All Forum Posts by: Tammy Vitale

I agree with Fred Heller. Getting the license is not easy and getting set up once you have the license is costly. I work with investors in Maryland - through me they have access to the MLS. That said, the reason I became an agent was because I love houses and investing and it was hard finding an agent that would work with me.

Truthfully now that I'm an agent I play on Trulia and Zillow as much as I play on the MLS.

I have never found banks to be "motivated sellers".

Hi Jesse!  welcome to our area.  I live about an hour from you at the southern tip of Calvert County.  There's an excellent investor's meetup in LaPlata (wholesalers and flippers - buy and hold attend - I do - but it is more about wholesalers and flippers) and I have a small group meeting (no charge just great brainstorming)  on the first Saturday in Prince Frederick which is about 40 minutes from you.  http://www.meetup.com/Prince-Frederick-Beginner-Real-Estate-Investor-Meetup/events/223623979/

@Colleen Chapin

  thanks for that dm door to door url!

don't put flyers in the mailboxes.  that is against the law.  the postal service frowns on it (even tho the mailbox is yours).  Some areas enforce it more than others.

I don't pay 100% cash.  I use 25% down conventional loans so I don't need a heloc to get the equity back because I never put it in.  I can get a loan at 6 months but based on the original purchase price of the property, not purchase plus rehab.  After one year I can take $$ out based on a new appraisal.  That's just my experience. And I pretty much stick with one lender because she makes it so easy for me up front.  And I'm not doing more than one purchase a year, most years, anyways.

my experience is that my conventional lender won't lend on a just purchased property for at least one year and then up to 80% depending on your credit and income.  Your income ratios improve after you have managed a first rental for 2 years, because the *potential* income from the 2nd rental is added to your income for figuring the ratios.

As a landlord I have run into insurance problems with dogs.  There are companies that specifically will not cover pit bulls and renters insurance doesn't matter because if there is a suit the LL is going to be pulled into it.  I don't agree with this.  I've known many pitbulls that are sweethearts.  I have pugs.  Someone once called them pitbulls.  Ignorance abounds.  I wish you good luck!

p.s.  I'm looking at another one right now.  It is a 1/1 they call a 2/1 because they call the mudroom/porch a br - it does have a closet.  It is also in a private beach community and walking distance to that beach.  It is ready to rent save needing a new toilet and carpet or tile in the "2nd" bedroom.

I own a small cottage that is a big studio or a small house.  It was originally a shed.  We added a LR to it that is also the sleeping room - LR shades up lots of windows; br shades down very cozy.  Separate small dr space, full kitchen, jacuzzie and full shower bath.  It took a while but it has been rented to the same person for 4 years now.  It is on the water with a pier and small community beach - that helps.  In a neighborhood but very privately landscaped - you never have to see your neighbors.  Under 560 sq ft.  We bought it for a getaway for ourselves (and fixed it up accordingly) so we've never made a lot on it, but I pulled equity out of it after 15 years, bought two more houses and the rent pays for it plus a bit over.  Great investment?  You have to decide for yourself.  I'm not sorry we did it.  And there's this whole tiny house movement - there are people out there who love it - you just have to find them.