All Forum Posts by: Scott Grimes

   @Carl Millsap wow, that is an excellent answer! Thank you so much for the advice!

Happy Holidays B.P. Community. 

I need feedback from investors. I'm starting a Property Management company in Anne Arundel tailored toward investors. I am currently shopping for property management software.

Question: Is an owner's portal an important feature for you as an investor? 

I own two properties. Both of the P.M. companies I use have an owner's portal, but the truth is I don't use the portals very often. I know that my preferences don't necessarily represent the majority, so I would love to hear from other investors. 

Thanks!

 Awesome! I'm starting a P.M. business in Anne Arundel in January. Let me know if you'd like a second opinion on your underwriting. 

@Michael Smythe none! PMs do have to comply with the same standards as real estate agents/brokers though, so there is a lot of risk that you could violate state statutes if you aren't staying current. That is a big reason that I need to make sure I am running my contracts through a good attorney. 

@Basit Siddiqi exactly why I think I should get a hold of a CPA!

Hi LeeAnn! What areas are you looking at for your next property? I know a small handful of agents between Elkridge to Annapolis if you need any referrals. Best of luck to you!

Hi Jules. what are your short and long-term goals? I am also new-ish to real estate investing and looking to build my network. I'm mostly interested in Anne Arundel and the surrounding counties, but I'm not entirely against long-distance investing. 

Hi Everyone. 

I'm starting a Property Management company to supplement my real estate investing capital.  Does anyone know a lawyer in the area who can do an affordable contract review? I also need to find a CPA who is familiar with real estate LLCs in MD and who has reasonable consulting rates. 

I appreciate the referrals.

Hi Vanika,

I don't have enough experience to promote myself as a mentor, but I've been pushing a good amount of my bandwidth to real estate over the years. I'm a little late to give you useful feedback on this particular dilemma, but I'd be completely willing to talk to you about your next steps. I can probably help translate some of the jargon that they throw around on the podcasts.

I'm an amateur investor looking for ways to build my portfolio over the next 2.5 years. I live in Anne Arundel County. I'm 37, active duty military on the tail end of my career, and also a family man. If you're interested in a sounding board to talk about real estate please send me a DM and I can give you my cell number. 

I'm working on being more active on the bigger pockets forums, but I think that will stay inconsistent until I get out of the Army. 

Either way, Good Luck!

What you're talking about is generally known as the "due on sale" clause in the loan you receive from your lender. If you intend to sell with seller financing, I would tell your lender up front and try to negotiate your way out of the due-on-sale clause in the first place. It might cost you in other areas of the loan and/or you might need to work harder to find a lender who is open to the idea. 

Let us know how it works out, and good luck!

-Grimes