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All Forum Posts by: Sean Haardt

Sean Haardt has started 18 posts and replied 48 times.

Post: POTENTIAL AIR BNB/ AIR DNA ESTIMATOR

Sean Haardt
Pro Member
Posted
  • Investor
  • Boonsboro, MD
  • Posts 48
  • Votes 8

Hello @Jon Crosby I saw this post and was wondering if you would be willing to give me your two sents on this. I am running the numbers on AirDNA but am still vague on what my return will be and whether this is a good deal as an AirBnB because it isn't really for a long term rental.Can I message you.

I would really appreciate your insights. Thank you. 

Post: Lease with property manager

Sean Haardt
Pro Member
Posted
  • Investor
  • Boonsboro, MD
  • Posts 48
  • Votes 8

Thank you @Eric James. I will make sure I have. Appreciate the time.

Post: Lease with property manager

Sean Haardt
Pro Member
Posted
  • Investor
  • Boonsboro, MD
  • Posts 48
  • Votes 8

Thank you very much @Drew Sygit. I will write it up that way. 

Post: Lease with property manager

Sean Haardt
Pro Member
Posted
  • Investor
  • Boonsboro, MD
  • Posts 48
  • Votes 8

Thanks @Nathan Gesner! Yea, I wasn't intending to manage for others this year but it fell in my lap as a friend's fiancee has her old place she wants to rent out... so I thought I could help a friend out when they asked and get outside my comfort zone and grow a little. I docusigned a management contract with my friend  weeks ago and luckily no pm license is required in Maryland. I just want to make sure I do it right as managing my friend's property is more stressful to me than my own for now. I will look into your advice on the NARPM this week! Thank you. And thank you for clarifying the accounting, Nathan. I bet Cody is beautiful. I teach history and have always wanted to visit there ever since I visited Buffalo Bill's museum in Colorado...

Post: Lease with property manager

Sean Haardt
Pro Member
Posted
  • Investor
  • Boonsboro, MD
  • Posts 48
  • Votes 8

@Chris Davidson thank you very much! I actually did just that but wasn't sure it was the correct way. I was even less sure about the rental income and accounting so thank you for taking the time. I'll pay it forward, Chris. Thanks again and I wish you and your family the best in 2021.

Post: Lease with property manager

Sean Haardt
Pro Member
Posted
  • Investor
  • Boonsboro, MD
  • Posts 48
  • Votes 8

Thanks BP community for your help on this. I'm only 4 years in and I've always managed my own properties but am about to manage a condo for a friend and am not sure if I write the lease between the tenant and the owner or as I always have between the tenant and my property management LLC? Which also leads to my next question, if it is with my property management company, do I accept the rental receipts in my own account on and then forward the proceeds to the owner? I'm just having a brain lapse on this. Thank you BP!

Post: Bank changed down payment requirements twice. Is there recourse?

Sean Haardt
Pro Member
Posted
  • Investor
  • Boonsboro, MD
  • Posts 48
  • Votes 8

The bank has changed their down payment requirements on us twice due to errors on their part.  From the very beginning we told the bank in emails and initial letter that we were purchasing a duplex and that my wife was currently on the deed to our current residence. The first time I was told we could get in for 3% down owner occupied. For 185K this was about $5500. Then, 3 weeks later, the loan officer said she messed up and said because it was a duplex that it had to be 5% or $9250. So we adapted and accepted. We signed the docs in the bank's office, ordered the inspection, had the inspection, and the bank ordered the appraisal. All seemed good to go. That was 10 days ago and we close in two weeks.  Today at 4:30 pm we get a call from the bank that they made a mistake and that since my wife is on the deed, we can't get into the house for that 5% down. We already signed the docs?! How can they just screw us like this? The sellers have already asked the current tenant to leave. A lot of people will  be affected if this deal doesn't close, and it was the banks fault. I'm showing up at the bank tomorrow at 9 sharp to discuss  how they let this happen. This is unacceptable. My wife is devastated. Can they do this? Do the papers the bank signed with us mean anything? Are they bound to anything?

Post: inherited tenants' lease doesn't specify renewal terms?

Sean Haardt
Pro Member
Posted
  • Investor
  • Boonsboro, MD
  • Posts 48
  • Votes 8

thank you @Nathan Gesner and @Tom Gimer

Post: Lenders, Property Managers & Contractors - Hagerstown, MD

Sean Haardt
Pro Member
Posted
  • Investor
  • Boonsboro, MD
  • Posts 48
  • Votes 8

Hi @Benjamin Seibert

Lenders: I've used Middletown Valley Bank and was very happy with George Chaney the VP and their customer service, especially from Lauren. But I recently emailed them a short letter about a new deal, didn't hear anything back, emailed again, was told their residential agent would be in touch, and that was two weeks ago. Guess they don't want more of my business. That's okay because I discovered Woodsboro Bank in the meantime, a community bank in Frederick and they have been amazing. I highly recommend Woodsboro, especially Erin in residential or Richard in commercial.

Property Manager: I don't always go by online reviews, but I was looking at reviews for Valley Properties a few months ago, and there are just too many negative Google reviews for me to give them a try. 

Contractors: I agree with Bill. I had a good one, but he started to show up late and wasn't very responsive in the end. I'm using another one now but I'll see... Hope this helps. Good luck to you. 

Post: inherited tenants' lease doesn't specify renewal terms?

Sean Haardt
Pro Member
Posted
  • Investor
  • Boonsboro, MD
  • Posts 48
  • Votes 8

I'm trying to buy a duplex and the tenant's original lease is an annual lease originally from July 1st 2014 to June 30th 2014 but doesn't specify a renewal term. I want to move into one of the units, so if it just renews automatically, does it renew annually? If it does, am I out of luck if I want to move one of the tenants out and house hack? Thanks BP.