All Forum Posts by: Solomon Morris

After completing a rehab in march, I received an email from my PM this morning regarding us having an approved applicant. This being under 30 days of completing work and putting the property on marketing networks such as zillow, trulia etc. Although I am happy, I was prepared to buckle down for a longer holding period.

I work full time but I've always questioned the feasibility of running my own property management to save on PM related expenses. Are established firms more resistant to downturns and other economic threats? How are self-managed operations doing?

@Taylor Wrice-Brooks seems like you and your team will have a broad coverage area.  good luck in your venture.

i want to help people too.. we have numerous housing communities ran by local governments that are "sore spots" in many cities and communities across the united states.  what happens when we further shift initiatives such as "how to live" into the fidelity of the national government?   i feel as though there won't be a piece of legislation that would ever replace solid landlords and local property management firms 

@Joe Dimaio I picked up a property late last year with a tenant on sec 8 myself.  I would advise to be prepared to cover all your expenses with reserves to give the housing authority time to redirect payments your way if you'll be inheriting the tenant.  Stopping automatic payments to the previous landlord to redirect your way can take time. In my case, it took a little over a month to see payment but I received everything in full to include the back pay.

I love coming across threads like these

Hearing anything/anyone touting about "subject to" deals or models makes my skin crawl. Just grimy in my opinion

@Keenan Rusk Having a long term outlook is smart but any strategy heavily dependent on hard money, raising ARVs or requiring some sort of refinance right now should definitely be scrutinized.  I read about someone attempting to get some sort of promissory note from a lender post covid-19 outbreak to refi but not sure If I'd feel comfortable given the ever changing circumstances  

@Rob Hakes I wouldn't be against that but have your tenants actually expressed any difficulties with not being able pay? It's interesting your PM would offer a credit without consulting you first. Who's paying for it?

@Russell Brazil i've got 4 units (one currently vacant after a rehab and being advertised) in what I would consider a C-B neighborhood in baltimore. 1 tenant is on govt assistance with the other two paying market rent. additionally, one of the tenants is coming up on the end of their leasing period and will have the option to stay if he chooses.  I just reached out to my PM to get an understanding of what I should be expecting when bills are due 1APR20. 

I am relatively still new to real estate compared to many active here in the forums. despite that, looking forward to assessing my previous decisions as a small business owner amidst a recession.  

@Ryan Lee See the pics attached.  I had my contractor redo the kitchen and floors throughout the unit