All Forum Posts by: Stephen Kehoe

A multifamily building's value is based off of its income/cap rate. Check out this page for local cap rates. https://www.benfrederick.com/f... Then calculate this buildings cap rate and determine if its a good deal.

I like the points @Ozzy Sirimsi made about vacancy.

Make an offer based on the value not the list price.

For your plan I would stay away from Howard county. The county requires a rental license and does inspections so it would have to be a legitimate 2nd unit according to zoning, firewalls etc. Carroll and Frederick don't require licenses unless you are in Westminster. 

Would you consider renting out a spare room? You are only young and without kids once so this is the time to do it!

Here are some question ideas.

1. If I decide to end my management agreement what fees will I have to pay?

2. Do you have a markup on repair expenses?

3. Will you be my property manager or are you a sales guy?

4. What percentage of my management fee is spent on Google Adwords?

Here's the Baltimore county bill requiring the 60 days https://resources.baltimorecou...

It's a Covid measure.

Hey Joseph,

1) you can increase rent in the county as long as you give proper  60 day notice.

2) You can increase rent by as much as the market can bare.

i have a renewal letter. Message me your email. 

Don't be afraid to look that stuff up. It is public record for a reason. 

It may be worth asking him to fill this out. https://www.cdc.gov/coronaviru...

When he doesn't reply he will have a tougher time blaming covid since he didn't fill it out.

I use rental manager as one of my management softwares. It is suitable for managing a small portfolio of your own properties. I like the tenant placement part of it because most of the applicants contact you through the app and don't call with silly questions.

I hear nothing but good things about cozy. I wouldn't be afraid of it's integration with apartments.com. I get a lot of leads from apartments.com and they don't charge for a listing unlike zillow

Contact leadprobe. They will consult with you. I don't think you'll be able to use the aluminium they use to encapsulate window sills on a cornice. It sounds like you are so close to lead free I encourage you to go for it. If not you could go limited lead free and only need re-inspection every 2 years.

Here are some options.

1. Cash for keys. Explain to tenant that if this is not resolved you will be passing their case onto a collections agency. The agency will wreck their credit and make it very hard to rent anywhere else. Doing the amount of tenant placements I do I come across these applicants all the time. They are desperately looking for a place but can't hide their credit and so end up in the hood where landlords need to be more accommodating to get tenants.

2. Wait for the courts.

3. Government assistance. Depending on where you are in MD you may need the tenants cooperation in obtaining this as they may have to do some paperwork.

Baltimore city and county has 1.4 million people in it so there are all kinds of rental areas. Hip Canton to cash flow west Baltimore.

What is different about Baltimore is it has a higher proportion of low income renters. So the single family B or C grade areas have better cash flow than most other cities.