit? How would you go about selecting a tenant? I'm mostly concerned with theft and mistreatment of my dog. 

Thanks,

Ryan

Hi Tanner, 

Welcome to forums.

I'm a newbie too and I'm sure you'd find some help.  

As I said above I'm a newbie, but I'd look into buying a multi family home in the area you want to live. Rent out part of it and live in the other part.  If done right it should cover your mortgage, allowing you to save the money you'd normally put on the mortgage to pay off your debts quicker. Once you're debt free, you will be able to move out and rent both parts of the house.  Easier said then done and I'm sure a more seasoned investor will give you better advice. But thats my 2 cents. 

I'm actually thinking about selling my townhome and Maryland and trying to do something similar.

Good luck!

The current rent numbers aren't great, which is why I'm looking to sell it preferably vacant.

Currently the mortgage is ~$800/mo with a $221/mo COA. I'm bringing in $1115/mo and have a good long-term tenant. The COA covers all utilities.  Included in the rent, I cover a small storage unit that $50/mo. Plus the city requires license renewal bi annually at I think $100. They also require the landlord to take a certificate course every three years. I forget how much that is. There is also MDE registration of $30/year. 

Takoma Park is rent controlled and often only lets landlords raise the rent 1% per year. Sometimes less. The city does offer a way to petition for larger rent increase. I haven't looked into that or what market rent value is for that area.

I'm still investigating the property value, but I think it's probably worth $150k. The current loan balance is ~$105k.

Thanks everyone for your help.

Anyone here have experience with Takoma Park, Maryland.  I'm going to be selling my tenant occupied condo in the coming month and I know Takoma Park has some seriously tenant friendly laws.  I've read over the cities laws, but was wondering if anyone had any advice or knew of any pitfalls.

I'm considering changing her lease to a month-to-month lease and giving her a 2 months notice that I'm no longer going to offer it as rental.  That way I can stage it nicer to sell.  

Thanks in advanced.

Ryan

@Phil Bottfeld Thanks, I definitely will reach out, about the area once I get myself setup. I feel like I'm drinking from the fire hose right now.

@Mark Wasko Thanks I will. Are you an out state investor or do you have some connections to the area?

@Russell Brazil Thanks. I wish I would know that information 6 years ago. Their rental laws have completely turned me off to any properties there. I'm interested in connecting with other landlords in that area to hear about how they are dealing with the city. As far as I know all properties are rent controlled regardless of the quantity. I need to research the cities process to request of a rent increase.

Thanks again everyone

Welcome Tobey,

I too am new to Bigger Pockets and from Maryland.  Congratulations on your purchase. Great start!

Hi Everybody!

My name is Ryan and I'm really excite to join the community and to continue my journey into Rental Estate. I currently live in the Baltimore/Washington metro area, but have strong ties to real estate in Ocean City, Maryland area, as well as looking ahead to a potential move to the Fort Lauderdale, Florida area. My current profession is a software consultant with backgrounds in Physic and Music Business.

This past year I've kicked my ambition into overdrive and decided to start improving my quality of living. Part of this was to embrace my fascination/passion in real estate and to start looking at rental properties for multi-streams of income. During my search for information I stumble across the BP podcast and this site. I was impressed and the webinar helped sell me to the idea that this community would be a great place to grow my skills and meet new people.

My experience in real estate started in middle school. My mother was a full-time, successful realtor in the Ocean City, Maryland area. Although I don't know a whole lot about the technicals from that time, I grew up seeing the dedication, lifestyle, and opportunities that the right attitude, work-ethic, and drive can bring in the real estate world. Hence the passion. In more recent years I've acquired two homes 1) a rental condo in Takoma Park, Maryland 2) a town home in Laurel, Maryland (my current residence). I purchased both as temporary residence hoping to rent them after I move out. Looking at the prospectus of both I'll be lucky to break even. So probably not the best deals. But on positive I did something and have been building equity in both properties. So its a great start.

As I mentioned above, I'm looking to build multi-income streams and eventual become financially independent. I also want to use rental properties as an opportunity to give back to the communities in which they are located. 

Right now I'm looking for opportunity. Opportunity to learn, network, and eventually invest. Action of any kind is the best way to build momentum.

As far as locations I'm open to investing anywhere, if things look good, but I'm focusing on Maryland and South Florida. 

I look forward to meeting and sharing with everyone.

Ryan