All Forum Posts by: Sandra Holt

I just saw this post and was disappointed I missed the meeting.  Will this be a regular event?  I'm a residential landlord looking to branch to commercial property and would love to connect with likeminded investors.  

My parents have an industrial property in San Carlos, California that they have been renting out for decades. They are thinking that now is the time to sell the property since one of the tenants just vacated. They’ve contacted two realtors in the area who value the property between $1.5 and $1.6 million. Of course, the realtors are very excited to potentially sell the property but my question is, is now the best time to sell an industrial property especially in that location? If someone with experience could chime in on the industrial real estate atmosphere in that area, I would really appreciate it! Thank you.

In my opinion, there's no need for an LLC if you have a good umbrella policy. An LLC is just to protect you personally from liability. An umbrella policy does the same thing and is much easier to set up and, at least in my state, cheaper also.

As a lawyer, the contract is between the tenant and the prior landlord. You did not sign it. However, if any documents were signed by you stating that you are accepting the full terms of the old lease agreement, you are responsible. Contracts are contracts… You either assumed responsibility by signing on the dotted line or you didn’t and the former landlord is responsible.

Of course, as a cover my a$$, I have to say that I have not evaluated your specific situation and this advice is just general in nature and you should consult with an attorney in your area.

Listen to @Jerel Ehlert. I’m a lawyer in Maryland and I ran into a very similar issue. Tenant paid the security deposit and was going to sign the lease that day but backed out at the last minute. Because we did not have a signed lease, when the tenant asked for the security deposit back, I immediately gave it to her. A landlord friend of mine had a very similar situation but she had the security deposit AND a signed lease. When the tenant asked for a refund of the security deposit, I advised her to keep the security deposit. It’s all about whether or not you have a signed contract as to if you can keep the security deposit.

It’s all about whether or not you have a signed contract as to if you can keep the security deposit.

@Mark L. I highly recommend Vicki Harvey in the Columbia area. She helps me with my rental purchases and also works with another investor who bought eight properties from her last year. She’s very knowledgeable and investor friendly. IM me and I can give you her contact information.

Thanks @Lamont Marable!   No, I don’t have an IG account for my rentals but when I start renovation on this latest one, I’ll be sure to set one up. 

@Nael Babaa, Middle River and Essex definitely do have multi family units but there are more duplexes than multi units.  Most of the affordable homes where you're going to make upwards of $500 per unit are row homes.  If you want to check out my blog, http://tealdresser.com/category/investment-properties/, I detail transactions in Baltimore County and am now going through my Howard County purchase that I'm in the middle of.  I also outline how I buy properties in general from a beginner-ish standpoint (I have 5 rentals).  

There are also properties in Baltimore County, specifically Essex and Middle River where you could implement the BRRRR strategy. The areas are a bit further from where you're located, but I would research Balto Co as well as the other areas mentioned and just see which area feels most compatible with what you're looking for.

Yup @Russell Brazil, I’m positive. Look at Business Occupations and Professions, Section 17-313 which I’ve copied below.  

“A licensed real estate salesperson may obtain an additional real estate salesperson license and become affiliated with an additional licensed real estate broker as a real estate salesperson, if the salesperson:

(1) obtains, from an additional licensed real estate broker, a commitment providing that the salesperson shall become affiliated with the broker as a real estate salesperson on the granting of an additional real estate salesperson license to the salesperson;

(2) gives each real estate broker with whom the salesperson currently is affiliated written notice that the salesperson intends to affiliate with an additional real estate broker; and

(3) complies with the application procedures under subsection (j) of this section.”