All Forum Posts by: Stephen Kehoe

Month to month makes raising rents easier and defaulting to them is the normal in some areas. Year long leases are good because it stops people leaving mid winter when there less applicants out there and the weather.up north might freeze a pipe.

HELOC is good because there is no closing costs and can be used to purchase properties that wouldn't be normally financable.. However you should ensure you can convert.HELOC to cash out refinance with it's lower rate and longer term. I'm sure most of the things you've read say don't use a HELOC are not aimed at someone who has a paid off investment property

Young high income people like Columbia. Anywhere near the Applied Physics Lab or Fort Meade would be good too.

Have you tried pen fed?

Here are some REIA;s that are doing virtual meetups for now. Welcome to the area.

Baltimore

https://www.baltimorereia.com/

https://www.mareia.com/

DC

https://dcreia.com/

https://www.reimw.com/

If you are sure on the market rents those figures look great.

I like security deposits because it makes the tenants behave. Make sure you do an inspection when you acquire  however so the tenant can't say "that is how it always was" when he/she moves out.

I like market rents to. If tenants are hard to come by due to covid right now that may be reason to up the rents over time. However normally I would raise them to market as there are others who will pay market rates.

@Gil Happy I have taken renters that have not seen the property before and it does generally lead to more work orders. However un-viewed rentals are common right now due to covid and it sounds like your place is in good shape so I would go ahead with it unless you have other leads.

You are on the right track regarding getting the security deposit and rent. Get all of that then get the lease signed and it is non-refundable. 

@Alan C. did you get this one figured out? I am due to meet a real estate attorney next week and I could ask if you wish.

I had the similar issues when. My situation turned out to be because the e-mail was forwarded from my business to my personnel e-mail so when I replied from my personnel it got lost.

Good Morning,

Both should be on the lease for sure. Co-signers are generally good just make sure the tenants know they are the ones responsible. Sometimes in college accommodation having a co-signer can make tenants act less responsibly because they think the co-signer is responsible in the end.