All Forum Posts by: Shannon Fong

I live in the MVA area. I came across a property in Baltimore County for 24K. It has one tenant for 5 years and a new tenant.  House is renting at around 1125.

Why would you any want to sell? Is this a red flag?  High rent; low selling price.  Maybe there is a lot wrong with the property? 

@Seth,

Don't get me wrong, I believe I owe the property taxes if I own the property.  Yes, I closed but it has been one thing after another with this title company.  Who is to say that if I pay the property taxes that there is not something else that goes wrong with trying to deed the property.  I mean the fact that they didn't  a proper research on the house in the first place which caused this long delay in the first place.

I am not trying by all means to get out paying tax.   I believe in pay taxes.

I think they should pay them and we would be happy to reimburse them.  This way we know there will not be any issue after the tax are paid.

Thanks for responding.

It is a sticky sit.

I do want the property and I would like to pay the taxes.  I just don't trust that there are other issues lurking.

What if we pay the taxes and something comes out  the sewer.   No the taxes are paid; we are not the owner on deed.  Do we really own the property at this point.

In a bad situation with title company.

We closed on a property June 3, 2015 on a REO in Baltimore City. The deed is not filed.

Here is the dilemma:

We used the seller title company, <- out of state (Never Ever Ever  again)

There was issued with the prior foreclosure deed so they could not file a deed. (3rd Week of June found this news out after hounding them.)

Cleared up foreclose dead (4th week of June)

Field complaint with BBB (cause company would not respond to or emails  (1st week of July)

Title Company had some one walk over deed over to Transfer Office

(2nd week of July)

Monday broker called new lien certificate sent out.  We notified title company we are away and what is the status.

Company informs us today that City will not accept deed because the current taxes are due and they need to be paid.

We paid the title company money to file a deed in the city in timely fashion.  They failed to do proper research on the prior deed and therefore was set back in filing the deed in a timely fashion.

Now they say the cannot file the deed because City is requiring that the current years taxes be paid.  If they had filed the deed in timely fashion this would not be an issue.  We paid this company to record a deed showing we are owner of the property.

At this point we don't trust them.  We don't want to pay taxes for a property that is not recorded as being our property.

As this point we may pay taxes and they still not file the deed for some unforeseen circumstance.

Please advise, do I need to lawyer up.

I would like to know if you fully rehab a home.  Take it down to the bare bones and then rebuild it back up.  Does the 50% rule apply?  Or should i just allow for my normal fees, such as vacancy (5%), maintenance (about 15%), property management, T&I, etc.

Congrats

Welcome.  We will be learning together.

I allowed my tenants to run a daycare in Maryland.  Before she could run it she had to pass all state certifications and get her own insurance which she did.  If you are thinking about it you should look up the requirements in your state for running a family based daycare and how it will affect you as a landlord.  Luckily,  I didn't have any problems.  She no longer use the home as a daycare.  

PS:  I also have great tenants been renting going on 7 years and only paid late once and sent late fees and apology letter.

Congratulations!

Thanks again, everyone.

I can't make the Monday group meetings.  But I will be at the Wednesday BWI meeting.  I can't wait.