All Forum Posts by: Tom Harkins

@Ernest McNeil There are many pet lovers out there, not allowing them would have implications on your pool of potential renters. It may also affect insurance if you decide to allow a certain size/breed of dog for example. One option is to charge slightly higher rent and collect an additional deposit for anyone with pets. 

@Jason Lewis

@Sam Lewis MAFCU was able to do 95% LTV for me. A local credit union is definitely the way to go

@Jason Lewis I got good terms (and had a good experience) with Mid Atlantic Federal Credit Union. Opened a HELOC with them last year.

@Anthony Seidel

I'm in the middle of getting it ready now. Will be interesting given the current environment. Brandon's book on managing rental properties has been very helpful.

@Anthony Seidel

I did something similar. 5 years later, I recently closed on another SFH in the same area. Planning to rent out the previous house. I see it appreciating long term.

Though not intentional at first, over that time I became somewhat handy (I had 0 remodel/repair knowledge prior). Things like basic plumbing, finish electrical, fence construction, paint. That helped both my budget and knowledge. All while saving, networking, and learning about personal finance. 

What is your goal with the $10,000?

Thanks @James Gaither and @Russell Brazil. These responses are consistent with my understanding

Where do landlords in Montgomery County, MD keep your tenants' security deposits? I understand the county rule requiring paying 1.5% interest minimum. I also found the online calculator they provide. I'm asking if anyone has found a savings/CD/other account approaching that level of return, or if the expectation is that the interest comes (mostly) out of my pocket.

Completed. I plan to buy

@Meryl McElwain

General liability and workers comp

@Meryl McElwain

When in the process, and how do you go about, checking a contractor's license and insurance?